eLEND.com

American Financial Resources, Inc(e-Lend) is in receipt of [redacted] ’s Revdex.com consumer complaint(s)Our company is a nationwide mortgage lender with Direct Endorsement (DE) authority from the Department of Housing and Urban DevelopmentWe are also an approved seller/servicer with Fannie Mae and Freddie MacAs evidenced by our strong customer satisfaction ratings, we take all consumer inquiries very seriously Based on the originally disclosed application details, our underwriting guidelines reflected an 80% loan-to-value metricIt appears, however, that verification of the application presented additional informationSpecifically, a second lien was noted on the property, and was considered to be a Home Equity Line of Credit (HELOC) in the state of ***These previously unknown substantive changes required an updated underwriting assessmentAFR was still able to potentially advance the loan, but it would require a lowered Loan-to-Value of 65%All lenders operate on preliminary information, and prudent underwriting dictates verification of income, assets, liabilities, employment, etcThis is the rationale for lenders not offering written loan commitments without formal verification Our company receives tens of thousands of applications on an annualized basis, and our experienced staff reviews every file submissionAs a government agency approved lender, we are concerned with financial risk analysis and the credit profile of each potential borrowerPlease note AFR does not charge any application fees, underwriting fees, or any lender fees whatsoeverAny fees expended were collected by unaffiliated third-parties (i.eindependent appraisal management company used for collateral valuation in the mortgage lending industry)We only generate revenue if and when a loan actually closesOver the past sixteen years, we have helped tens of thousands of families achieve homeownership, and we work tirelessly to handle all transactions in a transparent and professional mannerAs an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible propertiesThank you in advance for your consideration

Complaint: [redacted] I am rejecting this response because: We were constantly told that it was AFR in New Jersey that was the holdup I can forward a dozen emails from them that verifies this claim Here is a partial one -- written on 4/by AFR The file was not reviewed and sent to title until 5/ I have emails from way before then basically stating the same thing Regards, [redacted]

don't use this company iam in the process for a refi right now and all I get is a run around told I would close last month and now maybe next month and then a email maybe not approved and I got plenty of income and home appraisal is good just some bull line iam getting to register my double wide HOME with the Dept of motor vechiles ( DMV ) ? and DMV says they have npthing to do with home being registered with them

I started working Orlando Gonzalez and Lisa Layton since 6/13/As of 7/27, they have not been able to deliver yetOn the top of that, the low fee originally offered has turned, all the sudden, into over thousand dollars on feesI am still working with them; we will see what happensAs of 8/2, I have cancelled my business with this companyThe fees that they promised were a lot higher than they advertisedAdditionally, I found that they requested payoff statements from my current lender a total of times; almost every days which I have to pay forI would highly advised loan seekers to shop carefully for another lender

Complaint: [redacted] I am rejecting this response because:Your competitors are closing refinance loans in 3-weeks for all kind of propertiesThis was also the timeframe estimate I was given when I started the refinance processAll the ratelock extensions that were provided to me for free was because it was no fault of mineI was the one initiating all the status update calls and emailsOnce I had to call the processor times in a day to finally get an updateThis is the level of customer service I had to deal withI can understand that there can be delays for 10-days in order to close the loan but delays of months are just not acceptable If I knew beforehand that I would be facing these delays, I would have taken my business elsewhere I am not happy with your settlement of $I had incurred monetary loss at $a month(total $for months) due to the difference of interest until the refinance process completedI would like to be compensated for my lossAlso, the other $I am seeking is for not closing the loan on timeI had to take time out of my work in order to follow up with the loan processor and originator almost on a daily basis for the last days of my refinanceThis is the minimum I would like to be compensated for the frustation endured and patiently waiting for this refi process to complete Regards, [redacted]

Complaint: [redacted] I am rejecting this response because: I was not the one in bankruptcy it was my son it had nothing to do with me and also his Mobile Home was not in his bankruptcy it was some other bills he and his wife had ,this was a poor excuse for after months of dealing with you and we did everything you ask of us to come up with this ! We would like our $for the appraisal and the $for the Engineer Certification Refunded !I will get my attorney involved with this if I don't get my money back because my sons bankruptcy has nothing to do with me and his bankruptcy judgement has closed he filed that years ago You misled us several times saying we were approved for this loan and I have saved all the emails and corresponds that we had Regards, [redacted] ***

Dear Ms [redacted] , Thank you for the follinquiry We attempt to address all aspects of consumer inquiries Our sales personnel are thoroughly vetted, and complete significant coursework in Privacy, Mortgage Lending, Ethics, Fair Lending, etcAll employees are instructed to proceed in the consumer interest; this is one of the reasons why we charge NO lender fees whatsoever, and never accept upfront monies Like most financial institutions, sales personnel are not authorized to release company funds without management approval While it is possible that the loan originator requested reimbursement of third-party funds, neither the salesperson nor our ownership team can speak on behalf of an unaffiliated entity Our company spends considerable time and resources reviewing and underwriting files, and is disappointed when housing value is not supported, reverifications are returned with different information, title issues arise, etc There are a litany of items that can and do scuttle the approval process Appraisals are a common component in the mortgage industry, however, and regulations mandate they are conducted by an independent company We adhere to these regulations by utilizing Appraisal Management Companies on every transaction for an unbiased housing valuation Files can be dispositioned by withdrawl, denial, approval but not accepted, closed for incompleteness, etc While we are crestfallen you are not 100% satisfied with your experience, we cannot "refund" monies that were never collected We wish you the best in your efforts to secure financing on future transactions Thank you

My experience with elend was absolutely the worst business experience I have ever hadIt started out promising; after applying online my mortgage officer called within minutesHe was very professional and promised a prompt and easy processThe entire process ended up taking nearly MONTHS to process the loanThroughout the process they ran my credit times resulting in a combined drop of points on my credit score and lost my personal and mortgage documents several timesI tried contacting customer service during hours of operation to voice my frustrations but no one would answer the number When they finally responded through email they simple told me they were having internal issuesDuring the underwriting process every small detail in my business and personal life was questionedI had to provide supporting documentation for seemingly menial transactions from my accounts going back several monthsThey would come back many times asking for the same signed documents or letters of explanation that I had sent them days or weeks earlierThen came the requests for several contract extensionsIt was not only me but the seller became increasingly frustrated and was reluctant to sign two additional contract extensionsElend was doing such a horrible job it appeared as if either they didn't want to give me a loan or they were utterly incompetentIn the end I was granted a loanThis is a process that sounds like it could be much more convenient, especially in the technology age but elend failed miserablyThey do promise very low rates.So if you are willing become very angry and frustrated, have you credit score decreased, have no customer service, feel like your life if being audited, feel like you have wasted months of your life and approx $in associated costs then elend is the one for you

Complaint: [redacted] I am rejecting this response because: This is going nowhere I went to another lender and was approved and closed within weeks - for more money than elend was processing The approaisal came in professionally and "HIGHER" Everything about elend was a WASTE OF TIME I recommend that people look for other lenders - this lender is NOT PROFESSIONAL and WILL NOT DO YOU A "FRIENDLY LOAN PROCESS" Find a company that will answer the phone, return messages left and finish the process in a timely manner I wish no further contact with elend and will never be satisfied with their answer Regards, [redacted]

American Financial Resources, Inc(“AFR”) is in receipt of your consumer complaint pertaining to the proposed refinance of your homeAs evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriously Our company accepts tens of thousands of application on an annual basis, and our experienced staff reviews each and every file submission All individual applicants recieved a full credit analysis Applications involve complex underwriting and detailed analysis of income, assets, collateral review, liabilities, contingencies, etc Pursuant to regulations, all appraisals are ordered through a third party Appraisal Management Company Any expenditure on an appraisal was collected by an unaffiliated third partyAlthough we received no monies, and we spent considerable resources underwriting the loan file, we are crestfallen that you believe any transactional details were less than perfect Please note that AFR charges no lender fees and only generates revenue if and when a loan actually closes State and Federal Laws obligate our company to maintain all application information in our corporate recordsWe are subject to regulatory oversight and examination by multiple agenciesPlease rest assured, however, that AFR maintains physical, electronic, and procedural safeguards that comply with legal standards to safeguard all non-public personal information Over the past fifteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a transparent and professional mannerAs an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties Thank you in advance for your consideration

April 30, 2015RE: Revdex.com of New Jersey Complaint #*** Dear Ms***, American Financial Resources, Inc(“AFR”) is in receipt of the complaint that you made to the Revdex.com of New Jersey
(“Revdex.com”)eLEND is an approved trade name of AFR. In the complaint you claim that your refinance loan did not close on time. Since the refinance loan did not close on time, you would like to receive the AFR $Closing Guarantee. After reviewing your complaint and the loan file, AFR notes that on or about February 27, a rate lock “extension” was provided at zero cost to you. This was done as a result of a delay in ordering the appraisal for your refinance on the part of AFR. It appears that the delay in ordering the appraisal required the closing date to be moved back. From your application date of January 15, to the date your signed your closing documents on March 16, 2015, the process took daysOn the “Close on Time Guarantee” page on the eLEND website (www.elend.com), the terms and conditions state that “eLEND may choose to extend the interest rate at no cost to the client in lieu of payment of the $Closing Guarantee.” In this case, AFR granted the rate lock extension in lieu of the $Closing Guarantee. We do not charge any lender fees whatsoever. Irrespective of the closing timeframe, the mortgage obligation to your previous lender or to AFR would still remain. Nevertheless, we do apologize for any timing inconvenience as we always attempt to close all loans as quickly and efficiently as possible. Our company strives to maintain transparency. We attribute our 18-year history of success to strong business ethics and good faith dealings with our clientele. Over the past five years alone, we have assisted over 50,families with their homeownership needs. If you have any other questions or concerns, please feel free to contact us. Thank you in advance for your time and consideration

Complaint: ***
I am rejecting this response because: It does not reimburse my expense of $for the appraisal which was not done in a timely manner regardless of how much or little money ELend procures from it's servicesI contacted the appraisal company and they told me that they contracted through ELend so it was essentially ELends problemIf ELend truely values its reputation and customers it will reimburse this unhappy and dissatisfied customer the money I am out in this and go after the appraisal company for its lack of professionalism. I do not need another copy of the appraisalI have one that was emailed to me days after my credit card was billed for this service and which is now worthless as I do not have a property to buy
Regards,*** ***

We are currently working with elend for our mortgageThey are been HORRIBLE to deal withI can't get anyone to call back, or respond to emails in a timely mannerNormally you are looking at two to three days for a responseBreanna M*** and some guy named Bryan have been rude and very unhelpfulBreanna informed me that a four day wait on a response to an email was okay but she gets a lot of emailsI would NOT recommend them to anyoneAbsolutely the worst company to deal with

American Financial Resources, Inc(“AFR”) is in receipt of the complaint that you filed with the Revdex.com of New Jersey (“Revdex.com”). In the complaint you claim that you are unsatisfied that your loan application was denied as a result of the bankruptcy
you filed in November 2012. Also, you are displeased with the charge for the appraisal on your property. Our company is a nationwide mortgage lender with Direct Endorsement (DE) authority from the Department of Housing and Urban Development and an approved FHA lender. As evidenced by our historically strong customer satisfaction ratings, we take all consumer inquiries very seriously.As a regulated institution, we must adhere to all underwriting guidelines promulgated directly by the Department of Housing and Urban Development (HUD). We maintain internal controls to operate a prudent underwriting environment. Mortgage applications are document intensive, and underwriters must be certain that transactions are vetted in HUD’s best interest. Sensible underwriting requires full investigation of previous bankruptcies. Verification of income, assets, job history, etcoften begets additional underwriting conditions. In the case of this loan, although the Chapter bankruptcy may have been a factor in the decision, it was not the only factor. After a thorough review of your financial picture, it was determined that there were excessive financial commitments, and the level of income was insufficient for this new obligation. Those circumstances would not have been uncovered until the underwriting process was initiated. A licensed mortgage loan originator, no matter how experienced, cannot predict the full verified financial picture at the early stage of the loan process. As a direct endorsement lender offering government insured loans, we must abide by all regulations pertaining to Appraiser Independence Requirements. To comply with these statutes, your appraisal was ordered though an independent third-party appraisal management company, and any fees expended were received by third parties. As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties. Please be advised that our company neither charges application fees, underwriting fees, nor any lender fees whatsoever. Our company does not generate any revenue until a loan actually closes. Over the past fifteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a professional manner. Nevertheless, we are crestfallen that you were less than 100% satisfied in dealing with our company. Unfortunately, not every application resultsin approved financing and every contingency cannot be anticipated in advance. Thank you in advance for your consideration

Dear Mr***:
American Financial Resources, Inc(“AFR”) is in receipt of your consumer complaint pertaining to the proposed refinance of your homeAs evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriously AFR is a
Fannie Mae approved seller/servicer, and as such, is legally bound by their underwriting Seller’s Guide. Since your property contained legal restrictions on resale, the refinance transaction had to meet additional underwriting criteria.
On 1-8-14, AFR emailed Ms***, the Executive Director of the Housing Partnership, to obtain additional information as to the restrictions associated with the subject property as they relate to priority and foreclosure. On 1-9-14, the Executive Director stated the message was forwarded to the State of New Jersey. On three separate occasions (1-15-14, 1-23-14, and 1-28-14) AFR inquired whether the State had responded; all three inquiries yielded no formal response.
On 1-28-24, we inquired back with Executive Director, who responded to our question. The response, however, did not provide definitive guidance. AFR was then forwarded a sample of the note and mortgage that you would potentially execute at closing. Based upon the provisions of the mortgage and the information obtained from the Housing Partnership, it was AFR’s opinion that the restrictions ran counter to certain provisions posted in Fannie Mae Guidelines, which would make a refinanced mortgage loan on this subject property ineligible for delivery to Fannie Mae Unfortunately, based upon the aforementioned, your application did not result in an approved financing. We apologize for any delay, but we were unable to make a decision regarding the restrictions on the property until we received answers to our questions from the Housing Partnership.
AFR charges no lender fees and only generates revenue when a loan actually closes. Any expenditure on an appraisal was collected by an unaffiliated third party. Although we received no monies, and we spent considerable resources underwriting the loan file, we are crestfallen that you believe any transactional details were less than perfect Therefore, in the interest of customer service, AFR has personally issued you a check in the amount of $425.00.
State and Federal Laws obligate our company to maintain all application information in our corporate records. We are subject to regulatory oversight and examination by multiple agencies. Please rest assured, however, that AFR maintains physical, electronic, and procedural safeguards that comply with legal standards to safeguard all non-public personal information.
Over the past fifteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a transparent and professional manner As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties. Should you require additional information, we would be delighted to respondThank you in advance for your consideration

*** *** *** *** (“***”) is in receipt of the complaint that you made to the Revdex.com of New Jersey (“Revdex.com”). eLEND is an approved trade name of ***. After reviewing your complaint and the loan file, *** notes that a rate lock
“extension” was provided at zero cost to you. On the “Close on Time Guarantee” page on the eLEND website (***), the terms and conditions state that “eLEND may choose to extend the interest rate at no cost to the client in lieu of payment of the $Closing Guarantee.” We are sorry that your timing concerns caused you hardship, but we do schedule our closings with every intention of closing promptly. Our company does not generate any revenue until a loan actually closes; therefore, we are incentivized to close loans as quick as possible and in an efficient manner. Nevertheless, we do apologize for any timing inconvenience as we always attempt to close all loans as quickly and efficiently as possible. Our company strives to maintain transparency in all aspects of our business and we attribute our 18-year history of success to strong business ethics and good faith dealings with our clientele. Over the past five years alone, we have assisted over 50,families with their homeownership needs. We value your input, and seek long-term clients. In the interest of 100% customer satisfaction, we will be sending you a check in the amount of $as part of our closing guarantee. If you have any other questions or concerns, please feel free to contact our compliance department. Thank you in advance for your time and consideration

Dear Ms***,American Financial Resources, Inc(“AFR”) is in receipt of the complaint that you made to the Revdex.comIn your complaint you state that you initiated a USDA loan application with eLEND in the beginning of February of 2015. You state that the loan
officer you were working with at eLEND told you that you could close in less than days, but you would have to have the house appraised quicklyAs such, $was charged to your bank card to pay for the appraisalYou go on to state that after days, eLEND indicated that you did not qualify for a USDA loan, and that you had to apply for an FHA loanYou agreed and applied for an FHA loanYou finally state that you did not hear from eLEND on the status of your FHA loan and that after days from initiating the loan process decided to voluntarily withdraw your application. Throughout the process, you indicated that you were asked to provide documentation for the loan, and that the requests were duplicative and burdensome.After reviewing your loan and the file, please note that the initial application for the USDA loan was taken on February 4, to purchase *** *** *** ** *** ***. After receiving the completed application and the signed disclosures, a review of your credit picture was completed and it was determined at that point that you did not qualify for a USDA loan. It was suggested then that perhaps you would qualify for an FHA loan. An FHA loan is a completely separate and distinct loan product from a USDA loan. In order to process an FHA loan, new documentation needed to be prepared and executedThose new FHA loan disclosures were sent to you on February 24, 2015. Also, FHA has different lending guidelines than the USDAAFR is a direct endorsement FHA lender and is legally bound by their underwriting Seller’s Guide. Our company accepts tens of thousands of applications on an annual basis, and our experienced staff reviews each and every file submission. All individual applicants, receive a full credit analysis. The lender is concerned with financial risk analysis and the credit profile of each potential borrower. Applications involve complexunderwriting and detailed analysis of income and asset documentation, collateral review, appraisal standards, etcIt was in an effort to place you in an FHA loan product, and under those FHA guidelines that your income, assetsand credit history were reviewedAfter that review, on February 26, it was determined that you did not qualify for the FHA loan at that time.In order to process your loan as efficiently as possible, it was explained that an appraisal of the *** ***property would need to be completed quickly. The cost of that appraisal was $475.00. The appraisal was ordered, and then received by us on or about February 26, As a regulated institution, we must adhere to all FHA appraisal and underwriting guidelines. These legal requirements mandate that all appraisals are ordered through a non-affiliated Appraisal Management Company; any monies expended were received by a third-party. Please be advised that our company neither charges application fees, underwriting fees, nor any lender fees whatsoever. Our company does not generate any revenue unless a loan actually closes. While we cannot speak directly for an unaffiliated vendor, the appraisal companies’ invoices are generally reasonable and customary for valuation services.In summation, we do appreciate you reaching out regarding your loan experience with AFR and eLEND and are saddened that it did not result in a closingAs an Equal Housing Lender, we strive to provide financing to all qualified candidates.AFR has helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a transparent and professional manner

Complaint: [redacted]
I am rejecting this response because:  That is understandable if this would have been discovered before I went thru the trouble of getting the title cleared, and paying for an appraisal that I would not have gotten done knowing the loan to value was going too change days before closing too 65 to LTV.  I took the action in getting an appraisal and clearing title under a good faith estimate stating 80 LTV.  I would not have went thru the trouble of paying for an appraisal and clearing that title otherwise.  SO how is it my fault that this was not known earlier?  I should suffer the consequences of you all not knowing this loan type?  The first thing you all do is take my money for an appraisal without giving me an accurate assessment of the terms of the loan.  You are the pros, not me.  I am perplexed that you think since you were still willing to do the loan, that me not knowing this until days before closing is ok.  Or I would have never went forward with this appraisal and clearing of title, knowing these things upfront, or sooner.  So your trying not to give me back my 495 dollare again Y?  Last time I checked this was not my fault.  I provided all documentation quickly and expeditiously.  So I was not the hold up on this detail not being known.  A third party did not ask for my money.  ELEND did.  SO with all due respect the third party argument, and we were still willing to do a loan does not fly.  Then being told I could not borrow money too offset the huge difference between  1000 dollars at 80 LTV, and 11000 plus LTV was the final straw.  Just because you were willing to do the loan at 65 LTV  does not wash you clean of the fact that I was not.  Nor would have been willing to do so, knowing this upfront.  I don`t hate you all, just thought before money would be exchanged this should be known upfront.  I did my part getting the title cleared, and the money for the appraisal.  Getting in necessary documents etc.  This squarely falls on you all not knowing this untl late July.  That is the issue. You all did not do your part, either in knowing the law, that you should know, not I.  I trusted you all when you gave me the terms of the contract.  And that is the sole reason I put the 495 within 2 days.  Your policies, don`t justify the mistake of taking my money, without giving accurate assessments of the terms.   Well either way GOD BLESS and Good Luck. 
Regards,
[redacted]

Complaint: [redacted]
I am rejecting this response because:
 We were constantly told that it was AFR in New Jersey that was the holdup.  I can forward a dozen emails from them that verifies this claim.  Here is a partial one -- written on 4/17 by AFR.  The file was not reviewed and sent to title until 5/1.  I have emails from way before then basically stating the same thing.    
Regards,[redacted]

Complaint: [redacted]
I am rejecting this response because:Your competitors are closing refinance loans...

in 3-4 weeks for all kind of properties. This was also the timeframe estimate I was given when I started the refinance process. All the ratelock extensions that were provided to me for free was because it was no fault of mine. I was the one initiating all the status update calls and emails. Once I had to call the processor 8 times in a day to finally get an update. This is the level of customer service I had to deal with. I can understand that there can be delays for 10-15 days in order to close the loan but delays of 2.5 months are just not acceptable.   If I knew beforehand that I would be facing these delays, I would have taken my business elsewhere. 
I am not happy with your settlement of $425. I had incurred monetary loss at $500 a month(total $1500 for 3 months) due to the difference of interest until the refinance process completed. I would like to be compensated for my loss. Also, the other  $500 I am seeking is for not closing the loan on time. I had to take time out of my work in order to follow up with the loan processor and originator almost on a daily basis for the last 60 days of my refinance. This is the minimum I would like to be compensated for the frustation endured and patiently waiting for this refi process to complete. 
Regards,[redacted]