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After deciding to buy a new Standard Pacific home, my wife and I were enticed into using Standard Pacific Mortgage for our home loan. Though we had already received pre-approval from Wells Fargo Home Mortgage, with whom we had the loan for our previous home, "StanPac" was offering a $4,000 seller credit and a $4,000 lender credit toward the final purchase. In addition, the interest rate offered by StanPac was 0.25% less than what Wells Fargo was offering. How could we say no? Bad decision.

We were quickly pre-approved for the loan, however the final loan application process was a nightmare. Having just relocated to Charlotte, NC, from Minneapolis, MN, I remained employed by the same company due to the fact that the nature of my job allows me to work remotely. Apparently, this was immediately a cause of concern for StanPac. In addition to providing our most recent paystubs, our previous year's W-2, and complete Federal tax returns for the previous year, they then asked for a letter from my employer stating that I was able to work remotely "from any location," and there was "no expected change" to my annual salary. I obtained this, however that still wasn't enough. Because the name of my company had changed the year before, the total year-to-date salary on my final paycheck for the year was less than what it would have been on the paystub had the name of the employer not changed. Despite the fact that my employer had stated my annual salary on the letter they had just written, StanPac then required me to write a letter explaining the "low year-to-date" amount on my final paycheck for the year. I did this, as well as provided my most recent paystub, which they requested as it showed my new address in North Carolina, which wasn't on the previous December paystub (my employer had not processed the change of address in time for the Dec. paycheck). Apparently my change of address was also of concern to them. This STILL wasn't enough. Standard Pacific Mortgage's underwriter then requested an explanation as to why I paid Minnesota income tax after moving to North Carolina, a legitimate question that my employer wasn't able to immediately answer due to the fact that they had not had a similar situation in the past. And finally, Standard Pacific Mortgage asked for one more paystub AFTER the closing.

To sum up, in order to finalize a loan with Standard Pacific Mortgage, I was essentially asked to bend over backwards to prove to them that I was employed and that I received the salary that I did. In the end, they were not satisfied and went with a "work-around" in which my salary was not included in the final loan approval. All of this, despite the fact that going into it I had (and continue to have) excellent credit and have never missed a loan payment in my entire life.

DON'T BE LURED INTO STANDARD PACIFIC MORTGAGE'S INCENTIVES. Based on my experience, I advise you to seek a mortgage loan from a traditional bank or credit union. If it's too good to be true, there's probably a catch. In my case, it was the humiliation of having my character constantly in question, coupled with the implication that my word was not believed.

Reviewer is in unhappy mood. Please immediately contact the author of this review to discuss poor customer service of home mortgage loan. Standard Pacific Homes needs to "include my annual salary on final loan documents" according to poster's claims.

Other people also mentioned home mortgage loan in their reviews. You may find this information helpful for further shopping at Standard Pacific Homes.

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AskCrys
Charlotte, North Carolina, United States #1131467

So what about the home? It looks like you've been there for about a year. Have you had any problems at all with the home?

Anonymous
#1021336

In response to the above complaint & comments regarding Pacific Standard Mortgage underwriting guidelines .... I can promise you after working for Wells Fargo & Bank of America mortgage companies in Charlotte, North Carlina ....

They would have required the same documentation, letters of explaination etc. due to your job transfer & company name change.

These requests are not just driven by the lender they are driven by the investor on the loan.

It is due diligence required on all mortgage loans!!

Anonymous
#977264

Your bank would have asked you for the exact same things. This is the due diligence now required on home loans.

Anonymous
to Anonymous #1210377

agreed. I work for one of the big banks as well and it is not at all about believing what you the customer say you earn or that you are employed- it is about being able to prove these facts to investors such as Fannie Mae and Freddie Mac by using only documentation and not verbal confirmation. This is a requirement of all banks and ever since the market crash, these guidelines for banks have become a lot more strict than they have ever been...

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