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 dilligent 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 occured.
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 settlemnt, 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.