SALEM FIVE MORTGAGE CORP

SalemFive provided the mortgage for our vacation property. They were a disaster. I alerted them to a potential problem with the flood insurance four weeks ahead of the closing date, and contacted repeatedly about the potential problem at that time with no response whatsoever. At 4pm on Friday before the scheduled closing, they informed me for the first time that there might be problems. On the day of the closing, they announced that they could not close precisely because of the potential problem I identified four weeks earlier. It took ten days to resolve the problem -- meaning, if they had responded to me when I raised the issue it would be done well before the closing date. As a result, I lost about $3000 of rental income. I complained to the president and got back a formulaic letter that literally did not address the problem I complained about. Avoid these guys at all costs. Now that we are a customer by the way, Salem Five insists we have to open a Salem Five checking account if we want to have the ability to pay online. Otherwise, send a check. Ridiculous: only mortgage company I have ever dealt with that doesn't take online payments from an outside source.