My husband used Silicon Valley Capital Funding to apply for a Mortgage loan for our first home in SJ.
After pre-qualifying us, Randy (the owner), applied for an interest only loan on our behalf.
We have excellent credit and we were told that we met all criteria for the loan.
Two weeks before our closing date, Randy called to tell us that our debt to income ratio was too high and that the company (FPF lending) had denied our application.
Despite knowing our debt-to-income ratio, he had applied for a loan that we did not qualify for.
He stated correctly that this standard had changed recently but we discovered through another broker that the change took place 2 weeks before we even applied for the loan.
Long story short, we ended up getting a rate that was almost 1% higher than originally quoted, and despite this obvious error, Randy and SVC took their rather large commission on the loan with no admission of any wrongdoing.
Even if this was an honest mistake (which I believe it was), it cost us thousands of dollars and the least they could have done is refund us their commission, but nope!
To top it off, I spoke to another broker who told me immediately about the debt-to-income requirement change and the date it went into effect (without even looking it up).
Outrageous negligence and the response was even worse. STAY AWAY!