The city of Las Vegas, Nevada is home to Alterra Home Loans. Panorama Mortgage Group, LLC is the company’s owner. It is known for being a minority-owned business and has licenses in over 17 states.
However, awful customer service and high prices have made it widely derided in recent years. You can reach the business at 844-400-4565. It’s hard to compare its mortgage rates to those of other lenders because it hasn’t posted them online.
The company charges more expensive rates and fees than other financial institutions. Not only that but neither home equity loans nor lines of credit are provided by the company.
Customers of Alterra Home Loans pay higher interest rates due to the higher risk associated with lending to them. Portfolio loans are issued by the corporation, with higher interest rates and less stringent prerequisites. The risk for these loans remains with the lender.
Compared to its rivals, Alterra Home Loans has higher rates and expenses. That isn’t the most pressing problem, though, within the business.
Consumer Complaint: Alterra Home Loans Loan Officers Lack Expertise
On February 1st, the reviewer submitted a mortgage loan application. On February 5th, they were sent a pre-approval notice, and on February 6th, they signed a contract with a closing date of March 24th.
On March 21st, Alterra Home Loans sent in their loan to be underwritten. They made the reviewer miss the closing date and the financing contingency. The lender also skipped the 7-day extension that had been granted to the reviewer.
The salary of the reviewer was incorrectly computed by the loan officer. They had a $40,000 automobile debt, which he suggested they pay off. The loan officer subsequently suggested that the reviewer pay off the auto loan and then assess whether or not the problem was resolved.
The reviewer reveals that only a few days remain until the previously announced prolonged closing and that it will not be occurring. Not only did they lose their initial $1,500 investment, but also their $475 appraisal and $475 inspection fees.
It’s too late, they stress, to look for a new lender. From 2/1/17 until 3/21, the loan was in the hands of the local office; from 3/21-28, it was under underwriting. The staff at Alterra Home Loans lacked basic business acumen.
The business is a farce. The reviewer does not advise using this mortgage company.
Consumers that are easily duped by Alterra Home Loans end up with terrible mortgage contracts
Another customer of Alterra Home Loans had an awful time with them. They add that within two years, they obtained three loans from this mortgage company.
A mortgage loan is funded by the corporation, and you receive the promised monthly payment. Then they immediately sell the loan to another company, which drives up your mortgage payments significantly.
Additionally, the firm underfunds the escrow account to get the desired result. However, after being reassessed by the new company, the amount owes climbs dramatically because it no longer covers essentials like taxes and insurance.
There is a seriousness to this complaint. This means that Alterra Home Loans tricks its customers into signing contracts that work against them and lock them into high-interest, unaffordable mortgages. They can target consumers in need of financial aid because of their lax eligibility restrictions.
Then, they trick the consumers into signing predatory mortgage contracts with terrible terms. Remember that predators like this are commonplace in the financial sector.
T. Pearce Kent Another company that fits this description is Merrill Lynch. In his advertising, he poses as a caring wealth management adviser, yet his terms and conditions are riddled with red flags.
The difference is that Alterra Home Loans is doing it on a massive scale.
The Lack of Professionalism and Ethics at Alterra Home Loans
The reviewer is upset that the mortgage company’s employees can’t even write properly in English. The turnaround time on the work that they send out of town is ridiculous. Due to its sloth, the corporation let the close of escrow get pushed back by more than a month.
They missed the first month’s payment when they closed escrow, too. Therefore, unlike with certain escrow services, the reviewer was required to immediately begin making payments. The loan was sold to another corporation before the end of the first month.
As a result, the second month’s voucher for payment was never sent. They called the second business and learned that they wouldn’t be expected to pay until March.
Alterra Home Loans doesn’t give a damn about its employees. They prey on people’s aspirations of homeownership to lock them into terrible mortgage agreements.
Increased Publicity Caused by Alterra Home Loans:
Many unhappy customers have voiced their displeasure with Alterra Home Loans. Above, you read a complaint from Hak about a mortgage service he doesn’t think anyone should use. The loan application procedure was interrupted because Hak wasn’t informed that the manager working with him was leaving for vacation.
Hak needed to refinance and pull out some cash to invest in a new business venture. But he missed his opportunity because Eric was away for three weeks without contacting him. After everything he went through with the company, Hak has no desire to refer anyone to them.
Your Documents Are Easily Lost by Alterra Home Loans
Like Alex, you may have had problems when working with Alterra Home Loans. The loan officer he dealt with was completely clumsy. In a few of the papers, necessary details were absent. And the business didn’t even bother to care.
Alex’s income and tax records were lost when the company moved offices. They responded “So weird” in reaction to his grievances.
Alex says he is shocked at the lack of professionalism at this firm.
These comments show how awful Alterra Home Loans is. Customers’ loan applications are ignored, and they are forced into unfavorable contracts with this organization.
Unfortunately, Alterra Home Loans continues to accrue complaints from customers.
They’re constantly bombarding you with spam and there’s no way to opt-out
The reviewer used this lender to finance a house. After that, the company sold the debt to a third party. This person consequently signed on as a satisfied customer of the second business.
However, out of nowhere, Alterra Home Loans began bombarding this reviewer with promotional emails. In response, they contacted the company and requested that it cease delivering spam.
A representative of the corporation denied that the emails were spam and did not provide an apology for the harassment. They were meant to teach people something. The corporation insisted on continuing to send spam to the client.
This prompted the reviewer to cancel their subscription.
The reviewer had unsubscribed from Alterra Home Loans’ spam, but it didn’t stop the company. After a little pause, they resumed sending the spam.
The reviewer asked the corporation to permanently disable their spamming capabilities. But, as before, the business paid no attention to him.
The reviewer’s negative experience with Alterra Home Loans dissuades them from recommending the company to others.
Worker Complaints about Alterra Home Loans Focus on Terrible Management and Other Issues
Employees of Alterra Home Loans have also taken to the internet to vent their frustrations with the company. Employees of Alterra Home Loans have complained numerous times about the company’s leadership.
The majority of workers routinely complain about being lied to and paid poorly. In addition, the top brass routinely fires employees twice or even four times a year. There are no paid holidays or overtime rates at this company. Several employees have also expressed doubts about the managerial team’s competence.
These comments suggest that working for Alterra Home Loans is a terrible idea.
Alterra Home Loans is an unsafe mortgage provider after reading the different evaluations of this firm and seeing how it doesn’t reveal its rates publicly.
Don’t do any financial dealings with them. This corporation is well-known for luring naive customers into contracts they later regret. Many visitors also note that the personnel is notoriously unhelpful and cavalier.
These concerns warrant caution in considering Alterra Home Loans.
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