Box Home Loans

We have reviewed the calls and emails between the client and agentMay 2, was when the initial concern was brought up by the clientThe Loan Officer mentioned this would need to be reviewed by an Underwriter and suggested they start the pre approval processThe client then had an offer
accepted and began the process of pre approval the end of MayOn June 3, we received the employment contract from the client and made it clear that the contract wouldn't work and that we would need to do a VOE (Verification Of Employment) that made it clear that he was a permanent employeeWe informed the client that the person who performs the VOE was out of town and no one else in HR was willing to fill that out so we were forced to wait until this person came back from vacationWe called the client on June 16, and told them the VOE that was provided would not work and told him to look into the previously mentioned option of a co signerWe wish that guidelines were different and we could have accepted the employment contract, unfortunately current guidelines require a year continuanceThe client was instructed to begin the pre approval process (see email below)which includes underwriting all documentation prior to making and offer, however the client didn't choose this option and didn't officially begin the process until weeks later when an offer was acceptedIt's unfortunate this didn't end up working out for us or the client ---------- Forwarded message ----------From: Regan S*Date: Mon, May 2, at 4:PMSubject: Re: Pre-Qualification Letter for *** *** and *** ***To: *** *** So it looks like you income is W-income, so that is good. It would come down to what your employer put on the verification of employment. If the listed you as an hourly employee, there would be no issue. If they listed you as a contract worker, they would have to list the likeliness of continuance highly likely. I think the best idea would be to get you on our pre-approval path. On this path we would gather your documents and underwrite your loan before you make an offer. This way there are no surprises later on. Plus there is no extra fee to do so. If you would like me to get you on that path please let me know.Thank you, *Regan S*** Loan Officer NMLS# ***Technology CourtLindon, UT 84042###-###-#######-###-#######-###-#### (fax) On Mon, May 2, at 2:PM, *** *** wrote:Here are my past two tax returns as well as my contract starting June We went ahead and passed on the house we were considering but we'd really like to know for sure if we need to wait until we get permanent employment or if we are able to continue lookingThe fees worksheet was great to seeI know it isn't a guarantee but we were surprised to see the rate. We don't want to spend the time and effort looking for houses and putting down offers only to find out we are unable to get funding or we can't get the rate, etc we were expectingSo we'd love to nail down as much as we can before we start looking at houses againLet me know what you figure out or if you need more information from me.Thanks,*** ***On Mon, May 2, at 1:PM *** *** wrote: I can just send you my tax return if that helps. On Mon, May 2, 2016, 1:PM Regan S*** wrote:I just barely talked with the underwriter. She said it depends on how you get paid. If you are a employee, we will need the year history. If you get W-income it will not be a problem. She suggested you send in a paycheck for underwriting to review. Please let me know if you have nay questions.ReganThank you, *Regan S*** Loan Officer NMLS# ***Technology CourtLindon, UT 84042###-###-#######-###-#######-###-#### (fax) On Mon, May 2, at 1:PM, *** *** wrote:Thanks for passing this alongWe talked to another lender over the weekend because we had some urgent questionsHe recently got back to me as well and said he thinks that I would be unable to get a loan at this time because of my employment statusHe said he checked with multiple investors and they all require at least years history for contract workersI only have one year behind meCan you check further on the Box Home qualifications in this regard?Thanks!On Mon, May 2, at 11:AM wrote:*** and ***,Attached is a copy of your Pre-Qualification letterPlease don’t hesitate to call or email me if we need to modify the sales price and loan amount listed in the letter.Thank You,Regan *** S***###-###-####, ext***NMLS #:***Company NMLS #:***--[image: Box Home Loans] A Division of Nudge Funding, LLCNMLS #1359687[image: Facebook] [image: Twitter] [image: Youtube] [image: WordPress] [image: LinkedIn]Technology CourtSuite 200Lindon, Utah 84042Disclaimer: This message and any attachments may contain confidential orprivileged information and are only for the use of the intended recipientof this messageIf you are not the intended recipient, please notify thesender by return e-mail or phone, and delete or destroy this and all copiesof this message and all attachmentsAny unauthorized disclosure, use,distribution or reproduction of this message or any attachments isprohibited and may be unlawful.A Division of Nudge Funding, LLCNMLS #1359687 Technology CourtSuite 200Lindon, Utah 84042 Disclaimer: This message and any attachments may contain confidential or privileged information and are only for the use of the intended recipient of this messageIf you are not the intended recipient, please notify the sender by return e-mail or phone, and delete or destroy this and all copies of this message and all attachmentsAny unauthorized disclosure, use, distribution or reproduction of this message or any attachments is prohibited and may be unlawful.Thank you, *Regan S*** Loan Officer NMLS# ***Technology CourtLindon, UT 84042###-###-#######-###-#######-###-#### (fax) ---------- Forwarded message ----------From: *** *** Date: Tue, May 10, at 5:PMSubject: Re: Pre-Qualification Letter for *** *** and *** ***To: Regan S*** I just realized I never responded to thisWe're closing on our house tomorrow so maybe we should revisit this ina few days once it is finalized and we have some cash in our bank account.On Tue, May 3, 2016, 10:AM Regan S*** wrote:Looking at your credit report there are not any mortgages. Do you have the loan amounts and monthly payments for the mortgages on the two properties you own?Thank you, *Regan S*** Loan Officer NMLS# ***Technology CourtLindon, UT 84042###-###-#######-###-#######-###-#### (fax) On Mon, May 2, at 6:PM, *** *** wrote:Let's do it

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to meRather, I really don't care that muchThe intent was to make the company aware with hopes they'd be able to improveIt doesn't sound like that was very effective but I guess it is their problem nowIt is funny that they were calling me *** thoughMy name is ***HaI rest my case
Sincerely,
*** ***

I agree there's always room for improvement and we take any complaint seriously I've reviewed all emails and listened to every recorded phone call between *** and the loan officer Regan We record all calls and emails and I've spent over an hour listening to calls and reviewing emails looking for something to substantiate ***'s complaint Unless the conversation referenced where in *** insists Regan "gave his word the contract employment wouldn't be an issue" was made from a phone number other than ***'s cell or home number, I can't find any instance to support the complaint that we approved ***'s contract employment I did see that there was time wasted as we tried to get the necessary documentation from ***'s employer due to a key person in HR being out of town I also would agree that at times Regan was slow to respond to voice mails and that Regan and have taken action to correct this with him It can be quite frustrating when time is of the essence As with every complaint, I assume the customer is correct and use the complaint as an opportunity apologize, to correct and change our policy and procedures for the better In this case I simply cant find a conversation or email to support his claim If *** has any correspondence or documentation which can substantiate his claim of being all approved for a loan only to be denied a just before a settlement date, my position would change and I would need to discipline, correct and change our procedure and policy As it stands I'm sorry his current employment contract doesn't meet guidelines I will instruct my loan officers to be more direct in communication others with similar employment circumstances have their file suspended or denied up front and given to opportunity provide documentation to clear the suspense or reverse the declination We will still offer pre-qualifications based on the information provided on the application with the same disclosures stating full approval is subject to final underwriting.I'm glad *** was able to secure other financing and apologize that his experience wasn't what ether one of us wanted it to be

We regret having a
customer who's experience had been less than what we both hoped for.  In
this case, the customer did express his disappointment during the process of
receiving his financing approval and we did our best to resolve his concerns.
 We are limited by both regulatory...

agency guidelines and individual
investor guidelines applicable to mortgage lending.  We feel that in the
end, our business model of rewarding those with great credit with lower rates
and fees compared to other lenders and banks still saved this customer money,
it just ended up with less savings than expected.  The change was due to servicer guidelines
associated with the review appraiser's comments on this customers residential
appraisal.  We have no ability to choose appraisers and we wish things
were different.
 
In this case the
customer appeared to qualified for our Platinum pricing perfectly but in the
end the property (according to the independent appraisal) did not.  We do
our best to communicate the potential issues which might disqualify a customer
from closing on a loan with Platinum pricing up front including disclosing how
appraisals are sometimes a determining factor.  As soon as the appraisal review came in and was reviewed, we communicated the change in pricing due to the
appraisal.  Appraisals are one of the few "change of
circumstances" which by law allow for a lender to re-price and
re-disclosure fees.  Unfortunately, the timing of re-disclosing due to
appraisal issues in a purchase transaction can result in an unpleasant
experience. 
 
I have attached our
up-front disclosure which the customer has acknowledged he was made aware of
for your review.  We did our best to look for other ways to reduce the
overall costs for the customer including shopping around and lowering his
mortgage insurance premium.  We do our best to communicate potential
scenarios which could be a factor in mortgage financing and help our customers
have a great experience at prices lower than most competitors.  Sometimes
there are elements that are simply out of our ability to know about or control.
 Sadly, this is one of those cases. 
 
We are sorry but we
cannot oblige the customer’s request to amend his interest rate to Platinum
pricing due to the independent appraiser's review.