Academy Mortgage Corporation

Mortgage Hack Shop

AVOID AT ALL COSTS! Academy Mortgage Corporation is a mortgage hack shop.

They are only interested in cranking out as many mortgages as possible in order to immediately sell them.

Their agent Derek Hill fumbled our entire mortgage process and in the process: lowered our credit score, jeapordized us getting the house we wanted, hurled vulgarities and insults at us when he had to actually expend some effort.

In the end, both Derek and Academy failed to get us a mortgage after multiple promises and false hopes.

He delayed our move by 2 months and costs us thousands in additional and wasted fees.

I took my business to Wells Fargo who closed me in 11 days with a better rate (half point lower).

I made repeated requests to Academy and Derek’s boss to intervene, but got NO RESPONSE.

Is Academy Mortgage Corporation a legit?

Academy Mortgage Corporation is not running a legit business. They are not aggressive towards customer satisfaction and complaint grievance redressal, Hence 1 consumer[s] submitted negative ratings, and only a few left positive feedback.

Where is Academy Mortgage Corporation located?

Academy Mortgage Corporation is headquarted at 5885 Meadows Rd Ste 130 Lake Oswego, OR 97035. You can contact Academy Mortgage Corporation by dialing (971) 205-3856 or visit their website academymortgage.com.

How much monetary loss is incurred by Academy Mortgage Corporation’s customers?

According to Academy Mortgage Corporation’s customers, a monetary loss of US $4377 has been reported. The severity of entire incident reports is high.

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1 Review on Academy Mortgage Corporation

  1. Fraudulent practices abound during loan origination process and subsequent servicing

    This review contains information on fraudulent and unethical underwriting and servicing practices by both Academy Mortgage Corporation and Gateway Mortgage/Gateway First Bank.

    I will post details but in a nutshell, Academy Mortgage accepted a homeowners policy for our VA and Texas Veteran Landboard loan that did not meet their own requirements for underwriting. They did this in order to fund our loan and sell it.
    To circumnavigate the fact that the insurance didn’t meet their standards the origination officer classified a policy that clearly states in several places it is HO-3 and excludes wind and hail as “hazard insurance”. On closing documents and closing disclosure as well as escrow statement “hazard insurance” is notated. However, it was never disclosed that this insurance was a requirement, we never purchased it or were asked to do so.
    They then sold the loan to Gateway Mortgage/Gateway First Bank (within two weeks) who completed an “audit” and found our insurance to be lacking and insisted we acquire the right type, Ho-2 or add an independent wind and hail policy at a cost of over $1000 per month added to our mortgage payment.

    We are formally contesting the legality of a change in the terms of our mortgage loan, presented as an increase in our monthly mortgage payment by $1,030.54 after the terms of the loan were determined and a contract signed. To include breach of contract, fraud, and unlawful operating practices by originator, Academy Mortgage and the current servicing company, Gateway Mortgage/Gateway First Bank.

    4/8/2022 we closed on our home with an approved HO-3 home insurance policy in place. The policy was sent directly from our insurance provider, USAA, to Academy Mortgage who then contacted us by email to bind the policy. The policy clearly noted in several places that covered perils excluded Windstorm and Hail.
    4/27 and 4/29/2022 we received notice our loan had been sold on 4/21/2022.

    6-1-22, our first loan payment to Gateway Mortgage for $1,377.40
    7/1/2022 loan payment to Gateway Mortgage for $1,377.40
    8/1/2022 loan payment to Gateway Mortgage for $1,377.40
    9/1/2022 loan payment to Gateway Mortgage for $1,377.40
    10/1/2022 loan payment to Gateway Mortgage for $1,377.40
    11/1/2022 loan payment requested for $2,407.94

    Keep in mind that we were notified by both companies in writing that only the servicer would change, not anything regarding the terms of the loan itself, which I take to mean payments as well.

    6-22-22 we were notified by Gateway Mortgage that we would need to purchase windstorm insurance for the first time adding an additional $1,030.54 to our monthly mortgage payment. We contested this
    7-22-22 We received notice and contacted Gateway Mortgage contesting this
    8-22-22 We received notice and contacted Gateway Mortgage contesting this
    9-22-22 We received notice that the windstorm insurance had been placed through a shell corporation insurance company :Hamilton Insurance DAC” that originates in Bermuda . They would not provide specifics of the policy nor proof of payment of the annual premium of $4,918.67
    10-8-22 we received an amended annual escrow statement with new payment amount of $2,407.94 to start on 11-1-2022. We contested this with both companies via phone calls the same day. No one would take accountability or offer an acceptable resolution.
    10-13-22 we emailed Gateway Mortgage and attempted to resolve the issue on without litigation. Again, no acceptable resolution was reached.

    We contend the following:
    That non-disclosure that a requirement to fund our loan included windstorm insurance, HO-2, or “Broad Form Plan” during the loan origination process

    That since an actual wind and hail policy has not been presented even after a written request that there is a misappropriation of funds occurring.
    We continue to request the insurance policy in it’s entirety, proof of both the cost of the insurance and the payments paid from our escrow in the amount of $4918.67 in writing directly from the insurer, sent certified registered mail or FedEx.

    That the Closing Disclosure was presented in a fraudulent and purposely misleading manner.

    That RESPA violations have occurred with both parties.

    That Academy Mortgage knowingly accepted a policy that didn’t meet specifications of the loan to obtain our business then sell our loan.

    That Academy Mortgage colluded with Gateway Mortgage in this fraud.

    That both Academy Mortgage and Gateway Mortgage are in fraudulent in their approval of VA loans much as they were in 2016 with their FHA loans.

    ***See 2016 Academy Mortgage Whistleblower case for more on this fraud.

Reviews: 1
Reported Loss : 4377 $
Severity : High
Reported by : Anonymous
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