American Pacific Mortgage (APM) is in receipt of the consumer complaint ID # [redacted] We have completed a full investigation of the circumstances and completed a second underwriting reviewOur investigation revealed there were two purchase transactions for the consumer which were submitted at the same timeOne was an investment property and one was the subject property referenced in the complaintThere are many complexities involved in qualifying for two loans simultaneouslyOur review showed that the challenges we had to overcome in order for the consumer to qualify for both loans involved the type of income, hazard insurance and the second property incomeWe could not utilize rental income from the second property because at the time of the loan for the subject property, the second property was not owned by consumer and the loan was still in processTo ensure the consumer qualified for both, we had to lower the loan amount for the subject property which increased the down paymentWe acknowledge the terms changed as we continued to work with the consumer through each circumstance that arose that jeopardized their ability to qualify for the subject property loanOur Loan Originator spoke with the consumer and explained the lower loan amount and higher down payment and documented agreement to move forward with the loanOur system was updated and documents were available at Title for review and signatureIt was our understanding that the consumer picked up the documents from Title and reviewed them with an AttorneyThey were signed and both loans fundedWe believe we did everything possible to assist the consumer in purchasing these two propertiesThe consumer originally requested that all communication happen via emailWe’ve presented an initial response to him via email with the results of our investigationWe’ve requested a phone conference to discuss his desired resolution and gather some additional detailsWe are currently in the process of working with the consumer towards a mutually agreeable resolution
American Pacific Mortgage (APM) is in receipt of the consumer complaint ID #***We have completed a full investigation of the circumstances and completed a second underwriting reviewOur investigation revealed there were two purchase transactions for the consumer which were submitted at the
same timeOne was an investment property and one was the subject property referenced in the complaintThere are many complexities involved in qualifying for two loans simultaneouslyOur review showed that the challenges we had to overcome in order for the consumer to qualify for both loans involved the type of income, hazard insurance and the second property incomeWe could not utilize rental income from the second property because at the time of the loan for the subject property, the second property was not owned by consumer and the loan was still in processTo ensure the consumer qualified for both, we had to lower the loan amount for the subject property which increased the down paymentWe acknowledge the terms changed as we continued to work with the consumer through each circumstance that arose that jeopardized their ability to qualify for the subject property loanOur Loan Originator spoke with the consumer and explained the lower loan amount and higher down payment and documented agreement to move forward with the loanOur system was updated and documents were available at Title for review and signatureIt was our understanding that the consumer picked up the documents from Title and reviewed them with an AttorneyThey were signed and both loans fundedWe believe we did everything possible to assist the consumer in purchasing these two propertiesThe consumer originally requested that all communication happen via emailWe’ve presented an initial response to him via email with the results of our investigationWe’ve requested a phone conference to discuss his desired resolution and gather some additional detailsWe are currently in the process of working with the consumer towards a mutually agreeable resolution
I am rejecting this response because:American Pacific Mortgage did not provide the loan they offered when I applied They did not adhere to the Good Faith Estimate About week before close of escrow they said they would change the terms, but they did not offer or provide any documentation about the change at any time I learned about the change the night before close of escrow I consider their behavior extortion because they knew I could take the much more costly terms or lose the house purchase
American Pacific Mortgage (APM) is in receipt of the consumer response to complaint ID #***. To summarize, our investigation revealed there were two purchase transactions which were submitted at the same time. There are many complexities involved in qualifying for two loans simultaneously. Our review showed that there were several challenges we had to overcome for the consumer to qualify for both loans. To ensure a loan is saleable, we must meet all investor guidelines. To meet investor guidelines, we had to lower the loan amount for the subject property which increased the down payment. Our Loan Originator documented speaking with the consumer and obtaining verbal agreement to move forward. Our system was updated and the loan documents were available at Title for review and signature. The updated loan documents were fully reviewed and signed by the consumer. After documents were signed, both loans funded. We believe we did everything possible to assist the consumer in purchasing these two properties. Our goal is that every APM consumer has a positive experience with our company and as a goodwill gesture we offered to reimburse $2,276.75, which includes our origination fee, the appraisal and re-inspection fees, credit report fee, tax service and flood cert fees. We sent the check and a formal response to the consumer on September 9, 2015. Please let me know if you have any questions or need anything further.Sincerely,***
I am rejecting this response because:Very simple - American Pacific changed the terms of the loan just before end of escrow, but never offered me any paperwork about the change I got the new terms on paper from the title company the night before close of escrow Much to late to find a new lender I asked they honor the original loan rate for the extra cash they extorted from me and they refused
American Pacific Mortgage (APM) is in receipt of the consumer complaint ID # [redacted] We have completed a full investigation of the circumstances and completed a second underwriting reviewOur investigation revealed there were two purchase transactions for the consumer which were submitted at the same timeOne was an investment property and one was the subject property referenced in the complaintThere are many complexities involved in qualifying for two loans simultaneouslyOur review showed that the challenges we had to overcome in order for the consumer to qualify for both loans involved the type of income, hazard insurance and the second property incomeWe could not utilize rental income from the second property because at the time of the loan for the subject property, the second property was not owned by consumer and the loan was still in processTo ensure the consumer qualified for both, we had to lower the loan amount for the subject property which increased the down paymentWe acknowledge the terms changed as we continued to work with the consumer through each circumstance that arose that jeopardized their ability to qualify for the subject property loanOur Loan Originator spoke with the consumer and explained the lower loan amount and higher down payment and documented agreement to move forward with the loanOur system was updated and documents were available at Title for review and signatureIt was our understanding that the consumer picked up the documents from Title and reviewed them with an AttorneyThey were signed and both loans fundedWe believe we did everything possible to assist the consumer in purchasing these two propertiesThe consumer originally requested that all communication happen via emailWe’ve presented an initial response to him via email with the results of our investigationWe’ve requested a phone conference to discuss his desired resolution and gather some additional detailsWe are currently in the process of working with the consumer towards a mutually agreeable resolution
American Pacific Mortgage (APM) is in receipt of the consumer complaint ID #***We have completed a full investigation of the circumstances and completed a second underwriting reviewOur investigation revealed there were two purchase transactions for the consumer which were submitted at the
same timeOne was an investment property and one was the subject property referenced in the complaintThere are many complexities involved in qualifying for two loans simultaneouslyOur review showed that the challenges we had to overcome in order for the consumer to qualify for both loans involved the type of income, hazard insurance and the second property incomeWe could not utilize rental income from the second property because at the time of the loan for the subject property, the second property was not owned by consumer and the loan was still in processTo ensure the consumer qualified for both, we had to lower the loan amount for the subject property which increased the down paymentWe acknowledge the terms changed as we continued to work with the consumer through each circumstance that arose that jeopardized their ability to qualify for the subject property loanOur Loan Originator spoke with the consumer and explained the lower loan amount and higher down payment and documented agreement to move forward with the loanOur system was updated and documents were available at Title for review and signatureIt was our understanding that the consumer picked up the documents from Title and reviewed them with an AttorneyThey were signed and both loans fundedWe believe we did everything possible to assist the consumer in purchasing these two propertiesThe consumer originally requested that all communication happen via emailWe’ve presented an initial response to him via email with the results of our investigationWe’ve requested a phone conference to discuss his desired resolution and gather some additional detailsWe are currently in the process of working with the consumer towards a mutually agreeable resolution
I am rejecting this response because:American Pacific Mortgage did not provide the loan they offered when I applied They did not adhere to the Good Faith Estimate About week before close of escrow they said they would change the terms, but they did not offer or provide any documentation about the change at any time I learned about the change the night before close of escrow I consider their behavior extortion because they knew I could take the much more costly terms or lose the house purchase
American Pacific Mortgage (APM) is in receipt of the consumer response to complaint ID #***. To summarize, our investigation revealed there were two purchase transactions which were submitted at the same time. There are many complexities involved in qualifying for two loans simultaneously. Our review showed that there were several challenges we had to overcome for the consumer to qualify for both loans. To ensure a loan is saleable, we must meet all investor guidelines. To meet investor guidelines, we had to lower the loan amount for the subject property which increased the down payment. Our Loan Originator documented speaking with the consumer and obtaining verbal agreement to move forward. Our system was updated and the loan documents were available at Title for review and signature. The updated loan documents were fully reviewed and signed by the consumer. After documents were signed, both loans funded. We believe we did everything possible to assist the consumer in purchasing these two properties. Our goal is that every APM consumer has a positive experience with our company and as a goodwill gesture we offered to reimburse $2,276.75, which includes our origination fee, the appraisal and re-inspection fees, credit report fee, tax service and flood cert fees. We sent the check and a formal response to the consumer on September 9, 2015. Please let me know if you have any questions or need anything further.Sincerely,***
I am rejecting this response because:Very simple - American Pacific changed the terms of the loan just before end of escrow, but never offered me any paperwork about the change I got the new terms on paper from the title company the night before close of escrow Much to late to find a new lender I asked they honor the original loan rate for the extra cash they extorted from me and they refused