Bay Equity LLC

Seriously 1 star is too much. Dealing with Babak Ali Ghaziani, one of the loan officers at Bay Equity LLC was not only frustrating but probably the worse customer service I have ever received. Despite taking way too long to refi my house, my requirement to establish an escrow account to pay for taxes and insurance was completely ignored. A couple of days before closing, I was told that they could not do it as part of the refinance, and it would take a phone call to establish it after closing. That was a lie. It’s been 4 months now, and I have contacted Babak Ali Ghaziani and CENLAR, the loan processing company at least 15 times, and I still have not succeeded in establishing the escrow account. I would not recommend this company or the loan officer to my worst enemy. That’s how bad they are.

DO NOT DO BUSINESS WITH THIS LENDER!!!
When they say they pre-​qualify someone, do NOT believe them.
We just found out 5 days before the close of Escrow that the buyers bailed because they could not provide proof of income… how in the hell do you pre-​quaulify someone and not have them provide proof of income???
Bay Equity is a shady, fly by night operation and they will not do their due diligence in qualifying their clients.

Just finished a refinance with Bay Equity. Exceptional and knowledgeable service. Mark Malmberg and crew did a great job. I am happy to recommend Bay Equity.

So first of all — all the horrible reviews about bay equity are from 2011 and 2012 so they obviously got their shit together. Lol
I was working with Ali at bay equity– I did not go through a broker.
He was amazing with my purchase in Danville. I got the loan approval approved within 3 days. Conditions were met within a week and we funded today.
Ali jumped through HOOPS to get this loan approved, he is also a seasoned vet so he knows exactly what he is doing. He had to get on the phone with the title company and put them in their place a few times as tub obviously were not as experienced as him.
He made himself available damn near ²⁴⁄₇ as well. I would highly recommend working with Ali.

STAY AWAY FROM BAY EQUITY!!! I wish I would have read the reviews on Unilocal.
I have been in the mortgage industry for years this has by far been the worst experience I have had with any lender. I cannot believe that this company is still in existence. There timelines are ridiculous, they never meet any of there promises. There underwriting is a joke. No one communicates and they make mistake after mistake. I guarantee that you will have to ask for an extension. They deserve a 0. I can’t believe that they received anything other then a 1 star. The other reviews are probably fake.

Our Transition is complete… after much evaluation of companies to partner with, Craig Goebbel, Adam Stein, Jeff Rauth, and I (Marty Lough) made the decision to merge Cascade Pacific Home Loans with Bay Equity LLC because of the unique people, tools, and benefits they bring to the table as a financial partner.
The McGovern Brothers have built a successful platform that creates a strong foundation on which our small company can establish a solid foundation with which to grow our operations her in the Pacific Northwest with the guidance of those at Hometown Lending, under the leadership of Curt Lillibridge in Everett. We look forward to a long and prosperous relationship.
Marty Lough

I should have checked Unilocal before dealing with this joke of a lending company. I, like many of the reviewers here did not close escrow on time due to this company’s incompetency. They do not care about their customers.
Escrow was supposed to close on 02÷08÷13, and I still don’t know when or if they will ever deliver loan docs. Last update from my broker is that they are reviewing the appraisal. They should have done this a long time ago! Appraisal was done more than a month ago! I need to move out of my apartment on 02÷17÷13. Where am I supposed to go and where do I put my belongings???
Everyone here who were victimized by this company should file a class action law suit.
I also believe that they’re rigging the reviews here on Unilocal.
Update: The seller told us that the only way they will give us an extension is if we switch to their trusted lender and abandon Bay Equity. We didn’t even think twice. Goodbye forever, Bay Equity! We’re tired of dealing with you! As some commenters here said, RUN, RUN, RUN away from this company and save yourselves a trouble!

I have to agree with the other reviewers here, they are the worst to deal with, «overpromise and underdeliver» is their motto. I’m 3 1/​/​2 months into a refinance and there’s no end in sight. I was approved after a month, now it’s more than two months later and they still can’t get their act together to fund this loan ten days AFTER I signed the closing documents. There seems to be no communication or process in the company, I’ve been told half a dozen times over the last two months that we’re a week away from closing, that’s gone on for two months. I spoke to a partner in the company three weeks ago who told me it would be done in a week, he owns the company and can’t even get it done. Their loan officer’s standard answer is that «they’re getting some docs together, then submitting to underwriting, then we will fund». Well, they’ve been doing that for two months now. There’s no attention to detail which is a major problem, They submit documents with errors, don’t seem check their work, and then it gets kicked back by underwriting or some other department and over again. RUN RUN RUN away from these guys.

My family and I have bought and sold houses many times over the past couple decades, and this is without a doubt the absolute WORST loan company we’ve ever used or willever use. They took over 4 months to close our deal, long over the promised timeframe, causing us to have to pay over $ 4000 in penalty charges to the seller for closing late, which of course they didn’t help us cover at all.
We found Bay Equity through our loan broker Eagle Home Loans, which is also a very poor loan broker. When we first started dealing with them, they were very nice and promised a lot of things, which is why we decided to go with the. When we started the process and sent them all the documentation they asked for, they said we were overqualified and the process would be completely finished in one month. However, at the end of the month they «suddenly» discovered that they needed one more document from us to proceed. So we sent it in immediately. They said they needed TWO WEEKS to review the document. We waited two weeks. Guess what happened at the end of two weeks? They discovered they needed another document from us. Then from the seller. Then another two weeks to REVIEW. We went through this insane loop again and again until four months had passed. It was impossible to escape the loop and the late fees were piling up each day.
We tried asking them why they couldn’t figure it out earlier if they needed additional documents, but they would never explain. Upper management would NEVER pick up the phone and NEVER returned calls. The only thing we heard from them was «this time it’s going to be finished»…until they figured out that they needed another document. And TWO WEEKS to review the document.
Four months later we finally closed our deal and paid a $ 4,000 late penalty to the home seller. This proces was an absolute nightmare for our family and we would stay as FAR AWAY from them as possible. This company should not be in business. They’re in the business of ruining your life.

If I could I would give this company a ZERO!!! They received our signed loan docs on Monday– which they sent to us late anyway pushing back our escrow almost a week!!! Bay Equity has still not funded, our owner is getting angry and threatening us and what does Bay Equity do?- they ignore all phone calls and emails– THE WORST CUSTOMER SERVICE ON THE PLANET! I cannot even begin to describe the stress and strain working with Bay Equity has caused on all involved; my husband, our realtor, our mortgage broker, escrow, title and myself. I would strongly urge everyone to make sure they do not use this company, they make me never want to buy a home again.

Let me start off I am a first time home buyer.
Bay equity is causing the ultimate nightmare for me right now. Ultimate OVER PROMISE UNDER PERFORM!!!
Bay equity approved my loan 5.5 weeks late. This was the day escrow was supposed to close!!! Bay equity explained they would have loan docs to escrow the next day. That didn’t happen. Another week later we still do not have loan docs to escrow. The seller is giving us one more day (aka monday) or they will kill the deal.
I have already spoken with my real estate attorney if the deal doesn’t go through and I lose my deposit/​earnest money. We will be taking bay equity to court to collect the deposit and damages. This situation is forcing us to stay in a hotel day to day.
To add to the situation one of my co-​workers just refinanced with bay equity… They started the process 2 days after me and well it has been done with in 5 days. My mortgage broker Kent Mortgage has been amazing, and has never had a lender give such terrible service and lack of urgency ever.
I understand the growing pains of a young business, as I am part of one as well. The most important part of this is to keep your customers happy as much as possible. If you can’t perform, communication is key… Bay Equity has neither!!!

I’ve written a few one star reviews on wholesale mortgage lenders, but want to give a good review for the one company where it went smoothly, esp. since there are some negative reviews here. My refinance was in 2011 and went well. Bay even reimbursed the cost of my appraisal from a previous refinance (I doubt they do this anymore). Unfortunately, that broker is not doing loans anymore so I have had to use other companies with mixed success. If my current one fails, I will try to find a local broker who uses Bay.

Wow. Ditto all the other reviews. AVOID DOING BUSINESS WITH BAY EQUITY AT ALL COSTS. (You may not have to worry, it seems like they might be going under at any minute.)
Read on…
I, like many other people, found a great rate to refinance my house in mid-​August 2011. I locked the rate with my broker (who was using Bay Equity as a middle man), and was told these things usually take 30 — 60 days. Finally at the end of September, the loan papers were ready. I happily signed the papers, and paid 9 THOUSAND dollars into escrow, which included interest payments for September, October, and November. According to the contract I signed, my next payment was due December 1.
Then…3 weeks later I get a call from my broker. Even though I have already paid 9 THOUSAND dollars, which was supposed to include my interim interest payments from September — December, Bay Equity had not «funded» my loan. Therefore I was still liable for making the October 1 payment (I was told this on October 15, by the way). if I did not make those extra payments, my credit would be affected. The loan was not funded for 60 days after I paid into escrow!!! So even though I had made my payments for the new loan through escrow, I also had to make payments on the old loan, for 3 months! Who has that kind of cash lying around?
Finally the loan was funded in late November. And that’s when things went really wrong. All along, I was told the loan was going to Citibank, and Bay Equity was just a middle man. However, that was not the case. My loan was sold DOWNSTREAM to a company called American Home Loan Servicing in Houston Texas, which is a bum-f*k company being sued by multiple state attorney generals for fraudulent foreclosures, sloppy record keeping, and negligent business practices. This is a company, folks, that you NEVER, EVER want holding your mortgage.
I will be calling the BBB and the California State Attorney General and filing a formal complaint, but I thought I’d warn all you Unilocalers first. AVOID THIS JOKE OF A COMPANY AT ALL COSTS. YOU WILL PAY DEARLY, PERHAPS EVEN WITH YOUR HOUSE.
UPDATE: Got my tax form for mortgage interest, and even though I only made one payment to Bay Equity in 2011, they got the interest amount wrong! This is a mortgage company that can’t correctly calculate mortgage interest for ONE PAYMENT! I predict this company will not exist in a year. Beware

After shopping around for a lender that could offer a competitive refinance, I chose to work with Bay Equity. While the company is younger (I think they started in 2007), the experience was a breath of fresh air. We had to get out from a high interest FHA loan, with mortgage insurance, and our Loan Officer was clear and concise when giving us our options. He even looked at value and sales comps before putting the appraisal order in. He wanted to make sure we didn’t pay for an appraisal unnecessarily. Well, he predicted the value would be there and in fact it was. The new fixed rate loan saved us several hundred dollars per month and we got rid of the mortgage insurance! I found the company to be direct and clear with the process and they provided me with detailed answers to my questions. If you’re looking to refinance your home, you should definitely give Bay Equity Home Loans a call. I will definitely use them for my next home loan!

Let me first say, I would not have been able to buy my home if it where not for the fine folks at Bay Equity. I came to find Bay Equity after getting into contract to purchase what turned out to be a very complicated transaction. It was a long and painful process, but the people I worked with at Bay Equity were awesome in helping my wife and I jump the hurdles of the home loan process. I could not believe how many hurdles and issues came up, but none were the fault of Bay Equity, but rather the regulatory requirements.
I was surprised to find other Unilocal reviews with 1 stars and read their reviews to find out where these people are coming from. Buying a house, or refinancing for financial reasons, is an emotionally charged event (as evidence in the language choice) I know the mortgage industry is wrought with regulatory «issues» and only imagine Bay Equity was doing their best. After all… no one makes money by NOT closing a deal.
For other borrowers out there, remember the other reviews I read are of people who did not get their deals done. The bank is an easy target when things don’t go the way you want. Those 1 star reviews should have been attributed to the regulatory agencies who make the process ultimately difficult and confusing. We can’t change the industry, but the folks at Bay Equity know their stuff and were an invaluable help in getting my home loan funded.
Thank you Bay Equity

So here is another 1 star review — Like most others, I wish we could give ZERO.
Our mortgage broker selected Bay Equity for a condo purchase. The rate was OK, but the process was a little heavy handed. They dictated some of the terms of our offer paperwork and required insurance on the entire condo be paid for the remainder of the year. At least our seller was cooperative.
But — come tax time, our 1098 did not reflect the co-​borrower. They are very, very inflexible and refused to make any changes. One simple change.
Wells Fargo (who they sold the loan to) follows this practice, as does any other financial institution we’ve dealt with… They are a headache, and we are now expecting an audit. Thanks, Bay Equity.
Stay clear.
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UPDATE:
They are so un-​reputably, they are scamming their ratings trying to get more stars! Look — five 5 star reviews after ²⁄₂₉. All from people who have little or no skin in the Unilocal game. Stay clear — they are not a reputable lender. Just look at the other Unilocal reviews.

I obviously didn’t head the warnings. If you enjoy dying a slow death, this is your place. I tried opening an Equity Line with them. My fault for thinking that putting up with their crap was worth the nominal interest rate savings. I was told that the process would only take 2 – 3 weeks. That’s what they tell you, 2 – 3 months later I had to sever this relationship and go with another bank, it was just too toxic and apparently, they needed an additional 2 weeks. Yeah, I’ve heard that one before. Also, because they were so slow, the rules had changed, instead of a seasoning of 6 months, the new requirements were a year. So that would’ve added additional wait time for me. Thanks, a-​holes.
Nearly everything my broker told me was a LIE and that was when he would respond to me at all. They aren’t responsive, and I got the feeling that my little equity line was just not a priority for them so I was easily pushed aside for someone who would bring in more revenue. That’s a wonderful feeling for any client.

Our mortgage broker selected Bay Equity for our home loan. We followed all of their guidelines and met every single condition. It would take them a week to respond, and even though they say it takes 4 days for a response, it would take them 3x as long. We had to file for an extension on our closing date. And the day before our extended closing date, they still weren’t ready. They procrastinate and have horrible customer service. We decided to cancel our loan with them and open a new loan with a bank. Time and money were wasted dealing with Bay Equity. I would stay away from them.