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Embrace Home Loans

United States, Rhode Island

Consumer reviews about Embrace Home Loans

Gobbler
Dec 10, 2011

They take your money and won't call you back


Just finished a loan process with Embrace; I would never, under any circumstance recommend them. They don' t have a clue as to what they are doing. At first everything was OK; then at the 11th hour they had all these BS conditions. All of which could have been avoided if they functioned like a professional company. You would be better off borrowing money from a load shark in New York. I'm their customer and I'm sitting at the closing table and having to apologize to the Title Company, homeowners insurance company, Seller and real estate agents for the screw ups of my mortgage company. Communication during the process with Loan officer did not exist, several unanswered emails and phone calls.

kathy Vandyke
Jan 1, 2012

They take your money and won't call you back


We refinanced our home with embrace at a very low fixed rate and 1 month after we did they sold our loan to Bank of America and that is nightmare. stay away from embrace and Bank of America.

kathy Vandyke
Jan 1, 2012

They take your money and won't call you back


We refinanced our home with Embrace for a much cheaper interest rate. One month lather they sold our loan to Bank of America and that became a nightmare. Stay away from embrace and Bank of America.

rukiddinme
Jan 31, 2012

They take your money and won't call you back


The real important thing to remember, is that it doesn't matter what your loan officer or originator tells you, it's about what is typed in black and white in your loan disclosures, and that is that once you appraisal fee is paid, and the service is carried out, hence the apraisal, that fee paid out of pocket is non-refundabale, no matter what the outcome is.
LO's at Embrace have a tendency to yes people up, down and sideways, and then when you find out your home didn't appraise for what was expected, they never call you back, and you're out $395.00.

rukiddinme
Jan 31, 2012

They take your money and won't call you back


I've seen alot of comments, questioning the actuall inception of the name Embrace Home Loans, and how long they boast they've been around. That's becasue they didn't exist, under that name, before the latter part of 2009. Prior to that, they we're know as Advanced Financial Services, so anyone looking to research this company further, will find a whole slew of complaints, with the same basis dated back to 1983, and that is the LO the customer was dealing with, either lied or misled them into believing that everything would be fine or was guaranteed, throughout the loan process. Except, they found out the hard way, and after dishing out $395.00 for an appraisal to be done on their home, that the appraiasal fee was non-refundable, no matter what the outcome of that appraisal was. Once they found out their home value, didn't come back at where it was needed to qualify, the loan officer wouldn't call them back. Then they would try and call the loan officers manager, and the manager wouldn't call them back. Boy, that's what I call top-notch customer service.

rukiddinme
Jan 31, 2012

Re-Financing


You know, PascagoulaPotters, I did some careful research on Embrace Home Loans, and one of the things they were not very well know for is who they have carrying out their home appraisals. Most companies will require anyone who wants to get on their list of appraisers, to submit a detailed resume', along with a list of other companies they work or have worked with, and of course a license, to make sure this person is qualified. Embrace has been known to just sign anyone on, as an appraiser, so you never know who will show up at your house, and if they know what they're doing. Obviously, this guy didn't know what he was dong, and it cost you almost $400.00 to find that out

cleakas.embracehomeloans
Feb 1, 2012

They take your money and won't call you back


In response to RUKIDDINGME, it is difficult to imagine the conversation you claim to have had with our loan officer, but there are several points in your comments that need to be addressed. First of all, there are laws both state and federal, that require a lender like Embrace to maintain its accounts such that Escrow Funds are always available to pay the borrower’s taxes and insurance, but none that discuss the Investment of those funds on the borrower’s behalf. Not only is the term “High Interest Money Market” a contradiction in terms, no loan officer at Embrace would suggest that we as a Lender were going to “invest” your Escrow funds into some risky venture. Not only is it unreasonable, regulations prevent it. Further, your experience as a Mortgage Loan Originator should tell you that regulations governing how and in what vehicles anyone’s money may be invested have nothing to do with the Mortgage Lending Business. TILA (Truth In Lending Act) and HMDA (Home Mortgage Disclosure Act) do not speak to the terms of Escrow Accounts. And while RESPA does set out rules for Escrow Accounts, it does not consider the “investment” of Escrow Monies, which are largely governed by State rules. In Rhode Island, regulations require that the lender or servicer pay interest to the borrower on any amounts held in an Escrow account at a rate stipulated by the State. Other states might require the type of account in which such funds must be maintained. We can only imagine that there must have been some misunderstanding in the conversation between you and our representative. It is likely that if you had asked about the investment of Escrow Funds, he would not have had an answer as it is not something a loan officer would normally discuss, but could have received one in minutes from our Servicing Department. And even if he were going to try and wing it, he certainly would not have attempted to put you at ease by telling that we would invest your money in junk bonds.

cleakas.embracehomeloans
Feb 1, 2012

Integrity


In response to RUKIDDINGME, it is difficult to imagine the conversation you claim to have had with our loan officer, but there are several points in your comments that need to be addressed. First of all, there are laws both state and federal, that require a lender like Embrace to maintain its accounts such that Escrow Funds are always available to pay the borrower’s taxes and insurance, but none that discuss the Investment of those funds on the borrower’s behalf. Not only is the term “High Interest Money Market” a contradiction in terms, no loan officer at Embrace would suggest that we as a Lender were going to “invest” your Escrow funds into some risky venture. Not only is it unreasonable, regulations prevent it. Further, your experience as a Mortgage Loan Originator should tell you that regulations governing how and in what vehicles anyone’s money may be invested have nothing to do with the Mortgage Lending Business. TILA (Truth In Lending Act) and HMDA (Home Mortgage Disclosure Act) do not speak to the terms of Escrow Accounts. And while RESPA does set out rules for Escrow Accounts, it does not consider the “investment” of Escrow Monies, which are largely governed by State rules. In Rhode Island, regulations require that the lender or servicer pay interest to the borrower on any amounts held in an Escrow account at a rate stipulated by the State. Other states might require the type of account in which such funds must be maintained. We can only imagine that there must have been some misunderstanding in the conversation between you and our representative. It is likely that if you had asked about the investment of Escrow Funds, he would not have had an answer as it is not something a loan officer would normally discuss, but could have received one in minutes from our Servicing Department. And even if he were going to try and wing it, he certainly would not have attempted to put you at ease by telling that we would invest your money in junk bonds.

rukiddinme
Feb 2, 2012

Integrity


Wow! I could be mistaken, but I do believe I have just been called a liar. That's very interesting, considering that when most companies, hear anything negative from a customer or potential customer, they at the very least will take those complaints, and even ask for suggestions, and try to find some new strategies, to make sure the customer experienece is more positive the next time, so they can create more repeat business, and they could range from a dept store, to a fast-food chain, to gas station.
Your answer, cleakas@embracehomeloans.com, would make REASON #2, as to why I would not do business with EMBRACE HOME LOANS. I'm very well aware of what I was told, which made my decision to just hang up the phone, so much easier.
Being a licensed originator, in almost 40 states, I'm very well aware of the laws surrounding the mortgage industry. I also know that customers need to be given answers, that are more forthright, and with more integrity, than the answers I have been given, both then and now

rukiddinme
Mar 5, 2012

They take your money and won't call you back


If you're a homeowner, you'll eventually get one of Embrace's mailers. They typically buy lists from the credit bureau's of consumers with credit scores within a given range, say for example, from a 650 to a 750, or 620 to a 720, and whose credit reports show they have a current mortgage. Just FYI, to anyone whose interested in knowing how they do it.
As far as paying for an appraisal, no matter what, on the phone, their loan officers will yes you up and down, and give you evry guarantee they can, until they're blue in the face, so that you'll sign your Good Faith Estimate, and give them your credit card number for the appraisal fee. Anyone whose had a mortgage or have been involved in the mortgage industry in one form or another, knows right well, that the value of your home won't be know for sure until they recieve that appraisal report. By that time, you either have the value needed or you won't, and if you don't, you'll never hear from them again, no matter how many voicemails you leave, or even if you do call the Better Business Bureau. That's because you probably already signed the disclosure that indicates the non-refundability of the appraisal fee, once that service is carried out, and no matter what the outcome of the appraisal is.
So, in the end, the point of this story is, it doesn't matter what they tell you on the phone or even face to face, it's about what they put in writing, and what you sign, so make sure you read every page of your disclosure package, line for line, word for word, before you give them your credit card number. Embrace Home Loans is not well known for their forth-rightness, and that might explain one of the reasons why they changed their name from Advanced Financial Services back in 2009

Wormser
Mar 21, 2012

They take your money and won't call you back


http://www.scam.com/showthread.php?t=118888
Look for chip leake... He trolls the complaint boards for the past several years

Wormser
Mar 21, 2012

They take your money and won't call you back


BTW Chip leakas has been trolling since they were AFS

rukiddinme
Apr 2, 2012

They take your money and won't call you back


Yes, I have seen his name several times, responding to every negative comment posted with regards to Embrace Home Loans. I assume he is somewhat of a watchdog, barking and trying to disregard every complaint for a company that not only, cares not for it's customers. They just want you sign on the bottom line, no matter what the final outcome is, whether you save money or not, or even if you end up in foeclosure, it doesn't matter to them.

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