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Big Valley Mortgage Reviews (1)

Review: American Pacific Mortgage's Good Faith Estimate showed the down payment as 20%. The day before close of escrow when American Pacific Mortage gave me the final paperwork the down payment amount was increased 31%, from 20% to nearly 27% of the purchase price. Also, the company was hard to deal with because during the last few weeks of escrow American Pacific Mortgage changed or added new loan requirements once or twice a week. Some of the new requirements contradicted previous requirements.Desired Settlement: Please refund all my mortgage costs associated with this mortgage, including appraisal and title company fees.

Business

Response:

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 review. Our investigation revealed there were two purchase transactions for the consumer which were submitted at the same time. One was an investment property and one was the subject property referenced in the complaint. There are many complexities involved in qualifying for two loans simultaneously. Our 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 income. We 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 process. To ensure the consumer qualified for both, we had to lower the loan amount for the subject property which increased the down payment. We 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 loan. Our Loan Originator spoke with the consumer and explained the lower loan amount and higher down payment and documented agreement to move forward with the loan. Our system was updated and documents were available at Title for review and signature. It was our understanding that the consumer picked up the documents from Title and reviewed them with an Attorney. They were signed and both loans funded. We believe we did everything possible to assist the consumer in purchasing these two properties. The consumer originally requested that all communication happen via email. We’ve presented an initial response to him via email with the results of our investigation. We’ve requested a phone conference to discuss his desired resolution and gather some additional details. We are currently in the process of working with the consumer towards a mutually agreeable resolution.

Consumer

Response:

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 1 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.

Business

Response:

American Pacific Mortgage (APM) is in receipt of the consumer response to complaint ID #[redacted]. 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.

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Description: Mortgage Brokers

Address: 256 N J St, Tulare, California, United States, 93274-4027

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www.bvloans.com

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Shady, yet now dead: once upon a time this website was reported to be associated with Big Valley Mortgage, but after several inspections we’ve come to the conclusion that this domain is no longer active.



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