Optimum First Mortgage - Failed mortgage re-fi

Bath, Maine 3 comments
Not resolved

I heard of Optimum First from a guy at work who had a unprofessional, but complete mortgage refinancing experience with this company. After contacting the company in early august I began the re-fi process.

The list of documents required were extremely confusing and after many emails i submitted the last of the documents august 17th.

On August 25th my credit card was charged $435 and $75 dollar charges.

Many weeks passed without proactive contact from Optimum First. When I probed to see how things were progressing I got vague excuses. On October 28th I decided to end my troubled experience and find a company that could keep their promise of a 45 day lock in period.

After asking to discontinue the loan modification I received a flurry of emails from a "supervisor" who threatened me with a $995 fee if I pulled out. I reviewed the documents I had signed and found the $995 fee did not apply to me. When I pointed this out to the "supervisor", I was told it was not "fair" for me to pull out of the loan process.

I recommend that this company be avoided at all costs. I am out over $500 and three months of my time.

Review about: Mortgage Refinance.

Comments

Anonymous
#239452

Hmmmmm.....

The threats sound very familiar.

Regardless of the refund--finance companies have a fiduciary responsibility to do the job RIGHT the first time and not waste customer's time and money.

Optimum First failed...again.

Anonymous
#237146

If you are having a problem with the processing of your loan or have any questions about our company then please do not hesitate to contact me, Matthew Dohman, president.I can be reached at 714-415-3203 x127 or by email at matt@optimumfirst.com.

Optimum First Mortgage has over 500 positive reviews on the Better Business Bureau's Trustlink website. You can click a link to view Trustlink through our website, www.optimumfirst.com. You will find 2 or 3 complaints about us online but that pails in comparison to the hundreds of great reviews we have. We have funded several thousand loans in the last couple years just so you can get an idea of the size of our company.

Please do not let the less than 1% of unsatisfied customers deter you from doing business with us. When comparing us to smaller companies you are not going to be able to get the price and experience we can deliver on.

If you have any questions please feel free to contact me.

This customer decided to cancel his loan for one reason or another altough we could have delived the loan at the original agreed upon terms.We still refunded this borrower $510 for his appraisal money altough we were not obligated to do so.

Anonymous
#210326

Correction to previous statement, we refunded this client $510.

Wasted time $ on refi with Optimum First Mortgage

Salinas, California 10 comments
Not resolved

Unfortunately, I would not recommend Optimum First Mortgage, Fountain Valley, CA for a mortgage. We began the refinance process with them end of June 2010. All requested documents, records and even appraisal were received in their office by the 9th of July. Long story short we heard little to no contact from them through August 19 other than I would call for an update and be told excuses such as the lender was overloaded and there was a question with the appraisal. Over these 6 weeks no one ever requested a verification of employment from either of our employers – this was suspicious as usually this process begins immediately. So August 19th , frustrated at this point I made a call to their office the day before the 45 day rate lock expired and was told the lender said the appraisal came in too high. They did not offer to extend the rate and help work it out. My loan rep Cody offered to see if another lender would be available. Two weeks passed and I never heard back from Cody. Now having lost 2 months' time, our low interest rate and $365 on a wasted appraisal, I emailed them and ask for a refund of my appraisal fee. My last response from them was this…..

Carmen,

I will have my manager get in contact with you today. Thank you.

Optimum First Mortgage

Unfortunately, something is very suspicious about this whole process.

That all said, we decided to start the process with a local company – we sat down with them on Tuesday August 31. In 3 ½ weeks we have now already signed loan documents and will close early next week. By the way the appraisal came in $25K higher than the first one. Bottom line – find a local mortgage company or bank referred by a local real estate professional or friend. And don't take a chance on Optimum First Mortgage.

Review about: Mortgage Company.

Comments

Anonymous
#983355

Sometimes you need to know how to complain and to who.

Plus, it should be up front who you need to talk to, sign it and get a copy.

The higher ups should make this very clear before the other paper work begins. You will need to number the pages so that the customer will see page one is missing.

or

Anonymous
#983348

or

at the bottom of each page of the loan app, ask if the customer has read page one.

Anonymous
#983339

why is there no website or link to optimumfirst.com?

Anonymous
#465130

I was just looking to refi my home, as the rates were finally lower than I had, and narrowed it down to 3 companies, this being one.Guess I am down to two.

Thanks for the heads up.:)

Anonymous
#239451

:cry Sounds all too familiar...

Using a local finance company or credit union is your best option. Doing business with an out-of-town company is very risky.

Anonymous
#237145

If you are having a problem with the processing of your loan or have any questions about our company then please do not hesitate to contact me, Matthew Dohman, president.I can be reached at 714-415-3203 x127 or by email at matt@optimumfirst.com.

Optimum First Mortgage has over 500 positive reviews on the Better Business Bureau's Trustlink website. You can click a link to view Trustlink through our website, www.optimumfirst.com. You will find 2 or 3 complaints about us online but that pails in comparison to the hundreds of great reviews we have. We have funded several thousand loans in the last couple years just so you can get an idea of the size of our company.

Please do not let the less than 1% of unsatisfied customers deter you from doing business with us.

When comparing us to smaller companies you are not going to be able to get the price and experience we can deliver on.If you have any questions please feel free to contact me.

Anonymous
to Matthew Dohman, President of O Simi Valley, California, United States #993143

Your company calls repeatedly without regard to the DO NOT CALL Registry and will NOT stop as requested.

Anonymous
#237144

If you are having a problem with the processing of your loan or have any questions about our company then please do not hesitate to contact me, Matthew Dohman, president.I can be reached at 714-415-3203 x127 or by email at matt@optimumfirst.com.

Optimum First Mortgage has over 500 positive reviews on the Better Business Bureau's Trustlink website. You can click a link to view Trustlink through our website, www.optimumfirst.com. You will find 2 or 3 complaints about us online but that pails in comparison to the hundreds of great reviews we have. We have funded several thousand loans in the last couple years just so you can get an idea of the size of our company.

Please do not let the less than 1% of unsatisfied customers deter you from doing business with us. When comparing us to smaller companies you are not going to be able to get the price and experience we can deliver on.

If you have any questions please feel free to contact me.:)

Anonymous
#221514

I'm having the same issue with these guys. It's now been 3 months & everyday they promise we're almost ready for docs. Unfortunately I can no longer get the same low rate elsewhere as what they locked me in at, so I have to keep persevering :(

Anonymous
#199467

This company refunded my money and reprimanded the employee at fault.

The president called and apologized for the problems we went through, refunded the appraisal fee and said he reprimanded the employee.

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Optimum First Mortgage botched refi

El Cajon, California 11 comments
Not resolved

Optimum First Mortgage of Fountain Valley was the first to call me after I filled out an on-line refi query. In fact, they called me within two minutes after I hit the enter key. The very first words out of the broker's (Robert) mouth were about how bad the competition (Quicken Loans) was. I should have been more concerned about how low Optimum First's level of competency was.

Bad-mouthing their competition should have been a clue to me that they were not very professional. To make a very long story as short as possible, Robert either misquoted, lied, or did NOT know that a 5/1 ARM could increase by 5% after the first five years. In fact, did not know that it could increase 5% in the sixth year. I asked Robert several times the max increase per year and he repeatedly said 2% per year until it increases a max of 5% above the starting rate.

I looked it up in the disclosure statement, which said it could increase 5% in the sixth year, regardless of what the Libor or rates in general do. How could he not know that? I asked him again, this time in an email; again he said 2%. This time it was in writing.

They also failed to disclose, up front, several requirements of the lender (Provident--another story) they were working with. Like, oh by the way, you need to write us a letter telling us what you are going to do with the cash out. No problem. After I wrote the letter they came back and said I neet to get estimates for the upgrades/repairs I had planned to use the money for.

Robert and Optimum First also mis-quoted the appraisal fee, by about 50%, low, of course. They promised to pay this back to me but I'm still waiting for the check.

Another think, I paid for the appraisal out of pocket but the lender still added it to the loan costs to determine the payment. I'll have to talk to HUD about that. Seems illegal that I'm paying a higher payment because of something I paid out of pocket.

Now, dontcha think that a broker who has been working with a specific lender would know the lender's requirements and pass them on to the client early in the process in order to expedite the loan?

Robert and his supervisor tried to convince me to get the estimates, get the loan, and then just use the money for whatever I wanted to do with it.

Talk about ethics...

I decided that Robert was incompetent, Optimum First was incompetent, and cancelled the loan. It wasn't that good of a deal and they weren't lowering my payments very much anyway.

Beware of Optimum First and especially incompetent loan brokers.

Review about: Real Estate Refinance Loan.

Comments

Anonymous
#983327

Sometimes you need to know how to complain and to who.

Plus, it should be up front who you need to talk to, sign it and get a copy.

The higher ups should make this very clear before the other paper work begins. You will need to number the pages so that the customer will see page one is missing.

Anonymous
#499655

Number one 4 friends have been funded by them and they were excellent...best rates and no costs really...sounds to me you didn't even know how to read your hud educate yourself on the process before bad mouthing a fine company trust and believe they are the best at what they do :)Keep rocking Optimum First

Anonymous
#327473

Some win; some don't.

Your "satisfaction" with Optimum First is really not worth much to anyone who was screwed by them.

They also have the ability to remove unfavorable comments from the BBB Trust Link site, therefore "covering up" their "failures."

Anonymous
#327126

I just completed a refi brokered by Optimum First Mortgage through Montee Skorich. Whatever its worth, I was satisfied by the service they provided in terms of timely answers to all my queries. I do trust the service rendered to me by Montee and I would be willing to recommend his company a friend.

Anonymous
#302067

From: "matt@optimumfirst.com"

I am sending an email to all my past clients to see if you would be interested in taking advantage of that free Rate Protection Guarantee you received last time we completed your refinance. Let me know if you are interested in a no cost rate roll down and I will check the rates to see if it is possible.

Hope all is well.

Thanks,

Matthew Dohman

Optimum First Mortgage

Phone: 877-816-7846 x127

Fax: 800-948-0245

www.optimumfirst.com

The above is the SECOND email I received from Optimum First regarding their "free" rate reduction guarantee. However, their "follow up" is to say that I don't qualify.

If I don't qualify then why do they keep sending the offer?

Why don't they "honor" the rate reduction certificate they gave me when the loan closed?

Optimum First has no intentions of honoring its "guarantees." It's all "hype" to get customers.

Neither Robert Drenk nor Matthew Dohman have the courage to follow through on their written promises.

Perhaps a lawsuit (for failing to follow through on their contract) will spark a little fire under their butts.

Anonymous
#239446

My last comment was ten months ago; why is Optimum First keeping this alive? Perhaps it's because of the 1400+ hits it received.

In October Optimum First's Robert Drenk refused to honor their "3 Year Rate Protection Guarantee." So much for "service."

The question is: "If they didn't plan on honoring it, why did they give it to me in the first place?"

Regarding the "newer loan officer:" He may have been "new" to Optimum First but his title included "Senior Loan Officer" and therefore he should have had a higher skill level than what he demonstrated. I questioned him several times on the 5/1 ARM and he failed to provide the right answers.

Regarding the BBB complaints: The BBB will remove complaints that their customers (i.e. Optimum First) do not think are favorable to their business.

Also: "pails" should be "pales."

Anonymous
#237147

If you have any questions about our company then please do not hesitate to contact me, Matthew Dohman, president.I can be reached at 714-415-3203 x127 or by email at matt@optimumfirst.com.

Optimum First Mortgage has over 500 positive reviews on the Better Business Bureau's Trustlink website. You can click a link to view Trustlink through our website, www.optimumfirst.com. You will find 2 or 3 complaints about us online but that pails in comparison to the hundreds of great reviews we have. We have funded several thousand loans in the last couple years just so you can get an idea of the size of our company.

Please do not let the less than 1% of unsatisfied customers deter you from doing business with us.

When comparing us to smaller companies you are not going to be able to get the price and experience we can deliver on.If you have any questions please feel free to contact me.

Anonymous
#144522

This is Matthew Dohman, president/broker for Optimum First Mortgage.

Bottom line is one of our newer loan officers did misinform this customer of how a 5/1 ARM loan adjusted. Upon learning of our new loan officer's mistake management called this customer and canceled the loan per the customer's request and we reimbursed this customer for the entire appraisal fee and made him whole (checks have been cashed by customer). The customer decided to continue the refinance of his rental property with us of which we completed for him at the exact interest rate and fees agreed upon prior to starting the process.

We truly feel like we have done everything possible to accommodate this customer and this customer still felt it was best to report very negative and inaccurate things to several different websites in the effort to prevent customers from dealing with us. As a company we service about 2500 clients and potential customers per month and we have never had a complaint such as this. In fact we have well over 200 positive reviews from customers who have completed the refinance process with us. We do everything possible to make sure each and every customer is completely satisfied.

If you have any questions or concerns please feel free to contact me, Matthew Dohman, at 714-415-3203 x127 or mdohman@optimumfirst.com.

Customer service and satisfaction is very important to myself and my company. We pride ourselves on always trying to do the right thing and what is best for our customers.

DesertRatTwo
#124204

It's too bad Richard Noon had to resort to childish name-calling instead of simply sticking to the facts. Childish name-calling undermines any valid points he may have.

I've contacted PissedConsumer and asked them to remove the "names" in my previous comment, or remove the entire comment.

Anonymous
#123879

Actually I had two loan applications; one for my primary residence (which I cancelled for their incompetence) and another for a rental propery (which they totally mishandled).

Say what you will about rats; they are heads and shoulders above you.

You were probably paid by Robert Drenk of Optimum First to respond to my comments. It was Drenk who threatened me with a huge penalty if I cancelled BOTH loans; he was so desparate to save FACE with the lender )Provident).

And it was Drenk who got TrustLink to remove my "not-too-favorable" comments. It's a sad day in a democracy when a customer can't complain about really BAD service.

Anonymous
#119129

I closed a refinance with Optimum First Mortgage and they were great. You can't expect to go into the home loan process and not be asked for documentation.

Your story doesn't add up either. At the end you said you cancelled the loan but in the middle you said, "seems illegal that I'm paying a higher payment because of something I paid out of pocket." Why would your new payment be higher because of an appraisal fee being added to the loan if you never closed a loan with them? It seems to me like you don't know what the *** you are talking about. And to prove you do not know what you are talking about I pulled my final loan paperwork and found that the appraisal fee is listed on there as POC, which I found out means paid outside of closing so it was never added in.

Seems to me like you just have an axe to grind. You probably didn't even do a loan with them and you probably work for Quicken Loans.

Well anyways, I was happy with the deal I got with them and the service. I wouldn't trust anything written from DesertRatTwo, can't trust a rat.

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