RPM Mortgage

Loan Service

I will admit I didn’t do my normal due diligence when starting the mortgage process here with RPM.

I though my friend who is a mortgage broker couldn’t mess things up too badly, well from the beginning is a rough road.

Gave them 3 months to get it right, after 3 expired locks and numerous loan changes, I looked for another lender.

Even after starting 3 months later, my new lender (Guaranteed Rate) was able to get me approved and closed before RPM was….

From the beginning with RPM I had to go back and forth on rates, terms pricing, fees, just everything seemed more expensive than it should be.

But it was ok as long as I was able to get a loan. THey kept telling me how difficult my case was, and how all of these delays were my fault.

I’m very organized and got them all of the documents, all of the multiple times they asked for them.

Poor communication, disorganization, caused me so much stress during this process I almost gave up and just kept my dramatically higher rate on my existing mortgage.

It didn’t need to be this way. Literally 4 months of going back and forth, sending and resending the most mundane of pieces of info.

IE what is deposit that says “paycheck” on it…….Me: like the other 8 months of banks statements you have thats my paycheck it comes every 2 weeks and says paycheck.

At once point I was even told I was approved and wired a 6 figure amount from my investments (taking a huge capital gain in the process) to be ready to close on time…….several days later of course there was a problem and we would have to look for another lend.

This was prob the 3rd time something like this had happened.

I don’t like having my money or time wasted. So looked for another lender.

WHo told me that I’d be the easiest case the would be closing this year. (I have equity and income…….and cash to play with points, loan amounts etc.)

Breezed though with new lender, I paid about 20% of the fees I was going to have to pay with RPM, and was able to qualify and close on a loan that was $100,000 larger than RPM was having trouble getting me qualified for.

I know different lender have different underwriting guidelines, but apparently I had applications with the same lender.

Guaranteed rate had no problem getting me approved for $870,000, where RPM couldn’t get me approved on a much smaller loan.

Only hiccup I had with new lender was when we were funding, I had to jump through some hoops to prove I wasn’t taking the loan with RPM, because they apparently didn’t close out my rate lock appropriately.

If you want the best rate, best terms, and a easy loan process look elsewhere.

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2 reviews on RPM Mortgage

  1. Scammer

    BUYER (of a second home) BEWARE If you are planning to purchase a second home in California and your full-time residence is in another state (like New York) be prepared for a very rough ride.

    I do not know if the requirements we faced were unique to an out of state purchaser, resulted from the fact that this was a second home purchase or reflect new rules created by the very banks that brought our country to the brink of financial disaster through their own shoddy stewardship.

    In any event, I discovered the current overzealous rules are mind-boggling. Another discovery I made involved the mortgage broker I used, RPM Mortgage.

  2. Unfortunately

    Some legal issues also arose. We were required to sign the bottom of a form with a large blank area above; a request even the dumbest lawyer would refuse. The language of a will that created a brokerage trust account was not understood.

    Unfortunately, the norm in California is not to use a lawyer in a real estate purchase. If I had it to do again, I would have absolutely hired a lawyer to look out for my interests. Michael reported credit scores for both my wife and I above 800. Our liquid assets are in excess of eight times the purchase price of the new condo.

Wilshire Boulevard 4250
Los Angeles 90010 CA US
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Reviews:2
Reported Loss :3698 $
Severity of Scam :High
Reported by : Anonymous
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