Mortgage Broker
Hi Many on the blog have supported Adam Dahill from WCS Lending. There seem to be a lot of negative reports on WCS. Can anyone provide support their loan closed on terms agreed or substantiate (for or against?).
Hi
Many on the blog have supported Adam Dahill from WCS Lending. There seem to be a lot of negative reports on WCS. Can anyone provide support their loan closed on terms agreed or substantiate (for or against?).
A mortgage broker is required to disclose their fee by law, so you know what you’re paying them. They will ride the lender to give a good price and close quickly. The lender makes their money by locking in a rate and charging you the difference. You will never know the spread.
Be cautious about agents and firms who are both lenders and mortgage brokers. They do not have the same disclosure requirements as regular mortgage brokers and are much more free to delay, pad this or that, charge hidden fees, etc.
Some potentially good options to check out may be Manhattan Mortgage (brokers) and Brooklyn Cooperative Federal Credit Union (lenders).
I just did a refinance on my brownstone and Adam Dahill and Alesia Khan were great. There were a lot of unusual documentation requirements because of the property had been part of a city rehab project- but WCS patiently and carefully sorted through all the issues. I’d pretty much given up on it- but they stuck with it. I had a very good experience with Adam and Alesia.
Recently closed on our second loan using Adam Dahill – this one while he was with WCS. He delivered what he promised in a timely and efficient manner just as he did the first time around.
I read a bunch of negatives on WCS Lending too before working with Adam Dahill and you have to chock it up to this….it’s a big country out there and I’m sure some of you have an idiot working in the cubicle next to you. So there are probably some bad eggs at WCS in the Piscataway office. Maybe the Manhattan office too. And there are also some bad clients out there who have the Internet and don’t mind venting.
Adam and his team of processors/underwriters at WCS, in my case, were pitch perfect, I’m not going to say how quickly he closed me because that would put undo pressure on him for future deals.
Also I educated myself pretty well, partially from dealing with incompetent brokers trying to close me and partially by reading and asking as many questions as I could. By the time I got to Adam Dahill I was pretty seasoned and could tell he knew what he was doing.
Finally, you really have to be able pull your end of things. If they ask you for paperwork or documentation you better have it over to them in 10 minutes. Have everything scanned and in pdf form or ready to fax. If you wait a day you never know if you’re going to end up on the bottom of a stack somewhere.
For me WCS did everything that was on the Good Faith, not a single deviation.
for my clients i always recommend Michael Ben Simon from Universal Mortgage. Every deal has super communication, the buyer got a great rate, and we had a smooth closing.
No comments on Adam specifically but WCS Lending. Though all the mortgage brokers seemed to have gotten their share of criticism over the last few years. I just have yet to verify the actual details of those who used WCS and was hoping to try to get more info.
I used WCS but not Adam Dahill and the brokers consistently committed to turn things around in a shorter time perioud than their underwriting teams could, and they seemingly had no influence on underwriting. The brokers also let the rates go up without calling me to check if I wanted to lock as they told me they would. I recommend asking about their lock extension fees before you lock too.
What negative things have you been hearing/seeing. Specifically on Adam or WCS in general? Working with him right now – So far so good, but havent closed yet.