MCA does not honor the agreed upon deal.

I am having a new home built. I contacted Mortgage Capital Associates Senior Loan Officer Jose Flores on 10/9/2017. He told me he would beat or match any rate by another lender. I left it open for bids. He gave me the lowest bid on 1/29/2018 and sent me a verification of the rate with no fees of 4.35%. On 2/14/2018 I was sent an email, it stated in the quotes below. "David, I will have my pricing manager reprice your loan and send you options. I will be moving on to another company so he will be able to move your file quickly so you can close on time My managers name and email David Young [email protected] Assistant is Vanessa Gonzales [email protected] 424-666-3150 I appreciate your business and that’s for your patience Jose Flores Senior Loan Officer [email protected] NMLS #271902 Mortgage Capital Associates 11150 W Olympic Blvd. suite 1160 Los Angeles, CA 90064 Direct 310-256-3818 800-974-4434 x286 Fax 310-256-3818" This is 16 days before closing. I call Jose immediately. Cell phone is disconnected, work phone goes to voicemail, I leave a message. I call Vanessa, it goes to voicemail, I leave a message. I call David, it goes to voicemail, I leave a message. An hour goes by, I call Vanessa from a different phone, she answers and tells me David is in a meeting he will call me back shortly. He calls me 20 minutes later. David Young tells me 4.625% is the best rate he can give me. I explain the deal that Jose and I agreed on. He states that Jose is no longer with MCA and he is reviewing the loans that Jose was working on and based on where the market was at 4.625% was the best rate MCA could offer me. I let him know that rate is unacceptable and he needs to make me feel like a valued customer by the time we get off the phone. He stated "You are just being greedy!". I replied "Yes I am, this is my money you are spending. Do the honorable thing and honor the agreed upon deal between MCA and I.". He stated "MCA did not agree on the deadl.". I stated "I have emails that disagree with that." He did not budge on the rate and tried to use a scare tactic about rates jumping through the roof, possibly up to 5%, if I did not lock it in now. I immediately called four lenders, two credit unions and two banks, ALL of them beat his rate. I got the best bid to lock in his rate and fired Mortgage Capital Associates. It felt like David did not care, because he was not going to make enough money on this loan. In my opinion, Jose was a representative of MCA. They should have honored the original bid. On 2/15/2018, I have been contacted by their CEO. He said they will try and work something out. My trust factor with them is very low right now...

David's Tip: According to David Young, just because I have an agreed upon deal, via email and signed and dated estimate, they do not have to honor it.

Loan Officer

Conventional 30 Year Fixed Nevada

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professional and efficient

Shivani was very professional and always responded to me in a timely manner. I initially contacted her but rates went up. When rates went down again she took initiative by contacting me to start my refinance, knowing I would be happy with the rate. I am a busy working professional, and being able to do everything electronically was ideal for me. I would highly recommend her, she always kept me updated and I never felt out of the loop. Overall great job

Conventional 15 Year Fixed Nevada

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Fast, Convenient and Accessible

Shivani was fantastic in processing my loan. They closed a couple days earlier than expected which was great! It was truly a pleasure to work with her as she was always accessible via email or phone to answer any questions I had. She even sat with me and walked me through paperwork I did not understand. She also got me the best rate I could find and even cut me a deal on my fees! Cant wait to use her on my next home purchase!

Conventional 30 Year Fixed

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