FLAGSTAR BANK HOME LENDING CENTER

I used First Preferred as the agent to refinance my VA home loan, and Flag Star was their underwriter. It took almost 3 months of stress and headaches to finally close because it took 10-14 days to hear back from Flag Star every time their was a form or question. The First Preferred agent was very nice, responsive, knowledgeable, and he saved the deal when things went south. First, when they sent us the loan docs, they didn’t send everything, and forms kept trickling in for weeks. Second, a VA streamline refinance does not require an appraisal, bank statements, and should only take 30 days to close. Flag Star required many, many, many documents above and beyond what was required, and we had to pay $500 out of pocket for an appraisal, because their policy requires it, even though the VA does not. Third, it took between 10 – 14 days to hear back from Flag Star each time we submitted additional forms, and their additional requirements always seemed like a surprise to the agent, and he didn’t understand why they required so many extra forms and extra documentation. By the time we closed, the interest rates had dropped ¼ %, but we had already invested $500 for the appraisal, (which Flag Star required, but the VA does not), and almost 3 months, so I didn’t want to back out at that point. First Preferred ended up refunding us for some of the closing since Flag Star delayed so much and cost us $500 + $750 for the delay. I will never use any mortgage company that uses Flag Star as the underwriter again!1,250

LaVenia Rice was an excellent advocate and very professional. She diligently served us by exploring various mortgage products and worked tirelessly to find the best fit for our situation. My husband and I faced a challenge when refinancing since he had just started a new job in a permanent freelance position. LaVenia did not allow this obstacle to end her pursuit for the right loan product for us. From the beginning, she made our refinance a priority and we closed on time. LaVenia was very accommodating; she would drive out of her way to meet at the most convenient place and time for our family. She was extremely ethical, trustworthy, and passionate about her profession and helping people.