Buyer Beware ORCA Home Loans / The Broker Processor
In my 18 years a licensed real estate broker I felt compelled to share my experience with ORCA Home Loans - Dan Savage; The Broker Processor - Kristina Tkalec, and NEWFI Lending.
For an understanding: Simple cash out REFI with borrower’s average credit score high 700’s, appraised value 400% above current loan amount and a 6-year documented record of timely rental income with the same tenant…and guaranteed by HUD. Simple 80/20 deal.
It took over 60 days to close. Repeated abandonment from Mortgage broker Dan and Processor Kristina and NEWFI Lending. Continually request documentation all that had already been emailed. Lack of knowledge of what a Land Trust and a corporate resolution is.
Now the true reason for the complaint is fact the Truth in Lending statement wasn’t provided until hours before the closing…of which contained a $4000 commission increase and a rate increase!
Borrower BEWARE!