• 56 Customer Reviews
  • 64% Recommend This Company
3.6 out of 5
5 star: 60% 4 star: 1% 3 star: 1% 2 star: 3% 1 star: 32%

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  • Scam, negative stars

    Overall Experience:

    Don't waste your time or money. I am too angry to even write a review. Thanks for wasting my time, Shirley at Loan Pal. Yea, and now the rates went up.

    Bottom Line: No, I would not recommend this to a friend


  • Don't even waste your time

    Overall Experience:

    I spent two months furnishing information to refinance my primary residence. This is a great example of a "bait and switch." They came in much lower than a competing lender (local credit union), but when it came time to close, they found all kinds of additional or increased charges they 'missed' initially. They said, "trust me, we will do you right." I dropped the other lender 'trusting' them up until closing. What was quoted as a credit of $300 at closing suddenly became a 'cash needed at closing' of almost $3000. People, this is a scam. Don't fall for it. Stay away!

    I would not recommend this company, also known as Paramount to my worst enemy...seriously. I would go lower than one star if it would let me. "Trust me" (and you really can) you are wasting your time and energy for a terrible result. I canceled the entire transaction and found a local company.

    Bottom Line: No, I would not recommend this to a friend


  • Loan Pal bait and switch

    Overall Experience:

    Loan Pal aka Paramount Equity Mortgage (PEM) is a risk you should not take. You will be wasting a lot of time, money, and causing yourself undue stress.

    I contacted PEM for a refinance. I spoke to Missy F aka Melissa Megan F. I was given an excellent loan scenario followed by a Loan Estimate (LE). I specifically asked several times, "How solid are these numbers?" or something very similar. I was told, verbatim, "This loan should only get better, based on the value of your house." Let's be very clear here, I was excited about the loan, and I wanted to make sure that there would be no surprises down the road. Missy supposedly "locked" the rates that day, which should have made the values of the LE fairly stable. I understand that prices can fluctuate a few $100 based on services, but this is not what happened. You can imagine my surprise when I ended up with a loan that was worse than Missy's pie-in-the-sky LE after my house appraised for a higher than expected value.

    Over the course of two months, yes TWO months, after I was told that the refinance could be done within three to four weeks, I received no less than four different LEs, all with wildly fluctuating numbers. In every instance, when a document was requested, I usually got it to them within 24-48 hours. I practically had to beg, call every day, email constantly and even had to show up to their offices just to get some answers about what was going on with the loan. They had numbers on their LEs that apparently they were not even sure how they got there. How is this possible?

    Loan Pal aka PEM was so inefficient in their execution of this loan, they blew a rate lock, which of course I ended up having to pay for. They also promised to pay for the appraisal, which ended up in the fees, which means that I paid for it.

    Let's list the lies that I was fed, followed by the actual outcome.

    Lie #1: You are getting a 0% of Loan Origination Charge with a total closing cost of $2,564.

    Reality #1: After multiple wildly varying LEs, I ended up with a 0.625% Loan Origination Charge with a total closing cost of $4,358.03.

    Lie #2: We can have this loan completed within a month.

    Reality #2: It took over two months. We had to pay for a rate lock extension because they blew it.

    Lie #3: I locked your rate today.

    Reality #3: My rate was not locked on the day indicated by Missy/Melissa. I have, as of yet, to get a clear answer on when that supposedly happened.

    Lie #3: We will pay for your appraisal.

    Reality #3: I ended up paying for the appraisal.

    Lie #4: You can make bi-weekly payments.

    Reality #4: Closing documents state that partial payments are not accepted.

    Lie #5: Your loan will only get better and the numbers presented in this LE will only get better.

    Reality #5: My house appraised for more than expected and my loan got worse on virtually every measurable metric.

    Please do yourself a favor. If you plan on gambling by allowing PEM/Loan Pal to provide you with lending services, do yourself a favor, hedge your bets. This means, go through this process with multiple lenders at the same time. The PEM/Loan Pal offer may be the best one, but they will not follow through. They will not be timely. They will not honor their word. When they start to mess around and miss deadlines or start to change their LEs, you can drop them and continue on with a reputable company.

    I timed my refinance at a good time to get a great rate offer from multiple companies. PEM/Loan Pal had the best offer at the time, and because they were so slow, I ended up having to make a decision on the other mortgage company offers. After getting multiple reassurances along the lines of, "Don't worry about the numbers, we will fix them at the end. We will take care of you," I decided to go with PEM/Loan Pal. This was a mistake, and it ended up costing me in opportunity and real money costs.

    PEM/Loan Pal will lie to you. They will offer you great loan terms only to change them at the end. Don't fall for it.

    Bottom Line: No, I would not recommend this to a friend


  • Do not use this company!

    • By J. Lamason,
    • Florida,
    • May 2, 2018
    • Verified Reviewer
    Overall Experience:

    We just refinanced with Loanpal, were told they don't sell your mortgage, but THEY DO! Our mortgage was sold to Wells Fargo, the worst financial institute ever.

    Apparently, these two go hand and hand. Sneaky, unethical, and dishonest!

    Bottom Line: No, I would not recommend this to a friend


  • Don't waste your time

    • By Therese K.,
    • Harrisburg, PA,
    • Jul 26, 2018
    • Verified Reviewer
    Overall Experience:

    Credit hit, $200 gone, and when asking about the decision, David hung up the phone! I should have known better. Did, in fact. He called, talked fast, sent all of the paperwork, had the house assessed, "you're approved." Credit attacked, promises made, and when I called to see what the problem was, got hung up on. What makes it so egregious is that I told him up front I would not qualify and then fell for the okey-doke. I don't claim to be a victim, but those of us who are just trying to do better need to hang up the phone on the Davids who snow you over. I would not recommend Loanpal to my worst enemy, let alone any level of friend.

    Bottom Line: No, I would not recommend this to a friend


  • Disappointed

    • By Timothy L.,
    • California,
    • Sep 10, 2018
    • Verified Reviewer
    Overall Experience:

    I was first contacted by phone by a Loanpal agent. This was April, and I was told they could save me money on my home payment. After sending many docs and verifying income and others, they sent me e-signature docs on my laptop. Great follow up at first, but then no return calls. The first agent no longer works there, others I worked with were out on medical leave, no agent had our old info and I started over many times. Then they said ok, if the appraisal is good you have a loan. Wrong. It was $140.000 more than the current loan and there is still no loan.

    Then they said Fannie Mae doesn't like my home. I called them but they said I can't talk to them but the loan company can, and if they requested a reconsider on loan after giving them the info. I told them they would most likely give loan. They did not make a request. Now I have no loan five months later and am out the appraisal fee, which they said they will not refund. Not a good company. They could give me a loan on their own without Fannie Mae. It's under $300,000.

    Bottom Line: No, I would not recommend this to a friend


  • Slow, like for monetary gain!

    • By Josh H.,
    • Denver, CO,
    • Jun 28, 2019
    • Verified Reviewer
    Overall Experience:

    Slow at everything they do. I called in for a payoff statement and was told they'd get it emailed over to me. Four days later I called, and they said it can take up to two weeks to process a payoff statement. I notified them a home refi was waiting to close based on this statement, and magically was done within an hour.

    After closing this refi, the closing company wired full payment directly to them. Four days later it was still not reflected on my online access, so I called. "We just received the wire today, so it will be processed now." Next day, still not showing the balance paid off. I believe they are just letting the interest run up to collect some more money from me. Anyone that has done a wire knows it is all completed the same day. Absolutely no reason to hold onto it for five days, and likely more assuming they'll need 2 weeks to process that payment like the payoff statement. Scam company looking to squeeze every dollar out of you!

    Bottom Line: No, I would not recommend this to a friend


  • Not friendly at all

    • By Lynn M.,
    • Avon, IN,
    • Aug 2, 2019
    • Verified Reviewer
    Overall Experience:

    First Loanpal helped me with a refinance so I could use equity as a down payment for an investment property. Every step of the way, it was like pulling teeth to get communication. Documents at the end showed higher figures than originally agreed on. Then, even before my first payment was made, I got a notice that my loan was sold and was given the new information to send payments to.

    Next we start working on the loan for the investment property, and they were even more difficult to deal with. They ask for information that is none of their business. I sent everything they asked for, and I get requests for the same information I already sent. They tell me that I never sent it. Five days before closing I get a voicemail that says they have to change the cash to closing because we cannot ask the seller to provide more than a certain percent at closing. They knew this when the loan process was started 4 weeks before that. Yet they waited until we were 5 days from closing and blamed it on the realtor, when that is outside their scope. All lenders are crooks, but this is ridiculous.

    Bottom Line: No, I would not recommend this to a friend


  • Bait and switch

    • By Joni H.,
    • Reseda, CA,
    • Sep 13, 2019
    • Verified Reviewer
    Overall Experience:

    Loanpal is easy to work with until after your loan closes. Then, they really could not care any less about you. My loan was transferred to a HORRIBLE company before I even made one payment. I called and called, trying to talk to ANYONE who could help, but to no avail. They just don't care what happens to you after they get what they want. You are lucky if they return your calls or emails, but none of that helped anyway. I begged to have my loan serviced by a reputable company, but they didn't care at all. I should have listened to the inner voice that told me to run far away from them when the entire process started.

    Bottom Line: No, I would not recommend this to a friend


  • Do not refinance with Loanpal!

    • By Kathleen C.,
    • New Jersey,
    • Sep 20, 2019
    • Verified Reviewer
    Overall Experience:

    I just refinanced with this company. I wish I had stayed with my bank - this company totally screwed me. I had to pay over $13,000 and they made this change at the last minute with some BS as to why. Michael Tennant was the loan officer - I tried to cancel and he said oh no, this is the perfect loan for you. Right! Now, I have lots more debt and a little lower mortgage payment. I can't believe that there is nothing you can do once you close and you have been totally screwed.

    Bottom Line: No, I would not recommend this to a friend


  • Customer service

    • By Debby P.,
    • Glendale, AZ,
    • Mar 7, 2020
    • Verified Reviewer
    Overall Experience:

    I paid off a solar UCC almost three months ago and they have not released the lien yet. That is ridiculous to say the least. They had their money wired to them. When I called customer service they, of course, could not help and told me I had to email the release department. When I got the canned auto-response it said it would take them up to 7 days to get back to me. Now this home has a clouded title because of their lack of duty to release a lien in a timely manner.

    Bottom Line: No, I would not recommend this to a friend


  • Do not refinance with this company

    • By John S.,
    • Texas,
    • Mar 31, 2020
    • Verified Reviewer
    Overall Experience:

    We were supposed to get refinanced for a 20-year loan and they switched it to 30 without us knowing it and we didn't catch it until after we signed the paperwork. We were going through so much at the time with health issues, surgeries, and a death. They deliberately took advantage of us. The whole process was a nightmare from start to finish with empty promises, horrible service, lack of communication and incompetency.

    Bottom Line: No, I would not recommend this to a friend


  • Lien release

    • By Steve R.,
    • Alamogordo, NM,
    • Apr 2, 2020
    • Verified Reviewer
    Overall Experience:

    Have been waiting 2 weeks for a "lien release" so I can close on a refinance of my home. The lien is from a Solar loan we have through them. Daily emails, phone calls, from myself, mortgage company and title company getting no progress. Nobody can tell me what the hold up is! Can’t wait to pay off my solar and end my relationship with Loanpal!

    Bottom Line: No, I would not recommend this to a friend


  • Sunrun and Loanpal

    • By Audey T.,
    • Charleston, SC,
    • Jul 3, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    Loanpal rate interest is very high 5.8%. Please send us a monthly statement. I kept calling and ask for it but, there is no answer.

    Pros and Cons:

    • No “pros” were specified in this review
    • This is a very bad company
    • Where is the statement after I made a payment?
    • Very high rate interest of 5.8%

    Bottom Line: No, I would not recommend this to a friend


  • Very poor customer service and loan servicing

    • By Colleen P.,
    • Yucaipa, CA,
    • Aug 8, 2020
    • Verified Reviewer
    • Length of Use: Less than 3 months
    Overall Experience:

    Poor customer service. Don't return phone calls when requested several days in a row. Tried to assume a solar loan for a home purchase. Even though we were told the loan was approved several times, could not get the assumption department to generate the paperwork necessary to close the escrow. They hide behind their voicemails and give attitude. Had to cash some of our RETIREMENT MONEY to pay off the loan so we could close escrow. I would NEVER recommend this company to my worst enemy. Don't use Loanpal!

    Pros and Cons:

    • No “pros” were specified in this review
    • Very poor customer service, attitude
    • No communication or return phone calls
    • Slow, and departments don't communicate well with each other
    • No sense of responsibility to their customer

    Bottom Line: No, I would not recommend this to a friend


  • Terrible service and hidden loan info

    • By Leo S.,
    • New Jersey,
    • Sep 4, 2020
    • Verified Reviewer
    • Length of Use: 2+ years
    Overall Experience:

    Terrible customer service. Loan amortizations are never available and always met with resistance when asking for a revised report. In 40 years I never had a loan that did not provide future payment info or amortization calculators. The platform is so backwards it's crazy, and there is NO PLAN to upgrade. I do not believe they are calculating loans correctly.

    Pros and Cons:

    • It does have automatic payments
    • Shady loan calculations
    • No future payment info or amortization
    • Almost useless website and no apps

    Bottom Line: No, I would not recommend this to a friend


  • Solar loan

    • By Nicole K.,
    • San Antonio, TX,
    • Sep 22, 2020
    • Verified Reviewer
    • Length of Use: 1–2 years
    Overall Experience:

    It's a very bad idea to get a solar loan from them. It's not worth it. We took a loan for $28000 to get a solar panel, this loan is for 20 years. They take $11 for the principal balance + $127 interest each month. Then when we have decided to sell our house and wanted to pay off our loan, they are gonna take the whole amount of $28000. They are going to take $10000-$12000 from me in one year.

    Pros and Cons:

    • No “pros” were specified in this review
    • Customer service

    Bottom Line: No, I would not recommend this to a friend


  • Terrible customer service

    • By Alice H.,
    • Las Vegas, NV,
    • Nov 2, 2020
    • Verified Reviewer
    • Length of Use: 1–2 years
    Overall Experience:

    Loanpal is definitely not understanding to Covid economy. They hit my fico scores with over 100 pts in the last 2 months. Communicating with them about unemployment is not what they are trying to hear! Made a payment and they refuse to take this off our credit score even with the way the economy is now! Terrible terrible customer service. Do not use them because if you become disabled they will mess you up.

    Pros and Cons:

    • No “pros” were specified in this review
    • They hit my credit, I am telling the truth about them

    Bottom Line: No, I would not recommend this to a friend


  • Confusing and inaccurate

    • By Maggie G.,
    • Los Angeles, CA,
    • Jul 10, 2019
    • Verified Reviewer
    Overall Experience:

    Loanpal was very easy to get set up with. The problem comes after that, when you want to get a payoff balance or contact customer service by email. They apparently have more than one website for the same loan, and if you happen to click on the Solar Loan website for a solar loan, the email listed under "contact us" is a non-working email. So you email to that address requesting a loan payoff balance, and you get no response. After a couple of months go by, you realize you have to call. There is no other option. You cannot get any useful information off their website. And when you call, of course, you are put on hold. Bottom line, getting into this loan is easy. Getting out of it - paying it off early - is next to impossible.

    Bottom Line: No, I would not recommend this to a friend


  • Not what we expected

    • By David D.,
    • West Valley, UT,
    • Aug 7, 2019
    • Verified Reviewer
    Overall Experience:

    We went with Loanpal (Paramount) for a home loan refinance mostly because we wanted to roll out solar loan into the main mortgage. They were very quick and responsive on most things but we felt like they didn't tell us the whole truth or at least didn't dissuade us of them.

    First, they told us we would save about $200 a month over our current mortgage, it including the cost of the current solar, at the end, we are saving just what we would have spent with keeping the old loan and solar loans instead.

    Second, we closed in the middle of the month and were told that we would be missing 2 monthly payments, which should have made out 1st payment due the first of October. Once we got the "welcome letter" we found it was due on the 1st of September. For us that wasn't a big deal as we weren't going to skip them anyway, it's just the principle.

    Third, in the welcome letter we were told as of now we have to send a paper check to pay the mortgage, no auto pay and no pay by computer.

    Fourth, they don't accept biweekly payments. I told them my current loan was being paid every 2 weeks, they never told us that they don't do that. And even if they did according to the letter, we were told basically too bad, so sad, they don't.

    Then it seemed we were constantly calling them to know what was going on. At first they were good, but as we got closer to the closing date, the less information we got.

    Would I recommend them? I honestly can't say I would, as they seemed to prey on those of us not knowing what to ask and what to clarify.

    My overall experience was, I'd rate them average, as in nothing special.

    Bottom Line: No, I would not recommend this to a friend


  • Getting signed up and approved is easy, but contact is difficult

    • By Forrest M.,
    • Fresno, CA,
    • Aug 6, 2019
    • Verified Reviewer
    Overall Experience:

    We recently decided to get solar and were offered a deal to combine our solar payment with our house mortgage and at the same time lower our interest rate from 4.25% to 4.00%. During this time, we received a lot of help and assistance by phone and email. On the phone, they initially promised us that there would be no fees, and that's what got us interested in them.

    We got the loan disclosure, and after looking at it carefully, they actually did charge us fees that they initially said would be waived. The fees included the appraisal fee and title fees. After talking with them again and pointing out that this was not part of our original deal, they did fix it and provided a refund for the amount.

    Our mortgage eventually got transferred over to CMC Funding. Payments are made online and are easy.

    My only other gripe would be that trying to contact them by phone is always a pain. They have terrible wait times to answer the phone and it's almost always over 30-45 minutes. As a busy working parent, I just don't have the time to wait on the phone and it's difficult to reach them. If they call you, you better answer the phone, because you'll never be able to reach them again if you try to call back.

    Bottom Line: Yes, I would recommend this to a friend


  • Good friendly service, Jason Dolby is the best

    • By Steve P.,
    • Mount Gilead, OH,
    • Aug 20, 2019
    • Verified Reviewer
    Overall Experience:

    Jason Dolby helped us through the whole process. Answered all our questions and guided us towards the right solutions for our family. And we have not had any issues since we completed the refinance/debts consolidating.

    Bottom Line: Yes, I would recommend this to a friend


  • Great experience with Loan Pal!

    • By Elmo Paul,
    • Roseville, CA,
    • Jan 25, 2018
    • Verified Reviewer
    Overall Experience:

    Really happy with my loan terms and the service. I get calls back right away, and Loan Pal delivered exactly what was promised. The process was very fast and everyone was super friendly.

    Bottom Line: Yes, I would recommend this to a friend


  • Excellent customer service A+++

    • By Marissa Romero,
    • San Francisco, CA,
    • Apr 24, 2018
    • Verified Reviewer
    Overall Experience:

    We did a 15-year loan with Loan Pal. The loan officer and processor were amazing. They exceed our expectations. From start to finish our loan took less than 30 days. All of our concerns were promptly answered. I have referred friends and family to refinance with them as well. The loan officer that was helping us was very thorough. Also, it felt to me like he really cared about what was best for my family.

    Bottom Line: Yes, I would recommend this to a friend


  • Paramount Equity outstanding staff

    Overall Experience:

    I loved working with the staff (Patrick Jones loan officer) at Paramount Equity. He was smart, knowledgeable, and efficient through the whole process of my refinance. And he was great to talk to. Refinancing your home entails a lot, and you want someone who can get you what you need in a calm professional way. I can’t say enough how it was great working with him.

    Bottom Line: Yes, I would recommend this to a friend


  • Great experience working with Pat!

    • By Milan Patel,
    • Sacramento, CA,
    • Apr 24, 2018
    • Verified Reviewer
    Overall Experience:

    I am very satisfied with my refinance through Loan Pal. My loan officer, Patrick Jones, was very efficient. Very friendly and knowledgeable. I was able to take out a lot more than I previously had anticipated. Overall very pleased. I will defiantly recommend friends to Patrick.

    Bottom Line: Yes, I would recommend this to a friend


  • Home purchase and refi

    • By Robert Jones,
    • Sacramento, CA,
    • Apr 24, 2018
    • Verified Reviewer
    Overall Experience:

    Working with Patrick was great. Not only did we purchase our house with him and he was great, he was on top of it the whole time. At no point did I feel like anything would slip through the cracks.

    Very communicative and I always got ahold of him any time I needed. We even refinanced with him to get a better rate down the road since rates had dropped again. A great experience.

    Bottom Line: Yes, I would recommend this to a friend


Showing 1-27 of 56

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