Mixed Bag using ELoan
Written: Jul 19 '01
The Bottom Line
If you can do as good at a local bank, skip ELoan.
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Heard all the commercials about "close within 5 days", yada, yada, yada. ELoan was quick to call me after I submitted an on-line application (within 1 day I was called back). I made sure I was quick to get back any information they had requested immediately. The person I dealt with through the process was Mark Gagnon and he was always very professional. The problem came in that they constantly needed "additional" information. Basic stuff like copies of my W2's for the past 2 years were not requested until a month into the process. I had to spend several hours on my vacation chasing the documentation they wanted, copying it all and then going to a Fedex office to drop it off that was 25 miles from where I was staying on vacation...This really ticked me off since I was on a vacation and had to do this stuff to keep the process going. Additionally, I had non-earned income documentation that they wanted reams of paperwork for and then it sat in the hands of their "lawyers" to review for almost a week. At the closing, the notary was very nice, but she was confused with some of the paperwork and it took numerous calls to the title company during the closing to get questions answered. After the closing, the title company had forgotten to include some paperwork that they had to fedex to me for signature and then I had to run around for an hour on my work time to find a Fedex drop off box.
Start to finish, the process took from May 28th when I submitted the application to July 18th when the last Fedex document was put in a drop off box. This is way too long for a process that they claim is was going to be so easy in all their commercials. Once done, rates had dropped and I could have done better at my local bank. Although the process is done now, it was too cumbersome and time consuming for me. I would definitely think twice if you can get a comparable rate from your local bank.
Recommended:
No
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