Submitted Loan App. to Dominion Financial. So Far So Good.
Member since 2019 · 2 posts · 4 votes
Submitted Loan App. to Dominion Financial. So Far So Good.
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Real Estate Agent · Jacksonville, FL · Member since 2015 · 1k+ posts · 1k+ votes
4yRegrettably, All lenders are challenging to work with. I have loans with 5 different "banks" including the one listed above. Generally, they sell off their loans to services who are understaffed. The people who do work, do not really care and it often feels like you are an interruption in their day. Regardless of price, they will make you suffer to get a loan and even more to keep it current. I had a closing canceled at 6pm that was schedule for 8am the next morning. Last minute rate changes, "oh the underwriter…" I have resent documents multiple times. My personal favorite, my bank mails a paper check from online banking account and they lose it about 25% of the time and call me for a late payment. I explain to the rep that it was a paper check and was not applied to the account. They need to look at their lock box account, magically they find it every time. The list goes on. I have yet to find anyone that has done 2 loans with the same "bank" and still recommends them.
New market domination business model for lenders, Just do what you say. Get the basics right. You don't even have to treat me well, just get my loan closed and serviced.
13 Replies
- Real Estate Agent · Gilbert, AZ · Member since 2021 · 13 posts · 10 votes4y
Hey Bruce - I'm starting the re-finance process with this company with my 5 unit property. They offered a great rate and I just authorized them to order an appraisal. Any updates on your process?
- Investor · Grand Rapids, MI · Member since 2016 · 26 posts · 3 votes4y
Hello @Glenn Himan, coincidentally I'm just getting started with Dominion Financial now too, having just authorized the appraisal as well and about as far as I've got. As @Bruce Bennett has said, I hate having to escrow as well, and this may be enough of a deal killer for me. I was kind of assuming, not thinking much of it in the beginning, that an investor friendly lender that lets you close into your LLC, wouldn't need to escrow. Buzzz.. wrong. :( I should have confirmed that first before OK'ing appraisal. Anyway, this early on, so far OK. My plan is to wait for the results of the appraisal, since I'm on the hook for it anyway, to confirm just what I can get out of this cash out refinance, before deciding to proceed for sure or not. But, we may want to get in on these interest rates while we can too. I'll let you know how things go. How have they been for you?
- Real Estate Agent · Gilbert, AZ · Member since 2021 · 13 posts · 10 votes4y
@Jeff Ryan Hey Jeff - thanks for giving me your update. Still at the appraisal order process myself with no real updates. I did get quoted a 4.25% | 30 year at 30% LTV for a cash out refinance. Mind if I ask what they quoted you?
Not too crazy about the impounds with my payment but the way I look at it, I got to pay my taxes and insurance anyways. Let me know how things go on your end and I'll do the same. Stay tuned...
- Investor · Grand Rapids, MI · Member since 2016 · 26 posts · 3 votes4yHi Glenn, Not at all about what they quoted. It was 4.375, and I am unsure if that is 'locked' quite yet , or guaranteed that. He didn't answer, a little tough to get a hold of, and wasn't clear. That is for 75% LTV, fixed 30 year. Good luck!
- Investor · Miami, FL · Member since 2016 · 6 posts · 3 votes4y
Let me preface this review by saying that I have been doing everything possible to rectify this issue directly with Dominion for almost an entire year. At this point, I am at the end of my rope and the best I can do is warn against doing business with Dominion Financial Services.
From the beginning of my dealings with this company, it has been one mistake after another. First, I established a monthly payment greater than the amount of my loan, intending for the difference to go to principal. For three months, only the amount for the loan was deducted. In the third month, this payment was deducted twice. Not only was the incorrect amount being deducted (no money was being added to my principal), but I was also unable to determine what was being deducted, when and why. I was able to get a hold of one of the agents, henceforth referred to as Agent A, who, after some back and forth, succeeded in correcting the mistake, retroactively crediting my principal with what it would have been had Dominion taken my payments as instructed to begin with.
After this, and without my consent, Dominion suddenly transferred my loan to another lender. While this in itself was an inconvenience (given that I had already gone through so much trouble to correct Dominion's mistake), it only got worse. Dominion's initial disbursement to the new lender did not show the changes that Agent A had made to rectify their initial mistake. Over several months, I tried contacting Dominion dozens of times via email and phone call, but there was no accountability on their behalf. I was given the run around at every juncture. My requests to speak to upper management were consistently deferred.
Months later, when someone (Agent B) finally got back to me, things did not improve. Without my knowledge, Dominion had sent a refund (to an old bank account) for the extra money I had authorized Agent A to deduct to make up for the difference in principal due to their incorrect deductions months prior. To summarize, Dominion had: neglected to take the correct amount for principal, adjusted the error, taken additional money to correct mistakes in withdrawing, then returned that extra money to an account no longer in use and without notification. This meant that the new lender had not received the adjustments to my principal, resulting in a loss of approximately $2,000 on my most valuable asset, as evidenced by the amortization table Dominion provided. Agent B directly acknowledged the fault of Dominion but did not take accountability for the mismanagement or correct the issue. The only action Agent B took was to offer me a Venmo payment for what he decided was my financial loss: $21 of lost interest.
Again, I requested to speak to upper management. The director of Dominion FInancial Services replied, offering to Venmo me $30 and misrepresenting some facts about my account, especially with regards to the financial loss I incurred due to Dominion’s myriad mistakes. Given the tone of the email, I had my lawyer take over all communications with Dominion. Since then, I have had trouble with my current lender due to errors in Dominion's initial disbursement of my escrow account and insurance payments they had withheld.
I have been managing properties for years now and I have never encountered such difficulty communicating with a lender, not to mention their utter lack of accountability and the low value they place on customer satisfaction. Needless to say, if you're considering doing business with Dominion Financial Services: stay away. They make mistakes, the customer pays.
- Member since 2019 · 2 posts · 4 votes4y
This is the same Bruce that posted the initial post to this thread on Oct 7 2021 having just started my loan app with Dominion at that time. Heres my followup:
DOMINION is the worst worse worse lender I have ever tried to do business with.
————If u can, immediately go somewhere else for the money—-STOP AND RUN THE OTHER DIRECTION. DO NOT LOOK BACK. They will waste your time and if u let them, steal your money. I wish I could show you my loan paperwork from closing…..THEY are a predatory lender. After 3 lonnnnnnnng months and I mean from Oct 7 2021 till Dec 29 2021, they sent predatory lending docs to closing for me to sign, and I rejected them and walked away from closing. Their loan had a 5 year prepayment penalty that started at 5 points and reduced 1 point per year. My origination fee was 3%. I would have had over $18000 in closing costs on on a 270000 loan. That is egregious. And they never said a word in those 3 mos about what would happen if you are late or go into default. I wish I could just upload my docs from closing to u it would freaking frighten you.
And they start out by sending you the same BS boilerplate email every stinking day abt: have u sent in your required paperwork yet, how can we help u. Literally all my docs were sent to them in 10 days, and I received that email for 43 days straight. Id call and ever ever ever get my processor Kimberly for over a month on the phone just the same email over and over again. I never got a chance to speak with her once. Then they told me she was replaced by a new processor. In the interim my loan officer Delshawn would pitch in by forwarding my emails around to get me answers but he never mentioned once that it was a predatory loan to begin with. It took them 60days to get a freaking appraisal!?!?!
After finally getting to closing 87 days later and seeing the predatory loan they approved me for i could have cried because of all the time and effort and energy i put into that process.
The following month i contacted Valley National Bank and closed on a new 5 yr loan at 4.25% and 25 yr amortization. And they used my old appraisal I had done when I was working with Dominion.
If u Want a real loan and great rate call my loan officer at Valley Natl Bank: Chuck Drayton 904-318-5176 cell or 904-899–8021 office. No BS, I couldnt be happier. Finally. Tell him I sent you. Not for any type of kickback or anything, I just want good banks/lenders and good LO’s to be successful and stick around because u can best believe I am calling them first on my next deal. - Professional · Baltimore, MD · Member since 2011 · 37 posts · 52 votes4yHey Anajanette - I'm sorry for your frustration. I spoke with my team to get up to speed. We definitely made a mistake by drafting your payment twice in the same month. You requested that we apply that payment to principal, and instead it was refunded to the original account. Mistakes were made, but its my understanding that you've been made whole. If that's not the case, please let me know. The forum won't let me post personal contact info, so direct message me and I'll give you my email and cell. -Jack BeVier, Partner
Quote from @Anjanette Delgado:
Let me preface this review by saying that I have been doing everything possible to rectify this issue directly with Dominion for almost an entire year. At this point, I am at the end of my rope and the best I can do is warn against doing business with Dominion Financial Services.
From the beginning of my dealings with this company, it has been one mistake after another. First, I established a monthly payment greater than the amount of my loan, intending for the difference to go to principal. For three months, only the amount for the loan was deducted. In the third month, this payment was deducted twice. Not only was the incorrect amount being deducted (no money was being added to my principal), but I was also unable to determine what was being deducted, when and why. I was able to get a hold of one of the agents, henceforth referred to as Agent A, who, after some back and forth, succeeded in correcting the mistake, retroactively crediting my principal with what it would have been had Dominion taken my payments as instructed to begin with.
After this, and without my consent, Dominion suddenly transferred my loan to another lender. While this in itself was an inconvenience (given that I had already gone through so much trouble to correct Dominion's mistake), it only got worse. Dominion's initial disbursement to the new lender did not show the changes that Agent A had made to rectify their initial mistake. Over several months, I tried contacting Dominion dozens of times via email and phone call, but there was no accountability on their behalf. I was given the run around at every juncture. My requests to speak to upper management were consistently deferred.
Months later, when someone (Agent B) finally got back to me, things did not improve. Without my knowledge, Dominion had sent a refund (to an old bank account) for the extra money I had authorized Agent A to deduct to make up for the difference in principal due to their incorrect deductions months prior. To summarize, Dominion had: neglected to take the correct amount for principal, adjusted the error, taken additional money to correct mistakes in withdrawing, then returned that extra money to an account no longer in use and without notification. This meant that the new lender had not received the adjustments to my principal, resulting in a loss of approximately $2,000 on my most valuable asset, as evidenced by the amortization table Dominion provided. Agent B directly acknowledged the fault of Dominion but did not take accountability for the mismanagement or correct the issue. The only action Agent B took was to offer me a Venmo payment for what he decided was my financial loss: $21 of lost interest.
Again, I requested to speak to upper management. The director of Dominion FInancial Services replied, offering to Venmo me $30 and misrepresenting some facts about my account, especially with regards to the financial loss I incurred due to Dominion’s myriad mistakes. Given the tone of the email, I had my lawyer take over all communications with Dominion. Since then, I have had trouble with my current lender due to errors in Dominion's initial disbursement of my escrow account and insurance payments they had withheld.
I have been managing properties for years now and I have never encountered such difficulty communicating with a lender, not to mention their utter lack of accountability and the low value they place on customer satisfaction. Needless to say, if you're considering doing business with Dominion Financial Services: stay away. They make mistakes, the customer pays.
- Professional · Baltimore, MD · Member since 2011 · 37 posts · 52 votes4y
Quote from @Bruce Bennett:
This is the same Bruce that posted the initial post to this thread on Oct 7 2021 having just started my loan app with Dominion at that time. Heres my followup:
DOMINION is the worst worse worse lender I have ever tried to do business with.
————If u can, immediately go somewhere else for the money—-STOP AND RUN THE OTHER DIRECTION. DO NOT LOOK BACK. They will waste your time and if u let them, steal your money. I wish I could show you my loan paperwork from closing…..THEY are a predatory lender. After 3 lonnnnnnnng months and I mean from Oct 7 2021 till Dec 29 2021, they sent predatory lending docs to closing for me to sign, and I rejected them and walked away from closing. Their loan had a 5 year prepayment penalty that started at 5 points and reduced 1 point per year. My origination fee was 3%. I would have had over $18000 in closing costs on on a 270000 loan. That is egregious. And they never said a word in those 3 mos about what would happen if you are late or go into default. I wish I could just upload my docs from closing to u it would freaking frighten you.
And they start out by sending you the same BS boilerplate email every stinking day abt: have u sent in your required paperwork yet, how can we help u. Literally all my docs were sent to them in 10 days, and I received that email for 43 days straight. Id call and ever ever ever get my processor Kimberly for over a month on the phone just the same email over and over again. I never got a chance to speak with her once. Then they told me she was replaced by a new processor. In the interim my loan officer Delshawn would pitch in by forwarding my emails around to get me answers but he never mentioned once that it was a predatory loan to begin with. It took them 60days to get a freaking appraisal!?!?!
After finally getting to closing 87 days later and seeing the predatory loan they approved me for i could have cried because of all the time and effort and energy i put into that process.
The following month i contacted Valley National Bank and closed on a new 5 yr loan at 4.25% and 25 yr amortization. And they used my old appraisal I had done when I was working with Dominion.
If u Want a real loan and great rate call my loan officer at Valley Natl Bank: Chuck Drayton 904-318-5176 cell or 904-899–8021 office. No BS, I couldnt be happier. Finally. Tell him I sent you. Not for any type of kickback or anything, I just want good banks/lenders and good LO’s to be successful and stick around because u can best believe I am calling them first on my next deal.Hey Bruce, feel free to give me a call. I'm one of the owners. I'm really taken aback by your accounting of what happened and your characterization of my company. It sucks that the loan processor assigned to your file was fired - we found out she was working 2 jobs and taking advantage of remote working. And it sucks that Jacksonville is an extremely busy market it took extra time for your appraisal because that market is super busy right now. That's the pain that we all deal with after Dodd Frank. Not a fan of the Appraisal Management Company system? Neither am I. Call your congressman. That said, there's absolutely NOTHING predatory about us. A 3% origination fee and 4.875% interest rate is a very, very competitive quote for a 30-yr fixed rate loan. You're comparing apples and oranges. In 5 years, Valley National Bank will be changing your interest rate. Good luck with that. I'm sorry that you didn't a good experience, but your comments are over the line. I'm available anytime, any day if you'd like to discuss further.
- Investor · Grand Rapids, MI · Member since 2016 · 26 posts · 3 votes4y
Quote from @Bruce Bennett:
This is the same Bruce that posted the initial post to this thread on Oct 7 2021 having just started my loan app with Dominion at that time. Heres my followup:
DOMINION is the worst worse worse lender I have ever tried to do business with.
————If u can, immediately go somewhere else for the money—-STOP AND RUN THE OTHER DIRECTION. DO NOT LOOK BACK. They will waste your time and if u let them, steal your money. I wish I could show you my loan paperwork from closing…..THEY are a predatory lender. After 3 lonnnnnnnng months and I mean from Oct 7 2021 till Dec 29 2021, they sent predatory lending docs to closing for me to sign, and I rejected them and walked away from closing. Their loan had a 5 year prepayment penalty that started at 5 points and reduced 1 point per year. My origination fee was 3%. I would have had over $18000 in closing costs on on a 270000 loan. That is egregious. And they never said a word in those 3 mos about what would happen if you are late or go into default. I wish I could just upload my docs from closing to u it would freaking frighten you.
And they start out by sending you the same BS boilerplate email every stinking day abt: have u sent in your required paperwork yet, how can we help u. Literally all my docs were sent to them in 10 days, and I received that email for 43 days straight. Id call and ever ever ever get my processor Kimberly for over a month on the phone just the same email over and over again. I never got a chance to speak with her once. Then they told me she was replaced by a new processor. In the interim my loan officer Delshawn would pitch in by forwarding my emails around to get me answers but he never mentioned once that it was a predatory loan to begin with. It took them 60days to get a freaking appraisal!?!?!
After finally getting to closing 87 days later and seeing the predatory loan they approved me for i could have cried because of all the time and effort and energy i put into that process.
The following month i contacted Valley National Bank and closed on a new 5 yr loan at 4.25% and 25 yr amortization. And they used my old appraisal I had done when I was working with Dominion.
If u Want a real loan and great rate call my loan officer at Valley Natl Bank: Chuck Drayton 904-318-5176 cell or 904-899–8021 office. No BS, I couldnt be happier. Finally. Tell him I sent you. Not for any type of kickback or anything, I just want good banks/lenders and good LO’s to be successful and stick around because u can best believe I am calling them first on my next deal. - Investor · Grand Rapids, MI · Member since 2016 · 26 posts · 3 votes4y
Thanks for that info Bruce, that's helpful. I got started with them, paid for my appraisal, but it happened to come back lower than I thought reasonable and decided not to proceed with hassle for the relatively little bit of cash out I would be getting now. During the process I tried to contact my L.O. a couple of times with additional questions and neevvver got a single attempt at a call back. Granted, I know they may be very busy now, but it wasn't unreasonable questions and would only take a couple of minutes. I didn't get too far and only ate the appraisal cost. Maybe I'll try again with who you suggest.
- Real Estate Agent · Jacksonville, FL · Member since 2015 · 1k+ posts · 1k+ votes4y
Regrettably, All lenders are challenging to work with. I have loans with 5 different "banks" including the one listed above. Generally, they sell off their loans to services who are understaffed. The people who do work, do not really care and it often feels like you are an interruption in their day. Regardless of price, they will make you suffer to get a loan and even more to keep it current. I had a closing canceled at 6pm that was schedule for 8am the next morning. Last minute rate changes, "oh the underwriter…" I have resent documents multiple times. My personal favorite, my bank mails a paper check from online banking account and they lose it about 25% of the time and call me for a late payment. I explain to the rep that it was a paper check and was not applied to the account. They need to look at their lock box account, magically they find it every time. The list goes on. I have yet to find anyone that has done 2 loans with the same "bank" and still recommends them.
New market domination business model for lenders, Just do what you say. Get the basics right. You don't even have to treat me well, just get my loan closed and serviced.
- Member since 2026 · 4 posts · 5 votes5mo
Dominion Financial Services: 5 Months of Delays, Broken Commitments, and Zero Accountability
I am a real estate developer who engaged Dominion Financial Services for both a construction loan and a DSCR takeout loan on the same property. My experience with the permanent financing process was one of the worst professional ordeals I have encountered in years of development. Other investors deserve to know what they are getting into.
Here is what actually happened:
In December 2025, I began the DSCR refinance process with Dominion to retire my construction loan. On January 8, 2026, Dominion's loan officer committed in writing — not paraphrased, a direct written commitment — that the loan would close within 10 days of appraisal completion. The appraisal was ordered January 16 and finalized February 5. The committed close date was February 15, 2026.
Dominion did not close on February 15. They did not close in February. They did not close in March. As of this writing, the loan never closed — and Dominion has walked away from the transaction entirely, after five months of my time, energy, and money.
Every delay traces directly back to Dominion:
• Dominion's appraiser submitted an incomplete report. The correction process consumed 17 days.
• On January 26, Dominion was notified of an incorrect property address in their system. I provided documentation the next day without being asked. Dominion told me on January 30 the issue was resolved. It was not. When I followed up on March 16, I learned the address was still unresolved — 49 days after they first knew, 47 days after I supplied the fix. Dominion never told me. I found out only by demanding an update.
• Dominion issued document requests in at least five separate rounds over two-plus months instead of providing a complete checklist upfront. Every time I received a request, I responded same-day or next-day without exception.
• From mid-March onward, Dominion sent daily updates stating nothing was needed from my side — while the loan sat internally stalled.
• Dominion never set a closing date. Not once in five months.
The financial damage is real and ongoing. Every day since February 15, I have been paying 11.99% interest on the construction loan instead of the 6.495% permanent rate I was promised — over $100 per day. That excess cost has already exceeded $5,000 and grows daily. The delays cost me a key vendor relationship. My credit was pulled for a loan that never closed. Starting over with a new lender adds roughly 45 days, meaning total excess interest will approach $10,000–$12,000 before I am done.
When I escalated with a fully documented timeline — dates, email evidence, everything — management offered no credit, proposed a rate higher than what was committed, and ultimately sent a two-sentence email saying they would not be proceeding.
Dominion's tagline is "Fast. Focused. Simple." My experience was the precise opposite of every one of those words.
If you are considering Dominion for any loan product, I strongly recommend against it. Zero Stars.
- 5moScott AlfanoBusiness MemberLender · Seattle, WA · Member since 2013 · 64 posts · 20 votes
This doesn't fix what you've already been through, but I can get your DSCR loan to close in 2-4 weeks and I'll pay for your new appraisal so you don't have to. The only thing I wouldn't be able to make up for is that rate (without points). Let me know if you still need to find a new solution from Dominion's dropping the ball so hard.
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