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Write a review of your experience with Angel Oak Home Loans.
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The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
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Worst experience in 23 years
Unprofessional, lack of knowledge, waste of money and time | Georgia | 3/3/2022
This was hands down the worst loan experience I’ve had over my 23 year real estate investment career. From my first interactions with my loan officer Marianne Rasmussen, I clarified that I could refinance my investment property even though it was held in a land trust. After speaking with the und...erwriter, she confirmed I could refi under their “no doc” program. Their “no doc” loan program required me to submit 16 different documents in addition to my loan application. SIXTEEN! What a joke. That’s certainly not “No doc”. It would have been more required documents if you include the countless emails back and forth explaining to the underwriter that an additional insured on a home insurance policy is not a second lien holder. My own privately held S Corp Management company is an additionally insured on my landlord insurance policy, but the underwriter insisted I needed to provide proof that a non existent second mortgage from my own management company was paid off because my management company was listed as an additional insured. After I sent in a personal statement saying there wasn’t, and had never been, a second mortgage on the property along with a Wikipedia definition of an “additional insured”, the underwriter finally relented on this bogus requirement. Why the underwriter couldn’t look at the title work and see there was not a second mortgage is beyond me. I also had to submit a letter saying I live with my spouse in our primary residence and several other crazy items. I sent a complaint email to a manager about all the required documents for a “no doc” loan and I explained the incompetence of loan officer who didn’t know industry standard terms, but of course I never received a reply from the manager. My net worth is more than 10x the loan I was seeking, I have liquid assets in excess of the loan amount I was applying for, my credit scores were 755, 760, and 770, I’ve owned the subject property since it was built (about 19 years), I’ve been in the landlord business for 23 years, and I was seeking a 75% cash out refinance. It took 6 weeks to obtain a conditional approval, but one of the conditions of closing was that I deed the property out of the trust into my name and have 6 months seasoning, OR my trustee co-sign on the loan. Again, prior to applying for the loan, I was told it could be refinanced in a trust - too bad they failed to mention I’d need to deed it out of the trust and wait 6 months! Although my loan officer was very nice, her knowledge of the loan business and of her company’s offerings was extremely poor, and have you ever heard of a borrower needing to explain industry terms to an underwriter. What a mess! Six weeks of time wasted, several hours spent gathering 16 documents and completing the loan application have been wasted, and I’ve spent over $1,000 on their appraisal and title work all to be told I was misinformed before I even started the loan application and I can not proceed unless I wait 6 months and deed it out of a trust that I submitted proof of control over. No thank you. Rather than applying for a loan with Angel Oak, I should have simply taken ten $100 bills outside and set them on fire. That would have been much more fun and it certainly would have saved me a ton of time and headache.
Level of service
Response from Angel Oak Home Loans
We are sorry that there was poor communication from our loan officer such that the borrower did not fully understand that our “No Doc” loan means that it is a No INCOME Documentation loan. Besides the basic biographical information, the documentation requested from the borrower on this loan was for reasons other than income documentation and are standard requirements for the ability close and record a security instrument without any title issues. Once the documents were submitted a subsequent review of the ownership structure and the manner in which the title was held (and the timeline) we encountered guideline limitations that were not related to borrowers qualifications but did impact other underwriting guidelines. This is an unfortunate issue unrelated to the No Income Documentation and we are sorry that they occurred and will work with the borrower to arrive at a satisfactory outcome.