Priority Financial Network

Priority Financial is based out of California. Before they try to gain customers from Texas, and promise you everything under the sun, they need to do a proper tax assessment when processing a refinance. Beware of this company and make sure your property taxes are assessed correctly. Priority Financial aka BM Real Estate Services, Inc., did my refinance in 2021. At the time I was told by Mr. Gerardo Rivera that because I had enough equity in the house, I didn't need to continue to pay PMI, and qualified to do a conventional loan, and save over $700 a month. I sent them my MORTGAGE STATEMENT which broke down ALL PROPERTY TAXES, INTREST AND PRINCIPLE, but they left out part of the property tax. In conclusion, I received an escrow statement in February of this year, stating that I had an escrow shortage, of almost $6,0000. So, to make up for that, they increased my monthly mortgage almost to the same amount that I was supposively saving, $700, based on Priority Financial's over sight. When I called them to tell them what gad happened, I spoke to a supervisor named Bonita, and she said she would take a look to see what happened. When she called me back, she admitted that they, BM Real Estate Services had dropped the ball, and all they could do was "To hopefully not allow this to happen to anybody else, and it's something I would of had to pay regardless, so what do you want us to do?" The additional money I have to pay every month due to their mistake was not budgeted for. And frankly with the cost of everything these days, with inflation, gas, etc., has really caused a major hardship. The lack of empathy, and callousness is just unfathomable. Becareful who you choose to do business with when your trying to refinance or go through a home loan. Make sure the company knows what they are doing.

Fortunately, we had an good representative, Holly Gustlin, because it was clear eventually that this company is very poorly run. This is the fifth house we've bought in the last 4 years and we have never had an experience like this. Both my husband and I have steady, we'll-paying jobs as faculty at the University of California. Our credit scores are high. The loan process with Priority Financial took 5 grueling weeks. Problems included: repeated signing of the same forms including at least 5 signings of the 4506 Income Tax form which is a very basic form. We signed 3 copies of a letter saying that our middle initials were switched on a document they must have found while checking our credit. Twice they asked us why money was coming out of an account that was not ours because they had mis-read instructions from the escrow company on which bank to wire money into. Twice we had to provide them with a copy of our bank statement showing down payment funds wired in from a sale and wired out to escrow. By the time they asked the third time, I reminded them that they had at least two copies of it. Three times they asked us why we hadn't told them that we owned a third house. We moved out of that address 4 years ago and had disclosed it on the original loan information form. They got the offers on the house we bought confused and appeared to have completely lost the final offer. At one point, in order to try to close the loan on time, we ended up driving 15 miles to the escrow company late on Friday afternoon, going to the bank on Saturday morning to get a cashiers check, delivering that check through the mail slot at the escrow company and then driving about 30 miles on the following Monday to re-deliver a set of forms they seemed to have lost once again. I cannot emphasize how really poorly run, disorganized and unprofessional this place is. They seem completely unprepared to broker a loan or deal with this end of finance.

I had a good experience with them and it went very well overall. He was very patient and worked to get me the best loan.