Jay's Negative Review on RMCV

The following was from Jay on  CitySearch Houston:

I'll be selling about 35 homes this year all representing buyers as a consumer advocate. I hang my hat at RE/MAX Allegiance and my client used RMC Vanguard Mortgage Corp for their loan.

Their appraisal was inaccurate--too low--and then when I showed them market data of other units closing higher in the coming weeks and great comps outside the building which made the low appraisal painfully obvious they did not adjust their appraisal. If it were up to RMC Vanguard mortgage reviews my client would not have been able to finish purchasing his new condo.

I stepped in to suggest a new appraisal by independent party and sure enough it appraised for full price. However this cost my client an extra $450. This is outrageous! I've sold a lot of home and have never seen an appraisal fee this high. Normally if a 2nd appraisal is necessary a good mortgage lender with a conscience will step in to cover half of the new appraisal. Vanguard mortgage has not been receptive.

So my client's loyalty is rewarded by another snub--albeit an expensive $450 when it was RMC Vanguard Mortgage who had the appraisal wrong in the 1st place even though I showed them it was bogus. When lending institutions are not listening to their customers you know their trouble or already in trouble which is what I learned from googling their name.

As a buyer agent I will do my best to make other buyers aware of what to expect when doing business with Vanguard Mortgage: bogus appraisals, unwillingness lo listen--to incorporate new and helpful data into their assessments and then an exhorbitant appraisal fee to reward their customer's loyalty. pathetic when there are other good lenders out there who care about the truth and service.

jay

Are those RMCV reviews on Lending tree reliable?

RMC Vanguard has 33 written reviews out of 2,026 total reviews (most of them are rating only) on LendingTree.com and the overall rating is a 4.4 of 5 stars. Out of the 33 reviews, they have the following distribution:

1 star: 1 review
2 stars: 1 review
3 stars: 0 review
4 stars: 3 reviews
5 stars: 27 reviews

Were all those reviews created by "real" users?

Did RMC Vanguard have any control over which ones to display and how they are displayed? Or even if they have deleted the negative ones in order to get a better rating? I don't really know...

Let look at another website with reviews on RMCV....

CitySearch Houston
http://houston.citysearch.com/profile/34413159/houston_tx/rmc_vanguard_mortgage_corp.html#profileTab-reviews

There are 3 reviews on CitySearch Houston. 2 of them are 5 stars and 1 of them is the lowest 1 star.

The first review was a 1 star from Jay on 9/22/2008.

The 2nd one was a 5 stars from the President of RMC Vanguard, Mr Owen Raun, on 1/6/2010.

The 3rd one was another 5 stars review from a user named "456ert" (look at your keyboard and you may be able to create a similar username in no time) who provided ONLY one review for RMCV on 1/7/2010, JUST a day after Mr Raun's 5 stars review? JUST A DAY LATER!?

Very interesting.

I am not sure if those RMCV reviews on lendingtree.com are "real" or not... but I think Mr Owen Raun is interested in actively improving them...

Rmc Vanguard Mortgage Corp - Houston, TX - City Search

Home inspection report

Magnolia Inspection Report

Estimate from a licensed general contractor

There was less than $2,000 repairs on the house and since it was a short sale like many others, the seller and the seller's bank were not willing to fix it before closing.

According to Mr Gilbray, one way to handle this was to write a cashier check to the lender and have those issues fixed within a set period of time.

However, they don't even accept the estimate from a CA licensed, insured, and bonded general contractor... if the estimate is not a legitimate one, what is?

P.1

P.2

Ridiculous Requirement from RMCV - No loan for me...

Hi, my name is Ray Tam. The reasons I created this blog are to share my experience with RMC Vanguard and provide an unbiased paltform for others to review their "REAL" experience in applying a loan with RMCV. 


I live in Southern California and I was in the process of buying a house in Fontana, CA. However, because of a ridiculous requirement from RMCV's underwriting department, I wasn't able to get a loan from RMCV just a few days before the deadline of my short sale transaction. 


On 4/24/2011, after researching a few internet mortgage sites and expressing my interest of getting a loan with some lending brokers, I received a response from my loan officer from RMC Vanguard, Steven McGilbray.


My unfortunate experience began here....


Since the house is a short sale "as-is" property like many others on the market, it has some minor issues. Jenny Restrepo from RMCV loan processing sent me this on 5/16/2011 after reviewing my home inspection report:

After further review from the underwriter the following “additional” inspections must be performed on the property (see attached)

·        Electrical

·        Plumbing

·        A/C

·        Roof

·        Mold

Then I arranged a licensed, insured, and bonded general contractor to inspect the house and provide an estimate on 5/17/2011. After I sent the new report to RMCV immediately, I got another response from Mr. McGilbary on 5/20/2011:

Ray based on the information provided by the inspector you hired, it has to be licensed inspectors for each please find attachment again. As far as we know the General Contractor is not licensed in each field that has been request for inspection.

My real estate agent, Dave Chung, told me that he never heard of the ridiculous requirement and it seemed like a moving target to make money on the application fee instead of lending . He told me that there was no end to it. I was also explaining to RMCV that: 

The general contractor is LEGAL to perform all works in a project in California according to the California State License Board. I am not sure where the UW's requirement was coming from. The contractor is licensed, insured, and bonded to do all work in CA. 

Even on the CSLB website, it said that "it is appropriate for a licensed general building contractor to contract for and oversee the entire project." and "a general building contractor may perform all of the work on a building". Having a specialist in each field is a way, but not the only way, to carry out the repairs.

Obviously... being very difficult to work with, they turned me down just 3 days before my closing... 


To be continue...




P.S. I will post more information, emails, home inspection report and other documents over the next couple days. I wish you enjoy my mistake and will make a better decision when you are ready to get a loan.


Ray