4/21/2010 7:17 AM (PST)

Thanks for replying Bill. Its the Fannie Mae UD Refi Plus Program and they claim NO closing costs, lender paid fees, no out of pocket costs, and the amount of the loan will be the same amount I owe currently - basically the only thing that would change would be the interest rate and of course it would be at 30 yrs (fixed, conventional) again (have been paying for 3 years now). They are even taking care of the LPMI! Sketchy??? Should I be wary? I'm about to send them my financial info but, its making me nervous...

4/21/2010 7:58 AM (PST)

Thanks again for the advice - I will read ALL "fine print"! I was just a little nervous b/c the application they sent and their website looked "generic" and I can't find much info on the company. I've spoken to many other lenders and have been told countless times that I couldn't be helped because of the terms of my current loan. It was just hard to believe there is actually a lender willing to help us with our house that is no longer worth what we bought it for. Well, about to send the app...wish us luck!

4/22/2010 10:46 AM (PST)

Laurie,

I have also received a quote from Ovation home loans that seems to good to be true. Can you please keep me updated on your experiece with closing? Good luck! I hope it works out,

Thanks,

Karen

4/23/2010 6:20 AM (PST)

Karen, are you in the same situation that I am in? Have you heard of anybody else that is actually doing business with Ovation? I'll be calling the loan consultant today to find out if we qualified or not... I'll keep you updated. Thanks.

6/8/2010 1:10 PM (PST)

Have either of you gone ahead with Ovation Home Loans? I am looking at using them myself and just wondered what your initial experience was. Did they, in fact, reimburse the appraisal fee to you, if they said they were going to? Thanks!

6/16/2010 9:44 AM (PST)

Do your home work..this company sounds sketchy and looks it to me as well. They have only been on BBB 3 months...so I wouldn't expect complaints. If it sounds to good to be true, then it is...why risk it on your largest asset? If everyone else is saying they can't do it, it probably can't be done. Why would another company not want to do your loan if they could. It's very competitive right now. Their rates are competitive but not at no cost loans, waiving escrow. They would be doing loans and paying for them. No one is in the business to not make some profit. Let me know your results...if they close you at the rate quoted with all costs covered...I will be shocked.

6/16/2010 4:59 PM (PST)

Am also working a re-fi after was told I would have to get PMI. Contacted ICON, AKA Ovation Home Loans. I am being told that since my mortgage is with Fannie Mae I qualify under MakingHomeAffordable.com program that permits me to re-fi without the PMI which is great since I have never had to pay it. Additionally, they are offering a lower int rate that another no-cost lender. The reason they can offer a lower rate and no PMI even if the loan to value ratio is above 80%, I am told, is because the Fannie Mae program permits them to loan 105% of the appraised value of the home. Not only that, they hold their own mortgages rather than selling them. I'll take it as far as I am comfortable and will not hesitate to put the brakes to it prior to signing. It is, after all, an owner's market what with all the competition out there for my mortgage.

9/1/2010 8:35 AM (PST)

Did Laurie get her loan with Ovation ? It will be very helpful to know. Thank you

9/30/2010 4:44 PM (PST)

Did Laurie finally end up with Ovation Home Loans. There is another company in Irvine, CA named Loan Depot and I have been approaching both to figure out who really is legit. Any comments , exp will be appreciated.

9/30/2010 6:21 PM (PST)

I will also appreciated if one of the person who wrote about Ovation answer our questions. I find a little strange that someby questionned the honesty of a company and then did not follow with a comment about the outcome.
Is that Trust Link ?
Thank you.

10/29/2010 8:45 AM (PST)

Grand Bank NA, out of New Jersey, owns Ovation Home Loans.Go to www.grandbk.com and see....they have a Retail Division ( Ovation Home Loans ) and a Wholesale Division ( ICON Residential Lenders ).

I know a friend who works at Ovation and all is on the up an up. He has over 25 years in the industry and looked at everything before joining.

12/1/2010 12:31 PM (PST)

Just went through a refi with Ovation home loans. Both myself and a member of my staff decided to refi. Mine did not seem worthwhile to be honest as I have a five percent fixed loan. They offered me a 4.25 30 Yr fixed and locked in the rate. They really played with the numbers and right before the loan was to close they increase the rate ever so slightly and increased the closing cost. I noticed as the margin was so small related to my already low intrest rate. They actually did the same thing with my friend however she never noticed as she went from a 30 down to a fifteen with a 2 percent range down. I actually moved to another company this week with same intrest rate Ovation promised and a third of the closing cost. PLEASE read the fine print. If my ratios would not have been so tight I am sure I would have not noticed or settled. It was still very dishonest of Nora and Mike and they never even accepted responsiblity. If anyone else has a simillar experince please share. Loan complanies need to take more responsiblity. I wish banks had to hold their mortages and the games would stop! Thats a whole other issue. :)

12/1/2010 1:06 PM (PST)

sorry for the delayed reply...but, for those of you wondering - I DID NOT get a refi loan with Ovation. Our original loan has LPMI (lender paid mortgage insurance) and though its a Fannie Mae Loan and we meet all the qualification for the "Making Home Affordable Program" there is a "loop hole" for loans with LPMI - no one can help us. Ovation really tried to "make the sale" - they "played" with figures and offered us a "no fee" VA loan with a lower interest rate but, the down payment and other "costs" added to the loan did not make it worth accepting. As Donald M. wrote - please read all the FINE print, do your homework and do the math to make sure that refinancing is worth it. It's all a business and mortgage companies are in it to make as much money as they can. Its like buying a car - you need to shop around and negotiate, find the best deal. Unfortunately, my husband and I are stuck with our current mortgage loan. In our current situation (we are a military family and will be relocated in a few years) it is better for us to just stay with what we have. Good luck to everyone!

1/13/2023 3:47 AM (PST)

Not only that, they hold their own mortgages rather than selling them. I'll take it as far as I am comfortable and will not hesitate to put the brakes on it prior to signing. https://mapquestdrivingdirections.app