Banks Capital Corporation in Banks, OR

Just a warning to potential buyers looking for a mortgage broker, or a seller that has a buyer with a pre-approval letter from this company - do not use this company or accept a buyer with a letter from them! Our buyer had a pre-approval letter from them, and less than a week before we scheduled to close we found out that the buyer had a problem on her credit. After talking to her mortgage consultant, Richard Cochran, we found that he had helped our buyer dispute some erroneous charges before pre-approving her; however, he failed to file disputes with the other two agencies. The very same charges he had disputed earlier appeared on one of the other agency's reports before closing, which could have been completely avoided had he done his job correctly the first time. He said he could fix it in two weeks, but two weeks became four, and after finally resolving the problem somehow her credit came out lower, which makes absolutely no sense as they were erroneous charges that had been removed once, and removing the charges a second time should have returned her credit to the scores the buyer had when she was pre-approved. Richard then said he could fix it in two to three weeks with a new lender. However, three weeks passed with no progress and now our tax credits and entire transaction was in danger. Even in the end, he continued to lead our buyer and ourselves with his belief that he could still fix it. Well, he couldn't fix it and we ended up losing the sale of our house, the purchase of the home we were buying, our earnest money, and a huge opportunity for our family. Richard seemed very inept at his job the whole time, he never met a deadline, and he seemed lack the skills you would expect from a mortgage broker. In addition, I carbon copied Fred (the owner) on much of my communication and not once did he respond to defend his company of try to step in to help Richard help fix his omission. Lastly, I seriously question whether this this company gets proper documentation before pre-approving a buyer. Richard's response was that she was "pre-approved for FHA requirements". In talking with other mortgage brokers, that was a poor response and it sounded more like a pre-qualification than an actual approval. In this economy, many of the problems in the housing market are caused by mortgage brokers and agents short cutting and not following the rules. This company is definitely one of them - please steer clear of them at all costs.

Could not of had a better experience buying a home. Thanks from the Jurgensens.