talonloans.com
I have done business with this company many times ...
I have done business with this company many times for mortgage refinances, so I went with this company again when I moved and they handled the new mortgage loan for the house we purchased. In dealing with a mortgage refinance, there are no other parties involved (seller, buyer, realtor), so if the loan isn't closed in a timely manner, it doesn't affect anyone. However, with the purchase of a new home, timeliness matters a great deal since so many people are involved.
We closed on the sale of our home on 9/24/20 and we were scheduled to close on the purchase of our new home on 9/30/20. We had many deadlines in place to ensure a timely closing, per our contract with the sellers of our new home. We did not meet our deadline to have the mortgage loan approved by underwriters, and it was because we did not get the results of the appraisal on the house on time. We had a lot of back and forth with the sellers of the house, because they were concerned the loan was not going to go through because things kept being delayed.
The issues getting the loan approved were the fault of Talon Loans. I have excellent credit, and I provided every document requested of me (taxes, W-2's, paystubs, etc) the same day they were requested of me, sometimes even within minutes of the request. I found out later that the reason for the delay was that the appraisal was not ordered by Talon Loans on time. It was not even ordered until 9/22/20, and our deadline for the loan to be approved was 9/25/20. It should have been ordered much earlier, but it was not, because the owner of Talon Loans was on vacation, had no cell service, and could not be reached to place the order, and his staff did not have the necessary tools to order it themselves.
When I was finally notified about the issue, the owner of Talon Loans assured me that everything was fine, and that my closing costs would not increase. When I specifically asked about the prepaid interest cost increasing, he said he would cover the cost of the prepaid interest increase due to the loan closing later than planned.
We finally closed on the loan on 10/6/20, and I did end up paying $1080 in prepaid interest (should have been closer to $40). When I reminded the owner of Talon Loans that he assured me he would cover the cost of the increase in the prepaid interest, he did not even respond.
It is too bad that my loan was so egregiously mismanaged, because the owner of Talon Loans is a super nice guy. However, in the end, vacations are more important to him then the well-being of his customers.
