Cambria Mortgage, LLC

Response to complaint number [redacted] Cambria Mortgage disagrees with assertions made in the above referenced complaint. Cambria Mortgage worked diligently and in good faith in order to get this complex loan transaction closed in a timely manner for the benefit of the customer. Cambria Mortgage in...

fact never turned the loan down and continued to work towards approval until the customer indicated their desire to not move forward and the seller cancelled the contract. The IRS tax lien that the customer references was one of numerous underwriting issues that Cambria Mortgage was working to resolve in order to approve this loan. The customer’s debt to income ratio exceeded allowable levels, hence the payment on the undisclosed lien was material to customer’s ability to repay the loan. The other significant underwriting issues that we attempted to resolve include: 1 – Credit score is below the minimum program requirement of 660. We worked with the customer to restructure debt to get credit score increased. This was an extended process because the customer did not have the money to pay down all the intended debt at one time- but rather had to do this over time requiring multiple rescores. 2 – The pay down of debt was also required to get the debt to income ratio under the program requirement. The customer borrowed money from a relative to do this which is not allowed under this program. It is our understanding that Ms. [redacted] wanted to withdraw from this transaction but was encouraged by her realtor to proceed. Further, as stated earlier, Cambria Mortgage did not turn down this transaction (though it is possible that this may have ultimately happened) but rather the sellers ultimately cancelled the contract. It is a standard requirement that an appraisal be performed to obtain a mortgage and that the appraisal be paid for by the customer regardless of the ultimate outcome of the transaction. Cambria Mortgage charged the appraisal fee with the knowledge and agreement of the customer and did so in a professional and ethical manner per standard company policy. All of this being said, Cambria Mortgage has as its mission, customer satisfaction and we always operate in the most principled manner.  In light of this, we have reached out to the customer to come to an agreement that will satisfy both parties without acknowledging any fault on the part of Cambria Mortgage and assuming the customer rescinds their complaint. We have called multiple times and left a message on an answering machine and will continue to attempt to contact and resolve amicably.

I am rejecting this response because:

Initial Business Response /* (1000, 5, 2015/07/02) */
Cambria Mortgage strongly disagrees with the content of this complaint.
Four separate issues are addressed.
1 - Power of Attorney/Todd [redacted] representing both the buyer and seller. Todd [redacted] was the loan officer for the buyer of this...

property and did not in any manner represent the seller (Ms [redacted]) beyond signing the closing documents as she was out of town and had no one else to perform this function. Mr [redacted] and Cambria Mortgage received no compensation for Mr [redacted] acting as POA nor for anything else from Ms [redacted] in connection with this transaction. Mr [redacted] agreed to be Power of Attorney as a favor with no compensation so that Ms [redacted] could sell her house.Ms [redacted] was not Cambria Mortgage/Todd [redacted]'s customer, the buyer of the property was.
2 - Ms [redacted] states that Cambria Mortgage/Todd [redacted] did not provide Ms [redacted] with closing costs ahead of the closing. Cambria Mortgage/Todd [redacted] is under no obligation to provide Ms [redacted] with closing costs at any time during the process and in fact it is not in any way customary for the buyer's loan officer to do so. This information would generally be provided to Ms [redacted] by her Realtor and/or the title company. Apparently Ms [redacted] did not employ a realtor for this transaction but that does not in any way make Cambria Mortgage or Todd [redacted] responsible for providing her this information.
3 - Ms [redacted] states that Cambria Mortgage/Todd [redacted] inappropriately provided Ms [redacted]'s proceeds check from the closing to the buyer of the home rather than her directly. Ms [redacted] actually provided written authorization to do this. Further it appears that this proceeds check issued by the title company was in fact subsequently provided to Ms [redacted] and cashed by her. The closing occured on 6-24-2015 and the check was cashed on 6-29-2015 by Ms [redacted] so there appears to have been no delay in getting the check to Ms [redacted]
4 - Ms [redacted] states that she lost $600 from a "side Deal" that she had with the buyer and that Cambria Mortgage/Todd [redacted] are responsible for it. Cambria Mortgage/Todd [redacted] were unaware of any "Side Deal" between the buyer and seller and if we had been aware we would have most assuredly not agreed to it or participated in it as it would likely be unethical or illegal. The specific reason that a HUD 1 settlement statement is provided at real estate closings is to clearly highlight all costs involved in the transaction for the buyer and seller. "Side Deals" are not allowed.
Cambria Mortgage represented the buyer of Ms [redacted]'s property as his loan officer only. Cambria Mortgage and Todd [redacted] did not represent Ms [redacted] in any manner other than Mr [redacted] acting as her Power of Attorney as a favor to her as she had noone else to act in that capacity. Had he not done so, the sale of her property would have been delayed until she returned from out of town. Mr [redacted] acted according to Ms [redacted]s direction as her Power of Attorney for this transaction
Neither Cambria Mortgage nor Todd [redacted] were compensated for this function or for any other reason by Ms [redacted].
All the proceeds that were due Ms [redacted] per the settlement were provided to her in a timely manner and she has cashed the check from the title company.
Cambria Mortgage/Todd [redacted] are unaware of any "side Deal" between the buyer and seller and would not have been agreeable to any such deal if made aware of it.
Cambria Mortgage strongly disputes that any of our actions resulted in any loss or inconvenience to either party in this transaction.
Thank you and please let me know if you would like any further explanation or clarification.
Matt [redacted]
Cambria Mortgage
Initial Consumer Rebuttal /* (3000, 7, 2015/07/05) */
(The consumer indicated he/she DID NOT accept the response from the business.)
First I requested the closing to be scheduled while I was in town. I was told it could not. Mind you I landed exactly 24 hours after the closing.
Most importantly I NEVER received any any closing numbers prior to the closing...only the final layout. I was told I would receive them via email or text...but nope, never did.
I was sent an email with NO attachment the day prior to the closing!!!
Also I asked Todd to forward my proceeds check via mail to me and he suggested giving it to the buyer. I agreed with the caveat it would be in a sealed envelope. It was not.
And I never said there was a " side deal" what I said was that all along I told Mr. [redacted] what I needed to net and when I said I would back out of the deal if I needed told to do any repairs on the house. Mr. [redacted] essentially told me to increase the homes purchase price to cover the expenses due to the inspection. However this did not cover the costs which is why there is a $600 shortfall.
It is unethical to represent both sides AND to blindly show the buyer what the seller made on the deal. I'm certain the attorney general will agree. As will many yelpers!
Final Business Response /* (4000, 9, 2015/07/07) */
Today, 07-07-2015 John [redacted] (President of Cambria Mortgage) and [redacted] spoke via telephone and resolved this matter and the complaint should be withdrawn.
Matt [redacted]
Vice- President
Cambria Mortgage