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Any one use C1 as a mortgage ? I dont know much about them would like to know more thank you in advance
My friend almost went to work for them, during the initial interview process he asked a variety of questions relating to how they handle processing of purchases and found their procedures & policies weren't the most consumer friendly and the loan officer wouldn't have the ability to communicate directly with underwriting, so he decided to not accept their offer. I have read on here people having good experiences refinancing with them.
I had a mortgage with ING Direct, which I got in 2007 - ING was bought by Cap 1. I don't know how much of the process Cap 1 retained - it looks pretty similar from what I've seen. I had a really easy time with them back then, but, of course, it was during the time anyone could get a loan! My score was in the 750 range across the board and I had 10% down. I applied, was pre-approved in no time, found a house, got everything done and closed in 30 days.
Now what happened after that wasn't pretty . . . .
I have not had one but from what Ive read it seems to be one of the better ones out there.
I was wondering why ING changed their name to VOYA here in the building, makes sense.
ING had a great mortgage division, easy qualifying since nearly all of their loans were no-income verification loans.. just needed to have a certain credit score, down payment, and reserves and the rest of the process was a breeze. They were a portfolio lender who didn't sell their loans afterwards. Cap 1 purchased ING, but completely redid the mortgage division to where it has little resemblence of what it used to be.
@ShanetheMortgageMan wrote:ING had a great mortgage division, easy qualifying since nearly all of their loans were no-income verification loans.. just needed to have a certain credit score, down payment, and reserves and the rest of the process was a breeze. They were a portfolio lender who didn't sell their loans afterwards. Cap 1 purchased ING, but completely redid the mortgage division to where it has little resemblence of what it used to be.
That's funny because I had the scores, the dp, and, I guess, at the time I had the income, but I hadn't had it for long. I purchased April 2007 and defaulted April 2010 after 15 months of unemployment. About 2 months ago I got a call from an insurer who wanted to talk to me before paying out a claim to the lender (at that point Cap 1), They asked about my income back then and seemed concerned about whether or not ING had sufficiently verified it. No idea what the result was except that shortly thereafter the foreclosure disappeared from my CR. I definitely had to give them paystubs etc, but I didn't realise they did a lot of no-income verfication.
Interesting also to know that Cap 1 revamped the division although not surprising.
ING mortgages were very unique (it was a 5-year fixed, with it adjusting once every 5 years in most cases, kind of like PenFed's 5/5 ARM), but when Cap 1 purchased it they just made the mortgage division more or less like everyone else's... no unique programs.