Exceptionally horrible experience
In the past 25 years I have successfully used AimLoan twice before. I'll never try to use them again.
AimLoan pre-approved me for a mortgage and provided me with a letter. Using that letter, I was able to have an offer on a home accepted, with a 30-day close date.
At first all went well, though our Loan Office failed to tell us we could pay points to pay down our interest rate and it took six days to be assigned a Loan Processor.
Nine days into the process our Loan Processor asked about a City Disclosure stating that at the time of sale the sewer lateral needs to be inspected. The parties can agree to have either the Seller or the Buyer take care of this. We had agreed for me (the Buyer) to do so after the transaction closed.
The first concerning thing to happen was for our Loan Processor to ask what a sewer lateral was! Later that day, late on a Friday afternoon, she told me that I needed to complete the inspection and if any repairs were needed, to complete the repairs prior to the close of escrow. I explained I could not do that as I didn't own the property. She agreed to check with her manager.
On Monday she reported back the same requirement. My Realtor also called her, but was provided the same information. He explained to her she was asking us to perform work on someone else's house. She reiterated the requirement, even though it is not a City requirement the work be done prior to the close of escrow.
Our Realtor asked if we could agree to set money aside in Escrow that would not be released at the time of sale, but rather later once I proved the inspection and any work, if needed, was completed. The next day she responded that was not acceptable and told me to find another Lender. This was 13 days into our 30 day close!
I called the Loan Officer and she immediately responded "How can you do work on a house you don't own?" She told me she was leaving early that day and would call me the next day to resolve. She did not call.
A maddening week later the Loan Processor asked the Loan Officer again to call me. Nine additional nerve-wracking days passed and the Loan Officer finally called with good news - if we agreed to a smaller loan amount of $30,000, we could go back through underwriting and be approved. I agreed.
The next day the Loan Processor asked me for all updated documents which I provided. The next day she told me Underwriting had the same requirement - inspect and make any recommended fixes to the sewer lateral prior to close and taking possession of the property or AimLoan could not fund the loan.
At this point I asked for a manager to call me. One did three days later. She apologized for the delay in the Loan Officer's response and for the wrong information the Loan Office provided me. She admitted it was very unusual, but that is a requirement the Underwriting Department made and could not be overwritten.
As a result I could not get a loan from AimLoan even though they had pre-approved me.
13 July 2021
Unprompted review
