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:
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:
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
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
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