Alcova Mortgage

Management Response:
We are very sorry for the frustration over this loan closing. Our company strives to make sure every
loan closes on time with anticipated terms. ln this particular case the major issue was the information
giving to us upfront about property was inaccurate. Had we known all...

details the client could have been
given a better understanding of what was going to take place. The property being financed was bought
less than 90 days before our client signed a contract to buy. The seller purchased the property at a
discount and was selling it as a flip (which is when a seller buys a property low and turns around to sell it
within a 90 day period). Double-wide financing already being difficult in the current market conditions
makes it extremely difficult to get done when a property has been flipped less than 90 days ago. Our
office policy is that we do not finance double-wide properties that have been owned less than 90 days
before listing. Since we didn't find out until after client signed a contract we agreed to do whatever
possible to make the deal work. After finding out after the process already started that the property had
been sold 3 months ago we had to get a copy of the home inspection. The home inspection revealed
some safety hazards with the home. Due to FHA government restrictions we had to make sure these
hazards were fixed in accordance with FHA standards. This took some time to get complete. Also, from
the time loan application was taken the borrower elected to get a gift for the down payment. Anytime
funds other than borrower's personal funds are being used more documentation is needed. All these
items caused delays during the loan process and more documentation from the borrower was required.
We are not sure what conversation took place about the rate lock but Alcova never once thought about
changing the rate or charging for these delays. The rate did have to be extended twice in which Alcova
paid for the rate lock extension fee both times. This was a very difficult case to get closed and Alcova
pushed thru anything that came up to make sure the loan closed. We are deeply sorry this caused some
frustration from the client and extremely sorry that items were not communicated in a timely matter.
As always we never want a client to feel dissatisfied with a transaction. Thank you.
Officer Response:
Property was a flip less than 90 days which we found out after we started. This caused delays with 2nd
appraisal, etc.
Preapproved husband only-when they bought more than he qualified for, I had to add her after they
were already under contract
When she brought in documentat¡on and either it was not what we needed or it triggered need for
additional documentation
Would leave message and not get response for a long time on items needed from her-he always
responded in timely manner
I was not rude to her and did not say what she stated in the letter (l believe realtor called her to help get
her to respond at one time and might have said I said that because I did tell realtor that she needed to
make the loan a higher priority-this was after days of not hearing back from email)
Listing Agent Response:
To whom it may concern,
My name is [redacted] in Blacksburg Va. and I was the Listing agent on the sale of the [redacted]
[redacted] in Riner Back in January 2014. An lnvestor fixed up the property and resold it. Everything
was going great with the loan until the under writer found out that the property was only owned by the
investor for 87 days before a contract was written on the property. Certain types of loans, like the loan
that the buyers of [redacted] got. The property must be owned by the seller for at least 90 days
before a contract can be written on it. Neither myself nor the lender Alcova Mortgage had known that
the seller had only owned the property for 87 days before the contract was written. So that's where the
delay in the closing happened. The Under writer required a second appraisal to be done on the
property. The Under writer also requested a copy of the Home lnspection report. Once the under writer
looked at the Home lnspection report, they required that my seller make several thousand dollars'
worth of additional repairs. This was in the dead of winter when we had the big snow storms. So it took
my seller several weeks to complete the under writer required repairs before the Under writer
would clear the buyers loan to close. Once we had all of the repairs completed then we were able to
close. Alcova Mortgage had no control over the Delay. I have been using Alcova Mortgage for Ten years
and I have never had a problem with their service. ln my opinion Alcova Mortgage is one of the top
lenders in South West Virginia. Please feel free to contact me if you have any questions,
[redacted] or call me directly at###-###-####
Thank you

My husband and I had a wonderful experience with Alcova Mortgage in [redacted]. Our loan officer was helpful from beginning to end. We are in our mid 20's and were able to purchase a home with very little difficulty thanks to [redacted] We could not be happier with the service we received. Above and beyond expectations.

Review: After applying with Alcova in Blacksburg , VA (after hearing great reviews with the Revdex.com), midway through the process there was a dramatic change in the loan officer's handling of paperwork and agreements. To begin with, the officer kept handing out small verbal lists of things required to complete the mortgage application, instead of giving a full, up to date, organized list. With every piece of paper we returned to the office, this officer found something wrong with virtually all of it, changing the requirements and making us submit the same things over and over and over again that showed employment, taxes, bank or money transfers. This officer reprimanded me on 'getting my priorities straight' as we were running raggedly back and forth to supply an almost-daily changing list of demands from the officer. I did this while commuting 2 hours to work daily (4 hours round trip). The handling of these documents was sloppy, haphazard, and unorganized. Then we discover the agreed on, set-in-writing closing date was canceled at the last minute after Alcova failed to submit parts of our paperwork, lost it, or ensure certain repairs were made to the home to meet the needs of the law. We were not informed of cancellation until late on. Repairs were outlined and completed, yet Alcova went on to cancel our closing date again and again (3 total) with no clear explanation, except 'some' other repair or piece of law or paperwork had to be done. This forced us to cancel homeowners' insurance repeatedly, which almost barred us from being able to get insurance. Our insurance agent contacted Alcova repeatedly, only to get delayed replies to inquiries/concerns. In the midst of all this, the officer goes on vacation but doesn't tell those working in her absence of the situation, no handoff, report, nothing. Due to that, Alcova tried to raise our locked in, signed and dated interest rate. Our officer often delayed responding to emails or phone calls to either of us homeowners either, or sent only email after being clearly asked, "Please call." Near the end, the officer manager stepped in and got things straightened out, a closing date set and kept, but only after weeks and weeks of delays and run-around from our original loan officer. Her assistant and the office manager were kind, but it's obvious communication in that office is very, very poor, and the way they treat clients is frankly, unethical. Yes, while my spouse and myself know there's a lot of red tape in buying a home, the repetitive delays and neglect to turn in our information so the loan would process as scheduled is ABSURD. Being given the run around is what was given instead. As a mortgage broker, it was Alcova's responsibility to know the law and complete its part of the work on time, to treat clients more ethically than that.Desired Settlement: Alcova to dramatically improve its communication and handling of client's paperwork and loan processes, and for employees to keep themselves updated on knowledge of what the laws require. If a law changes about buying a home, they should make sure they keep informed of said changes; have it on file on site- like how the OSHA books are required in the workplace.

To see this particular office start communicating accurately with clients and each other would be fantastic-both verbally and in writing, to minimize delays and stop confusion.

A great outcome to assist homebuyers would be to furnish a written, up to date, full list of ALL requirements, organized and sorted, not little 'here and there' lists that change daily.

Business

Response:

Management Response:

We are very sorry for the frustration over this loan closing. Our company strives to make sure every

loan closes on time with anticipated terms. ln this particular case the major issue was the information

giving to us upfront about property was inaccurate. Had we known all details the client could have been

given a better understanding of what was going to take place. The property being financed was bought

less than 90 days before our client signed a contract to buy. The seller purchased the property at a

discount and was selling it as a flip (which is when a seller buys a property low and turns around to sell it

within a 90 day period). Double-wide financing already being difficult in the current market conditions

makes it extremely difficult to get done when a property has been flipped less than 90 days ago. Our

office policy is that we do not finance double-wide properties that have been owned less than 90 days

before listing. Since we didn't find out until after client signed a contract we agreed to do whatever

possible to make the deal work. After finding out after the process already started that the property had

been sold 3 months ago we had to get a copy of the home inspection. The home inspection revealed

some safety hazards with the home. Due to FHA government restrictions we had to make sure these

hazards were fixed in accordance with FHA standards. This took some time to get complete. Also, from

the time loan application was taken the borrower elected to get a gift for the down payment. Anytime

funds other than borrower's personal funds are being used more documentation is needed. All these

items caused delays during the loan process and more documentation from the borrower was required.

We are not sure what conversation took place about the rate lock but Alcova never once thought about

changing the rate or charging for these delays. The rate did have to be extended twice in which Alcova

paid for the rate lock extension fee both times. This was a very difficult case to get closed and Alcova

pushed thru anything that came up to make sure the loan closed. We are deeply sorry this caused some

frustration from the client and extremely sorry that items were not communicated in a timely matter.

As always we never want a client to feel dissatisfied with a transaction. Thank you.

Officer Response:

Property was a flip less than 90 days which we found out after we started. This caused delays with 2nd

appraisal, etc.

Preapproved husband only-when they bought more than he qualified for, I had to add her after they

were already under contract

When she brought in documentat¡on and either it was not what we needed or it triggered need for

additional documentation

Would leave message and not get response for a long time on items needed from her-he always

responded in timely manner

I was not rude to her and did not say what she stated in the letter (l believe realtor called her to help get

her to respond at one time and might have said I said that because I did tell realtor that she needed to

make the loan a higher priority-this was after days of not hearing back from email)

Listing Agent Response:

To whom it may concern,

My name is [redacted] in Blacksburg Va. and I was the Listing agent on the sale of the [redacted] in Riner Back in January 2014. An lnvestor fixed up the property and resold it. Everything

was going great with the loan until the under writer found out that the property was only owned by the

investor for 87 days before a contract was written on the property. Certain types of loans, like the loan

that the buyers of [redacted] got. The property must be owned by the seller for at least 90 days

before a contract can be written on it. Neither myself nor the lender Alcova Mortgage had known that

the seller had only owned the property for 87 days before the contract was written. So that's where the

delay in the closing happened. The Under writer required a second appraisal to be done on the

property. The Under writer also requested a copy of the Home lnspection report. Once the under writer

looked at the Home lnspection report, they required that my seller make several thousand dollars'

worth of additional repairs. This was in the dead of winter when we had the big snow storms. So it took

my seller several weeks to complete the under writer required repairs before the Under writer

would clear the buyers loan to close. Once we had all of the repairs completed then we were able to

close. Alcova Mortgage had no control over the Delay. I have been using Alcova Mortgage for Ten years

and I have never had a problem with their service. ln my opinion Alcova Mortgage is one of the top

lenders in South West Virginia. Please feel free to contact me if you have any questions,

[redacted] or call me directly at###-###-####

Thank you