Concord Mortgage Group

Our sales manager had a discussion with the borrower, and the borrower said he was going to withdraw this complaint

First I could receive a conventional loan once I sold my Yukon which was my only debt at the timeWhen I applied with the Yukon on my debt I failed by 2% pointsAnd that was a $payment per monthI sold the truck in FebruaryAt that point I qualified for any and all loans available at the time and did not need any down payment assistanceNext I did fire the contractor but he wasn't the one that said I was in breach of contract and I have the emails to prove it95% of all correspondence was through emailNext I picked a contractor and the countless hours they put in to get through the process were rejected multiple times do to various reasonsOnce they were approved and the draws were set then they should have been issuedThey were notIf us bank was the serviced then they should be the ones I deal with and have to go through IOrder to meet their requirements for paymentRight now I have the entire amount minus the $7k draw given initially by Concord to the first contractor that they choseThe lead inspection was done twice and passed the third time and it was predefined by the approved lead inspector whom you have the paperwork and licenses fromI also have a printout of the lead inspection being passed sent from Concord Mortgage GroupIf this is not a predatory loan it's fraudulent in some wayIt's disruptive to my life and it would be to any other in a similar positionI've had friends go through this process with other banks and they have had entirely different results

For the past several weeks we have been working with US Bank to reconcile the 203K account. We just received word from them, via email, that they are cutting a check to Mr*** and a check to *** Environmental ServicesThey indicated that the checks would be sent out and should arrive early next week

I have spoken with *** on the phone about this matter oncord apologizes for the poor experience that she had and I expressed that to her on the phone. I want to assure her that we are audited on a regular basis by federal agencies and several state agencies. We also have
competent people working in the rehab department. The document that was referenced had initials at the bottom of the form. Those were the underwriter's signature and HUD ID. The figures that were corrected on the form were discussed with *** over the phone and then a copy was sent to her The monies that were changed related to the credit were monies paid out for environmental services for a lead based paint test. This was a HUD repo and some of these expenses might be covered by HUD

I reviewed the response made by the business in reference to complaint ID [redacted], and find the resolution is satisfactory to me.

We have reached out to the borrowers and they are gathering information to give to us related to doing the additional repairs.  We were able to reverse the pay down of principal and restore the money to an escrow account to hold until the request is made for new repairs with cost estimates.

Our sales manager had a discussion with the borrower, and the borrower said he was going to withdraw this complaint.

I will attempt to respond to this complaint point by point.  To begin Mr. [redacted] is not a victim of predatory lending.  Concord Mortgage Group has been a leading lender in Central Ohio for many years.  I will encourage anyone to reach out to anyone in the real estate community to...

confirm our reputation.  By definition predatory lending is a follows:DEFINITION of 'Predatory Lending' Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in a lower credit rated loan to the benefit of the lender.  InvestopediaThe loan Mr. [redacted] applied for is a FHA, 203K rehab loan through The Ohio Housing Finance Agency, with down payment assistance.  FHA loans are not predatory lending loans.  OHFA, is not a predatory agency.  The fees, rate, and compensation to the lender are fixed under this program.Mr. [redacted] could not do a conventional loan because his debt ratio exceeded conventional requirements. The rehab loan is a FULL 203K, which does not allow self help.  He was given a list of contractors that are approved to do full 203K work and he selected one of them.  Mr. [redacted] began to do work on his own, a violation of his agreement.  The cost items he referred to were paid directly to the vendor, through an invoice. The contractor he selected informed him of being in breach of his agreement.  Mr. [redacted] later released the contractor from the job. Mr. [redacted] then took over 90 days to select a new contractor and provide new paperwork.This loan is being serviced by US Bank, the master servicer for OHFA.  Also, US Bank is not a predatory lender.  The draw schedule and checks come from them when we make a request after compliance inspections have been made. Any delays initially we due to the borrower releasing the contractor and taking 90 to find a new one. The borrower closed on the loan on 4-15-2016.  Not sure what he means about not receiving the loan. This house was a HUD REO, which needed lead based paint remediation, which the borrower received a credit for.  The work has to be done, per FHA guidelines, by an EPA certified contractor.  The home has to b tested for lead based paint after remediation.  The inspection has failed 3 times.  Monies cannot be released under this program until this test passes.

I reviewed the response made by the business in reference to complaint ID [redacted] and find the resolution is satisfactory to me.
Regards, [redacted]

I reviewed the response made by the business in reference to complaint ID [redacted], and find the resolution is satisfactory to me.
Regards,
[redacted]

We have been working with the buyer over the past couple of weeks to get her financing secured.  The loans is scheduled to close this Wednesday.  There were some delays on the file that were our fault.  Not intentional, just due to some personnel turnover.  We take the...

responsibility for this part of any delay for not managing the time situation well.  For this we apologize. To help offset the inconvenience to the borrower we will be giving her a credit for the appraisal cost.

First I could receive a conventional loan once I sold my Yukon which was my only debt at the time. When I applied with the Yukon on my debt I failed by 2% points. And that was a $860 payment per month. I sold the truck in February. At that point I qualified for any and all loans available at the time and did not need any down payment assistance. Next I did fire the contractor but he wasn't the one that said I was in breach of contract and I have the emails to prove it. 95% of all correspondence was through email. Next I picked a contractor and the countless hours they put in to get through the process were rejected multiple times do to various reasons. Once they were approved and the draws were set then they should have been issued. They were not. If us bank was the serviced then they should be the ones I deal with and have to go through I. Order to meet their requirements for payment. Right now I have the entire amount minus the $7k draw given initially by Concord to the first contractor that they chose. The lead inspection was done twice and passed the third time and it was predefined by the approved lead inspector whom you have the paperwork and licenses from. I also have a printout of the lead inspection being passed sent from Concord Mortgage Group. If this is not a predatory loan it's fraudulent in some way. It's disruptive to my life and it would be to any other in a similar position. I've had friends go through this process with other banks and they have had entirely different results.