Equitable Home Mortgage

Loan Service

There seems to be a new approach to doing home loan refinances these days.

Charge the client the cost of the appraisal without any sort of pre-qualification or pre-loan processing check, wait 5 weeks while the paperwork sits at the underwriters and then reject the loan without valid cause, thus causing us, the unsuspecting homeowner who simply wants to refinance, to be out the $400 cost of appraisal.

While it may not be possible to recover this money, our experience should (hopefully) serve as an object lesson for anyone who wants to do business with Equitable Home Mortgage.

Their reasoning in the end for rejecting the loan was that our Debt to Income ratio exceeded 45% – and that’s a perfectly valid reason for rejecting a loan refinance, but a competent “Senior” loan agent should be able to tell you that up front and not waste a client’s time and money.

We waited 6 weeks to find out our loan application was denied.

We have excellent credit scores – 750+, 6 figure income, approximately $550,000 in existing home equity, never a late payment on anything!

Poor communication. Towards the end (right before we found out we were denied), all communication from this brokerage firm stopped. Emails simply went unanswered.

Didn’t even the common courtesy to tell us we were rejected (or the reason why).

We instead received a form rejection letter from some 3rd party vendor.

Didn’t follow up with our 2nd Mortgage Lender (HELOC) to obtain a Subordination Agreement, bringing into question how serious/committed they were to ever even process this loan.

Were biased against (didn’t include in our total income) against any sort of external income (i.e. 1099/unemployment/rental)

At no point stated there was any problem with the loan or that we wouldn’t qualify
Was slow to respond (or didn’t respond at all) to inquiries regarding our loan or the process of the loan

“Senior” Loan Agent Bob Drenk was unaware of Credit Locking and Unlocking. We unlocked our credit report for them to obtain a credit report.

Misquoted the cost of the appraisal. The appraiser seemed a little off as well, not even being to provide a business card when asked.

Why it doesn’t quite feel like a loan scam, it sure tastes like something is rotten.

How could they not know that our debt to income ratio doesn’t qualify when we fill out the loan application, provide our last 2 years tax returns and current paystubs? The whole situation reeks of total incompetence on their part!

Is Equitable Home Mortgage a scam?
Equitable Home Mortgage is a scam and a bad service provider as per the report filed on dirtyscam.com. They are not aggressive towards their customer satisfaction and complaint grievance.
Is Equitable Home Mortgage legit?
First Equitable Home Mortgage is not a legit business owner or provider. You must take necessary precautions/measures before buying or using their services.
How many reviews are submitted by Equitable Home Mortgage’s consumers?
There is/are 1 review(s) posted about Equitable Home Mortgage and it indicates that the severity of the scam is Medium.
Where is Equitable Home Mortgage located?
Equitable Home Mortgage is located at 180 S Prospect Ave #100, Tustin, CA 92780, USA. You can contact Equitable Home Mortgage by dialing (714) 617-4507 or visit their website N/A before filing a lawsuit. We are no way affiliated with better business bureau or yelp reviews platform.
How much monetary loss is incurred by Equitable Home Mortgage’s customers?
According to the report(s), US $2433 was the total loss incurred by Equitable Home Mortgage’s customers.
The reviews, complaints and scams about Equitable Home Mortgage are deliberately written by anonymous. We, at Dirty Scam are not liable for the content written about Equitable Home Mortgage. If you have any issue with Equitable Home Mortgage incident report, Please contact the author of this complaint directly, as we are not obligated to remove the complaint.

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Reviews:0
Reported Loss :2433 $
Severity of Scam :Medium
Reported by : Anonymous
Views :