FEMBI Mortgage

We were directed to Charles at FEMBI by our real estate agent. We felt lucky to have found him because he helped us navigate the process to get the best rate and qualify for the amount for the house we wanted. He really knows the mortgage industry and explained it to us well so that we felt comfortable listening to his advice. Our team was great throughout a short closing time (30 days) and helped us navigate through underwriting. I was very pleased with the service we received from them.

My wife and I were considering purchasing a second home and
rent out our current home. We spoke to a real estate agent who referred us to
Gustavo R. of FEMBI. We spoke with Gustavo to see if this was something that was
feasible before deciding to proceed or not. We presented him with our full
credit reports, income, bank statements, tax returns, and every single debt
that we have. We specifically discussed our student loans (which are currently
deferred) and he assured us they would not be a factor because they were
deferred. We left excited with a pre-approval letter for $220k for our second
home.
We then began working with an agent and looked at dozens of
home over the next couple months, before finding one that we loved. We went conservative
and well under budget and got the home under contract for $180k. Of course
Gustavo and FEMBI were in the loop during this and the contract was sent along
to them. They processed the appraisal and it came back great. We then paid for
our inspection which also came back great. We were excited and confident that
we were all set on our new home.
Then a couple weeks later we received a call stating that
there was a problem. He erroneously advised us that our student loans would not
be included. He also was incorrect in stating that we could use rental income
of our current home if needed. Furious, I demanded to meet with him immediately.
His first sentence was ?So you wanted to meet with me?? Unbelievable, and
highly unprofessional. He proceeded to advise that he made a mistake and was
very proud of the fact that he was owning up to it and explicitly told me that
he could have lied to me to cover it up. Apparently not lying is going above
and beyond. He was unprofessional and proactive in no way to help.
I had to fight with Gustavo and his manager (Charles R.) to
even get a portion of the money back that I spent on the appraisal and
inspection, which should have been the absolute least they offered. My family spent
endless hours looking at homes, getting excited, all the paperwork, only to
have our dreams blow up due to pure incompetence. The time and emotional
distress FEMBI caused us is sickening. Their ?oversight? was not an
insignificant detail; he advised us he mistakenly followed the wrong program. This
is something when speaking with other brokers after the fact is inconceivable
and a huge red flag. A company that can allow one to make sure a glaring issue,
which was unnoticed for weeks and weeks, cannot be trusted and I would STRONGLY
advise against anyone ever using them. After everything was over I told them to
explain to my realtor and of course Charles R. was less than willing to accept
the blame.
This company should be avoided at all costs. There are
honest and reliable brokers out there that I unfortunately found out about too
late.