Arc HomeReviews of archomellc.com

So far the process of this cash out refi is going okay. I'm a little taken back by having to pay for the appraisal out of pocket. There are also more questions & documents that I've had to provide compared to my last refi a year or so ago. I wish I would have contacted my current lender to get a second quote but I didn't. I'm very curios to see what the final # is going to be.

Too many hand-offs involved. Communicated with 5 different people on the application process. Supplied the same documents multiple times.

Three months after applying… Here’s what’s happened so far. Application and all documentation was submitted quickly by a broker. Credit was pulled again even though it had recently been pulled by broker and score was good. I was told everything was acceptable by underwriting and they wanted to order their own appraisal. The appraisal came back great! Well over the amount of another appraisal ordered by my current lender for a refi six months prior before the house was complete, but for some reason they decided they no longer wanted to use the appraisal they ordered of the completed home, but instead wanted to use the lower value of the incomplete home. This, of course, meant a higher LTV which of course meant they wanted to increase the cost to buy down the rate I was quoted by $15k and still raise the rate as well. Then they pulled credit yet again. Due to all the hard inquiries, my score had now dropped two points below their magic number. So, again they raise the cost of buying down the rate. I was told every step of the way that exceptions had been approved and that the loan would close. During this whole process, I was contacted by mobile notaries on four different occasions to schedule appointments to sign closing documents that as I often found out minutes before the appointment times didn’t exist. Now today, I hear from the account executive that they suddenly don’t like the LTV of roughly 70% and could I bring an extra $200k to the closing table with the carrot that I would then receive the same rate that had been quoted to me throughout the first two and a half months of the loan process. Do I think the loan will close? Probably not. But regardless whether it does or not, I know a lot of people read reviews of prior experiences and felt you should know. Nice individual at Arc, very friendly, but I question how it could take three months for any company to decide whether or not to extend a loan. I’ll let you know how it turns out… Two days since the original review I promised an update. This is a positive one and has caused my impression and rating of the company to already improve! After the loan appeared “dead” early this week, the account manager discovered another program that better fit the situation. In two days it is through underwriting and into QC. Terms are significantly better as well. No guarantees yet, but it suddenly is looking much more promising! I’m impressed with the never quit attitude of the account rep Kayla. I am also pleased that someone cared enough to reach out with a response to my original review. While it remains true that the process has been longer than it could, or perhaps should have been, I accept that they are truly trying to make this happen! I’ll let you know how it turns out!

I do not what is going on. I get info from Mr. Cooper and also more info for the mortgage which has been approved. No clarify of what's going on.

After being a long time customer, I tried to refinance, and figured it would be very hassle free. However, the process was still long, and multiple items came up that I had no idea, and instead of communicating, the lender just automatically set it up for me to pay. I did not even recognize the items and did not communicate, just wanted me to pay and add it to the refinance

I like how up front ad helpful John was in explaining all of my options, he was very truthful

I use ARC for both a refinance and an investment property purchase. I was doing both at the same time, working with different teams at ARC. Response times were pretty slow. They almost never answered the phone or called me back. My agent would call me to get updates and all I could ever say was "I don't know. I'm waiting for them to call me or email me back." They preferred email which was frustrating because sometimes you just need to talk to someone on the phone to clarify things, especially when you're about to write them a check for $200,000. In the end, both the refinance and purchase went through. They offered one of the lowest rates which is good, but the process was stressful. Maybe the pandemic caused a shortage in their staff? I'll give them the benefit of the doubt and give them 3 stars instead of 2. If you have patience, give them a shot. But if you're impatient and customer service is your top priority, look elsewhere.

The people I worked with directly were responsive and helpful. They earned the stars. Underwriting was very difficult to work with... cumbersome and seems to try to fit all people in the same box. That is what lost the stars.