The word I would use to describe my experience with Box Home Loans would be "Disappointing". I would rate my experience as a C in part because I expected it to be an A. My major disappointments were with underwriting:
1. They were unnecessarily intrusive! They required that I verify ownership of a relatives property where we stayed for a short time - That was offensive and unreasonable. Underwriting had no bases to assume we ever had any ownership in this property. While my wife's divers license had this address - that was because she needed a Colorado address for a job application with the state of Colorado. If you really needed this information why wasn't I asked for it - my drivers license had the address of a rental where we lived for a short while until we purchasing tour home in Broomfield. The underwriters could of found the answer to this question in less than five minutes by checking the Boulder county website - which is what I did to prove ownership.
2. My second issue with underwriting is around a distribution from my 401k. They wanted to know if this was a loan and if so they wanted loan documents. I had already given them a 1099 for that distribution. The fact that I had a 1099 shows this was a distribution not a loan. (Loans are not taxable events.)
The two items above made me think that underwriting doesn't think or worse ........
The other issues surrounded the cash to closing The 1st HUD document was slightly less than twice your Good Faith Estimate. While I understand the reason for the difference- I was the one who had to push back to make sure some of those numbers were more in line. My math reflects you collected (added) $500 in interest to the payoff number on my 2nd.
I will mention one other thing. While you don't say you are holding the paper your phraseology implies it, so I was a little surprised by the notice you planned to sell our note in the first 30 days. This and the other issues has caused be to come to the conclusion that your only interest is cranking out loans for resale and have no genuine interest in the borrower.
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