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1.03 Reviews
Showing 1-3 of 3 reviews
John B.
07/2020
mortgage broker
 + -1 moreI would suggest not wasting your time!. I submitted an application more than 2 months ago, followed up via phone and email but have not heard a response. Do not waste your time applying Commonwealth Mortgage Lending is a black hole without any response. They are constantly updating their rates though.... you will just never hear back from them.
Description of Work: Refinance of Home Mortgage
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Donna T.
07/2012
mortgage broker
 + -1 moreSee above
Description of Work: Commonwealth mortgage issued a pre-approval letter for my buyer client who recently purchased a property. Initially my client and I dealt with the owner however we were quickly passed onto other individuals in the company who did not comprehend the idea of communication. Not only did they order the title and appraisal of the property too early which could have cost my client money had the inspection gone bad (the appraiser showed up during the inspection). After being told that we could work with our preferred attorney they said that because the title had already been ordered we had to use their attorney but that this office would not charge my client to review the Purchase and Sales Agreement. We never actually spoke with an attorney but only with a paralegal. My client was told on Friday at 5pm prior to our mortgage commitment due on Monday that she was going to need an extra 12K dollars in order to close the loan. They explained that it was "reserves" when in fact we discovered on Monday that it was for additional deposit money that was needed but they never explained exactly why. My client is extremely detail oriented and provided everything to Commonwealth in a timely manner. They did not accurately read the information provided to them and in fact on the day of the mortgage commitment I e-mailed everyone at Commonwealth as well as the attorneys office to see where we stood with the final mortgage commitment. I wanted to make sure that my client's deposit was safeguarded. Not only did no one respond to me but when I called my buyer that afternoon she said they sent her an extension request to sign. According to the selling agent this request was received in the seller attorney's fax at 5:15pm. After making a few phone calls it was discovered that I was not the only one who was having issues with Commonwealth. Another attorney as well as a co-worker just recently dealt with them and said it was one of the worst experiences they have ever had. They referred me to a 7 day lender who we switched to and successfully closed the loan on time. This new lender said that we were the 4th deal that month he took over from them.
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Phil W.
01/2012
mortgage broker
 + -1 moreWe supplied all requested documents, including tax returns and were told what the rate and closing costs would be. There was a long period of no apparent activity--they said they were very busy. We eventually paid for an appraisal. Today (Jan. 9, 2012) after 6 weeks, the president of the company informed us that the rate has increased significantly because the lender considers the house an investment property (we do rent some weeks). If anyone had actually looked at our tax returns, they would have seen our Schedule E which details rental income and expenses. The majority of homes located where our 2nd home is are rented at least part time. It was unprofessional of the company not to have looked at our documentation and let us know there would be a rate difference. We have wasted time and effort and do not have an acceptable deal. I would never do business with this company again and caution others to avoid them.
Description of Work: We applied to refinance our 2nd home on Nov. 28, 2011, requested a 15 year fixed mortgage. We were quoted 3.25%, no points.
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$700
Contact information
69 E Main St, WESTBOROUGH, MA 01581
www.commonwealthloan.comLicensing
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Service Categories
Mortgage Companies
FAQ
Commonwealth Mortgage Lending LLC is currently rated 1 overall out of 5.
No, Commonwealth Mortgage Lending LLC does not offer free project estimates.
No, Commonwealth Mortgage Lending LLC does not offer eco-friendly accreditations.
No, Commonwealth Mortgage Lending LLC does not offer a senior discount.
No, Commonwealth Mortgage Lending LLC does not offer emergency services.
No, Commonwealth Mortgage Lending LLC does not offer warranties.
Commonwealth Mortgage Lending LLC offers the following services: Mortgage companies.
Contact information
69 E Main St, WESTBOROUGH, MA 01581
www.commonwealthloan.com