Anyone ever deal with Money Tree Mortgage

[horns]

They seem legit, but have a $300 committment fee upon application....I know there is some stuff on the web about them bailing on a loan the day before closing on a mortgage. I called them about this and they said that this happens because borrowers scores fall below 500 before closing and they cannot loan to anyone with a score below 500. Typically this is people who all of a sudden want to apply for a CC or buy a car before closing. With scores hovering around the 500 mark (yuk), the inquiry drops them below that---atleast thats what they said the complaints are about..

what do you guys think?

[sisflomi]

You might want to do a seach on the bbb and the web for them. Check them out and make sure there are not a lot of complaints about them.

[firstsource]

I personally am against anyone paying in advance to apply for a loan, with the exception of maybe paying for the credit report, about 25.00, if they are going to send it to the client.

Yes, it is a lot of work to do for a loan, and then sometimes things happen, and the loan does not go through, but that is life, and not every sale/deal goes through. If you are good and your clients like you, then they will come back when their scores go back up over the 500 mark. (and yet there are lenders that will lend under 500 scores, depending on the rest of their credit history)

Charles