topic Re: Mortgage through FGMC... Any feedback? in Mortgage Loans

Mortgage through FGMC... any feedback?

mocha82 — Sat, 17 Sep 2011 20:00:34 GMT

I am in the app. process with my broker who is placing my loan with FGMC. I have searched for consumer reviews for this lender, but I have found very few. Do any of you have this lender or know of any details about the company?

Re: Mortgage through FGMC... any feedback?

DallasLoanGuy — Sun, 18 Sep 2011 17:35:38 GMT

do you have a link to them?

there are MANY small lenders around the country that do a good job

Re: Mortgage through FGMC... any feedback?

mocha82 — Sun, 18 Sep 2011 21:58:44 GMT

www.fgmc.com

Re: Mortgage through FGMC... any feedback?

austinguy907 — Thu, 29 Sep 2011 00:01:08 GMT

Looks like your broker is going with them as they also have a wholesale unit. I doubt your broker would jeopordize your loan and has probably done loans through them in the past or knows brokers that have.

Re: Mortgage through FGMC... Any feedback?

Anonymous — Wed, 07 Dec 2011 00:41:11 GMT

This company has been giving us the run around to the point that we are now homeless, we are soon going to loss everything we own, and have an employer breathing down our necks. We started this process on September 16, 2011 have provided everything they have asked for and still we continue to miss closing dates over and over again and today is December 06, 2011. Mainly because they continue to ask for new LOC's and LOC's about LOC's and each time they ask for a new LOC they reset the clock and have been doing this for months now. At this point our contract extension_extension_extension_extension is about to expire for the fourth and final time. We have two special needs children which makes it difficult to live with any family or friends for extended periods. At a loss for answers or solutions, this seems to be a industry under its own supervision!!!

Re: Mortgage through FGMC... Any feedback?

notmyj — Wed, 07 Dec 2011 03:11:50 GMT

@Anonymous wrote:
This company has been giving us the run around to the point that we are now homeless, we are soon going to loss everything we own, and have an employer breathing down our necks. We started this process on September 16, 2011 have provided everything they have asked for and still we continue to miss closing dates over and over again and today is December 06, 2011. Mainly because they continue to ask for new LOC's and LOC's about LOC's and each time they ask for a new LOC they reset the clock and have been doing this for months now. At this point our contract extension_extension_extension_extension is about to expire for the fourth and final time. We have two special needs children which makes it difficult to live with any family or friends for extended periods. At a loss for answers or solutions, this seems to be a industry under its own supervision!!!

I have to ask why you havent just gone to another lender? Being in the situation you describe is amazing but so is the thought of you not looking for another lender after the first extension expired.

Re: Mortgage through FGMC... Any feedback?

Anonymous — Wed, 07 Dec 2011 03:13:14 GMT

@Anonymous wrote:
This company has been giving us the run around to the point that we are now homeless, we are soon going to loss everything we own, and have an employer breathing down our necks. We started this process on September 16, 2011 have provided everything they have asked for and still we continue to miss closing dates over and over again and today is December 06, 2011. Mainly because they continue to ask for new LOC's and LOC's about LOC's and each time they ask for a new LOC they reset the clock and have been doing this for months now. At this point our contract extension_extension_extension_extension is about to expire for the fourth and final time. We have two special needs children which makes it difficult to live with any family or friends for extended periods. At a loss for answers or solutions, this seems to be a industry under its own supervision!!!

My initial approval that went through full underwriting approval was through FGMC. It took me less than 30 days for complete approval because I was extremely organized with my documents due to knowing that I needed to be prepared due to my low scores. I found my LO and FGMC to be extremely professional even though they required many documents. After acquiring full approval from FGMC I experienced a score increase and then became elligible for my state's funded loan program which is processed through BOA. Comparing both experiences FGMC came out on top in terms of organization and follow-up. I found the underwriter at BOA to be more "nit picky" however they did not require I have a reserve fund as did FGMC. I now recommend everyone I know looking for a loan in my state to FGMC and my former loan officer. Since it is a national company I guess the experience can be quite different from person to person.

Re: Mortgage through FGMC... Any feedback?

Anonymous — Thu, 08 Dec 2011 02:01:56 GMT

Yeah we have done the same things, have always been responsive to their request. Every time we answer a condition they have a new one waiting. The last condition was to show payment of the earnest from our bank account, no problem we paid the earnest money from our account. Next we were told that it was a problem because our bank statement showed that it was (x) amount less than when they ran the DU , give you one guess what that amount was_ _ the amount we paid for earnest money plus our increased rent payments (no lease and temporary housing). So I would not wish this on my worst enemy, almost Christmas and for the first time I probably will not be able to provide any stability for my family.

Re: Mortgage through FGMC... Any feedback?

Anonymous — Thu, 08 Dec 2011 02:04:34 GMT

Each time we consider that we get a fake closing date. We will be closing on this date or that date. I don't know how it works with other company's, but who would want to put themselves through this more than once with more than one company.

Re: Mortgage through FGMC... Any feedback?

notmyj — Thu, 08 Dec 2011 02:41:12 GMT

@Anonymous wrote:
Each time we consider that we get a fake closing date. We will be closing on this date or that date. I don't know how it works with other company's, but who would want to put themselves through this more than once with more than one company.

Maybe thats where the difference in perception is. You see starting over with a new lender as going through all of this again, just starting from the begining. I see it as starting it all over again with a lender who will request docs, then close. The type of lender that has you done in two weeks since the appraisal and inspections are done. The haggling is complete and you already have the documents you need.

Maybe I am jaded as my loan proccessor (Coldwell Banker Mortgage) is very quick, not over bearing, and only has legitimate requests. So far it has been smooth sailing and not a single complaint. If you had gone to a second lender instead of continuing with the games of your current lender, you may have been closed already. I am not trying to be abrasive, just trying to illustraight a different point of view.

If I were in your shoes, I would start a loan app with another lender right away. Bring all copies of all documents to a face to face meeting with a local broker, and see what they think. They may have a lender that they know will be able to streamline you to close since all the work has already been done. But I dont tolerate playing games, and have no loyalty to any company for anything, nor do I believe the lenders are doing me a favor by lending me money. I see it as I am doing them a favor by offering to pay them interest for 30 yrs, thus putting money in their pockets.

Re: Mortgage through FGMC... Any feedback?

mocha82 — Thu, 08 Dec 2011 19:43:11 GMT

Closing with FGMC is possible. I closed on 11/30/2011. They did ask for additional conditions to be met, but once I met them it was smooth sailing. It is frustrating to have to request extensions. I had to request 2 extensions but only one was due to FGMC. Overall they aren't that bad.