mike stoltz

Review of MOUNT OLMPUS MORTGAGE

First of all, I find it curious that of the 12 "fi...

First of all, I find it curious that of the 12 "filtered reviews" on YELP --- 11 of them are "1" which would effectively lower this companies rating to sub par. I will say, run don't walk away from this lender.

I fired them after being in escrow for 30 days and found the identical rate and "program" apples for apples, for $6200 less. I think I am most upset because I gave them an opportunity to match the rate and quote. They did not believe it and requested a Good Faith estimate which is understandable, but then in the time it took for my lender to generate the GFE (it requires taking in a full loan app and uploading it) the rates had skyrocketed in a 24 hr period!
Here's the history:
On May 1, 2013 I initiated a call to Michelle Hickler who did a first rate job on my refinance on my primary residence last year. In fact, I owned both a mortgage company and real estate company in Santa Barbara and referred a handful of clients over to her. I was impressed with her efficiency, knowledge and a particular program that I felt was cutting edge. I have owned 8 modestly to very successful businesses and take a great deal of pride in the real estate industry since I grew up in it and have strong family ties and long term relationships in California real estate.

I was buying a an investment property duplex--agent Oscar Dodson, quoted me for an investor single unit---the next day he said "oops" a point higher as its a duplex. We talked about this all along--no apology or offer for a concession. A nice enough sounding kid, but clearly more of out of the various fad 1-800 lenders with boiler plate answers and questions and clearly little experience. I asked for the management to intervene for assitance which I did get--theyw ere cooperative and we were speaking the same language.

then it goes to Underwriting---let me jsut say that my other lender, Prospect Mortgage in santa Barbara asked for half and intelligent documentation to underwrite the loan. For example, Since when do you buy an investment proeprty with estabilshed rents and not get any rental income credit? There is usually a 25% deduction for operations, but -0-???? The District manager told me that "we don't know if you will keep the tenants or throw them out after you buy it"---uhhhh, doesn't that defeat the purpose of buying an investment property??? That was the VP, Traci Lampman! unbelievable.

In any event, run don't walk away from this lender--save yourself grief and money by avoiding this lender