Mortgage craft had our property appraisal for over a month before closing. The documentation was not reviewed and our loan documents were not adjusted with the lender. We called several times during the process to check, and were assured everything was ok. 3 days before closing, Tom noticed our equity vs purchase price did not require us to pay PMA ($253 monthly difference in mortgage). He also failed to account for the fall taxes being paid by the seller which underestimated our closing costs. 3 days before closing, we had to come up with the significant difference in estimated costs vs actual costs.
He managed to convince Stearns lending to allow Mortgage Craft to refinance our loan to remove the monthly PMA. Despite his error, Tom charged us $2,500 in addition to a second round closing costs, taxes, and fees to refinance to correct his error and remove the monthly PMA. We paid to purchase our house twice. Thanks Tom! read more
