Mortgage Investors Corporation Loan Reviews and Complaints
Mortgage Investors Corporation - Stay away from Billie Attaway & his company Opportunity Investment Capital
If you came across this because you googled Billie Attaway, Jr or Opportunity Investment Capital in Charleston, SC & Mount Pleasant, SC, you've been warned. DO NOT do business with this guy or his company.
They will scam you out of everything. For all I know, they might be reading this and will get a kick out it, but this message is for those considering to do business with him or his company. STAY FAR, FAR AWAY.
For your sake, stay as far away from this guy and his company as possible. This guy is a complete scam artist and disguises it extremely well.
Mortgage Investors Corporation - The truth
Lots of negative reviews for sure, but I had a different experience. Did not like the pressure during the pitch, but 5 years later, I am up 15,000 from where I would have been in my other mortgage thanks to continued low rates.
Because of my skepticism, I have followed my old loan's amatorization and my new loan's amatorization. No comparison, as I am way ahead. We have had one rate change last February, but the loan stayed at 2.5%. This February it will stay at 2.5% for another year.
We will be up 20,000 by next February. I don't think it will raise 1% each year even starting next year, but if it does, we will always stay ahead. Our monthly payment has been about 500.00 each month, however much more money goes to principal than interest. We do go ahead and pay a few hundred dollars extra each month.
No doubt that this was a great decision on our part. There have been two changes in companies, but truly, I don't really care.
Mortgage Investors Corporation - How the Company operates
I am a former employee of this company and left because they are misleading along with the fact they are horrible to work for. The loan itself is legit and a good product for most people since it is fixed for 39 months then the adjustment can either go up or down a full percentage point.
Most people when I worked there a couple years ago had a decrease from 3% down to approx. 2%. The nice thing is the following adjustment can only go to 3% from 2% and it's based on the new lower principle. The BS is that the owner is greedy and owns a portion of the title company which charges twice as much as others.
There are 3 points charged 1% orig, 2pt's discount. They claim you will pay off your mortgage faster, but that is only if you apply the savings to the new payment. Yet, they act as though you can pay less and still pay the mortgage off faster. You can't have it both ways.
It's high pressure, not only for the veterans, but also the loan officers that are sent to homes of people that cancelled appointments or were not interested. The owner is like a used car salesman and they require the loan officers to work literally 7 days a week and have you drive all over the state without knowing your schedule until approx. 9pm that night. It's not uncommon to be scheduled for multiple appts.
at the same time and punish you with terrible appointments for small loan sizes, trailers, etc, that can be as far as 4-6 hours away. This sounds far fetched, but the company acts as if they own you and require you to work Xmas, Thanksgiving, etc. No Joke, and the owner would not be raping our veterans financially if he cared or was a good person. I would go into appointments and come clean about the product which in my opinion is a very good loan if you have discipline to pay more principle.
The part that makes it unethical is the double talk, misleading figures, and acting as though they are doing veterans a favor. It's like the movie Boiler Room for Mortgages. I was disciplined for telling clients exactly how the loan worked and mentioning the deposit prior to the presentation. I have never seen of a company that operates like this.
I couldn't believe it until I experienced it. The company literally makes you work 365 days a year. If you ask for a day off for a wedding etc, they will punish you by giving you a full week off then start you back up with a loan or two hours away that if you are fortunate enough to get you may earn a small commission on. The funny thing is they actually steal from the loan officers as well..If the client calls the office to ask a question you only get 15% of your commission.
Yet you are not allowed to provide clients with your direct line.
Mortgage Investors Corporation - False credit filing
My loan was paid off IN FULL on August 1 2013, yet when I checked my credit report, there was a 30 day late charge for August 2013!! I called and tried to find out what had happened a with the hopes of having this taken off my credit reports To my amazement, I was told that they did NOT report the late charge for August I asked " Who did?" "We do not know, but it was not MIC" I have since disputed this with the credit agencies and MIC "research"(I use the term loosely) I again tried to find out how the process was going at MIC and they said that since they did not file it, I would have to wait for the credit agencies to determine it!!! The customer service SUCKS
Mortgage Investors Corporation - Now lets get back down to the original payment
My state approved me for the "homestead act" in which it takes 10% off your property taxes, which amounted to about $200. Well in 2012, all insurance companies in Ga, went up $200 on the homeowners insurance.
Which increased my payment from $700-$780 monthly. Once my homestead act kicked in/in 2013, my montly payment should've went back down to the orginal payment of $700.
I contacted Mortagage Investors Corporation and they told me that it would not be adjusted because it was their decision to honor the homestead act deduction or not. I am so sick of this company and they need to be abolished and anyone whoever has had a loan with them should be reimburst and compenstated for financial pain and suffering they cause.
Mortgage Investors Corporation - MIC misled me to refinance my home.
MIC misled me into believing that changing my 3.75% 30yr. fixed rate loan into their "bogus" Hybrid (ARM) loan which would enabled me to pay off my mortgage in 12 years not 30 years.
Besides the fact I was charged approximately $8500 in closing costs. I was lied to and misled in reference to MIC's structured Hybrid Loan. I don't understand why the VA would endorse a company and allow them do VA loans for which scammed Veterans. Now I had to refinance back to a fixed rate, and again I had to pay another round of fees associated with refinancing and closing on another loan.
Another $4500 I had to pay because MIC "Misled and Lied" to me about how their Hybrid Mortgage Loan would save me money and allow me to pay off my loan in more than half the time than on the current 3.75% fixed rate I had. I asked for the paperwork showing the charts and graphs on how their loan worked and how much better it would be for my wife and I to refinance with them. I was told by the MIC representative that he would mail them to me.
I never received them and I asked for them more than once and was told they were "in the mail". This has created severe financial hardship on my family for the false and misleading sales pitch from MIC and then bogus Hybrid Loan that the VA supposedly endorsed for the Veterans.
Mortgage Investors Corporation - Details, Details, Details, Details, Details
I've read all the reviews and the common thread is that folks are upset with the way this company schedules appointments and reminds customers when payments are due. Ok, I can see why that might be annoying. However, it seems to me that MIC is looking out for their customers best interest and they are trying to make sure that Vet's don't get into a tough spot. Yeah their closing costs are a little high...but they let you roll the closing costs into the loan and as a result the reduced interest rate will eat up the costs by accelerating the principle portion of your monthly payment. You should break even very quickly and as a result will end up paying much less for the loan. So, I'm really not paying more...I'm paying less. Details
I have this loan and I love it. It's too bad so many people overlooked the massive benefit this loan provides. If you missed out on this great loan, it's TIME TO WISE UP!
Fixed Interest Refi loans are a huge rip off. Do you know what compound interest is? You're paying it. Any idea how much you will spend to pay that loan off? Talk about rip off. Details
The hybrid refinances itself every year after the first 3 (no charge) with capped rates that the VA limits. It also performs against Treasury. That's huge. Know anyone investing in CD's now? Of course not...they'd lose their shirts...but, if your mortgage performs like a CD, life is good. Details
Unemployment is sky high and as long as it is, the Treasury rates will be low. Do you really think the VA is going to create a loan that puts them in harms way? ...not if they are on hook for 25% of the loan amount. Duhhh I love the loan that MIC is making available to Veterans. If more people understood it, more people would demand it & fewer foreclosures would occur. Details
It's the details in life that are the most important. I suggest you pump your brakes, call them back and get them to explain it to you in detail.
Why do you think the big banks refuse to offer this loan? Greed?! They would make more with fixed rates. The problem with ARM's is using them to PURCHASE a home, because the borrower could end up qualifying for more home than they can ultimately afford.
However, if you're just refinancing, you eliminate that possibility. (You've already qualified for the home at higher payments.) Instead the savings could be applied to other debt that you may be bleeding from or you could apply it to the principal balance of the loan...enabling you to burn up the balance MUCH faster and cheaper.
Mortgage Investors Corporation - Surprises on closing day
Without a doubt the most dishonest company I have ever had dealings with. The telemarketer boldly lies. Then you are connected to someone who supposedly gives you details. Their details are all lies. I told them right up front I am NOT interested in a ARM and she said no problem - 30 yr fixed. Just make an appointment and in 30 short minutes you will have all the details.
Sure enough 2 and a half hours later you find out MIC only does ARM's, no fixed at all. At first I told the rep to leave but after thinking it over we decided to go ahead with the refinance at 2.489 percent interest. MIC required a $650 security deposit which I was assured would be refunded in full, whether we closed or not. On signing day a lady shows up from the title company with no $650 check and knew nothing about it.
When she presented me with the contract showing a $3,506.07 charge to BUY-DOWN my interest rate to 2.5% and could not explain any of the paperwork because she is only here to get my signatures (her words). This was all within the first 10 minutes of her arrival. I declined and ask her to leave. She had to call MIC to inform them of my decision and I told her I did not care to speak with the lying bas****s. She called and put them on speaker so I had to talk to the first high pressure sales person for about one minute. Since I was not very nice he transferred me to the next higher pressure sales person which I was even less nice to.
As of yet I have not received my security deposit back and doubt if I ever will. I advise all former military people to stay clear of this company. I can't believe the feds are not investigating these people.
Mortgage Investors Corporation Lies/Steals
MIC sent a representative to explain the VA Hybrid loan. He made a good pitch and asked for a check to lock in the loan.
When I googled and saw the 1000 BBB complaints, I called the guy and told him I was cancelling. Of course MIC cashed the check and approached my lender stating they were going to take over the loan.... 5 days after I cancelled. They will tell you they chose not to pay the BBB for a good rating...
another lie on top of a lie... all they need do is read all the vets they've cheated and they'll change their lie.
Stay away...Beware. Better mortgage companies can support your VA Hybrid loan!
Mortgage Investors Corporation - BUYER BEWARE
I was solicited on the phone for supposedly a 1/2 interview to discuss streamlining a new VA loan we had obtained a little over a year ago. When the rep came to our house, he did a nice dog-and-pony show and then immediately started filling out loan application paperwork. It wasn't until the end (after 2-1/2 hours) that he tried to slip in a piece of paper that would require us to pay 1% of the loan amount for the "application fee". NEVER in all of the times we've refinanced (and we've done quite a few, unfortunately) have we EVER been asked to pay a fee upfront - even before the loan.
Also disconcerting was the fact that they tried to cover up the fact that this loan is an ARM. Although the try to glitz through the fact, at the end of the day, it is still an ARM with variable rates. When I told the rep I was not comfortable going from a fixed to an ARM, along with the application fee, he gets his "supervisor" on the phone from Florida. At this point, it started to sound more like buying a used car than "streamlining" a mortgage.
After 3 hours I asked them to leave the application so I could look over it closer and was told that they could not do that without the application fee paid first. I also told them that I needed to do my due-diligence on their company since I had never heard of them. I think that was when he panicked and new the gig was up. I'm glad I did - it sounds like we would have gotten scammed along with the others that have filed complaints.