SALT LAKE CITY, UTAH -- After $1,925 lost and 3 days prior to closing, iFreedom Direct pulled the rug out from under me. I'm a GS14 and an 8-year Army vet and I'm advising you to STAY CLEAR of iFreedom Direct and Craig **. The following timeline tells the story.
Timeline of loan process with iFreedom Direct and Craig **- (1-24-11) Craig ** from iFreedom Direct sent first pre-approval. Made offer on house, they countered, contacted Craig. Craig sent 2nd pre-approval indicating we could go much higher. Seller's accepted offer. Craig said to move the closing up by 2 weeks since they are a direct lender and can streamline the process. Got the inspection done on the home ($525). Emailed Craig- no response. Emailed Craig- no response (GETTING A BIT WORRIED). Called Craig's cell phone. He answered but said that he would call me right back from his work line. No callback.
My Realtor, Jim **, called saying that he was trying to reach Craig. Jim called saying that he was worried about Craig. Jim asked me to email and call Craig. I emailed- no response. Jim asked me to start getting quotes on homeowner's insurance. (2-8-11) Liberty Mutual rep, Eric, called and quoted me on a policy. I asked him to contact Craig ** to see if that was OK and to call me back and let me know. According to Eric, he reached Craig and Craig approved. (2-8-11) Emailed Craig to confirm the Liberty Mutual reps call.
Craig finally replied: "I apologize for not being available to you today. I had a Dr. appointment that really cut into my time. I spoke to the agent and he send me info. I will talk with you in the morning. Thanks for your patience with me."
(2-9-11) Emailed Craig in the morning to confirm asking him to call me- no response, no call. (2-9-11) 6 pm Craig called informing me that things have changed and to advise me of how iFreedom sells loans to other banks. The "other banks", due to my 669 credit score, require $13,250 down (which is 25% of the difference of the VA max of $417k and the total price of the property). Also, he said that I would need to show a 6-month PITI which equates to approximately $30k of assets. I advised that I could do that, no problem. Craig seemed happy and said that we are good to go.
(2-15-11) Craig calls stating that "e are back on track" and that we need to conduct the appraisal, which is $400. I gave him my credit card # and faxed him the appraisal authorization form. (2-17-11) Craig calls and says that my debt-to-income ratio is still tight and that his underwriter wants me to pay off my truck (balance of $28k). I advise that even though this will be tough, I'll do it. He says that we are back on track (I didn't realize we were off track). (2-18-11) Ifreedom Direct charges my credit card $400 for an appraisal. Appraisal is conducted.
(2-22-11) Craig Day emails this. "Here is a copy of the appraisal. The value is at $482,000 and shows no repairs are required before closing. Our underwriter has indicated that there is little possibility to finalize your loan application. I should have a yes or no within the hour. Please consider Wells Fargo or Bank of America. They are the banks we sell our loans to and they will do in house loans without the same degree of qualification they subject to us."
What the hell!? You just charged me $400 for an appraisal without 100% knowing that your company could lend me the money?! (2-22-11) I respond asking Craig to forward the appraisal to VAmortgagecenter.com. He responds within 10 minutes with "My underwriter says the VA no longer allows the lender to re-assign the appraisal. Apparently, it is now done by your regional VA Loan Center. Our new lender should call them and ask them to do so."
(2-22-11) Shortly after that, he sends another email trying to slam VAmortgagecenter.com. "Be careful. They operate exactly like us. They will have to sell this loan and it is the secondary market buyers requirements that make your loan questionable. I would also not lose time and call B o A and Wells and get started with one of them.
"I thought they have a very interesting website. A month ago I showed our managers their claim to be number one. We are higher on the Trade Journal list of the top 15 lenders. We were 11th and they were a few spots behind iFreedom. We only do VA loans too, so I thought they were taking creative elaboration with that statement." They operate exactly like us? What are you saying Craig?
(2-22-11) At this point, the deal is obviously off and I respond with this. "I'm just simply trying to get this loan completed. You guys pre-approved me, had the appraisal done, asked me to pay off my truck, and misguided my Realtor all the way up to today. My Realtor, Jim **, says this is the worst he's seen in his 35 years as a Realtor. I'll be sure to make my experience with you and iFreedom known on every review site possible (LendingTree, BBB, Zillow, Consumer Affairs, etc.).
"I've kept every last correspondence and a precise timeline of events from day 1 to now. Additionally, I will never recommend your company to anyone. And believe me, I oversee hundreds of federal employees who are prior military. Originally, I thought you seemed great. However, at some point, you realized that my loan was probably not going to happen. Instead of stepping up like a man and saving me time and money, you cowered away from my emails and calls and continually misguided the situation." I should have paid more attention to the other victims on the numerous review sites.
SALT LAKE CITY, UTAH -- I Freedom Direct Corporation is the most dishonest company I have ever come in contact with. My agent that did my mortgage was named Cameron **. Cameron knew before I ever signed anything. I told him if I had to come out of pocket, I'm finding someone else. First, it started with the $159 check in which Cameron told me it was for my left over taxes that my escrow didn't pay. Now I understood this because taxes went up this year, but on the other hand, my previous mortgage company Wells Fargo had paid then and my insurance.
Then, he told me he needed another check for $912.49, in which the date was 10/13/2009 on the check because he told me he would need this as Earnest money and need something at the closing for show. On top of that, he said he would not cash the check because I told him I did not have the funds. He proceed with "Gloria, Gloria, Trust me I'm not going to cash this check." Yeah and he was right, he didn't but, his company did. On Dec 21, 2009 my checking account was over drawn with this $912.49 check whose date was change from 10/13 to 12/13.
I called and called but, could not reach Cameron **. I talk to a lady named Kay, an accountant and Sandra who said she was the supervisor. They only said, “You owed us that we paid your taxes, so the money that you received from the tax company was your reimbursement for this check and we'll send you the difference”, but why did they not tell me this? Why did they hold that check so long? I got that title check about the end of Nov. and wasn't informed about what to do with it. The only thing these people can say is "You owe us", but on the settlement statement it said nothing about this.
Now, when I call, even their secretaries poke fun by saying, "This must be Gloria", then on top of that act as if they don't know Kay in accounting or Sandra. They'll say what's their last name can you give me an ext., but they've knew before. My previous lady who did my first loan showed me where they go 3% off top and 3% at closing and then maxed out my loan. She said they absolutely took you for a ride on this loan and got what they could from you.
In a short "I was taken advantage of". Now this Sandra lady called me and wanted to cut a deal. She said if I stopped posting stuff about them and erase all of it, maybe we can "cut a deal". What kind of company says that? By the way, they also claims this Cameron ** doesn't work for them anymore, or maybe he does and just not that alias.