Guild Mortgage Company Review

I opened a refi with them that was a much lower interest rate then my previous fixed mortgage also with Guild.  It was their version of Obama's "Hardship" mortgage.  When I looked over the Payoff Statement initially, there was about $6,000 in closing and points fees.  I gulped this down as I needed the monthly savings of $200 that bad and figured about $2500 was tax-deductible points. 

After 8 weeks, I still didn't have my approval and had to play email and phone tag trying to reach someone over there.  Forget your loan agent.  He drops you once he has you sign the initial application papers.  Finally, speaking with a "supervisor" the story now goes the interest rates are higher, my savings would only be about $100/month and my loan amount is $6,000 less so I need to come up with almost $7,500 out of pocket for the closing. 

That wasn't insulting enough, the underwriter just wrote and asked for a mountain of additional paperwork. 

Keep in mind, during this whole process, paperwork was lost and I was continually forwarding tax return info that I'd sent in day one when I sent in the original application.  The appraiser took 3 weeks to get his appraisal in - I did all that follow up calling.  And even though I kept telling him to call my work number (daytime), the loan agent kept calling an old home phone that my elderly mother uses. 

If I didn't need this refi so bad, it would be comical how badly they handled my loan.  I finally decided that $200/month wasn't worth this aggravation or cost and withdrew my loan via email to the underwriter. 

Since then, no email or phone call back from any department there.  I'm still the invisible customer. 

Make sure any dealings you have with these clowns is locked in - in writing and don't bother with the lower-level agents or underwriters.  They don't have the professional expertise to help you or earn your trust. 

Because of the all-too-convenient timing, I'm looking into whether they sat on my application since May 13th in underwriting for "approval" to June 11th in order to take advantage of the mortgage rates increasing.  How else could anyone explain that long for approval with a mortgage you already have in place?  Didn't they have all the information from the first time around, less financials?  I'll send this information to my congress rep and Obama and see if anything can be done about this hardship program.

Unfortunately, while things get ironed out with this program, we're still in "hardship" and thanks to greedy mortgage lenders and banks, no help in sight.  Thanks, Guild!