If you're looking for a home loan or trying to refinance, you may have come upon Sutherland Mortgage Services. This Texas firm appears to offer attractive rates. But who are they?
Sutherland was formerly known as Profolio Home Mortgage, according to the National Mortgage Licensing System, and a little research on that name makes it clear why the company changed its name. Online reviews of Profolio Home Mortgage are decidedly negative, with such comments as these:
"They are shady, unethical, unprofessional, and overly aggressive. AVOID THEM!!"
"This company wasted my time and money and screwed me out of getting a refi."
"Profolio repeatedly mis-represented their lending costs, their loan requirements, and their ability to close the loan. ... They kept stalling and not responding to my phone calls nor emails for weeks on the second loan. No one even answered their customer service phone for a day!"
A year ago, I attempted to use Profolio myself for a refinance, and I don't find these complaints at all surprising. Looking back at the 10 refinancings I've done in my life, no company was as incompetent as Profolio. They wasted my time, failed to deliver on their promises and still owe me $350.
So what do you do when your company gets a bad reputation? Well, you could try to improve, but in the case of this company you simply change the name.
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I recently tried to REFI with Sauterland using the HARP 2.0 program.There shouldn't have been an LTV but their rep insisted there was. I told him I would not qualify if there was an LTV but he promised me I would and there would be no problem. Then he wanted an appraisal which I objected to. The rep said if I paid for the appraisal they would pay the closing costs.Sounded good, long story short, I was denied as I knew I would be inspite of their promises. The Money Store got me a REFI with no LTV and no empty promises.
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ReplyDeleteSutherland Mortgage is absolutely unprofessional and incompetent. Do not believe their low rates and stay away from this shady company. They will not lock your rates as promised and wish for rates to go down before locking. If rates go up, then they will delay your closing with meaningless excuses. You have to be very careful about what you are signing. They will try to rob you. Will never work with them again.
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