Discussion on Perfect Mortgage - PerfectFHA

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 46255

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Posted: Tue Feb 17, 2009 9:56 pm

I guess business wasn't so perfect after all!

Dud? Joined: 29 Dec 2007 Posts: 10

Perfect Mortgage has the WORST most excruciating underwriting system in my entire 23 year history of mortgage banking. I thought it was the most ridiculous company that I have ever dealt with. I never felt such a lingering hatred for any company that I worked with.

Dud? Joined: 19 Feb 2008 Posts: 3

So Sweetpcdenise...tell us how you REALLY feel about them?

Posted: Thu Feb 19, 2009 4:56 am

We had a borrower referred to us today who was supposed to fund on Monday and was informed today that it is never going to happen. The real kicker was the fees on his HUD-1. He had over $11,000 worth of fees not including his MIP with a rate of 5.5%.

Posted: Thu Feb 19, 2009 5:21 am

In that case, It's nice to see them out of business.

Dud? Joined: 19 Feb 2009 Posts: 1

This email was sent to me the evening before we were to get the keys to a house.

Dear Allen, Joy and Jib,

Please read the email below from Jay McMaken from Perfect FHA (the lender that emailed loan docs on Friday the 13th) of which you both signed on Saturday the 14th. What they are saying is that: Perfect FHA shut down their whole sale operations on Monday afternoon and they will no longer do loans or close the loans that were ready to close such as yours and I am sure hundreds of others.

Unfortunately for the past two years hundreds of lenders have closed their doors because of the economic duress that they all have undergone, I cannot explain why specifically they did not honor our loan docs and funding of our loan…… if you would like Jay’s number is down below, please feel free to call him or email him jmcmaken@perfectfha.com

I want you all to know that the news was devastating, I wish with all my heart that this had not happened, because Lord knows you have been through h**l with this escrow.

On a positive note we have submitted to Essex mortgage today and they have agreed to give us an approval, they will doc it and most important FUND and close the loan for us, all of this will be done efficiently and expediently……..

All I beg is that you will allow us to follow through with Essex mortgage and give it ONE more shot to get you your keys, Essex Mortgage has everything they could possibly need and more.

Thank you for your eternal patience and longevity, you have been great in getting us everything that we have asked of you and so much more, it truly is amazing and for that I am eternally grateful to you, please just a little longer.

Sincerely,

Dud? Joined: 19 Feb 2009 Posts: 1

As one of their former retail branches I can verify their was no true understanding by management on how to take volume from "non authorized FHA brokers" and streamline the process. The file input from these brokers who did not understand how to properly originate FHA loans was so horrid it took 5 loans turned in to get one to close. Lousy pull through meant turn times as slow as molasses. The quality of the product was horrid but they were chasing the cash rather than chasing the quality of the business. They are good people but lousy businessmen. Poor business plans bring failure and the proof is what has now happened. Such a shame that they hired so many good people as AE's and made promises that now leave so many on the street.

Dud? Joined: 21 Feb 2009 Posts: 1

Who is this Essex Mortgage someone sent a deal too once Perfect FHA shut it's doors?

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 46255

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