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Review 2/2/2010
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I had a nightmarish experience with a Northern California Mortgage Banker affiliate of Clarion Mortgage Capital. Consequently, I would never recommend doing business with Clarion Mortgage Capital.
In the process of acquiring a Clarion home loan mortgage three different Good-Faith Estimates were issued. The first contained questionable fees (Underwriting fee $200, Warehouse line fee $216, and Investor Admin fee $225). When we queried the “Mortgage Planner” about these costs he stated that $400 of the fees was placed there through clerical error and they would be removed. In the revised Good-Faith Estimate the processing agent failed to credit us for the $22 appraisal fee we had previously paid. The final Good-Faith Estimate showed closing costs to be $4,370. The actual closing costs paid by us were $5,555, a $1,185 difference! The Mortgage Planner did not seem particularly interested in explaining what all the fees were for, and seemed aggravated that he had to justify the various costs charged to us.
On the HUD Settlement Statement we were charged a processing fee of $800 instead of $700 as quoted on the final Good-Faith Estimate. When we questioned the Mortgage Planner about the discrepancy he stated that his processing officer unilaterally decided to increase her fee by $100. (He did agree to deduct the $100). The Mortgage Planner did not take the time to explain how the financing for the mortgage would be facilitated. Nor, did he take time to explain the relationship he had with Clarion Mortgage Capital.
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