My wife and I have purchased 3 properties in Boston in the last 8 years. We decided to try Arbc Financial Mortgage for our next purchase, they seemed legitimate, and the rates are good. Unfortunately they seem to be inept.
It started out fine, they sent us a list of everything that they needed and by day 10 we had it all to them.
Over the next 5 weeks approaching the deadline there was a trickle of requests for various documents and information, sometimes appropriate, sometimes not related to us but should have been directed at the attorney that they provided regarding the seller’s legal issues (nothing complicated), and sometimes asking for the same thing that we already gave them.
Okay, maybe not so bad at this point. Then we had to extend the mortgage commitment date and they requested more information a few times and kept saying that we would be done the next day.
Finally after a week past the deadline (we had to extend it a couple times) they just needed one more thing.
Unfortunately, that one more thing should have been requested a couple weeks prior.
The bank that they needed this from could not produce this information until after the closing date.
They really should have known to have us move the deposit funds at the beginning of the process.
ARBC was constantly blaming others for issues that clearly were a result of them not gathering all the information needed right away and not clearly understanding the needs of the underwriter.
Not only was it frustrating because of the slow trickle of requested info and inability to communicate clearly, but they seem to have this idea that it’s fine to continually extend the deadline.
If we hadn’t terminated our application who knows how much longer it would have taken.
And we certainly would have had to move the closing date as it was. We didn’t buy the property because I lost confidence in ARBC.
If I’m investing a lot of money in a downpayment I want to feel confident and secure in the deal. I didn’t.