I used Summit Mortgage Bankers only to find out that Helen Fan from the Flushing office was full of crap and excuses by refusing to lock in my rate for 60 days and provided a bogus reasoning that they do not offer such a mortgage tool, and…. it would cost me too much to rate-lock for 60 days etc.
When I requested a larger loan for renovation cost along with the mortgage amount I was told that I was at my cap for how much loan I can afford at the current interest rates.
However, I only found myself uninformed of an interest rate hike in june and then suddenly I was told that I could afford the same loan at one whole percentage point higher (approx $300 more per month on my loan) when a month and a half before, I was told that I was at the cap for the affordability index for my loan already.
To add insult to injury, Helen Fan decided to act as if she knew how my credit score was determined based on her expertise at looking at a credit score analyzer program that missed the fact that if you don’t use any of ur revolving credit cards for two months your credit score will drop a few points due to no revolving credit in use.
The advice Helen Fan provided me was exactly that due to too many revolving accounts in use and that caused my credit score to really drop when in reality the score error was due to a derogatory report placed on my credit file for default on a credit card bill because i never received the bill given they the address on file was incorrect.
I fixed the error, however the effect of not using my credit cards as per Helen Fan’s advice cost me more as two days before closing she told me that I have to pay an extra 3k in order to maintain the same interest rate that I was committed to due to a credit check without me being informed of it or provided of the procedures of it beforehand.
Do not use this company, and do not let them take you for a ride.
Usually mortgage loan originator companies/brokers are certified/recognized by their achievements and outstanding service with customers and training of mortgage professionals, I could not find any information on Summit Mortgage Bankers on the NAMB (Association of Mortgage Professionals) website.
NYS has a list of approved/preferred lenders for mortgages and Summit Mortgage did not look like they were on that list at all.
The only reason I entertained them was because my mom is well acquainted with Michael Chen, however, it looks to me that he is a poor judge of character and I don’t know how he manages to work as the Director of Customer Relations when he provided us with a crappy referral.
If the house value was not worth as much as I expected, I would have walked away and left a bag of flaming dog poop on the doorstep.
On the date of my closing, I was interrupted by Helen Fan to sign my rate lock agreement letter which showed a higher interest rate lock than I was originally told.
She played with the wording of interesting rate and APR to make me think I got the rate I wanted and hid the additional bank fees in the APR rather than give it to me straight.
I wonder if she knew what she was doing this entire time.
I had a horrible experience with this company due to the guessing game they played.
They have employees who are under-trained, inexperienced, and mis-informed.
In addition, these customer relations bankers seem to have their own personal financial issues going on that cause them to be incompetent at their job.
The loan manager that signed off on my commitment letter agreement didn’t provide a timely delivery of my commitment letter until 5 days later.
The information provided by my broker and the loan officer conflicted despite they both worked from the same office.
To this date, I still don’t know how my excellent credit didn’t get me a more competitive rate that was advertised by a competing bank institution and how my APR was determined.
After my loan was closed, they audited my cancelled checks, and called and called and called.
Helen Fan intruded upon my home rather than send me correspondence via mail as to why it was so important.
Ultimately she somehow gained some competency two days before her audit deadline for the investors of my loan and figured out that she could just contact my bank to achieve the same goal without annoying me further.
My advice to you as with the few previous reviews I found is that, if you are dealing with this company right now do not trust or let a single soul waste your time in their tiny smelly, dirty, cramped office space.
The moment your loan closes, they will sell it off to reap the short-term gains of your loan which isn’t the problem since they all do that.
However, it’s all business without any customer service and all they’re trying to do to is to survive as a company.
There is no customer service. It’s all a facade so leave their office asap before you get screwed by incompetence.