CapCenter

Review: Cap Center ran a credit report on me six times from 7/31/2012- 10/17/2012 in an attempt to approve a Mortgage Refinance. This repetitive running of my report CAUSED MY CREDIT SCORE TO DECLINE FROM [redacted] to [redacted]. I learned this today (7/30/2013) from another mortgage broker company who said that running my report that many times was unnecessary, and caused the 40-50 POINT DECLINE in my score. The rep's number who ran my report so many times is [redacted]. The unprofessional act of doing this, most likely with the knowledge that this type of repetitive running of my credit would lower my score really upsets me. I was not given any indication that this company was, in effect, causing my credit score to drop lower and lower each time they pulled my credit. I had worked many years to build a good credit score near [redacted]. And now some unprofessional young sales rep takes it down due to incompetence.Desired Settlement: I want this company to write a letter to every credit agency explaining their incompetence and requesting that my score be returned to the [redacted] rating that it was before they impacted it so negatively. They should be required to make sure my good credit rating is restored. Credit ratings impact loan rates, and ultimately this will impact me financially every time I borrow money. I am considering legal action.

Business

Response:

[redacted], I have completed our investigation into the complaint that [redacted] filed against CapCenter on July 30, 2013. Based upon the following facts, I believe that you will have sufficient information to close the complaint file with a satisfactory resolution noted. However, if you need any additional information from us, please do not hesitate to contact me.

[redacted] applied for a refinance loan with CapCenter in 2012, but processing was delayed because he had a “dispute” on his credit report and we could not proceed under Fannie Mae rules until the dispute was cleared. [redacted] worked with the Credit Bureaus to clear the dispute, and he informed us several times when he believed the dispute had been cleared. Each time we pulled credit only to determine that the dispute still showed on the report. The multiple credit pulls would have had a minor impact on [redacted] excellent credit score, but we do not believe that the impact was significant. In any event, we understand that [redacted] was very upset in July of 2013 when he filed his complaint, but there was further communication between us in an effort to address his concerns, and in fact [redacted] reapplied with CapCenter for his refinance loan in August 2013, and that loan closed on September 24, 2013. I have not spoken with [redacted] personally, but to the best of my knowledge [redacted] concerns have been satisfied or he would not have come back to CapCenter to complete his refinance.Thank you. [redacted]

Review: The issue is related to the closing of my investment mortgage. The mortgage was provided by Capcenter and the closing attorney missed to get the pending taxes taken care of because of oversight/human error on his side. The closing attorney was paid for and provided by Capcenter, Even though the title search clearly showed that the taxes on the property was delinquent and this supposed to settled on closing. Unfortunately, the QS manager who reviewed the documents at capcenter missed this. The loan was closed in the first week of March and its been 2 months and I am yet to get the confirmation through proper paperwork that the taxes have been paid. Because of this I have not been able to obtain permit from the city to renovate and in turn rent out the house. Initially capcenter did promise to get this addressed by the attorney but later stopped even responding to me saying that I need to get this resolved with the attorney even thought the attorney was hired and paid for by Capcenter. The attorney on his part has been irresponsible as he has been waiting for the tax issue to be resolved through city collections. This is unacceptable and I do not have any other option but to file this complaint against Capcenter as my mortgage agreement was with them and they had the legal and professional responsibility to ensure that the loan was closed with no pending issues. In this case they had the oversight and the authority to stop the closing from going forward but clearly dropped the ball in allowing/signing off on the closing. I have also got a notice of cancellation of insurance from my insurance company as the property is still vacant.Desired Settlement: 1. Get the tax issue sorted out ASAP2. Compensate me for the lost revenue because of me not being able to rent the house.3. The money the contractor has charged me for doing the work but not being able to complete because of not being able to pull the permit.

Business

Response:

We acknowledge that there was a misunderstanding at closing related to outstanding property taxes on the subject property. We have documentation that demonstrates that this misunderstanding resulted from erroneous information from the jurisdiction to which the taxes were owed. We are working with the closing attorney to resolve this issue as quickly and fairly as possible. We have been in direct contact with the person who submitted this complaint and will continue to communicate with him until this matter is resolved.