Countrywide/Full Spectrum Lending... WOW!

[Anonymous]

Oh boy, if anybody out there is shopping for a refinance or new purchase loan and you wanna avoid an absolute nightmare, RUN... don't walk... away from Full Spectrum Lending and Countrywide Home Loans.

FSL is the "sub-prime" division of Countrywide, and they are some of the worst "bottom-feeders" that most of us have ever laid eyes on.

I was recently sitting in a conference room at a local FSL office and happened to overhear one of their loan officers talking on the phone from the next room. The walls were paper thin and there was literally a 6" gap at the corner where you simply stick your arm through to the next room... so the sound was crystal clear.

The loan officer obviously had some customer "over a barrel" with low credit scores, etc. and was apparently on the phone with a Countrywide underwriter or manager or processor to "jack-up" the poor customer's interest rate to an incrediby high number, and he was excited about the "up-front payout" on the loan to his branch, all because they had this customer down-for-the-count about to lose the deal on their home.

I honestly felt like I was sitting in a sleazy two-bit used car dealership. Needless to say, I conducted my business and left with a horrible feeling. And I'm going to refinance my loan OUTSIDE of Countrywide and Full Spectrum Lending as soon as my scores reach that point... and I'm only days away.

Avoid these people like the plague. In fact, if you are signing a mortgage loan with someone else, BE SURE to have it written in your contract that "your loan cannot be sold to or serviced by Countrywide Home Loans or any of their affiliates"... that's how Countrywide makes most of their money.

Message Edited by CreditHawk on 07-19-2007 07:03 AM

[Anonymous]

This is my lender and I hate them with a passion.  THey claim to have all these programs for all loan types, good, bad or ugly credit.  When I was having a hard time financially making the payment they couldn't find one program out of thousands that they claim to have that would suit our situation.

[Anonymous]

Do yourself a favor, hearts... get your scores up as high as you can and refinance outside of Countrywide. Be sure to put the following language in your new loan:

"This mortgage may not ever be sold to or serviced by Countrywide Home Loans or any of their affiliates"

I've heard from customers who have done this and it works! There's no faster way to tell the executives at Countrywide how bad their company is than to hit 'em where it hurts: the bottom line.

Leave the Countrywide cesspool as soon as you can!

[Anonymous]

I am working on it...

[Anonymous]

When I first got in to my home I used Countrywide for an 80/20 and it was the best deal after shopping around.

Just remember it's not the company but the people that work there. Lets say that there is a bad seed at a company and they get fired. Well that bad seed will just get a job doing loans at some other company. Bad people are everywhere and not just in lending. Its just hard to find people that want to do whats best for you and they are out there!

http://ml-implode.com/

Message Edited by OneMortgageGuy on 07-21-2007 02:34 PM

[Anonymous]

I agree with you OneMortgageGuy. It really depends on your loan officer. We went through Countrywide as it was officially being taken over by Bank of America. (Literally, one day our loan officer's e-mail said Countrywide, the next day it said Bank of America. lol.) Our loan officer came recommended by several people and she was awesome. She answered all of our questions in a timely fashion. We could call her cell, e-mail whenever we wanted. We ended up with a 5 percent fixed rate.

To the original poster, if you are in the Pittsburgh, Pa., area, let me know and I will get you information about our loan officer.  I know there are bad loan officers out there, but there are good ones too. You just need to find them.

[DallasLoanGuy]

dang.... that was a blast from the past......

bumping a 2007 post.

LOL