eLEND.com

Dear Mr. [redacted],
American Financial Resources, Inc. is in receipt of your rebuttal request.  While underwriting files is a very complicated process, our company prides itself on having experienced underwriters and sales personnel.  As a lender offering government-insured loans, we strictly follow guidelines promulgated directly by the Federal Housing Administration and Fannie Mae.  Loan-to-Value (LTV) restrictions and other loan characteristic are measured against their underwriting guidelines.  Based upon the initial application, AFR timely furnished the borrower with accurate State and Federal disclosures for a rate & term refinance.  This was based upon a conversation with the borrower and the tri-merge credit report.  The non-cash out transaction advanced in the normal course of business, and the program allowed for a high LTV.  As is customary, the appraisal was ordered through an unaffiliated Appraisal Management Company.  AFR derives no revenue from this third-party company whose sole obligation is to provide valuation services.  When the title report on the property was received, however, the nature of the transaction changed.  Unbeknownst to AFR, there were two liens recorded on the property, and that prompted a change in program.  We would still be able to proceed, but there are stringent LTV restrictions for underwriting a file in [redacted] with previous cash-out proceeds.  AFR does not generate any revenue unless a loan actually closes, so we are equally motivated to close loans swiftly.  We spend considerable time and resources in the underwriting of files, irrespective of whether they are approved or denied.  Although we recognize every consumer’s desire to receive financing, the evaluation of Credit/Title/Assets/Income against guidelines is the governing decision maker.  Over the past 16 years, we have helped countless numbers of families achieve homeownership.  As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties.

Complaint: [redacted]
I am rejecting this response because:  This is going nowhere.  I went to another lender and was approved and closed within 3 weeks - for more money than elend was processing.  The approaisal came in professionally and "HIGHER".  Everything about elend was a WASTE OF TIME.  I recommend that people look for other lenders - this lender is NOT PROFESSIONAL and WILL NOT DO YOU A "FRIENDLY LOAN PROCESS".  Find a company that will answer the phone, return messages left and finish the process in a timely manner.  I wish no further contact with elend and will never be satisfied with their answer.
Regards,
[redacted]

We found eLEND through Zillow. They had the lowest rate, the lowest fees, and were well rated. I was a little nervous at the thought of refinancing with an online company where I’d never see anyone but the third-party appraiser and the notary at closing, so after we requested a GFE we also got a GFE from our credit union to see if it would be close.
eLEND was superior in every way. The rate was better. They had no origination fee. The required costs (appraisal fee, title services, escrow deposit, recording charges, etc) were lower across the board. Our total settlement charges with eLEND were half of what they would have been at our credit union.
Further widening the divide, the GFE from our credit union had several errors on it, listing the P&I as lower than it actually was (though the correct amount was listed in the amortization schedule). The error made it look like a very slightly better deal than eLEND, which it was not.
[redacted], the eLEND agent we were teamed up, was awesome. Whenever I had a question he would respond via email, generally within half an hour, even late at night. He must live with his phone on him at all times. Throughout the process he was unfailingly professional, knowledgeable, responsive, and patient with my many questions.
It did take us just over 30 days to close, but we kept our locked rate and ultimately couldn’t be happier with how it turned out. I would heartily recommend eLEND, both for their low rates and low fees, but also (surprisingly) because working with [redacted] felt just as secure and personal as meeting with someone face-to-face. Probably even more so, since he was so consistently helpful and attentive from start to finish. Thank you [redacted] and thank you eLEND!

I started working Orlando Gonzalez and Lisa Layton since 6/13/2016.
As of 7/27, they have not been able to deliver yet. On the top of that, the low fee originally offered has turned, all the sudden, into over 5 thousand dollars on fees. I am still working with them; we will see what happens.
As of 8/2, I have cancelled my business with this company. The fees that they promised were a lot higher than they advertised. Additionally, I found that they requested payoff statements from my current lender a total of 7 times; almost every 3 days which I have to pay for.
I would highly advised loan seekers to shop carefully for another lender.

American Financial Resources, Inc. (e-Lend) is in receipt of [redacted]’s Revdex.com consumer complaint(s). Our company is a nationwide mortgage lender with Direct
Endorsement (DE) authority from the Department of Housing and Urban Development. We are also an...

approved seller/servicer with Fannie Mae and Freddie Mac. As evidenced by our strong customer satisfaction ratings, we take all consumer inquiries very seriously.
Based on the originally disclosed application details, our underwriting guidelines reflected an 80% loan-to-value metric. It appears, however, that verification of the application presented additional information. Specifically, a second lien was noted on the property, and was considered to be a Home Equity Line of Credit (HELOC) in the state of [redacted]. These previously unknown substantive
changes required an updated underwriting assessment. AFR was still able to potentially advance the loan, but it would require a lowered Loan-to-Value of 65%. All lenders operate on preliminary information, and prudent underwriting dictates verification of income, assets, liabilities, employment, etc. This is the rationale for lenders not offering written loan commitments without formal verification.
Our company receives tens of thousands of applications on an annualized basis, and our experienced staff reviews every file submission. As a government agency approved lender, we are
concerned with financial risk analysis and the credit profile of each potential borrower. Please note AFR does not charge any application fees, underwriting fees, or any lender fees whatsoever. Any fees expended were collected by unaffiliated third-parties (i.e. independent appraisal management company used for collateral valuation in the mortgage lending industry). We only generate revenue if and when a loan actually closes. Over the past sixteen years, we have helped tens of thousands of families achieve homeownership, and we work tirelessly to handle all transactions in a transparent and professional manner. As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties. Thank you in advance for your consideration.

American Financial Resources, Inc. (“AFR”) is in receipt of the complaint that you made to the Revdex.com (“Revdex.com”) regarding your experience refinancing with our company. In the complaint, you stated that you did notagree with escrow calculation in subsequent...

payment letters.     Please be advised that our company utilizes a third party sub-servicer to handle the escrow administration, tax disbursement, and payment collection.  We have notified them of your complaint directly, and they are performing a due diligence review of the transaction.  AFR is requesting a brief time extension to allow them to complete the research, and we will respond back with their findings.    In the past five years alone, our company has funded over 50,000 loans in excess of $10 Billion.  We strive for 100% customer satisfaction, and will find the root cause of the issue.  Transparency and good faith dealing is an integral part of our business model, and we look forward to addressing your concerns in full.  Your continued patience is greatly appreciated.

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
The third party refunded my credit card for the faulty inspection with no help, indeed roadblocks and outright refusal to do anything before this dispute was filed and then putting it off on someone else who also refused to do anything until the credit charge was challenged and the threat of a case being filed with both the Revdex.com and The Consumer Protection Bureau.  The customer service exhibited by your company was sub-par in every way and I can not recommend your company nor the Appraisal Service for any reason.
Regards, [redacted]

My experience with elend was absolutely the worst business experience I have ever had. It started out promising; after applying online my mortgage officer called within 15 minutes. He was very professional and promised a prompt and easy process. The entire process ended up taking nearly 6 MONTHS to process the loan. Throughout the process they ran my credit 3 times resulting in a combined drop of 25 points on my credit score and lost my personal and mortgage documents several times. I tried contacting customer service during hours of operation to voice my frustrations but no one would answer the 1800 number. When they finally responded through email they simple told me they were having internal issues. During the underwriting process every small detail in my business and personal life was questioned. I had to provide supporting documentation for seemingly menial transactions from my accounts going back several months. They would come back many times asking for the same signed documents or letters of explanation that I had sent them days or weeks earlier. Then came the requests for several contract extensions. It was not only me but the seller became increasingly frustrated and was reluctant to sign two additional contract extensions. Elend was doing such a horrible job it appeared as if either they didn't want to give me a loan or they were utterly incompetent. In the end I was granted a loan. This is a process that sounds like it could be much more convenient, especially in the technology age but elend failed miserably. They do promise very low rates.So if you are willing become very angry and frustrated, have you credit score decreased, have no customer service, feel like your life if being audited, feel like you have wasted 6 months of your life and approx $1200 in associated costs then elend is the one for you.

don't use this company iam in the process for a refi right now and all I get is a run around told I would close last month and now maybe next month and then a email maybe not approved and I got plenty of income and home appraisal is good just some bull line iam getting to register my double wide HOME with the Dept of motor vechiles ( DMV ) ? and DMV says they have npthing to do with home being registered with them

Run, run away! Honestly, I know the low rate is tempting, but the frustration you will suffer through the entire experience is not worth it. I’ve never dealt with such unresponsive, unprofessional, uncaring people. At times, I felt like I was being conned because it was just such an unbelievably bad experience. I wondered if they were intentionally drawing it out and not returning my emails for some reason. It was just baffling.
If you still choose to work with eLend, know that you, the CUSTOMER, will have to be the proactive party in this transaction. Know that there will be many emails that go unanswered. Know that even when you provide all of the documentation needed – and quickly – there will be more and more and more information needed. And then needed again, because the old paperwork expired…because the process was taking so long…because they are incompetent.
And also, know that you will not get any sympathy from your originator or processor. They will not care that you are exhausted from the process and deserve answers. And know that likely it will take you contacting their supervisor to get action to finally happen so you can close and move on with your life.

Dear [redacted]:
American Financial Resources, Inc. (“eLend”) is in receipt of your consumer complaint pertaining to the proposed refinance of your property. Our company is a nationwide mortgage lender with Direct Endorsement Authority from the Department of Housing...

and
Urban Development. We are also an approved seller/servicer with [redacted] and [redacted]. As evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriously.  
The borrower applied for a conventional ([redacted]) loan.  As an approved seller/servicer with [redacted], our company is legally bound to abide by all statutes, regulations and GSE guidelines relating to credit analysis and review. Our underwriters are tasked
with analyzing complex documentation, and rendering a credit decision based upon their government underwriting guidelines.  This includes a review of income, assets, tax return verification, collateral valuation, etc.  Unfortunately, your application did not result in an approved financing and an adverse action notice was generated. We apologize if there was any perceived lack of communication between you and anyone from our company; we pride ourselves on transparency and delivering a high level of customer service.
Please note our company charges zero lender fees; we only generate revenue if and when a loan actually closes, prompting equal motivation to close loans in a quick and efficient manner.  Any expenditures or fees were collected by unaffiliated third parties; we did not earn any fees on the transaction.  Over the past fifteen years, we have helped tens of thousands of families achieve homeownership.  We work tirelessly to handle transactions in a professional manner.  As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all qualified properties.  Thank you in advance for your consideration.

Dear [redacted]: American Financial Resources, Inc. (“AFR”) is in receipt of your inquiry regarding the refinance of your property located at [redacted] and the subsequent late fee charge applied to your account. Our company is a nationwide...

mortgage lender with Direct Endorsement Authority from the Department of Housing and Urban Development. We are also an approved seller/servicer with [redacted] and [redacted]. As evidenced by our A+ rating with the Revdex.com, we treat all consumer complaints with great concern.  We strive to make the mortgage process a pleasant experience for all of our customers. As such, we are crestfallen that you believe any singular aspect of the transaction or interaction with AFR was less than perfect. Therefore, in the general interest of customer service, AFR will waive the late fee charge that was assessed against your account.  You should receive a check at your residence in the near future. Over the past fifteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a professional manner.  Should you require additional information, we would be delighted to respond. Thank you in advance for your consideration.  Sincerely

[redacted]. ([redacted]) is in receipt of your correspondence with the Revdex.com pertaining to your mortgage application.  Our internal records reflect the borrowers entered into a purchase contract on 5-11-15, and then applied for residential financing...

seventeen days later on 5-28-15.  Based upon the sales contract, the estimated closing was listed as 6-12-15, which is a very short time period to obtain home financing and close a transaction.       Our records reflect the assigned loan professional communicated with [redacted] and [redacted] about the mortgage application process.  This conversation reflected that when a Loan Application is initially received, a closing date cannot be formally established until all underwriting conditions are satisfied.  It would be improvident to schedule a closing before the transaction has been officially approved.  [redacted] maintains internal controls to operate a prudent underwriting environment, which requires full investigation of income,assets, job history, tax records, etc.  In addition to verifying the borrower’s ability-to-repay the obligation, [redacted] adheres to electronic signature requirements when transmitting required initial and interim State and Federal disclosures. As an Equal Housing Lender for nearly two decades, we strive to provide financing to all qualified candidates on all eligible properties.  [redacted] lends in communities all across the nation, and we recognize the importance of closing in a timely fashion.  Please be advisedthat our company neither charges application fees, underwriting fees, nor any lender fees whatsoever.  We do not generate any revenue unless and until a loan physically closes.  Any costs associated the with home search were payable to third parties or unaffiliated vendors.  Over the past five years, we have closed over 50,000 transactions in an aggregate volume of over $10 Billion.  While we recognize the borrower’s desire to close ASAP, we believe our institution operating in a transparent manner and in accordance with general industry standards.  Thank you in advance for your consideration.

Complaint: [redacted]
I am rejecting this response because: The response was a "canned" advertisement for their company - it did not address the fact that I was told that monies paid for the appraisal would be refunded.  The loan was never "denied" - the company just kept making more requests and missed 2 CLOSING DATES.  The last request was for an appraisal on the house that I currently own, not the property that I was buying.  At this point I was advised by their employee [redacted] that I should find another lender since the requests were not "making any sense" and he again stated that my appraisal monies would be refunded if I chose to go to another lender.
Regards,
[redacted]

Dear Ms. [redacted],
Thank you for the follow-up inquiry.  We attempt to address all aspects of consumer inquiries.  Our sales personnel are thoroughly vetted, and complete significant coursework in Privacy,  Mortgage Lending, Ethics, Fair Lending, etc. All employees are instructed to proceed in the consumer interest; this is one of the reasons why we charge NO lender fees whatsoever, and never accept upfront monies.  Like most financial institutions, sales personnel are not authorized to release company funds without management approval.  While it is possible that the loan originator requested reimbursement of third-party funds, neither the salesperson nor our ownership team can speak on behalf of an unaffiliated entity.  Our company spends considerable time and resources reviewing and underwriting files, and is disappointed when housing value is not supported, reverifications are returned with different information, title issues arise, etc.  There are a litany of items that can and do scuttle the approval process.  Appraisals are a common component in the mortgage industry, however, and regulations mandate they are conducted by an independent company.  We adhere to these regulations by utilizing Appraisal Management Companies on every transaction for an unbiased housing valuation.  Files can be dispositioned by withdrawl, denial, approval but not accepted, closed for incompleteness, etc.  While we are crestfallen you are not 100% satisfied with your experience, we cannot "refund" monies that were never collected.  We wish you the best in your efforts to secure financing on future transactions.  Thank you.

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted] and find that this resolution is satisfactory to me.
Regards,

Horrible experience
I received a phone call within 10 minutes after applying on line which was the highlight. They couldn't close a very easy loan in 100 days - 40% LTV, FICO scores of 800 and documented income. There would be 30 day periods where I wouldn't hear from them despite my phone calls and e-mails. After 100 days I gave up and applied with another lender. I can't believe they can stay in business with this poor of customer service.

American Financial Resources, Inc. (“AFR”) is in receipt of your consumer complaint pertaining to the proposed refinance of your home. As evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriously.
Our company accepts tens of...

thousands of application on an annual basis, and our experienced staff reviews each and every file submission.  All individual applicants recieved a full credit analysis.  Applications involve complex underwriting and detailed analysis of income, assets, collateral review, liabilities, contingencies, etc.  Pursuant to regulations, all appraisals are ordered through a third party Appraisal Management Company.  Any expenditure on an appraisal was collected by an unaffiliated third party. Although we received no monies, and we spent considerable resources underwriting the loan file, we are crestfallen that you believe any transactional details were less than perfect.  Please note that AFR charges no lender fees and only generates revenue if and when a loan actually closes.
State and Federal Laws obligate our company to maintain all application information in our corporate records. We are subject to regulatory oversight and examination by multiple agencies. Please rest assured, however, that AFR maintains physical, electronic, and procedural safeguards that comply with legal standards to safeguard all non-public personal information.
Over the past fifteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a transparent and professional manner. As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties.  Thank you in advance for your consideration.

American Financial Resources, Inc. (“AFR”) is in receipt of your consumer complaint pertaining to a purchase transaction.  As evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriously.  AFR is a direct endorsement Federal Housing...

Administration lender and is legally bound by their underwriting Seller’s Guide.  Our company accepts tens of thousands of applications on an annual basis, and our experienced staff reviews each and every file
submission.  All individual applicants, irrespective of whether they may have been incarcerated, receive a full credit analysis.  The lender is concerned with financial risk analysis and the credit profile of each potential borrower.  An underwriter is not concerned with any personal background on the individual, but would always consider outstanding debts (whether they would be judicial liens, municipal or tax liens, automobile liabilities, etc.)  Applications involve complex underwriting and detailed analysis of income and asset documentation, collateral review, appraisal standards, etc.  Before any file receives an official denial letter, it receives a second review by another seasoned underwriter.  If you have not received already, an operations staff member will resend a status report on your file.  Our sales personnel undergo extensive training in Privacy, Fair Lending, and business ethics each year.  Over the past sixteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a transparent and professional manner.  As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties.  Thank you in advance for your consideration.

Complaint: [redacted]
I am rejecting this response because:
I was not the one in bankruptcy it was my son it had nothing to do with me and also his Mobile Home was not in his bankruptcy...

it was some other bills he and his wife had ,this was a poor excuse for after 3 months of dealing with you and we did everything you ask of us to come up with this ! We would like our $495 for the appraisal and the $365 for the Engineer Certification Refunded !I will get my attorney involved with this if I don't get my money back because my sons bankruptcy has nothing to do with me and his bankruptcy judgement has closed he filed that 8 years ago . You misled us several times saying we were approved for this loan and I have saved all the emails and corresponds that we had 
Regards,
 
[redacted]