1.8K views
2 comments

We have had a mortgage with Franklin American Mortgage for a little over 2 years. From the beginning, our experience with FAM has been a nightmare. Approval & closing were not an issue, as we went through another mortgage company. However, they sold the paper and we wound up with FAM.

First, it took 7 months, and countless hours on the phone and e-mails to get them to draft our mortgage payment (auto pay). I have NEVER had so much trouble GIVING someone money in my life. Repeatedly we would be told that the "auto pay" was good to go; repeatedly, we would get a phone call saying our payment was late; repeatedly, we would have to next day air a check to keep our account current; and repeatedly, we were told that the "auto pay" taken care of and we wouldn't have this issue againโ€ฆguess what? It didโ€ฆover and over again. We finally had a "supervisor" get involved who "hand walked the ACH paperwork through the system". And, even at that, the issue occurred once again. But, they finally, got it resolved.

Secondly, after being in the house for about a year, we get a notice of lien from our county appraisal district for failure to pay taxes. FAM failed to pay the taxes, which we were paying as a part of our mortgage. FAM's solution: just pay them and we'll research the issue and get back with you. I refused and through a 3 month ordeal, they finally got their end unravelled and paid the taxes, with penalties. However, they attempted to saddle us with the penalties until I threatened to file a formal grievance Federal Reserve Board and the National Credit Union Administration.

And, their latest "Charlie Foxtrot": We have been paying over $200 per month on PMI insurance since the inception of the loan. However, we started to refinance the house, through Franklin American Mortgage) in order to do some upgrades and remodeling in December. We went through the entire process, including the appraisal, short of closing before we decided to wait. The new appraisal showed the property valued at $400,000.00. The balance of the current mortgage was $236,318.22, which placed our Loan To Value at 59.08%, 20.92%, far in excess of the 80% PMI threshold based upon LTV of the mortgaged property. Initially, I was told that THEY had to do the appraisal and could not accept my appraisal of the property. To which, I promptly (and futilely) provided them with a chain of e-mails from FRANKLIN AMERICAN MORTGAGE personnel who arranged, scheduled, and chose the appraiser that perfumed the appraisal, which I had sent to them for evidence. Thus far the issue has been in a constant state of REVIEW, and they have repeatedly, and blatantly, refused to terminate the PMI, stating our LTV is based upon our original loan; which in contradictory to real-estate law and regulations. To make matters worse, with the exception of my initial phone call, I have as of yet to speak to, or receive correspondence from an actual Franklin American Mortgage PMI specialist. All automatically generated e-mails and form letters concerning the subject are simply autographed "MIP/PMI Administrator". Thus far, I have spent a total 19hrs & 28 minutes on the phone ATTEMPTING to resolve the issue.

As I saidโ€ฆif you have only two options available to you: Living on the street, or doing business with Franklin American Mortgage. LIVE ON THE STREET. You'll save yourself a great deal of heart ache and frustration.

Reason of review: Bad quality.

Location: Boerne, Texas

Do You Have Something To Say ?
Write a review

Comments

chat-icon

Please avoid publishing any personal information and promotional content

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
Guest

Their PMI department is HORRIBLE. They refused to let me speak to someone in person after multiple attempts.

The "manager" even avoided speaking to me directly, opting to relay his responses thru to representative instead of addressing me himself.

I am 3 months in and still have not had resolution on having my PMI terminated, which in an email FAM SENT TO ME, states that it should have automatically terminated 2 months ago. I would never, EVER, recommend this lender to anyone.

Guest

They randomly stopped our auto pay as well! No reason was given.

Now my ins company is billing me an ins. Payment that was supposed to be paid w/ ecrow.

We are convinced it's being run outta someone's basement!

Franklin American Mortgage Reviews

  1. 26 reviews
  2. 6 reviews
  3. 2 reviews
  4. 0 reviews
  5. 1 review
Franklin American Mortgage reviews