VOORHEES, NEW JERSEY -- I applied for a mortgage at Custom Mortgage Solutions, Inc. located at 1000 Voorhees Drive Voorhees, New Jersey. I had a high credit score (754 avg). The only problem was that I am a British citizen living in the US waiting for US permanent residence status. Before I even applied to Custom Mortgage, I faxed a copy of my US work authorization, NJ drivers license and US social card to Custom Mortgage. They said that they can get me the loan "with no problem." I then sign the mortgage application, paid the $195 fee and sent it to Custom Mortgage.
I went down to PA for a whole weekend to look for a home, booked a room at a hotel and finally found a home and put a down payment. I ordered and paid for an appraisal, a home inspection, title etc. Now, just two weeks before closing, Custom Mortgage said that they cannot go through with the loan because I did not have my actual permanent residency card. I would not have signed a contract to buy a home had I not received assurance from Custom Mortgage that my mortgage would be approved. I would not have wasted my time and money, the sellers' time and money as as Custom Mortgage's time.
All of the government documents was faxed over to Custom mortgage and a representative from Custom Mortgage ** said that he spoke to an underwriter and that person said the documents would be accepted. In addition, ** also spoke to two real estate brokers (buyers and sellers) and gave them the very same assurance.
Now, I am stuck with the loss of the application fee, the appraisal fee and the homeowners' inspection fee. They even refused to provide me with a copy of the appraisal which I paid! I requested this twice. They even said that I was denied because of "consumer credit report"??? My credit score is well over 754 and it was 809 when all this started. But the deepest pain is the embarrassment of telling the sellers I could not qualify for the mortgage, and also having to find a place to rent in less than 30 days because I told my landlord I would be moving soon and he already decided to move into the apartment.
Custom Mortgage knew about all this. They just don't care. This company SHOULD NOT BE DEALING WITH THE PUBLIC. People should avoid it at all costs. There are many other mortgage companies out there. I think many are made up of liars and greedy people, but some are made up of good honest people. Avoid this company at all costs.
SOUTH JERSEY, NEW JERSEY -- This is in regards to buying our first home. We heard bad things about CMS, but we went with them after the VP of Sales promised to waive all settlement costs if we decided to go with them. Thinking this was a good way for us to save money, we went with them. That was our mistake. We recently closed on the house, by the skin of our teeth. Thankfully, MOST of these random, hidden, and unethical fees were removed. The company still owes us the $350 we paid for the appraisal on our house since they couldn't give it to us all the money they owed us today.
We saw the final settlement charges sheet the day before we closed. Everything looked right. I felt like we were treated fairly and that CMS had a bad reputation for no good reason. Then, the day of settlement, our lawyer asked for a copy of the settlement sheet from the title agency. Here is where the problem began! There was no reason for any of this to happen. No good company hides, or forgets to tell you about $4,000 in fees. There were two application fees on the sheet. There were two loan origination fees on the sheet. There were "tax fees" and "attorney fees" and a $400 fee for FedEx to send an overnight package?!?!?!
We didn't even have enough money in our checking accounts to cover the additional charges. We would have had to close next week so we could move the money from our savings accounts. We spent the whole day on the phone, attempting to contact our mortgage contact, the VP of the company or someone else in Custom Mortgage Solutions on the line. We were lucky enough to have an attorney as well as an attentive and diligent title representative. We still got stuck with some fees but we're considering them what we have to pay to never deal with your company again.
If we didn't stay on top of this company today, the removal of fees would have never occurred. Even yesterday, when we signed the papers, everything was OK. CMS claimed to "overlook" the fees when he gave us the estimate yesterday. A good company should check all documents before sending them out to a client. At settlement, we also were supposed to pay points today before we got those fees removed.
They told us we weren't paying for points to get the rate you locked us in at, yet that was not the case. The entire experience was disappointing, unethical, and I will never recommend your company to anyone I know. If this happens to enough people, this company will go under. DO NOT GO WITH CUSTOM MORTGAGE SOLUTIONS.
VOORHEES, NEW JERSEY -- My husband and I signed closing documents Jan. 20 for a $488,000 loan that would consolidate our mortgage and two credit accounts, and give us $10,000 cash out. But the checks never arrived! As of today, Custom Mortgage Solutions has not funded the loan, and has instead sent us two Fed-Exed documents at this tail end of January. The first document said we should change things to get a $3,000 cash out after debts not mentioned in the closing documents get consolidated. The second document said, no, on second thought, we should get even more debts consolidated, but no cash out at all!
We realized we'd be foolish to sign any of these, since a closing is supposed to be final, and since Custom Mortgage Solutions has a history of making written offers that later change into something else. We thought we were finally on a roll when we accepted the offer we closed on - the $488,000 offer with the $10,000 cash out. But Custom Mortgage Solutions is changing things yet again, and is still not showing us the money!
Consumers, Beware! You may THINK you'll finally get that loan once you finally sign those closing loan documents with a "professional" title agency in your living room. But you may instead get no money, subsequent documents from your "lender," and bills and mortgages that do not get paid.
VOORHEES, NEW JERSEY -- In February, my husband and I closed on a refinance loan with the crooked Custom Mortgage Solutions lender in Voorhees, N.J., only to never get the funds! After our closing, we got no check, just more documents asking us to sign off on some changed deals! In frustration, I complained to the New Jersey Department of Banking and Insurance, only to get screwed some more. This so-called watch-dog agency has yet to reply to my complaint, despite my sending documents that show how Custom Mortgage Solutions tried to change the deal after our closing.
I also got no results from the Better Business Bureau, since this bureau got no reply by Custom Mortgage Solutions after I complained. After struggling for months to keep paying debts that were supposed to be paid by Custom Mortgage Solutions, I finally managed to get quickly refinanced with another company- E-Mortgage. This company took about one month to get us refinanced with checks in hand. Please, consumers. Beware of lenders who arrange so-called "closings" on loans. We learned the hard way that there are some crooked lenders delivering nothing but broken promises!
VOORHEES, NEW JERSEY -- When I started a loan application with Custom Mortgage Solutions I was very skeptical. I had already been declined by several banks, and was beginning to believe I would never buy a home for my family because of my credit. My night mare turned into a dream come true when I started working with Custom Mortgage. The loan officer told me what debts I needed to pay off to get my credit where it needed to be for them to finance us, then after I paid it off, he got my credit scores up, and from there he approved me for a loan, and later followed through to get my loan closed and help me purchase home.
I have nothing but good things to say about Custom Mortgage, thank you for helping me and my family fulfill our dream of owning a home, and thank you for not just looking at my credit and turning me down, but helping me fix my problems and buy my home.
VOORHEES, NEW JERSEY -- I thought that we were the only ones that had a bad experience with Custom Mortgage Solutions. My wife and I wanted to refinance our home back in November of 2005. We spent three month with this company giving us the run-around. They went as far as scheduling the closing on a certain day, then never even bothering to show up. Not even a phone call to let us know that they were not coming. This happened three times. In mid February they simply decided that they were not going to do our refinance. They never contacted us to let us know. Instead they contacted one of our creditors and told them that they would not be refinancing our mortgage.
Our creditor is the one that called us to let us know what was going on. To make matters worse we had sent them a year worth of bank statements which they are now refusing to return. Not to mention the $195.00 application fee that was a waste. I say we get enough complaints and file a class action suit against Custom Mortgage Solutions, put them out of business for good.