Stay away from this company. You will be astonished to see what kind of charges they bring for your loan. For 380,000 dollar loan they charged 12000 in cost. The work with Augusta financial inc. and up to the time that you sign your loan documents, you will not know all the charges until after you sign the escrow closing.
This is the worst mortgage wholesaler I have ever dealt with. Mason Sorrels has the worst customer service and could care less if he has your business or not. This is the third time I've dealt with him and Deephaven. I am surprised they are still in business, it blows my mind.
I have near perfect credit, decent debt to income, paid 100% of all my bills on time and my rent which was $200 cheaper than the dream house I wanted. A wasted 8 months down the tube 1 week before closing deephaven thought it was nice to cancel close up and stick me homeless. I gave all the redundant docs they asked for. Garbage company. Possibly looking to sue these clowns
I am 64 years of age. My personal assets are healthy with zero debt liability and my credit score is over 800. Just needed a easy no doc mortgage loan which DH is suppose to specialize in. First hand experience is that this company has wasted more than a month of my time so do not waste your time. In my lifetime I have purchased many homes and investment properties with never the slightest problem acquiring financing.
DH just cannot make it happen. They will drag you along pretending to have you approved while continuing to request more and more qualifying docs most of which they create. Assume this company must be under some governmental program paying for them to merely process loan applications.
Dealing with this company is worse than going through a divorce.
This is one of the Worst Mortgage companies I have ever worked with, they have taken 59 days for underwriting department to even check income and debt (which is the bare minimum required from any lender )falsely misleading the buyer that the loan is approved., however delaying the process forever., and constantly promised by Julie the account rep with numerous text messages and emails that the closing date would be met., (which never happened), I will sincerely request buyers to he aware of this company and WOULD NOT RECOMMEND.
Fraud was rampant at Deephaven. The CEO was involved at Goldman Sachs during the financial crisis. I urge investors to take action because they knowingly mislead investors. I was told to ignore the multiple instances of fraud because they had already packaged the loans into bonds.
Would not recommend! Save yourself the stress and headache. After pushing back our closing for days and days unnecessarily, they decided to change their our contract terms 3 days from closing. Then proceeded to pull our loan altogether and ghosting us. It s been a week of trying desperately to get in touch with someone in the office, with no answers or returned calls. Jeff, who has commented on all reviews below, has been called numerous times and has multiple voicemails from us and has not returned calls. We are 8 months pregnant and homeless now, thanks to DeepHaven. Do not waste your time.
As an MLO, I've been working with Ike U. since I started with my brokerage. He has been incredibly knowledgeable, professional, and responsive, and I've closed millions of dollars of deals with his help and guidance. If you are a mortgage broker, request Ike U. as your A/E!
The WS AEs are not licensed mortgage professionals; some AEs were servers/bartenders & after a few months of training they are expected to make 6 figures. The CEO states that they have not taken any losses. When reviewing loans, I noticed fraud in files multiple times. 1 example was a loan where the guy said he was a CPA and had his own business; the document in the file was a google search with the business name misspelled. When I looked it up, the borrower was not a CPA and his business license had been suspended for years. I often said something about this & was told it was not my job. I noticed that borrowers were able to provide their own P&L statements for the businesses that they owned; these were not certified statements from an outside accountant, but statements the borrower had produced. I would notice expenses were sometimes missing, for example the borrower states they have 10 employees but there were no wages or salaries reported on these P&Ls. Once I said something about the missing expense, I was told it didn t matter because the loans had already been put into bonds. The reason that they haven't taken any losses (this was before the downturn which I accurately predicted) is b/c based on the fraud you know that the borrowers are going to default. So then it transfers to special servicing where they have more fees until it is sold at a foreclosure auction. So, the lender gets the down payment and these additional fees and as long as the market was healthy they were guaranteeing higher payments than if the borrower made regular payments based on their ability to repay. I would also ask about why Pretium had acquire our company, since they have over 26,000 single family home rentals. These companies acquire SFR through investors, making it hard for some Americans to ever own a home. These companies make the rich richer and the poor, poorer. They are able to buy foreclosures (which you need all cash for) & homes during an economic downturn. They make it hard for some Americans to enter into the ownership marketspace and drive up rent prices making renters continuously pay rent to where they cannot save for a down payment. The US government shouldn t allow institutional investors into the SFR market space.
The company says they base underwriting on the borrower's ability to repay. That's not true for every loan and every borrower. Some states have state income tax where others do not; DTI is based on the gross no matter what. Say I bought a house during the recession in 2010, so when I buy the house that house is going to be reassessed a value for property taxes. So the taxes I pay on that house can only increase a cap amount each year usually, but when I resell the house in 2019 when in for example in Charlotte prices are higher than they ever been the new borrower's property taxes are usually based on the purchase price. Our underwriting uses the previous borrowers taxes not the taxes that the new borrower is expected to pay. Also since people are only allowed to write off so much of their taxes, this is going to start affecting people. Another example, say the previous borrower is 70 years old in TX and the new borrower is 30 years old. They underwrite on the previous borrower's taxes and they have an additional exemption because they are over 65 years old, so taxes are not based on a borrower's ability to repay.
If you claim sexual harassment then they will do no investigation, but lie to cover it up because they are friends with the harassers. They will claim that you were mad because you got turned down, even though I provided them with evidence of the contrary. I do not have to ask someone to have sex with me with and I do not have to get someone completely intoxicated to have sex with them. Employees will lie to cover up their actions (1 was even forced to resigned as a police officer due to his sexual misconduct), but Deephaven never got receipts, they never reached out for video footage, they never got Uber receipts and have continue to harass me.
I really enjoyed working with Mike on 2 complicated condo loans . he was professional and always answered his phone or at least called me back and kept me in the loop. He had control of the loan so when he had it would be out of UW it actually was. I always check with Deep Haven first when I have a loan that needs brokering . Thank you Mike for all you do
My first Non-QM loan with Brian Marckesano went pretty well considering the buyer had already been thru 3 other lenders. Got the loan closed in just 3 weeks. I would use Deephaven again.
deephavenmortgage.com
