Coastal Funding Corporation - Charleston
Mortgage broker in Adams Run, South Carolina
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AVOID! Our mortgage broker Sean was good starting out but as things started to come together, our experience turned sour. Because Sean was largely working numbers with my Co-borrower, it wasn’t until the day before closing I found out the loan that was selected did not have our best interest at heart. It caught my attention because I noticed we were getting 1000 towards closing costs from lender. That was a huge red flag for me, especially since the seller was paying 7k in closing costs for us - and there wasn’t enough closing costs for us to take advantage of that 7k, so the lenders 1k was completely moot and I’m sure we paid dearly for that mistake. And at the last minute I had to come up with several more thousand than anticipated because Sean estimated closing costs very incorrectly - closing costs that by the way had to be paid by me, they were not eligible to be paid for using either the sellers 7k or the lenders 1k. When I ask Sean about it, it came to light that he chose the mortgage because he was shopping for one that would pay him “fairly” as well. He told us our interest rate was 2.8x, and bad on me, I didn’t ask what that translated to in APR - which I later learned was 3.2x. Quite the difference. In early February. All in all, I take the blame for not shopping mortgages. Please learn from my mistake and don’t trust mortgage brokers. Do your own research, shop mortgages, and don’t blindly believe they have your best interest at heart.
Reply from the business:
Aug 16, 2021I am very sorry to hear that you had a bad experience with Sean. He was brand new to the company and to the mortgage industry. No one likes getting a bad review, but this sort of thing I take very personal. I take full responsibility for your experience as Sean worked and represented my company. I can assure you, not all Mortgage Brokers are bad or untrustworthy. We have spent over 20 years building a reputation of being honest, upfront and transparent with all of our clients. If a loan originator does not display these qualities, they will no longer have a place with my company. As in your case, you loan originator Sean is no longer with the company. One of the major differences that set us apart from other local lenders and brokers is our "No Fees" approach. We do not charge and origination fee, admin fee, application fee or processing fee. We also buy out the lenders underwriting fee. The point you made about selecting a lender for you that would pay Sean more "Fairly", simply is not the case. Coastal Funding has set compensation plans in place from every lender we do business with. This actually removes the possibility of a loan originator choosing one lender from another to make more money. Our compensation plan is set a 2%, which means, our lenders pay us 2% no matter what. From a 580 FICO to an 850, no matter what the specifics are. 2%. If you were receiving a Lender Credit of $1000, that simply means the lender was paying over the 2% for your interest rate. Anything over our 2% goes back to the borrowers as a lender credit. We encourage all of our clients to shop around and compare us to other Banks and Mortgage Companies. Again, I am very sorry about your experience. If you would like to discuss further, or there is anything I can do for you, please feel free to contact me at anytime. Thank you...