Texas Mortgage Capital Corp Howard St, San Antonio, Texas

Texas Mortgage Capital Corp Reviews

3.8 stars based on 4 reviews

Featured Comments:

• M

  M Soltis

  5.0

  Very professional service. I actually drove 160 miles just to have a face to face with Fernando - and it was worth every mile. Extremely impressed.

• F

  Freshalicious Garland

  1.0

  Don’t use this company. If you make over a certain amount of money they will try to beg you to make a deposit to commit to them. Eric is a professional liar

• O

  Omar G

  2.0

  On June 7th 2018 I initiated contact online with the broker at Texas Mortgage Capital, who quickly forwarded my inquiry on to a staff loan officer. On June 8th 2018, I filled out an application online, paid up-front for a credit report, had our (wife and I) credit pulled, and received a pre-approval letter. On June 11th, we received a copy of our credit report, and our file was forwarded to Texas Mortgage Capital's processing staff. On June 13th, we forwarded all requested paperwork to processing staff. On June 15th, we received a loan denial for reasons that seemed irrelevant to our loan. After a June 15th post-denial conversation with the loan, it became clear that our loan was was doable, but was denied for other reasons. The broker was apparently not comfortable with paperwork requests I made in my initial June 7th message. At the loan officer's request, I sent an email to him and the broker rescinding some of the initial requests listed in my June 7th message. In my conversation with the loan officer, I was verbally assured that my email would be sufficient for them to move forward with our loan. Between June 17th and June 19th, we trusted that our loan was back on track, and had limited communication with staff. On June 19th, we received another loan denial. This denial was because "there is not enough liquid funds available". Generally that is a 100% legitimate reason to deny a mortgage. However, this was NOT a valid reason to deny our loan. A) Per our own estimate (see reason B for why I say "our own") We had sufficient funds to close, and B) The approximate amount of funds required to close was never communicated to us. To re-iterate, Texas Mortgage Capital determined that we did not have enough funds to close, but at no point during the 12 days (June 7 - June 19) did we receive any type of communication indicating how much (approximate, since it was early in the process) would be required to close. By law, lenders must provide what's called a "Loan Estimate" within 3 business days of receiving an application. We were well aware of this requirement when we initially reached out. Against our better judgment, we had given Texas Mortgage Capital the benefit of the doubt, and never pressed them on not receiving a Loan Estimate after the 3 days had lapsed. We were excited about our home purchase, and initially we were excited about receiving help from Texas Mortgage Capital. At the onset, they seemed competent, up-front, and transparent. In the short 12 days that we worked with them, that faded away. They wound be being shifty, and not at all transparent. Six days ago (7/26/18), we closed our purchase. Thankfully my wife and I always prepare for contingencies. We had a backup mortgage broker lined up. With our new broker we were not denied due to lack of funds to close, nor were we denied for reasons irrelevant to our loan. Our loan closed without any abnormal difficulties. I have no doubts that the staff over at Texas Mortgage capital are decent people. In our communications with them, they were always professional and courteous. Based on our overall experience with them, though, I cannot recommend their services.

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  Response from the owner

  We reserve the right to underwrite our loan files per our guidelines. You reserve the right to obtain your loan wherever you please. Your loan did not fit our guidelines and we declined/denied. You were informed in a very short time as to the reason so that you would have ample time to obtain a loan elsewhere. We are sincerely pleased that you were able to get your home loan and complete your purchase. We hope you are enjoying your new home!

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