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Alliance Direct Home Mortgage

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Reviews Alliance Direct Home Mortgage

Alliance Direct Home Mortgage Reviews (2)

Review: I contacted Alliance Direct to get a loan. Since the beginning of the process, I have been in constant communication with our agent [redacted]. We have provided the information he has requested within 24 hours and many times within hours of the request. We specifically made him aware on multiple occasions that we needed to have our loan in place right away due to the sale of our current home and the purchase of our new home was back to back. [redacted] promised me, my husband, our real estate agent, and the escrow company that we would get funding within 15 days. We are now past the 40 day mark and my loan is still not funded. I have had to pay unnecessary moving expenses of moving ALL of my belongings into a storage unit, we are now homeless and paying to stay in our timeshare, plus the labor for the move because he still has not funded the loan. We have all tried to reason with him on the urgency of the matter to no avail. I also had to request an extension from HUD just to give us more time to fund this loan which should have been done weeks ago. [redacted] last week and today they called to verify my employment. We had a pre-approval letter over a month ago so I am bewildered as to why it has taken so long to get this done. [redacted]in is now avoiding our phone calls and the president [redacted] has been contacted on multiple occasions by myself, my agent, and my husband and he is non responsive. There is no supervisor overseeing [redacted] work so there is no one he has to be accountable for. I am requesting ALL of my moving fees be re-imbursed due to his lack of professionalism, lack of communication, failure to deliver on his promise, and down right negligence. He has made mistake after mistake and all people involved including my agent, the escrow company, and attorney are willing to be witnesses to his being inept and not having enough experience in this business. The only thing [redacted] knows how to say is "thank you for letting me earn your business"Desired Settlement: I want my loan funded and I want to be reimbursed for all of my moving expenses which were incurred including but not limited to lodging, gas, meals, storage fees, labor paid for moving etc.

Business

Response:

[redacted]

[redacted] N. Suite [redacted]

San Diego, CA [redacted]

RE: Purchase Financing for

[redacted] Road

Ramona, CA [redacted]

Dear Mr. and Mrs. [redacted],

You provided all documents promptly which has allowed us to process your loan to completion smoothly. Our processing department submitted your loan to underwriting on July 23rd 2013. The Close of Escrow was September 2nd 2013. The Final approval of your loan was contingent on the sale of your [redacted] home which did not close until August 26th 2013. Once you paid off all your credit cards through escrow on the [redacted] transaction to get your debt to income ratio to the number underwriting required your file went back to underwriting to be cleared for completion. Your final loan documents for closing your transaction at [redacted] were in escrow ahead of the closing date on August 30th 2013 and your loan funded September 5th 2013. I provided continuous multiple daily updates throughout the entire transaction with all parties to the transaction and we funded the loan on schedule. I kept our management team abreast of the urgency of your close of escrow and they expedited your file ahead of others when needed. You received a substantial lender credit of to reduce your cash due to close. You have an escrow reimbursement account for repairs to your home required by your HUD contract which is being handled by customer service at the loan servicing department. The loan we provided for your purchase is very unique and not offered at most banks. I genuinely appreciate your business.

Sincerely,

Review: On May 3,2013 I started the process to obtain a mortgage loan on my residence with Alliance Direct Home Mortgage. I was ask to come to their offices to start the application process. I supplied them with "all" necessary information and papers and was told by the agent that my interest rate would be lock in at 3.375% and I was given a GOOD FAITH ESTIMATE stating all theimportant figures. I was promised by the agent([redacted]) that everything was in order to obtain the loan. An appraisal of my home was order for which I paid $435.00. Everything was set to go. It was important to get every thing done ASAP because interest rates were going up. I have a credit score of over 750(all three), over $1,500,000 in cash assets and I have only two small mortgages on two properties which I would use this loan to pay off. They took 2 weeks to process my loan and then they denied my application on the bogus basis that I had stock in a business that lost money. Which has no affect on my income(verified over $10,000/mo.) They said they would approve the loan if I "reapplied"---of course at a much higher interest rate. This was a "bait and switch" operation. They lied to me about the interest rate to begin with and had no intention of honoring their "GOOD FAITH ESTIMATE." I not only lost my $435 for the appraisal fee, but I was unable to take advantage of the lower interest rates available from other lenders. I consider this ploy UNETHICAL and DISHONEST.They should be forced to reimburse me for the appraisal fee and there devious business practices should be advertized, and their Revdex.com rating should be lowered!Please feel free to contact me. I will be gone from 6/28/2013 until 7/5/2013.Desired Settlement: I would like the appraisal fee I paid to be reimbursed to me. I think you should lower their Revdex.com ratings and publish it. And, I would appreciate an apology for the time and effort I spend gathering all the information.thank you

Business

Response:

In response to the complaint:

Our staff immediately contacted the client to review his concerns with the loan. We did receive a decline with the initial submission of the loan. The underwriter at United Wholesale Mortgage (the lender) declined the loan because of what they determined to be high debt ratios. We received this initial decline and attempted to argue our position with the lender to get them to change their stance. This method did not work and the bank ultimately declined the loan. This happens from time to time. We communicated this to the client and it was upsetting to him. I completely understood the clients position. We then agreed to change investors. We resubmitted the loan. At this point the loan is now fully approved and in a position to move to funding. When we discussed the solution with the client his stance changed with regards to how Alliance Direct was not responsible for the decision. The client was appreciative of the extra work we have done to get the loan approved. At this point we are moving forward on the transaction and trying to provide more updates as we near completion.

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Description: Real Estate Loans

Address: 3131 Camino Del Rio N #810, San Diego, California, United States, 92108

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