Atlantic Bay Mortgage Group

Be prepared for dozens of scam calls if you provide any personal information. Immediately after a realtor contacted AB for a *possible* mortgage, I started receiving several dozen scam real estate calls per day. My Realtor assured me that they do NOT sell any information.
This is unprofessional to a new level.

I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait for the business to perform this action and, if it does, will consider this complaint resolved.Thank you so much for reaching out! Regards, [redacted]

*** ***, our Western Region Office Manager, talked with Mr*** a while ago, please see below what Mr*** told him This was a misunderstanding between Mr*** and Mr***.Should you have further questions please do not hesitate to contact me.Thank you.*** **
***Executive Assistant to *** ***, Regional President/PartnerAll set… Mr*** understood that our approach in terms of a reply to the Revdex.com is going to be from a misunderstanding standpoint and that we would absorb appraisal fee as well as title fee for good measure

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.Thank you so much for reaching out!
Regards,
[redacted]

RE: Complaint ID # [redacted]Dear Sir or Madam:Atlantic Bay Mortgage Group, L.L.C. ("Atlantic Bay") is in receipt of Mr. [redacted]above-listed complaint, dated March 2, 2016. The complaint filed by Mr. [redacted], states thathis closing contract states "If your loan amount is lesser than 80%...

of the appraisal uponconsummation of the loan then Private Mortgage Insurance ["PMI") will be removed." Mr.[redacted] states that he contacted his loan servicer, [redacted], to inquire about removing PMIfrom his loan, and was told by [redacted], that he would have to wait two years to request thatPMI be removed, or pay for a new appraisal. Mr. [redacted] states, what [redacted] advised himregarding removing the PMI from his loan, conflicts with what his closing contract states.Mr. [redacted]'s signed PMI Disclosure states, a borrower can request cancellation of PMI oneither of the following dates: "1. The date the principal balance of your loan is first scheduledto reach 80% of the original value of the property, based solely on the initial amortizationschedule for your loan and irrespective of the outstanding balance of your loan on that date.This date is January 1, 2024, or 2. The date the principal balance of your loan actually reaches80% of the original value of the property, based solely on your actual loan payments." Refer toExhibit A.Mr. [redacted]'s signed PMI Disclosure defines "original value" as "the lesser of (a) the contractsales price of the property, or (b) the appraised value of the property at the time the loan isconsummated." Refer to Exhibit A. Mr. [redacted]'s appraised value, at the time the loan wasconsummated, was $160,000, and the sales price was $129,501. The loan-to-value at the timethe loan was consummated was 95%. At this time, Mr. [redacted]'s principal balance is$122,851.66, which is 94.9% loan-to-value. This value is above the required value to removePMI from Mr. [redacted]'s loan.Additionally, Mr. [redacted]'s signed PMI Disclosure states, "PMI will be canceled on thecancelìation date only if you have satisfied all of the following conditions, or any later date thatyou have satisfied alÌ of the following conditions: (i) you submit a written request for PMIcancellation to the servicer of your loan, (ii) you have a good payment history, (iii) you arecurrent on your loan payment, and (iv) the servicer receives, if the servicer requests and atyour expense, (A) evidence satisfactory to the holder of your loan at the time of your writtencancellation request that the property's value has not declined below its original value, and (B)certification that there are no subordinate liens on the property." Refer to Exhibit A.Mr. [redacted]'s signed PMI Disclosure defines "good payment history" as, "you have not made amortgage payment that was 60 or more days past due during the 12-month period beginning24 months before, and you have not made a mortgage payment that was 30 or more days pastdue within the 12-month period preceding, the later of..." Refer to Exhibit A. As a result, inorder to establish "good payment history" [redacted] will need two years of payment history.[redacted] has stated to Mr. [redacted], if he orders a new appraisal, showing significantimprovement to the property, and the loan-to-value is at 75% or below the loan-to-currentvalue, [redacted] will remove PMI from the loan. [redacted] requires that the appraisal wouldhave to be ordered through them, at Mr. [redacted]'s expense.Please contact [redacted], VP of Legal Affairs, Regulatory Compliance and AdministrativeControl at [redacted], ext. [redacted] with any additional insight you would like to provide.Very Truly yours,[redacted]VP of Legal Affairs, RegulatoryCompliance and Administrative

I have reviewed the response made by the business in reference to complaint ID [redacted].  A resolution is still being discussed.  However, I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]

Review: This company offered to refinance our home. They stated they needed a house appraisal. We were not informed we would be responsible for the appraisal if the house came under appraised estimates. We were informed by email we would be required to pay the appraisal company 465.00. We did not receive a bill. I get a email today threatening us with collections , and be turned into our local courts. The cost went up a 100.00! We still have not received a paper manifest requesting payment. We are now reluctant to try and refinance with any mortgage company due to this experience.Desired Settlement: They should be up front with the consumer on the threat of cost to the consumer. A manifest bill should be sent from the company of service to the consumer. This mortgage company failed to achieve it's goal and we are paying the price. Other consumers need to know this company leads falsely.

Business

Response:

RE: Case lD #[redacted]Dear Sir or Madam:Atlantic Bay Mortgage Group, L.L.C. ("Atlantic Bay") is in receipt of Ms. [redacted]'sabove-listed complaint, dated July 5, 2016. The complaint filed by Ms. [redacted], states that shewas not informed by her loan officer, that she would be responsible for paying for the appraisalcost of her home, during her home loan refinance process. Ms. [redacted] also states that her or herhusband, Mr. [redacted], never received an invoice for the appraisal cost.Atlantic Bay's Regional Sales Manager contacted Ms. [redacted]'s Mortgage Banker, Ms. [redacted]. Ms. [redacted] stated she ensured that both borrowers were made aware of the costfor the appraisal, and that they would be responsible for the costs.Ms. [redacted] submitted her application to Atlantic Bay on, April 6, 2016, at which time the reviewof the refinance paperwork began. On April 28, 2016, the appraisal for Ms. [redacted]'s propertywas ordered, and On April 29,2016, an invoice for the appraisal cost, in the amount of $565.00was created and sent to Mr. [redacted], via email. Please see Exhibit A.Mr. [redacted] viewed the invoice for the appraisal on April 29, 2016, the day the invoice wasoriginally emailed, and again May 2, 2016 and July 9, 2016. On July 9, 2016, the appraisalinvoice was paid.The invoice states:"l understand that Atlantic Bay Mortgage is ordering anappraisal on my behalf and that I am responsible forpayment, regardless of my loan's final disposition. Iunderstand if I provide a deposit for my appraisal and theloan does not close, that my deposit will be used to pay forthe appraisal, and will not be credited back to me orrefunded to me."Atlantic Bay disputes Ms. [redacted]'s claims that they were unaware they would be charged for theappraisal of their home, as they were informed by their Mortgage Banker at the time ofapplication, and received the invoice for the appraisal within 30 days of submitting theirapplication. Mr. [redacted] viewed the invoice on several different occasions, prior to making thepayment 71 days after the original invoice was sent.Please contact [redacted], VP of Legal Affairs, Regulatory Compliance and AdministrativeControl at [redacted], ext. [redacted], with any additional insight you would like to provide.Very truly yours,[redacted]VP of Legal Affairs, RegulatoryCompliance and AdministrativeControl

Review: I am having an issue with poor communication between Atlantic Bay and their loan servicing provider my[redacted]. I have been told two completely different things that have left me very upset with a company that I was very excited about. I am hoping for a quick and easy resolution. My issue is regarding PMI or Private Mortgage Insurance. My home appraisal was completed by Atlantic Bay just weeks prior to my closing. My closing contract stated that "If your loan amount is lesser than 80% of the appraisal upon consummation of the loan then PMI will be removed." I immediately asked my mortgage loan officer when the PMI would be removed and was told that Atlantic Bay would have to decide whether or not they would be keeping the loan or if it would be sold off to another broker, as their policies for PMI may be different. I was told that if I received a letter confirming that Atlantic Bay would keep the loan for servicing that PMI would be removed promptly at anytime upon request. When I received my letter confirming that Atlantic Bay would be keeping my loan for servicing I promptly called and was told completely different information. I was told that I had to keep PMI for TWO YEARS or pay ANOTHER home appraisal for removal to be considered. When I asked if I should send a letter to Atlantic Bay I was told, "No, we service your loan for Atlantic Bay so they would not be able to remove PMI from your statements that would have to be done through [redacted]." I am highly upset, because my closing contract clearly states the terms, my mortgage officer clearly explained my options for PMI removal at anytime with the appraisal, and [redacted] clearly stated opposing information. I just want the issue resolved and corrected so that my experience stays as pleasant as it was when purchasing my home.Desired Settlement: I expect to be contacted with clear steps on how to resolve this issue and remove PMI promptly using my recently completed appraisal by Atlantic Bay.

Business

Response:

RE: Complaint ID # [redacted]Dear Sir or Madam:Atlantic Bay Mortgage Group, L.L.C. ("Atlantic Bay") is in receipt of Mr. [redacted]above-listed complaint, dated March 2, 2016. The complaint filed by Mr. [redacted], states thathis closing contract states "If your loan amount is lesser than 80% of the appraisal uponconsummation of the loan then Private Mortgage Insurance ["PMI") will be removed." Mr.[redacted] states that he contacted his loan servicer, [redacted], to inquire about removing PMIfrom his loan, and was told by [redacted], that he would have to wait two years to request thatPMI be removed, or pay for a new appraisal. Mr. [redacted] states, what [redacted] advised himregarding removing the PMI from his loan, conflicts with what his closing contract states.Mr. [redacted]'s signed PMI Disclosure states, a borrower can request cancellation of PMI oneither of the following dates: "1. The date the principal balance of your loan is first scheduledto reach 80% of the original value of the property, based solely on the initial amortizationschedule for your loan and irrespective of the outstanding balance of your loan on that date.This date is January 1, 2024, or 2. The date the principal balance of your loan actually reaches80% of the original value of the property, based solely on your actual loan payments." Refer toExhibit A.Mr. [redacted]'s signed PMI Disclosure defines "original value" as "the lesser of (a) the contractsales price of the property, or (b) the appraised value of the property at the time the loan isconsummated." Refer to Exhibit A. Mr. [redacted]'s appraised value, at the time the loan wasconsummated, was $160,000, and the sales price was $129,501. The loan-to-value at the timethe loan was consummated was 95%. At this time, Mr. [redacted]'s principal balance is$122,851.66, which is 94.9% loan-to-value. This value is above the required value to removePMI from Mr. [redacted]'s loan.Additionally, Mr. [redacted]'s signed PMI Disclosure states, "PMI will be canceled on thecancelìation date only if you have satisfied all of the following conditions, or any later date thatyou have satisfied alÌ of the following conditions: (i) you submit a written request for PMIcancellation to the servicer of your loan, (ii) you have a good payment history, (iii) you arecurrent on your loan payment, and (iv) the servicer receives, if the servicer requests and atyour expense, (A) evidence satisfactory to the holder of your loan at the time of your writtencancellation request that the property's value has not declined below its original value, and (B)certification that there are no subordinate liens on the property." Refer to Exhibit A.Mr. [redacted]'s signed PMI Disclosure defines "good payment history" as, "you have not made amortgage payment that was 60 or more days past due during the 12-month period beginning24 months before, and you have not made a mortgage payment that was 30 or more days pastdue within the 12-month period preceding, the later of..." Refer to Exhibit A. As a result, inorder to establish "good payment history" [redacted] will need two years of payment history.[redacted] has stated to Mr. [redacted], if he orders a new appraisal, showing significantimprovement to the property, and the loan-to-value is at 75% or below the loan-to-currentvalue, [redacted] will remove PMI from the loan. [redacted] requires that the appraisal wouldhave to be ordered through them, at Mr. [redacted]'s expense.Please contact [redacted], VP of Legal Affairs, Regulatory Compliance and AdministrativeControl at [redacted], ext. [redacted] with any additional insight you would like to provide.Very Truly yours,[redacted]VP of Legal Affairs, RegulatoryCompliance and Administrative

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted]. A resolution is still being discussed. However, I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

Review: This complaint deals with Mr. [redacted].

I told Mr. [redacted] I was going to rent the house during a refinance opportunity that he offered to me.

The loan process continued, an appraisal was ordered and was completed.

Mr. [redacted] emails to say the loan is not acceptable due the renting situation, and of course I am responsible for the appraisal cost.

I do not have alot of experience in rental property nor the real estate market, I feel he should be responsible for the fee or at least 50% of it due to his failure to understand my intentions.

Yes I signed documents apparently saying I was the occupant, but wasn't aware of that until after the fact .

Lesson- Read everything you sign, and DO NOT EXPECT "SEASONED" "SENIOR MORTGAGE BANKER" [redacted], TO CATCH A PROBLEM IN A LOAN UNTIL ITS TO LATE!

THANKS FOR THE WASTE OF TIME AND MONEY.Desired Settlement: It is clear they are forcing the cost on me, I believe in the future they should cover these costs regardless of a loan is approved or not!

Business

Response:

[redacted], our Western Region Office Manager, talked with Mr. [redacted] a while ago, please see below what Mr. [redacted] told him. This was a misunderstanding between Mr. [redacted] and Mr. [redacted].Should you have further questions please do not hesitate to contact me.Thank you.[redacted]Executive Assistant to [redacted], Regional President/PartnerAll set… Mr. [redacted] understood that our approach in terms of a reply to the Revdex.com is going to be from a misunderstanding standpoint and that we would absorb appraisal fee as well as title fee for good measure.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.Thank you so much for reaching out!

Regards,