Axiom Financial

Behavior Is Unprofessional And Unethical

In short, Axiom Financial broker, Tom Grant, failed to disclose essential information regarding loans he procured for two of my rental properties, directly resulting in $18,637 in additional expense to me and $6,468 in additional compensation for him.

Those who care to know more are welcome to read the explanation below.

In March 2016 I purchased two rental properties with loans procured by Tom.

At the beginning of the financing process Tom provided me with disclosures indicating that the rates on the loans would be 4.625%, with 0.379 points payable for his commission.

I never received any other disclosures. Partway through the financing process Tom informed me that he was not confident that he would be able to finance me in-house through Axiom Financial due to my income, and encouraged me to switch to a different lender.

I reminded Tom that if he included my wife’s income I would easily qualify for financing with Axiom, but Tom told me that would not be necessary and insisted that switching lenders was the right choice.

Tom never disclosed to me that the original rates and terms he disclosed would not apply to the new loans.

My attorney later informed me that this was a direct violation of Utah law (Title 61 Chapter 2C Part 3 Section 301).

When I arrived at closing I learned that the rates on the loans Tom procured would not be 4.625% as disclosed, but 6.375% and 5.875% instead. Additionally, the commission owed for Tom’s services would be 1.5 points instead of the 0.379 points disclosed; a difference of $6,468.

Also, a pre-payment penalty of $5,770 would apply if I refinanced.

If I did not close using the loans Tom procured, I would lose $7,000 in earnest money and roughly $30,000 due to 1031 exchange restrictions.

Tom was on vacation in Hawaii at the time and was not present at the closing to comment on the matter.

I closed using the loans Tom procured for me and immediately sought refinancing.

The first lender I contacted was able to easily refinance me at 4.25% on both loans (it was not necessary to include my wife’s income).

I have now incurred $18,637 in unnecessary expense due to Tom’s behavior: $6,468 in paid for Tom’s compensation above what was promised, $5,770 in pre-payment penalties, $1,460 in additional loan interest due to the rates being higher than the 4.625% Tom disclosed, and $4,939 in closing costs for the new loans.

When I contacted Tom about the matter he blamed the lender for failing to disclose and refused to refund the additional amount paid for his commission as he is required to do by law. (My attorney later informed me that Tom had full responsibility to disclose, regardless of the lender’s actions.)

My experience with Tom has been that his behavior is unprofessional and unethical. According to my attorney his behavior is also illegal. If you are seeking financing for real estate, I highly recommend contacting Granite Federal Credit Union instead.

Is Axiom Financial a scam?
Axiom Financial is a scam and a bad service provider as per the report filed on dirtyscam.com, They are not aggressive toward their customer satisfaction and complaint grievance.
Is Axiom Financial a legit?
Axiom Financial is not a legit business owner or provider, you should take all precautions/measures before buying or using their services.
How many reviews submitted by Axiom Financial consumers?
There is/are 3 review(s) posted about Axiom Financial and its indicate that the severity of the scam is Extremely High.
Where is Axiom Financial located?
Axiom Financial is located at W 2180 S, West Valley City, UT 84119, USA. You can contact Axiom Financial by dialing (801) 563-2900 or visit their website axiomfinancial.com before filing a lawsuit. We are no way affiliated with better business bureau or yelp reviews platform.
How much monetary losses incurred by Axiom Financial customers?
3958 $ monetary losses incurred by Axiom Financial customers.
The reviews, complaints and scams about Axiom Financial are deliberately written by anonymous. We, at Dirty Scam are not liable for the content written about Axiom Financial. If you have any issue with Axiom Financial incident report, Please contact the author of this complaint directly, as we are not obligated to remove the complaint.

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3 reviews on Axiom Financial

  1. STAY AWAY FROM AXIOM FINANCIAL!

    ‘m a Realtor who just got out of a 5 hour closing because Axiom Financial doesn’t have their act together!! Stay away from Axiom Financial! If you are a real estate professional and your client is using Axiom Financial I would direct them to a different lender!!

    Thanks to Axiom’s incompetence my first time home buyers not only had to set around a title company for 5 hours but they didn’t get to take possession of their new home together, because one of them had to leave before we got the keys. STAY AWAY FROM AXIOM FINANCIAL!

  2. Never Again

    I looked on line in several places and even contacted a couple of people with the VA. The last guy I talked to laughed and confirmed such payments are “recurring” … and continue until the recipient dies.

    You’d think Axiom would know that. But they didn’t, insisting that I produce such a document. When I told them it was impossible because it didn’t exist, they “disallowed” that part of my income. I even offered the loan officer a “crisp $100 bill” if he could produce an example of what they were asking me for.

  3. Save yourself a lot of grief. Try ANY other mortgage lender.

    If you are anxious to raise your blood pressure, communicate with morons and be put through application hell, then you need to apply for a mortgage with Axiom. For example, I am a vet, on disability, and a part of my income consists of monthly disability payments from the VA.

    During the underwriting process, they demanded a document from the VA that stated my disability payments were guaranteed for at least three years. Such a document simply does not exist. I looked on line in several places and even contacted a couple of people with the VA.

    The last guy I talked to laughed and confirmed such payments are “recurring” … and continue until the recipient dies. You’d think Axiom would know that. But they didn’t, insisting that I produce such a document.

    When I told them it was impossible because it didn’t exist, they “disallowed” that part of my income. I even offered the loan officer a “crisp $100 bill” if he could produce an example of what they were asking me for. I still have my money.

    This is just one example of their ineptness. What buffoons! I would never do business with Axiom again. And neither should you. Save yourself a lot of grief. Try ANY other mortgage lender.

West 2180 South
West Valley City 84119 UT US
Get directions
Reviews:3
Reported Loss :3958 $
Severity of Scam :Extremely High
Reported by : Anonymous
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