Pacific Finance Group - Not Recommended
There were quite a few complaints about this company online when I did my research before selecting a mortgage broker but I was enticed by PFG's low rates.
We requested a 24 day close, which was effectively 3 weeks due to a holiday. PFG was clear that they could not guarantee anything under 30 days but also expressed great confidence in their ability to get this done so we chose them.
To help ensure PFG could move quickly, we provided everything they requested up front and responded to all requests promptly.
The loan officer and the processor seemed nice and were responsive at first. Everything seemed to be going well until the end.
When everything was approved and we were just waiting for docs, it looked like we would close on time. Then things began to fall apart. Docs were delayed without explanation and then with cryptic explanations. It became difficult to obtain answers from PFG.
On the morning of Day 26 - a Friday - Flagstar (the lender) notified escrow that there was a compliance issue. Escrow then cancelled our closing, which created a bit of a panic for us and the sellers.
On the afternoon of Day 26, we learned from PFG that they had made an error, omitting something from the Good Faith Estimate and that this would result in an additional 3 day delay.
PFG's loan officer initially explained that this was a "new" rule and that they were unaware of it until Flagstar's compliance reviewer pointed it out. When I challenged this, knowing this was required by federal regulation (RESPA) and the rule had been in effect for more than three years, one of PFG's owner/managers took over the conversation, confirmed that the requirement was not new but had been missed in error, then proceeded to offer several other explanations, including the following which did not sit well with me:
"It is only recently that we have had any of our lender's enforcing this. The first lender I have seen enforcing this fully is Flagstar. We have been using Flagstar for only about a couple months."
I might have forgiven the mistake had I felt PFG was dealing honestly and openly. Instead, while they offered some closing credits, I was increasingly encountering what I perceived as uncertainty, excuses, and defensiveness.
Ultimately, we and the sellers lost faith in PFG. We weren't willing to risk losing our earnest money and the house by giving them one more chance and the sellers would not have agreed to another extension (our 3rd) if we stuck with PFG.
In the end, we were lucky. We had family members who were able to step in to ensure we didn't lose the house or our earnest money but this whole debacle made the next 5 days extremely hellish as we scrambled to stitch a new deal together, reschedule movers, and keep the sellers from backing out. Had we not had that help, we would've been moving into a hotel.
In all, we ended up spending more than $3,000 extra to make new plans, close the initial purchase with a short-term loan and then refinance that loan with First Tech so we could pay back family.
One of PFG's owners contacted me 10-12 weeks after I wrote my original Yelp review and asked me to take it down. He explained that this was all the fault of his loan officer, who had since departed to work for another firm.
After a lot more back and forth, he offered to refund the fee for our initial appraisal and indicated he might also reimburse some of the other costs we incurred.
He sent a refund for $500 shortly thereafter but, after we completed our re-fi and sent him the documentation he requested, PFG responded through its attorney, refusing to reimburse any additional costs and threatening to file a defamation lawsuit if I didn't take down this review.
I replied to the attorney's letter, explaining that I would not be coerced into taking down a fair and honest review and that we we did not appreciate the threat.
I was then contacted, shortly thereafter, by a different owner at PFG who seemed eager to resolve the matter and requested further documentation of the costs we incurred so we could reach a resolution.
After compiling and sending the requested documentation and detailed figures -- clearly showing we were still out ~$2,500 -- there was a delay followed by more emails from the owner/manager I dealt with originally, disputing my figures and requesting more documentation, which I promptly provided.
After another delay, I received a second, more threatening letter from PFG's attorney, claiming that my figures were a "fabrication" and demanding that I take down this review immediately or face litigation.
Accusations, threats, and 3+ months of runaround on top of what was already a horrible client experience. Draw your own conclusions from our story and decide for yourself whether this is the type of company you would choose for your home purchase or refinance. Personally, I would not recommend them to anyone or ever use them again.