I have been hearing rumors that Aapex Mortgage was recently audited and received a huge fine for compliance violations. They have been delaying payment of branch profits for a variety of reasons, the main one being that they are requiring the good faith estimate to exactly match the final HUD-1 settlement statement. This is practically impossible, since the gfe is provided at the time of application and often not 100% accurate. After all, it is called a good faith “estimate”. Also, apparently they are claiming that every borrower has to sign the gfe twice, once at the time of application and again at settlement. Files that don’t contain these documents are held without payment, while Apex has already received the funds.

If these allegations are true, then they are signs of cash-flow problems and we all know what can happen to a company without sufficient cash. Remember QMAR?

On the other hand if my information is not accurate, I would like to hear from Apex with an explanation of why they are playing games with people’s paychecks, all in the name of compliance. 

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i actually got a file audited today and they were upset my INITIAL GFE had a discount fee different than what they truly ended up paying. Clearly when a GFE is issued the loan is not yet locked, so the discount cost a little more for the rate they ended up choosing. They will not send out check until initial GFE matches final figures.. That is freaky to me! Doesn’t quite make sense, but I did what they asked for. LOL 

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Aapex did it again.

i gave them what they wanted AGAIN yesterday, and they called me out on more stuff. so i still have no checks.

im gonna go broke if this keeps up. 

 

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Aapex just explained to me that they had an audit and were fined, so now they have had to “restructure the way they audit files.”

whoopty doo. im still without money, and my files are 100% spot on.

i now get to go back to my formerly happy customer for a 3rd time since closing, and tell them they need to sign more stuff. 

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Aapex just told me of more things they need from me before they pay me. they werent on yesterday’s list.

all new stuff. they must be laughing at me.

in my opinion, this is the sign of a failing business. does anyone have any insight?