Catalyst Lending

Initial Business Response / [redacted] (1000, 6, 2015/12/02) */ Revdex.com Servicing Denver / Boulder E Florida Avenue Suite Tel: XXX-XXX-XXXX Fax: XXX-XXXX RE: Revdex.com Complaint XXXXXXXX Complaint against Catalyst Lending, Incfor Non-respect of Loan Documents Dear Sir/Madam Catalyst Lending, Incis in receipt of a complaint from the Revdex.com, dated November 17, We thank you for the opportunity to address the concerns of Ms [redacted] regarding her claim that the terms of her loan documents were not honored In our investigation we determined that Ms [redacted] did receive documents that indicated her loan would be sold to [redacted] although Catalyst ultimately placed the loan with [redacted] Home MortgageOur internal procedures include the manual exclusion of certain documents that are printed by our document vendor by defaultThis procedure was not followed on Ms [redacted] 's loanHowever, none of the errantly included documents are evidence of or create a contractual obligation on behalf of Catalyst Lending to sell the loan to a particular investor, or to sell the loan at all The inclusion of these documents referencing [redacted] was done so in error, not with any malice or intent to mislead Ms [redacted] Our loan officer, [redacted] did not properly communicate Ms [redacted] 's intentions to our operations team, otherwise Catalyst Lending most likely would have been able to accommodate Ms [redacted] 's desiresWithout this communication, Ms [redacted] 's loan was placed into general inventory and sold under the policies and procedures applied to all loans funded by Catalyst LendingThese policies and procedures prescribe sale to the best-priced investor on the day of sale, subject to loan eligibilityUnfortunately, now that the loan sale has been consummated with [redacted] Home Mortgage, we do not have the ability to transfer the loan to [redacted] Ms [redacted] contends that she was negatively impacted financially from this transaction by selecting [redacted] over our best-priced investor for that dayThe difference in loan cost between [redacted] and other investors on the day of her loan lock equated to a $differenceAccompanying this letter is a printout representing pricing options from our automated pricing associated with Ms [redacted] 's loan based upon her lock date as evidence of our calculationsWe consider Ms [redacted] a valued customer and are happy to refund the difference of $to herA copy of our letter of apology and check to Ms [redacted] accompanies this letter Upon the sale of Ms [redacted] 's loan to [redacted] Home Mortgage both the investor and Catalyst Lending sent a notification of the change of servicingAs is required by the Real Estate Settlement Procedures Act (RESPA), Catalyst Lending provided a "Goodbye Letter" (Notice of Transfer of Servicing) on 10/20/This letter indicated the date of the transfer, address, customer service phone number, loan number and first payment date We would like to extend our apologies for the inconvenience caused to Ms [redacted] and assure you that we are taking steps to mitigate future confusionThese steps include working with our document vendor to permanently exclude unnecessary documents from the document package rather than relying on a manual process of removal, and reminding our loan officers of our policies and procedures relating to sale of loans on the secondary market If you have any further questions regarding this complaint and/or our explanation and/or resolution, please feel free to contact me via email at [redacted] @catalystlending.net or directly at (XXX) XXX-XXXX Respectfully, [redacted] Compliance Officer Initial Consumer Rebuttal / [redacted] (3000, 10, 2015/12/13) */ (The consumer indicated he/she DID NOT accept the response from the business.) There are many reasons why customers may feel strongly about a specific financial institution to host their mortgageI had reasons that far exceeded the difference of $and $gift certificate that Catalyst Landing is offering in compensation for their mistakesI will provide my reasons for a specific financial institution and why I choose to use Catalyst's services in lieu of going directly to this institution in a separate communication to Catalyst As a result of Catalyst's mistakes, I am now stuck with a financial institution that I did not desireOf course, I could refinance again, but who will pay for the associated costs, which are not negligible? And now that the interest rates have increased, I may not be able to refinance again for several years, if at all I doubt that Catalyst Lending will be of any help to relief me from the situation that I now find myself, as a result of their mistakesI therefore accept to close this case, and will respond to Catalyst in a separate communication Thank you Final Consumer Response / [redacted] (2000, 11, 2015/12/17) */

September 12, [redacted] ***RE: [redacted] – Compliant # [redacted] To Whom It May Concern:Catalyst Lending, Incis in receipt of the complaint filed with the Revdex.com, on August 29, 2017, regarding a recent mortgage loan application for [redacted] , that regrettably resulted in a loan denial.We acknowledge and regret that Mr [redacted] was frustrated by the loan application process, and in particular his experience with Catalyst LendingWe pride ourselves on our dedication to customer service and our commitment to a transparent, communicative and pleasant process that the vast majority of our clients’ experience.Mr [redacted] called and emailed numerous times to numerous people at our company to express his frustrations both during and after we processed his loan applicationIn each case, we attempted to communicate the reasons why steps and documentation were necessary; that we were bound by the requirements of our investors that, in most cases is the industry standardUnfortunately, Mr [redacted] was unmoved by those explanations.His continued frustrations were escalated to our President & COO who contacted Mr [redacted] , both by phone and email, in attempt to further address concernsHowever, those attempts were met with anger and vitriol rather than rational discussionFurther attempts to explain and to provide a positive course of action to Mr [redacted] were met with similar irrational and abusive responses by Mr [redacted] Regarding Mr [redacted] ’s specific assertions in his complaint to you:• Mr [redacted] notes our concerns regarding his incomeDeductions, in general, are fine; however, the level of deductions relative to income impacts qualification and that often is not determined until we have all documentation in front of us for reviewThat said, income was not the reason that Mr [redacted] ’s loan could not be consummatedLastly, the statements that Mr [redacted] attributes to us regarding our “computer” are not accurate and our SVP disputes making those comments.• Mr [redacted] notes that we pushed back the appraisalThe full story is that Mr [redacted] communicated to us his desire to cancel the purchase contract if we didn’t remove underwriting conditions required of himFurther, we received communication from his real estate agent of his intent to cancel the purchase contractBased upon the fact that we would not be able to meet his demand to adjust our underwriting review and the communication from his real estate agent, we cancelled his scheduled appraisal to avoid charges of over $to Catalyst Lending that would not be recovered on an unclosed loan application.• Mr [redacted] asserts that there were issues with him going to collegeTo the contrary, we applaud his efforts to further his educationHowever, the issue was not that he was going to school, but rather his inaccurate and inconsistent representations surrounding his employment history, including the employment gaps caused by going to schoolWe only asked for explanations that allowed us to document his employment/schooling history without inconsistenciesThat said, employment/schooling was not the reason that Mr [redacted] ’s loan could not be consummated.• Mr [redacted] asserts he spent over $2,in his bid for this loanCatalyst Lending did not require any upfront fees or expenses to be paid by Mr [redacted] Mr [redacted] has asserted in his numerous conversations with Catalyst Lending employees an unreasonable amount of fax expense to provide documentation to Catalyst LendingThis was not a requirement by Catalyst LendingMr [redacted] could have found an inexpensive or free method of faxing, or he could have emailed the documentation, or he could have uploaded securely to our website, or he could have mailed, or he could have come by our office where we would have copied and/or scannedThere were many ways to provide documentation in a free or inexpensive mannerFurther, we cannot stipulate the veracity of the $2,number.As a side note, Catalyst Lending did incur significant third-party charges to manage his credit profile (Mr [redacted] ’s credit profile actually improved during his time in process with Catalyst Lending, despite his assertions that we ruined his credit), along with many man-hours addressing Mr [redacted] ’s unfounded complaints, for which we do not anticipate being reimbursed• Mr [redacted] asserts that the real estate agents “and everyone” agrees that Catalyst is screwing this one upWe do not find that to be an accurate statement based upon our discussions with the parties involvedAdditionally, Mr [redacted] appears to have approached at least two other lenders during his application with us and at least one additional lender after us that also appear unable to complete this transaction based upon Mr [redacted] ’s continued pursuit of Catalyst Lending to “finish the job”.We are truly sorry that Mr [redacted] has found this process to be frustrating and unsatisfyingIt is certainly not our intent to add stress to what should be a joyous life eventWe believe we have faithfully fulfilled our duties and earnestly and professionally attempted to provide Mr [redacted] with a loan to purchase his homeUnfortunately, based upon the facts and documentation provided by the applicant and the standards set forth by our industry, our investors and the agencies ( [redacted] in this instance), we were unable to approve his loan.If you have any further questions or if I can provide any additional details that will be helpful in resolving this complaint, please call me at [redacted] or email me at [redacted] .Regards, [redacted] ***

Complaint: [redacted] I am rejecting this response because: I never cancelled the Appraisal as again they were in breach of contract furthermore I never ever demanded to remove Underwriters ConditionsCatalyst Lending is just garbage and several Mortgage Companies agree that Catalyst screwed up the LoanThe [redacted] is a joke and liar and so is their [redacted] Sincerely, [redacted]