Coast 2 Coast Funding Group

Good evening, our apologies for not replying sooner. In talking to the representative from your firm you had the incorrect e-mail address on file for our firm so we were not receiving correspondences pertaining to this complaint. In reviewing this complaint it appears there may be some...

miss-communication. This is a residential real-estate mortgage transaction. Our firm is defiantly not the only lender that offers financing. The borrower [redacted] had many international transactions i.e. deposits, wires, etc. As part of the anti-money laundering act some of the funds the borrower had readily available to them couldn't be sourced and were not seasoned resulting in our firm not allowing to utilize these funds to close the transaction resulting in a greater down payment at which the borrower agreed to. Due to these non-seasoned funds and traceable funds it caused delays in the closing of this transaction (please note this transaction is now closed). Due to the delays and a change in real-estate mortgage rates (the recent elections) it caused mortgage rates to go up, in which negatively impacted [redacted] due to their rate not being locked pre-election time. This can be proven by researching the 10 Year Treasury index. The points that [redacted] was charged are discount fees to achieve the desired rate they elected. I have attached the final closing disclosure signed by the borrower agreeing to the terms and fees, also the loan estimate provided 3 days before closing took place. As for the clients work Visa it was acceptable. We only said it wasn't acceptable because when the client e-mailed it to our firm, the file was corrupt and we could not open the .pdf attachment. As for the $20,000.00 in claimed closing costs. As you can see outlined on both the loan estimate and closing disclosure the $20,000.00 in closing costs were a combination of lender, escrow, title, pre-paid taxes, pre-paid insurance, pre-paid interest. Our sincere apologies if there was any miss-communication or for any frustrations this may have caused the client. Our goals are to always strive to provide the best customer service possible. Should you have any further questions or concerns the client is more than welcome to contact our management team at : [redacted] or via e-mail at [redacted]. This is our Broker of Record and also sales team lead. It is to also be noted that our firm didn’t have direct communication with the borrower since this loan was third party originated (through our wholesale channel) – This could have been a major reason there was miss-communication. The firm that had direct communication with the borrower was [redacted] ([redacted]) [redacted]  [redacted] [redacted]
 
Thank you very much and I hope that you have a beautiful day. We are always wishing you and your family truly nothing but the best.