C P S

This complaint alleges that 1st Alliance Lending mismanaged the customer’s homeowner’s insurance policy, producing late payments that have subsequently been transferred to a debt collection agency.  However, according to the insurance company there was never an active homeowner’s insurance...

policy with 1st Alliance Lending as the mortgagee because the loan did not close.

Thats not right. If that's the case why did I recive collection notices and have negative credit on my credit reports. I had to pay 265.00 to insurance so I could renew my auto insurance. So I still want reemburced for that and the 3 months of credit rebuild to get it off my reports. Those are 70.00 a month.
Complaint: [redacted]
I am rejecting this response because:
Sincerely,
[redacted]

Complaint: 12144646
I am rejecting this response because:I do have a full time. From the very start of this process I stated that I was a flight attendant for [redacted] Air Lines and that our pay was not calculated like the average 40 hour work week. I submitted current paychecks and W-2's at the very start of the application process. My income and employment has always been up front. We submitted all paper work in a timely manner. This was the not the first house offer I submitted to this company where they needed to check my income and employment. On April 14, we even requested an updated pre-approval amount with the house information that we were under contract for. We had been in contract with this house since March 2017. The company dropped the ball when it came to inputing my info(which they did not realize and advise me of until late April around the 28th)  which made me fail on my end with the home owner to secure financing within 21 days or pull out of the contract, but they said I was pre-approved and kept moving everything forward even updating a new approval letter.  The company had a copy of the contract and knew the terms and conditions of it. Once again because of 1st alliance lending era of inputting my information wrong (all thought I provided everything in way in advance) I was falsely pre-approved. Once they realized the mistake I was no longer approved for ANY type of house. If I was never pre-approved I would of never signed a contract to for a home I could never supposedly buy. The company needs to honor their fault and refund the earnest money and appraisal money. 
Sincerely,
[redacted]

1st Alliance Lending, LLC (“1st Alliance”) adheres to all guidelines and requirements established by our investors and federal and state agencies. While we understand that these can make the loan process extensive and at times burdensome, we are legally required to abide by them. We regret that they...

appear to have caused an inconvenience in this case. The applicant has been mailed a Statement of Credit Denial, which should permit them to retrieve their deposit.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Sincerely,
[redacted]

We have been in contact with this customer and addressed his complaint.

On May 16, 2016, [redacted] spoke with a 1st Alliance representative and inquired about prequalification for a home loan.  During the conversation, Mr. [redacted] stated that he had been temporarily laid off from his job because “the labor was so low,” but explained he was going back to work in...

a month.  He provided his income, which he stated that it had been consistent over the last two years, and gave his permission to pull his credit report.  As was explained to Mr. [redacted], the preliminary review of his eligibility was based on his assertion that he would return to work, and that he expected his income to remain consistent with prior years.  Based on those assumptions, Mr. [redacted] was advised that he was pre-qualified to apply for a purchase loan from 1st Alliance under an FHA program, and could move forward with the full application and underwriting process.                                         ...⇄ On May 25, 2016, Mr. [redacted] called back and a full application was taken.  Mr. [redacted] confirmed that [redacted] remained his employer, that he was still being paid a “stand-by” rate, and that he would be going back to work with [redacted] in within 2 months.  This turned out to be incorrect: Mr. [redacted] did not return to work, and his employer indicated that he was no longer employed there.  His income thus appeared likely to be lower than it was in prior years.  In other words, Mr. [redacted] suffered a job loss, which had a negative impact on his eligibility for a mortgage.  Because of this change, Mr. [redacted]’s full application was denied.  While we regret that Mr. [redacted] was not approved, 1st Alliance can only extend credit to borrowers who meet eligibility guidelines and demonstrate an ability to repay the loan sought.

Unfortunately this loan application did not meet our underwriting guidelines. However, the borrower will receive a Statement of Credit Denial, which should permit her to retrieve the money she put down.