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ResFund California

Confirmed Lender
Purchase Loan,
Home Equity

Ratings & Reviews



09/26/2013 - user8001958
Closed refinance loan. Folsom, CA

The worst refinancing experience! I found ResFund on Zillow when I decided to refinance my mortgage before rates went up at the end of July. After the initial contact where Tom Krug sold me on his “great” and “experienced” company and staff, I was given a decent re-fi rate and a 45 day lock. Every document they asked for I got to them immediately. I was called on a Thursday, during the loan process, for an appraisal appointment. The appraiser and I made it for the following Monday – three days later. When it came time to subordinate my second, Residential Funding Group messed up the docs and my lender had to return them and have them redone. This delayed the loan process by TWO WEEKS! When it came down to day 42 of the loan process, I was told by ResFund that they needed to extend my lock by two days and it would cost me $280! I e-mailed back that that wasn’t right since the delay was caused by them in making errors on the subordination docs – a two week delay! Tom Krug e-mailed me back and condescendingly said that “pointing fingers” didn’t “make sense” and that the delay was caused by me not having the appraisal done sooner. We exchanged several e-mails in which I kept explaining that they should accept the cost of the delay and not extend it to me. In each reply Tom Krug was, in my opinion, increasing unprofessional and condescending and never accepted responsibility for his company’s mistake. Finally, the only recourse I had was to let him know that I was going to spread the word about how awful I was treated by his company. His response was that by doing this I would be taking away his livelihood and the way in which he “provides for his family.” Really? When I am a single mom providing for my kids and he is taking money from me for a mistake his company made? The final straw was when he later said I must just be “frustrated” and, “Potentially hurting a persons livelihood as you suggested is not appropriate as there would certainly be consequences for both parties.” What’s not appropriate is charging a customer for your mistake! It’s totally appropriate for a customer who has been wronged to speak up and let others know about the awful experience. And what “consequences” with regard to me? Is that a threat? I have every right to speak my opinion and spread the truth. Bottom line, in my opinion: Residential Funding Group is incompetent and has very poor customer service. Their motto is "Always in your best interest". Really?! I don’t think so. I wouldn’t, and will never, use Residential Funding Group again.

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Response from ResFund California on 10/04/2013

We wish the very best to this client. The uniqueness of this loan was challenging. Our goal is to meet and exceed our clients expectations and strive to always deliver first-class service.



01/08/2013 - user8926017
Applied for a loan, but it didn't work out. Lomita Park, San Bruno, CA 94066

"Too good to be true". If ResFund's rates appear competitive to you on Zillow and you're tempted to select them - be extremely careful. Given a do-over, I would avoid Tom and his team for any future dealings.

I am grateful to have near-perfect credit, a good wage, and a great home with strong LTV- but even after responding to all of ResFund's requests within hours (not days), it wasn't enough for Tom to make good on his rate on their tight 30-day lock.

Unfortunately if the lender has any issues (and in 2013 there are always 'issues') Tom's team is not communicative enough to overcome them. You end up with the loan falling through, wasting money on the appraisal and wasting time when you could be going with a more traditional bank and getting the deal actually done.

Don't make our mistake - rates aren't everything. Get a broker who will represent you well. We did not get the sense that Tom lacks integrity, and always seems like a nice guy! ... But he definitely won't fight for you and will waste your time. These days, that's all we have as borrowers. Caveat Emptor!

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Response from ResFund California on 01/09/2013

Client had good credit and equity, but did not disclose to us upfront that she had a large loss (over $200,000) on her tax returns. Loan was then declined. Employees of companies seldom need to supply tax returns and we relied on this clients representation at application along with her W2 for proof of income. Further review was required and underwriter requested tax returns. The loss on clients personal returns were revealed. Debt ratio's over 50% (client's was 61%) is not a loan Fannie Mae can approve. Not all clients can be approved, but as we are transparent and candid at the beginning of the loan, we hope that our clients are with us as well. This makes for a better and more fluid transaction for both parties. -Tom