Billy Sweet Chimney Sweep

· The Credit Union received the application for the home equity line of credit (HELOC) on Friday, 10/9/and sent out a conditional Home Equity Approval Letter dated 10/12/ The conditional approval letter states, “Final approval is subject to acceptability of collateral to comply with Hawaii State Federal Credit Union’s guidelines.” · Because the loan was considered a Jumbo HELOC (loan amount greater than $250,000) the Credit Union guidelines states the Jumbo HELOC must be in 2nd lien position only The applicant’s intent was to pay off an exist [redacted] HELOC at [redacted] ***, which would have placed the Jumbo HELOC in 1st lien position · On 10/13/2015, the Credit Union loan officer communicated to the applicant that the Credit Union could not do the loan because the loan did not comply with our guidelines for a Jumbo HELOC · The Credit Union does not agree that there was any advertising or deceptive practices All marketing materials and brochures go through a compliance/legal review prior to publication Guidelines and requirements for a particular loan product are not generally disclosed in marketing materials, nor would it be practical to do so Disclosures and underwriting guidelines are provided throughout the loan application process as required · The Credit Union does not agree that compensation is in order due to any delay on the Credit Union’s part The loan application was received by the Credit Union on Friday, 10/9/and the applicant was notified on Tuesday, 10/13/that the Credit Union could not do the loan

I retract my statement that at the time of the request, the loan was past due I based the statement on erroneous information I received from our Loan Department, and I apologize I stand by the rest of my previous response

Complaint: ***
I am rejecting this response because:They say my payment was past due and it was not at the time and they also asked for my new address and work information and I provided both to themI don't not appreciate them lying about the situationI don't know if its to make them self's look better as a company by putting me downIf all they said was true I would be ok with that but what they are saying is not true and I do not appreciate that at all
Sincerely,
Asialee ***

Complaint: [redacted]
I am reject[redacted] this response because:  there was no mention that loans over $250,000  would be considered a Jumbo HELOC in the attached advertisement.Branch Manager and Loan Officer also confirmed that I could have my exist[redacted] HELOC paid off with the HSFCU HELOC.  If they told me otherwise, I would nothave applied in the first place.
Sincerely,
[redacted]

·        
The
Credit Union received the application for the home equity line of credit (HELOC)
on Friday, 10/9/2015 and sent out a conditional Home Equity Approval Letter
dated 10/12/2015.  The conditional
approval letter states, “Final approval...

is subject to acceptability of
collateral to comply with Hawaii State Federal Credit Union’s guidelines.” 
·        
Because
the loan was considered a Jumbo HELOC (loan amount greater than $250,000) the Credit
Union guidelines states the Jumbo HELOC must be in 2nd lien position
only.  The applicant’s intent was to pay
off an exist[redacted] HELOC at [redacted], which would have placed the Jumbo
HELOC in 1st lien position. 
·        
On
10/13/2015, the Credit Union loan officer communicated to the applicant that
the Credit Union could not do the loan because the loan did not comply with our
guidelines for a Jumbo HELOC.
·        
The
Credit Union does not agree that there was any false advertising or deceptive
practices.  All marketing materials and
brochures go through a compliance/legal review prior to publication.  Guidelines and requirements for a particular
loan product are not generally disclosed in marketing materials, nor would it
be practical to do so.  Disclosures and
underwriting guidelines are provided throughout the loan application process as
required.
·        
The
Credit Union does not agree that compensation is in order due to any delay on
the Credit Union’s part.  The loan
application was received by the Credit Union on Friday, 10/9/2015 and the
applicant was notified on Tuesday, 10/13/2015 that the Credit Union could not
do the loan.

We have refunded Ms. [redacted]'s payment in full.

Aloha [redacted],I viewed the response from the consumer and your message through the Revdex.com portal.  Unfortunately, I cannot provide a copy of the guidelines that states the Jumbo HELOC must be in 2nd lien position only.  The guidelines in question are an internal document, not meant for the public.  Most financial institutions do not disclose in writing all product and underwriting guidelines for specific loans, as they vary depending on loan type, credit worthiness, collateral, and debt ratio, among many other things.  The particular requirement that our Jumbo HELOC must be in 2nd lien position is not something that is required to be disclosed by any regulation.  The consumer was notified within 2 business days that we could not do the loan.  I don’t have anything else to add to my response that would satisfy the consumer.  Do you have any suggestions?  I will be out of the office for most of the day, but I will be checking my email and am available on my cell phone at [redacted] if you want to discuss.  Thanks,ElliotElliot *. H[redacted]

I retract my statement that at the time of the request, the loan was past due.  I based the statement on erroneous information I received from our Loan Department, and I apologize.  I stand by the rest of my previous response.

The Credit Union received the request to ship the auto on 7/18/2015.  The loan contract that the member signed
and agreed to includes the following:
·        
You agree not to
remove the vehicle from the island in Hawaii where you first keep it,...

or to
sell, rent, lease, or transfer any interest in the vehicle or this Contract
without our written permission.
·        
The vehicle may
be removed from the State of Hawaii only after you receive a separate written
consent from us.  We will consent to the
removal of the vehicle from the State of Hawaii if, at the time of removal, all
of the following conditions are met:
o  
The vehicle is
being shipped to a location within the continental United States.
o  
You provide us
with your new mailing address (and residence address if different from your
mailing address) and written, verifiable confirmation of employment at your
next place of residence.
o  
You are not in
default of any promise or obligation under this Contract
o  
We are satisfied
that your relocation will not adversely affect your financial condition and
ability to fulfill your promises and obligations under this Contract.
At the time of the request, the loan was
past due.  Also, the member could not
provide written confirmation of employment at next place of residence.  Because the member could not provide written
confirmation of employment, the Credit Union asked if a co-borrower can be
added to the loan.  The member did not
have anyone available to be a co-borrower. 
The Credit Union then asked for 6 months of payments to be held in a
Credit Union account.  The member
withdrew the request to ship the auto on 7/24/2015.