eLEND.com

Review: In March 2015, I was in the market for a refinance of my townhome and decided to use eLEND after getting a quote. To be precise, we started our refinance process on 24th March. After 114 days(3 months and 22 days), I was able to finally close my refinance loan on 7/15/2015. Here is the people I had worked with:

Loan Originator: Andrew L Loan Processor: Dawn Y The refinance process started well initially and hit a roadblock when it went to the loan processor and underwriter. The people handling my refinance loan became very hard to get ahold of. Phone calls were not picked up nor returned. Emails to provide a status update were ignored. The loan processor provided vague excuses for the delay and I was told that my rate lock had extended for another 15 days. I was totally kept in the dark during these delays regarding the actual cause for the delay. The rate lock was extended several times by them due to their fault and no fault of mine.

During the past two months, I had to take time out of my work and follow up with the loan processor almost on a daily basis as to get an update regarding my closing. The loan processor and loan originator were notified that I was making an extra payment to my current mortgage company just to avoid any late fees and that a large chunk of my current mortgage constitutes interest. Finally, I ended up making 3 extra monthly payments before eLEND was able to close my refinance loan. It has been a very frustrating experience dealing with them.Desired Settlement: I would like to be compensated for the difference in the interest I paid during this past 3 months. Andrew calculated the difference of interest between my old loan and new loan to be $500 per month. Please note that this is my loss due to eLEND not closing the refinance on time and delaying it for months. In addition, I would like to be compensated $500 for not closing in 30 days as posted on the eLEND website. This is the bare minimum for the inconvenience and frustration endured during this unending refinance process. Total compensation I am seeking is $2000.

Business

Response:

See attached narrative response. Please note that a check in the amount of $425 is being transmitted to Mr. [redacted] as a gesture of customer service. Thank you.

Consumer

Response:

Review: [redacted]

I am rejecting this response because:

Your competitors are closing refinance loans in 3-4 weeks for all kind of properties. This was also the timeframe estimate I was given when I started the refinance process. All the ratelock extensions that were provided to me for free was because it was no fault of mine. I was the one initiating all the status update calls and emails. Once I had to call the processor 8 times in a day to finally get an update. This is the level of customer service I had to deal with. I can understand that there can be delays for 10-15 days in order to close the loan but delays of 2.5 months are just not acceptable. If I knew beforehand that I would be facing these delays, I would have taken my business elsewhere.

Review: I have filed all necessary papers for a loan. I have left message after message on the voice mail and emailed several messages to them to contact me so we can finalize the papers. Nobody will return my calls.Desired Settlement: I want to finish my loan papers so I can purchase my home. I am on a limited time schedule. I have gone through every thing they have asked from me. Now they won't return my calls and I don't know why.

Business

Response:

Dear Ms. [redacted],American Financial Resources, Inc. is in receipt of the complaint you made to the Revdex.com. We apologize if there was any perceived lack of communication; we pride ourselves on always delivering a high level of customer service. Our company utilizes encrypted email to protect the Non-Public Information of our borrowers; in some instances, borrowers have difficulty accessing the secured information portal. Information privacy is a cornerstone of our business model, but we appreciate your point of view. As an Equal Housing Lender, our company strives to provide financing to all qualified applicants on all eligible properties. [redacted] is an experienced mortgage loan originator and veteran AFR employee. We believe you have subsequently made contact with our sales management team, and are pleased with the current state of affairs. If you require anything else, we would be pleased to assist. Thank you.

Review: My loan number is [redacted].

My 3 complaints are:

1. The mortgage approval process was the longest most painstaking approval process I have ever gone through. They came back and asked for more documentation at least 8 times.

2. I was charged a late fee. I called to find out why I was charged a late fee and I found out that Bank of America bill payment had an error and

the check was not sent. I called AFR and immediately resolved the issue and the AFR rep told me he would waive the late fee if Bank of America faxed them a letter.

I then called Bank of America and they agreed to fax AFR a letter.

I then called AFR two more times to get the late fee waived and despite making a verbal committment to waive the late fee, AFR has still refused to waive the late fee.

I have great credit and have relationships with several banks and AFR has the worst customer service anywhere...if they do not waive this one late fee and do the right thing, then out of principle, I am planning on telling everyone I know to avoid using them.Desired Settlement: Waive the late fee.

Business

Response:

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

Review: I am writing this with the hope someone will see it and learn from my mistake of trusting AMERICAN FINANCIAL and LOAN CARE. They are predatory bankers in the worst way! I will be brief but I want to get my point across and hope my experience in the mortgage industry offers the insight, growing distrust and confusion I am experiencing.

I have been in my loan since Oct of 2011. My loan has been sold a few times and is now with AMERICAN FINANCIAL. During the time with my loan I have been making payments three months in advance due to the quarterly way I was previously paid. I never had a late payment and often times had to take time out of my busy days to call, make my way through incompetent phone agents and correct their mistaken invoices.

In January of 2014 I was recruited by another large mortgage company and the timing was right to leave what was an inevitable closure of the much smaller company I was at. This change would obviously initially affect my finances as I began new business relationships and learning now products, that's even with the savings I had for the change. I was open with and on my own account reached out to AMERICAN FINANCIAL to explain my situation and when the time came, asked for some help. They said 'you don’t have any late mortgage payments and you have a good interest rate, so sorry we can’t do anything at this time'. I was told I would need to miss three payments to have my loan looked at for a loan modification. I needed this type of assistance and applied, As I researched and promptly filled out the paperwork I discovered I met the program requirements perfectly.

After working my new job diligently, buckling down my unneeded personal expenses and starting a part time evening job to help get by and show I was making every effort possible, we were falling short. I am competent at my job but a transition like this takes time. I became two months behind and I contacted AMERICAN FINANCIAL again explaining everything. They told me I need to be three months behind and they could look into doing a loan modification. I missed another payment and submitted my information for the loan modification, following their advice. After a month I hadn’t heard anything so I called in and they said 'sorry we hadn’t received your information, so I needed to send it in again'. Come on guys! I work the industry, don't give me that. I immediately sent the application again, this time I called right after I sent the information in to confirm they had it. Wow! They did receive it and said they would start working on it! About a week later I get notice my loan modification was denied. So I called in and talked to an underwriter, he explained that I didn’t make enough money and they couldn’t do anything. I asked about a forbearance or other programs that are in place to help people in my situation. It was clear American Financial can't wait to get their hands on my over 100k in equity, even though I played by their rules and I see other lenders offering help to their loans who are willing to do everything I have done. I was not asking American Financial to lose money on me, or to give me something impossible, I was asking for them to help me out. I have at least 30% equity in my home (from an appraisal that was done last year). I asked why they can’t just roll my three months to the back of my loan? Helping me in my situation and not affecting them in anyway. I offered to prove the validity of my rebuilding career. They are only interested in going into foreclosure. I'm familiar with the laws, it's my job to know the laws, and they are skirting on very disturbing loan care. After all of that disheartening runaround I called in to make a payment, I was told 'sorry you are three months behind now and you need to catch your mortgage up in full. We will not accept one payment'. I was shocked by this entrapment! The agent coldly explained if only a single payment was made it would be returned and our house would begin foreclosure proceedings! They were NOW saying since I attempted to do a loan modification and it was denied I am now required to pay the three payments or my mortgage is sent to a foreclosure attorney? I was told 'yes that is true, also if it goes to the attorney then it would require 4 payments in full to stop the foreclosure.' Wow! Talk about soulless. I was willing to sacrifice so much but this is just horrible. I am not sure how this type of business is fair? It feels like predatory lending and it seems like they don’t want to help me because they know they will make money if I lose my home. Clearly American Financial doesn’t want to help. Even if you play by their rules, have impeccable loan history, are working your butt off, have valid reasons for your state of affairs, and a promising future they will circle like sharks. Lucky for them I know feedback is huge in this industry and I will not let this end the way they hope without telling everyone I can about their unethical, predatory and greedy manner of business management. I do understand it’s business but they shouldn’t be allowed to offer a loan modification option if it's impossible to get. Last, counseling their clients into devastating corners is illegal. Shame on American Financial for trying to kill the American Dream I have worked so hard for!Desired Settlement: They can really help me save my home. Let me roll some payments to the back of my loan.

Business

Response:

American Financial Resources, Inc. (AFR) is in receipt of your consumer complaint documented with the Revdex.com. 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 a regulated mortgage lender/servicer, we must adhere to an array of complicated business restrictions and policies. It is our goal to afford each consumer with an opportunity to purchase and maintain a residential mortgage. AFR, pursuant to ethical practices and government mandates, provides qualified consumers the right to modify their repayment schedule under certain financial conditions. The company works feverishly to help as many consumers retain their homes as financially possible.Although AFR understands your frustration, our loan modification process is discretionary. We utilize a licensed sub-servicer to handle all loss mitigation efforts on our behalf; that company thoroughly assesses a consumer’s payment history, creditworthiness andother background information, and a discretionary decision to approve or deny a modification request is then made in good faith. It is our policy to evaluate each modification request diligently and prudently. Unfortunately, it appears your loan did not qualify for modification. Furthermore, our records do not show any evidence furthering your contention that a representative advised you to be 3 months past due prior to requesting a modification. AFR has to abide by lender and federal guidelines for loss mitigationand modification. As evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriously. As an Equal Housing Lender, our company strives to provide financing to all qualified individuals on all eligible properties. Our company prides itself on transparency and delivery of high customer service levels. Over the past five years alone, we have helped over 50,000 families achieve homeownership, and work tirelessly to handle all transactions in a professional manner.

Review: On march 31 2015 I signed a contract with this mortgage company for a house refinance as stated in my contract my monthly payment is 973.75 with a break down of 658.22 principal and interest 44.35 estimated taxes 65.57 hazard ins. 89.61 Mortgage ins. 116.00 school tax. I paid 974.00 for the May payment and I received a letter that I did not make the right payment they said I owe 1116.42 Per month with a break down of 199.31 principal 458.91 interest 458.20 escrow. My total taxes on my property including school taxes are 1924.20 and my homeowners is 786.77. I have called this company many times to explain that the escrow that they are charging me is incorrect but they keep passing the buck.Desired Settlement: I would like to have my payment to be what it is in the contract that I signed and that nothing happens to my credit.

Business

Response:

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.

Consumer

Response:

[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.]

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

Review: I got a good faith estimate from this lender for a cash out refinance in Texas. On the basis of this GFE I went forward with sending them all my personal information and paying for and scheduling an appraisal. After all was completed they called me and told me that, despite all of my information coming back as described, they had recently decided that they no longer do these types of loans in Texas. The is entirely in contradiction to my Good Faith Estimate. I have tried to work out a mutually agreeable solution for a week but have got no assurance that this matter would be resolved. They absolutely refuse to go forward with my GFE, but I have subsequently requested a different solution. I have called countless times but no return call. I have been in some level of communication with some employees there, but no one has committed their company to any course of action.Desired Settlement: A firm commitment from this company to work with me to find a solution considering they issued a GFE they are no longer willing to honor.

Business

Response:

We are currently working with the borrower on the ongoing transaction. Our team remains confident that the lines of communication are working well, and the applicant's concerns are being addressed. AFR looks forward to providing excellent financing to a qualified borrower in the timeframe requested. Thank you in advance for your consideration.

Consumer

Response:

Review: [redacted]

I am rejecting this response because:

The loan has not been closed and assurances from compliance counsel that they would go further to ensure I was completely satisfied were not met.

Regards,

Consumer

Response:

Review: [redacted]

I am rejecting this response because:

I still do not have a closed loan. When and if they take this loan across the finish line I will close this complaint.

Regards,

Business

Response:

The file has received a Clear-To-Close and the documents are to be submitted to the settlement agent. While we recognize the borrower will not be satisfied until the loan is physically closed, but we have to respond to the Revdex.com to avoid non-response ratings. We look forward to having this transaction closed out. Thanks.

Review: We initiated a refinance process with eLend on March 12, 2015. We completed the loan application and provided all the requisite documentation within 1 business day and an [redacted]l was scheduled within 2 business days of contact with the appraiser, at a cost of $425.

On June 1st we were told that our loan application was withdrawn and that in order to proceed with a refinance, we would need to start a new application. Not once before this were we notified that our rate lock had expired. On April 30th we received a phone call to tell us that the HUD had rejected our application due to there being “no net tangible benefit,” even though the refinance would have taken 5 years off our mortgage and saved us more than $84,000. On May 6th, we received a call and an email to let us know that we could not close on the loan until my wife returned to work on June 20th, essentially penalizing us for taking maternity leave.

What the real reason was for the delay and ultimate withdrawal of my application we may never know (the stories from several representatives never corroborated nor did they make sense), however, on June 2nd, another loan application was started without my consent, with another hard pull showing up on my credit report. While we are no mortgage experts, much of what took place throughout this loan process seems to be in direct violation of federal regulations, e.g. no notification of rate lock expiration, withdrawing my application (only the consumer should be allowed to do this), penalizing us for taking family leave, starting another application and pulling my credit again without my consent, etc.

We ask that eLend refund us the $425 that we spent on getting an [redacted]l for this failed refinance. When asked this same request, eLend responded by saying this was not possible, but that the [redacted]l could be transferred to another lender. This is unacceptable, especially given the fact that most lenders do not and will not use the same [redacted]l companies.Desired Settlement: We ask that eLend refund us the $425 that we spent on getting an [redacted]l for this failed refinance.

Business

Response:

American Financial Resources, Inc. (d/b/a/ eLEND) is in receipt of your consumer complaint. As an A+ rated company operating nationwide, we take all grievances very seriously. We pride ourselves on transparency and good faith dealing during both the loan origination and servicing process. As an Equal Housing Lender, we strive to provide financing to all qualified applicants on all eligible properties. We have closed in excess of 50,000 loans in the past five years, and we want 100% customer satisfaction. To that end, we have submitted a check to you in the amount of $425 to pay for your [redacted]l. Please note that AFR is required to use a non-affiliated company to provide collateral valuation, and these third party fees are charged by the [redacted]l Management Company directly. Nevertheless, although AFR did not generate any revenue, your requested funds were submitted via [redacted] courier service and you should have received it by now. We abide by all state and federal regulations pertaining to disclosure obligations, credit reporting, and other lending statutes. Additionally, as an FHA lender, we adhere to their underwriting guidelines when reviewing applications. If you have any trailing questions or concerns, please let us know. Thank you in advance for your consideration.

Consumer

Response:

[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.]

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

Review: [redacted] was friendly and got things started, giving us hope on 02/09/15 to close by 03/12/15, BUT...The graphic identifying the completed steps which was received in the final congratulatory approval email should be disseminated upon signing w/ eLend. Each of those steps should have approximate completion times attached. Processor should inform clients at each step: why something more is needed; why a delay; what is actual closing date; respond to all emails and phone calls; and, not discuss status of case with realtors without also discussing with clients. The $500 close on time guarantee is completely false and represents false advertising to us. eLend knows it will not close on time and uses the extension of the interest rate as the reason for non-payment of the penalty when each missed closing date was entirely the fault of eLend and not the buyers, sellers nor their agents. We did not have a firm closing date after 3 months until we copied the parent company of eLend in an email sent to the processor on May 7 after a 4th closing date was about to expire. [redacted]Desired Settlement: eLend missed four (4) closing dates and proudly offer a $500 guarantee to close on time. Send us a [redacted] gift card worth at least $500 to show good faith in their advertising.

Business

Response:

[redacted] (“[redacted]”) is in receipt of the complaint that you made to the Revdex.com of New Jersey (“Revdex.com”). eLEND is an approved trade name of [redacted]. After reviewing your complaint and the loan file, [redacted] notes that a rate lock “extension” was provided at zero cost to you. On the “Close on Time Guarantee” page on the eLEND website ([redacted]), the terms and conditions state that “eLEND may choose to extend the interest rate at no cost to the client in lieu of payment of the $500 Closing Guarantee.” We are sorry that your timing concerns caused you hardship, but we do schedule our closings with every intention of closing promptly. Our company does not generate any revenue until a loan actually closes; therefore, we are incentivized to close loans as quick as possible and in an efficient manner. Nevertheless, we do apologize for any timing inconvenience as we always attempt to close all loans as quickly and efficiently as possible. Our company strives to maintain transparency in all aspects of our business and we attribute our 18-year history of success to strong business ethics and good faith dealings with our clientele. Over the past five years alone, we have assisted over 50,000 families with their homeownership needs. We value your input, and seek long-term clients. In the interest of 100% customer satisfaction, we will be sending you a check in the amount of $500 as part of our closing guarantee. If you have any other questions or concerns, please feel free to contact our compliance department. Thank you in advance for your time and consideration.

Consumer

Response:

[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.]

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,

Review: We contacted eLend for a mortgage loan application for our house buying.

(1) eLend caused significant delays during the whole process and told multiple lies.

During the initial contact, eLend requested us to order appraisal as early as possible. We did as requested. However, after we paid for appraisal, eLend began to not respond to our calls and emails. We tried to contact eLend through email and calls for multiple times during 2 weeks. We never got any response.

Then it took another 1 week for them to send us a list of request. We submitted requested documents the following day through web.

Then another 2 weeks with not a single reply. We assumed everything went well. However, they came back just 4 days before REVISED closing date requesting additional documents! (the closing date was extended by 1 week per elend request as they were unable to close on our original date on contract).

(2) eLend was unable to close the loan on time and didn't notify us upfront. Instead, they committed to close on our original closing date. When they couldn't , they requested for an extension of 1 week, whichever we did. 4 days before the revised closing date, they asked us for new documents claiming that some electronic signature (which they sent us to sign through web!) are not accepted. They told us that they might be able to close 10 days after the revised closing date! Well, we sent them new documents requested. However, 2 business days later, they came to us again requesting additional documents and claimed that they never committed a closing date. They told us the expected date would be mid of july which means the whole loan application would take 2 months!

As a result of significant delay caused by eLEND and the fact that eLend can't close on agreed date, we lost our deal and our earnest money. We lost around $3000 in fees including appraisal, earnest money, inspection, house hunting fees, etc..Desired Settlement: refund our appraisal fee

compensate for our lost earnest money, our inspection fee, and house hunting fee including flights/hotel/car rental

Business

Response:

[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.

Review: I have started refinancing process from 4/29/2013. I have provided all the documents needed for the process on time. So far I am not getting any satisfied answer from them. According to them they don't have ETA on completion of my file. I tried contacting them multiple times via Phone and email. They said they don't have any answer and nobody is willing to co-operate and look into detail of the issue. They kept saying when underwriter informs us, we'll inform you. - NO APPROXIMATE TIME FRAME.

Business

Response:

American Financial Resources, Inc. is in receipt of the Revdex.com complaint pertaining to [redacted]’s mortgage application. As evidenced by our strong customer satisfaction and A+ rating with the Revdex.com, we take all consumer inquiries very seriously. Our company is a nationwide mortgage lender with Direct Endorsement (DE) authority from the Department of HUD, and we are an approved seller/servicer with Fannie Mae and Freddie Mac [redacted] filed looking for a status update on his loan application. While underwriting files in 2013 is a very complicated process, our company prides itself on transparency and keeping open lines of communication throughout the process. Our sales manager has made direct contact with [redacted], and apprised him of current loan status. His loan is approved and advancing in the normal course of business. We value our client’s interests, and we look forward to continue working with [redacted]. As an Equal Housing Lender, we strive to provide financing to all qualified candidates. Over the past 15 years, we have helped tens of thousands of families achieve homeownership, and our goal remains to provide superior mortgage financing in a timely manner. Should you require additional information, we would be pleased to respond. Thank you in advance for your consideration.

Consumer

Response:

Review: [redacted]

I am rejecting this response because: Although I got response back immediately after filing this complain but Company did not honor original loan rates which was locked @2.87% for 15 yrs fixed. I am now given an option of re-locking it @3.25% as locking period of 45 days passed. There were no delays from my side in providing all the required documents in timely manner. In fact, I provided all the documents on the day of a request or on the next day or two. I followed up number of times to Loan officer, and Loan Processor for the status of loan via phone calls or via emails. There was no satisfactory response or lack of response from the company which resulted in more than 45 days of delays. I have all the log of phone call and email requests and can provide them upon request. In summary I am not at fault in delaying this process but now have to pay a price in terms of rate hike.Regards,

Review: On June 1st 2015 I applied for a loan with this co and they said I was approved,they wanted $495 to do an Appraisal so we gave them the money for that the appraisal was excepted and they said we were approved for this loan and this would be the only money that would be needed to proceed .After sending them more documents they once again said Congrats you are approved .Then they said in order to finalize the loan they needed a Engineer Certification and that would cost $365 and that was all they needed to finish up the loan to close ,well after over 3 months of them telling us we were approved I got a phone call from them saying they could not do the loan because my son had done a bankruptcy which that had been 8 years ago and the judgement has been completed and already had been discharged .This has nothing to do with me my son and I have different SSN numbers and if this was there policy they should of told us this over 3 months ago instead of keep leading us on saying we were approved and making us pay for an appraisal and engineer certification I believe I should be refunded the money that they had me spend that I wouldn't have if they would of told me about this from the start

Thank you I hope you can help me with this matter this too me is a lot of money I would not of had to spendDesired Settlement: I would like to get my money back &495 for appraisal and $365 for the engineer certification. For being misled

Business

Response:

Please see attached narrative. Thank you in advance for your consideration.

Consumer

Response:

Review: [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,

Business

Response:

Dear Mr. [redacted],Good afternoon. We apologize for the delayed response, but had difficulty in uploading an attachment to the Revdex.com site. In any event, we are crestfallen that you remain aggrieved with our customer service. We sincerely wish we could offer you a formal commitment to lend, but we strictly adhere to our published underwriting guidelines and must disposition the file accordingly. We have assisted over 50,000 families with residential financing, and we always seek 100% customer satisfaction. Although we did not earn any fees on this transaction, and spent considerable internal resources ourselves in underwriting the file, we recognize your frustration level of spending time in the application process. In the interest of customer satisfaction, however, the company would like to personally pay you the full amount of your appraisal. This is not technically a refund since we did not collect any fees, but we hope that the funds paid on your behalf will reflect our commitment to the communities we serve. If you provide a current address, our accounting department will send a check to you in the next week to ten days. If you have any questions, please do not hesitate to contact our compliance department. Thank you.

Consumer

Response:

[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.]

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

My Address

Regards,

[redacted]. Address is [redacted]

Review: I went to buy a manufactured home from Home Owners Wholesale and Elend was the finance company. [redacted] was the one handling the loan. I put $3,000 down because I was told that Elend approved my loan. Well when I asked for copies of my loan papers and a statement from [redacted] stating that Home Owners had not sent him a completed sales contract to get my money back he would not provide me with anything. I went to another place and was turned down for financing due to a foreclosure on my previous home and cannot get financed. I was trying to get a statement from him stating that but he would only say I will talk to your attorney as if he was helping them. I am trying to get my money back from Homeowner's and need this paperwork in order to do this.Desired Settlement: Get required documents stating I cannot get financing for the purchase from Homeowners so that I can get my money back from them.

I submit a request for a loan about 48 - 72 hours ago but I haven't received an update on the status of it. There website has a status updater but it just says received. I've never dealt with a lender that took this long to respond. I tried ALL of the different options on the 800 number and it goes to voicemail. I emailed my loan representative twice but he hasn't replied. I left him a voicemail twice but he hasn't replied.
My credit scores are good but eLend is too busy or lazy to take my business! I've already received 2 pre approvals from other lenders. I might have to go with one of them because I don't think the listing will be on the market very long.

Review: I applied for a loan with Elend at the beginning of June. I qualified and was told they needed a credit card for an appraisal fee of 500.00. I was told the loan to value was 80 percent. Which meant my property would have to be 60 plus thousand to make my needed amount of 53000. So within the first 2 weeks I get the appraisal done, because I was satisfied with the expalnation and terms. 3.99 percent at 180 months. So I get the results about a week later and it is right at what I need. The representative [redacted] tells me I might need to bring around 1000 dollars to closing, to offset the small shortfall. Then about a week later he tells me that this loan is actually only going to be covered at a 65percent loan to value. I was going too try and do it. But 11500 was a little more than anticipated too say the least. So I read the disclosure on Revdex.com that said try and contact them first, about the appraisal fee refund. I did; they naturally balked, and said the service was performed. But if I would have known the 65 percent Loan to Value before, I more and likely would have walked away. So essentially a service was done, but one I did not need. So correct this disservice, of telling right when are on the verge of closing, they only will do 65 percent loan too value.Desired Settlement: To get refunded for an appraisal fee that I would not have gotten, If I had known about the 65 percent loan to value. They had told me until the last days before closing it was 80 percent loan to value. You think after almost 7 weeks they might have known this sooner. I got my rep [redacted] the paperwork, within the first week. SO inexcuseable to be quoted one thing until days before closing comes up. Should have known this before they took a dime from me. Very unprofessionally handled.

Business

Response:

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.

Consumer

Response:

Review: [redacted]

I am rejecting this response because: That is understandable if this would have been discovered before I went thru the trouble of getting the title cleared, and paying for an appraisal that I would not have gotten done knowing the loan to value was going too change days before closing too 65 to LTV. I took the action in getting an appraisal and clearing title under a good faith estimate stating 80 LTV. I would not have went thru the trouble of paying for an appraisal and clearing that title otherwise. SO how is it my fault that this was not known earlier? I should suffer the consequences of you all not knowing this loan type? The first thing you all do is take my money for an appraisal without giving me an accurate assessment of the terms of the loan. You are the pros, not me. I am perplexed that you think since you were still willing to do the loan, that me not knowing this until days before closing is ok. Or I would have never went forward with this appraisal and clearing of title, knowing these things upfront, or sooner. So your trying not to give me back my 495 dollare again Y? Last time I checked this was not my fault. I provided all documentation quickly and expeditiously. So I was not the hold up on this detail not being known. A third party did not ask for my money. ELEND did. SO with all due respect the third party argument, and we were still willing to do a loan does not fly. Then being told I could not borrow money too offset the huge difference between 1000 dollars at 80 LTV, and 11000 plus LTV was the final straw. Just because you were willing to do the loan at 65 LTV does not wash you clean of the fact that I was not. Nor would have been willing to do so, knowing this upfront. I don`t hate you all, just thought before money would be exchanged this should be known upfront. I did my part getting the title cleared, and the money for the appraisal. Getting in necessary documents etc. This squarely falls on you all not knowing this untl late July. That is the issue. You all did not do your part, either in knowing the law, that you should know, not I. I trusted you all when you gave me the terms of the contract. And that is the sole reason I put the 495 within 2 days. Your policies, don`t justify the mistake of taking my money, without giving accurate assessments of the terms. Well either way GOD BLESS and Good Luck.

Regards,

Business

Response:

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.

Review: After MONTHS of working with this company all we get is the run around. Repeatedly asking for copy's of info already given. Making false statements ( they stated we did not pay taxes, they claim that the IRS told them this, we'll, the IRS stated there is no way they would say that, I proved tax payment and they still were not happy ). Asking for a letter of explanation, after given stated need proof. They have all the check copy's, all the bank statements, letters from my employer stating my income. We have 800 point credit scores and have never missed any payments. They are clearly trying to keep loan from closing as rates have increased an my lock in will expire in January. After months of giving them every item requested they continue to come up with new, or just ask for Another copy of the same item. Clearly they are just trying to not hold up to their word.Desired Settlement: I want it closed today! There is no reason this is continuing on and on. I see many complaints, I can not figure out how they have a A rating.

Business

Response:

American Financial Resources, Inc. is in receipt of [redacted] and [redacted]’s Revdex.com Consumer Complaint. 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.

Annually, our company receives tens of thousands of mortgage applications. Many applications involve complex underwriting and heavy analysis of income and asset documentation, collateral review, appraisal standards, credit examination, etc. Moreover, as a lender offering government insured loans, we perform a myriad of anti-fraud and verification procedures on all transactions.

Due to the nature of the State Law of Texas, this potential file requires an exception to standard underwriting guidelines due to the previous type of financing received. Before granting such an underwriting exception, the file needs to be reviewed by both our Board of Directors and special outside counsel located in the State of Texas. We apologize for any perceived lack of communication; we pride ourselves on transparency and always delivering a high level of customer service. For the borrower’s sake, we want to close loans that remain in their best long-term interest. Our company neither charges application fees, underwriting fees, nor any lender fees whatsoever; we do not generate any revenue unless a loan actually closes.

As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties. We look forward to having an official underwriting response in the near future. Should you require additional information, we would be pleased to respond. Thank you in advance for your consideration.

Review: I contacted elend [redacted] to refinance my home. He requested multiple forms and financial I formation that I providedimmediately. To get get a reply from him took days and multiple calls, he finally transferred the loan to the processor which asked for more information which was supplied immediately. Contact with her was limited and when finally reaching her she had another request for information and denial of previous information I supplied. This process went on for over a month. After 2 appraisals at her request she moved the closing date from the end of October to November 24. I finally backed out of the contract after trying for 10 days to contact her and finally getting a reply of denial of more information I supplied and request for a 3rd appraisal. In my view they never wanted to give me the loan. They should have been up front with me about the situation. Customer service is nonexistent. More people need to know not to do business with this company and especially [redacted] and his processor.Desired Settlement: Finish the loan or refund me the 150 dollars for the second appraisal. The second appraisal was unnecessary considering I was not supplied with the specific requirements that required the second appraisal.

Business

Response:

American Financial Resources, Inc. (d/b/a eLend) is in receipt of your consumer complaint relating to your recent mortgage application. Our company is a nationwide mortgage lender with Direct Endorsement Authority from theDepartment 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 inquires very seriously. As an Equal Housing Lender, our company strives to provide financing to all qualified individuals on all eligible properties. As a regulated institution, we must adhere to all FHA appraisal and underwriting guidelines. These legal requirements mandate that all appraisals are ordered through a non-affiliated Appraisal Management Company; any monies expended were received by a third-party. Upon our receipt of borrower-executed mortgage disclosure documents, the appraisal was ordered. Upon review, the independent valuation reflected there were necessary repairs to ensure the residential home was compliant with lending standards. An inspection fee of $150.00 was charged by this third party company for the Appraiser to make a second visit for a repair status check. Our internal notes reflect the borrower wanted to proceed with the mortgage applications, and repairs were made in mid-October. We received the revised appraisal report, but the third-party reviewer cited the repairs remained unsatisfactory. In addition to the outstanding home repairs, the title company furnished a title eport indicating there was a private mortgage on the property that was previously unknown to our entity. As a government sponsored lender, we must adhere to their underwriting guidelines regarding properties being up to municipal codes, and verification of the borrower’s ability-to-repay the loan. While we wish every borrower application would result in approved financing, we can only offer full-documentation loans on eligible properties. Please be advised that our company neither charges application fees, underwriting fees, nor any lender fees whatsoever. Our company does not generate any revenue unless a loan actually closes. Our company prides itself on transparency and delivery of high customer service levels. Over the past sixteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a professional manner. Thank you in advancefor your consideration.

Consumer

Response:

Review: [redacted]

I am rejecting this response because: the repairs requested from the first appraisal were done to the specifications that the processor noted. After the second appraisal they stated it wasn't up to standard and added more stringent qualifations that were noted the first time. After the new demands they also requested a third appraisal. The kept moving the goal post. As for the Lien on the other property, we supplied all documentation from the county showing that the property was previously being sold and foreclosed on. All legal documentation that specifically states that the property had been in foreclosure in the past and has a clean and clear deed owned by my wife and I. We sent them every peice of documentation that the county could give us and still Those documents were unsatisfactory to them. Once again moving the goal post. We tried to refinance with them for almost two months and over and over again they moved the goal post to prevent us from closing.

Regards,

Business

Response:

Dear [redacted],Our company is crestfallen that you remain aggrived with your transactional experience. AFR strives for 100% customer service satisfaction and prides itself on transparency. Having closed over 50,000 loans in the past five years alone, we take the loan origination process very serious. Although our entity did not collect any fees, we will be sending you a $150 to cover the secondary expense. Thank you in advance for your consideration.

Consumer

Response:

[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.]

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,

Review: After meeting on of company's workers([redacted]l) at a networking breakfast, assured that he could help us refinance our condoCompany started to work on our refinance and let us now that they could definitely do our refinance even though we had a deed restricted property saying that it made it a little more complicatedWe signed all the documents with online signatures and then was instructed and set up by them to have the appraisal done which we did and cost which we put on our credit cardAfter a couple of weeks we were told that everything went through and that they would be changing Home insurance and tax info to bill to them as they would now be taking care of thatAfter that we didn't here from them for a monthWe finally did hear back and [redacted] told us they were finishing things up and to expect everything to go through by Friday that weekWe didn't hear from them for another three weeksWe have documented several emails and phone conversation about this situationThis company has all our personal infoI finally had enough and called the company and asked to speak to the head of the companyThey forwarded the call to a guy named [redacted]He said he would get to the bottom of this and let us know by the end of the week of our status and would copy [redacted] on everythingThey called us by the end of the following week and now said they couldn't refinance us and that they would indeed refund our money plus any interest that accrued on our credit card and apologized for misleading us( we could have had another refinance through the housing partnership but chose to go through this company because of the great rate they were giving us)On Feb [redacted] spoke with us and assured that he would send the check UPS overnight and we would see it by the next business morningHe said he was sorry again it took so longWe have now reached out to the company again and they will not return callsWe have accrued in interest our credit cardDesired Settlement: We would like the plus interest as they said they would reimburse and to make sure that they have destroyed our personal info that they possess
Business
Response:
Dear Mr[redacted]:
American Financial Resources, Inc(“AFR”) is in receipt of your consumer complaint pertaining to the proposed refinance of your homeAs evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriouslyAFR is a Fannie Mae approved seller/servicer, and as such, is legally bound by their underwriting Seller’s GuideSince your property contained legal restrictions on resale, the refinance transaction had to meet additional underwriting criteria
On 1-8-14, AFR emailed Ms[redacted], the Executive Director of the Housing Partnership, to obtain additional information as to the restrictions associated with the subject property as they relate to priority and foreclosureOn 1-9-14, the Executive Director stated the message was forwarded to the State of New JerseyOn three separate occasions (1-15-14, 1-23-14, and 1-28-14) AFR inquired whether the State had responded; all three inquiries yielded no formal response
On 1-28-24, we inquired back with Executive Director, who responded to our questionThe response, however, did not provide definitive guidanceAFR was then forwarded a sample of the note and mortgage that you would potentially execute at closingBased upon the provisions of the mortgage and the information obtained from the Housing Partnership, it was AFR’s opinion that the restrictions ran counter to certain provisions posted in Fannie Mae Guidelines, which would make a refinanced mortgage loan on this subject property ineligible for delivery to Fannie MaeUnfortunately, based upon the aforementioned, your application did not result in an approved financingWe apologize for any delay, but we were unable to make a decision regarding the restrictions on the property until we received answers to our questions from the Housing Partnership
AFR charges no lender fees and only generates revenue when a loan actually closesAny expenditure on an appraisal was collected by an unaffiliated third partyAlthough 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 perfectTherefore, in the interest of customer service, AFR has personally issued you a check in the amount of $
State and Federal Laws obligate our company to maintain all application information in our corporate recordsWe are subject to regulatory oversight and examination by multiple agenciesPlease 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 mannerAs an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible propertiesShould you require additional information, we would be delighted to respondThank you in advance for your consideration
Consumer
Response:
[A default letter is provided here which indicates your acceptance of the business's responseIf you wish, you may update it before sending it.]
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,

Review: I started a mortgage loan process back in February, and when I filled out the application, I was told that I had to be 2 years past my bankruptcy to be able to proceed with the application. Bankruptcy went through in November 2012. Now they are saying that my loan was denied because of the bankruptcy. I paid them $500 for an appraiser to come out and appraise my property after they said that the bankruptcy did not matter.Desired Settlement: I would prefer for them to honor the loan, but if they will not do this, then give my money back.

Business

Response:

American Financial Resources, Inc. (“AFR”) is in receipt of the complaint that you filed with the Revdex.com of New Jersey (“Revdex.com”). In the complaint you claim that you are unsatisfied that your loan application was denied as a result of the bankruptcy you filed in November 2012. Also, you are displeased with the charge for the appraisal on your property. Our company is a nationwide mortgage lender with Direct Endorsement (DE) authority from the Department of Housing and Urban Development and an approved FHA lender. As evidenced by our historically strong customer satisfaction ratings, we take all consumer inquiries very seriously.As a regulated institution, we must adhere to all underwriting guidelines promulgated directly by the Department of Housing and Urban Development (HUD). We maintain internal controls to operate a prudent underwriting environment. Mortgage applications are document intensive, and underwriters must be certain that transactions are vetted in HUD’s best interest. Sensible underwriting requires full investigation of previous bankruptcies. Verification of income, assets, job history, etc. often begets additional underwriting conditions. In the case of this loan, although the Chapter 7 bankruptcy may have been a factor in the decision, it was not the only factor. After a thorough review of your financial picture, it was determined that there were excessive financial commitments, and the level of income was insufficient for this new obligation. Those circumstances would not have been uncovered until the underwriting process was initiated. A licensed mortgage loan originator, no matter how experienced, cannot predict the full verified financial picture at the early stage of the loan process. As a direct endorsement lender offering government insured loans, we must abide by all regulations pertaining to Appraiser Independence Requirements. To comply with these statutes, your appraisal was ordered though an independent third-party appraisal management company, and any fees expended were received by third parties. As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties. Please be advised that our company neither charges application fees, underwriting fees, nor any lender fees whatsoever. Our company does not generate any revenue until a loan actually closes. 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. Nevertheless, we are crestfallen that you were less than 100% satisfied in dealing with our company. Unfortunately, not every application resultsin approved financing and every contingency cannot be anticipated in advance. Thank you in advance for your consideration.

Consumer

Response:

[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.]

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

They are refunding me the fee that I paid for the inspection. Thank you for your help with this.

Review: I engaged the services of eLend.Com to finance a property I was buying. I was PRE-APPROVED for the loan and all the required paperwork was furnished to them verifying ALL Information that was given to them. They then ordered the appraisal so that the loan could be funded. The appraisal was paid, through them, with my credit card. When we got close to the closing date, they then started requesting "additional" information, all given and still verifying ALL information that was given to them. This "requesting" went on for a period of two weeks. They failed to meet two closing dates. My last conversation with Mr. [redacted] was that "this has gotten to the point of stupidity on their part and he does not understand what is going on". He advised me to find another lender. They did not turn me down. They just failed to get the loan funded to meet the closing date set by Fannie Mae. Mr. [redacted] assured me during two phone coversations that the money spend for the appraisal would be refunded. Now they do not answer any phone calls and the money has not been refunded ($495.00). Mr. [redacted] was the representative with eLend.com that handled my application and pre-approval. He said "your appraisal money will be refunded to you". They lied. My money has not been refunded. They will not return my phone call messages.Desired Settlement: Refund $495.00 spend for appraisal for a loan that was not closed but was not "denied".

Business

Response:

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.

Consumer

Response:

Review: [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,

Business

Response:

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.

Consumer

Response:

Review: [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,

Review: My husband and I had to decided to refinance with this company back in January 2015. I used this company because my husband is a firefighter and they were advertising to firefighters no lender fees, $500 dollars if you do not close on time, etc. So I called and we got a great interest rate and it was a 45 day lock. I e-mailed about 2 weeks prior to the lock ending wondering when our appraisal was going to happen. They stated that there was a mix up on their end (which I have an email to prove it) and that they would still honor the rate lock because it was their fault. The appraiser finally came and we did not lock for another couple of weeks. It took almost 60 days from start to finish to close out our refinance. In the mean time I ended up making an additional payment to the mortgage company so that I did not incur a late fee. I read on their website that they honor closing on time of you get $500, so I tried getting into contact with the person in charge of the loan to ask about it and he was avoiding my e-mails. After repeat e-mails to him he finally responded back, about 1 month later, that they gave us the extended rate lock because we did not close on time. I told him that because they said it was their fault that they honor the rate lock but we should also be given the $500 for not closing on time. Especially for the inconvenience and the interest paid by us for the extra time that it took to become finalized.Desired Settlement: I think they should honor what their website states and pay us the $500.00

Business

Response:

April 30, 2015RE: Revdex.com of New Jersey Complaint #[redacted] Dear Ms. [redacted], American Financial Resources, Inc. (“AFR”) is in receipt of the complaint that you made to the Revdex.com of New Jersey (“Revdex.com”). eLEND is an approved trade name of AFR. In the complaint you claim that your refinance loan did not close on time. Since the refinance loan did not close on time, you would like to receive the AFR $500 Closing Guarantee. After reviewing your complaint and the loan file, AFR notes that on or about February 27, 2015 a rate lock “extension” was provided at zero cost to you. This was done as a result of a delay in ordering the appraisal for your refinance on the part of AFR. It appears that the delay in ordering the appraisal required the closing date to be moved back. From your application date of January 15, 2015 to the date your signed your closing documents on March 16, 2015, the process took 60 days. On the “Close on Time Guarantee” page on the eLEND website (www.elend.com), the terms and conditions state that “eLEND may choose to extend the interest rate at no cost to the client in lieu of payment of the $500 Closing Guarantee.” In this case, AFR granted the rate lock extension in lieu of the $500 Closing Guarantee. We do not charge any lender fees whatsoever. Irrespective of the closing timeframe, the mortgage obligation to your previous lender or to AFR would still remain. Nevertheless, we do apologize for any timing inconvenience as we always attempt to close all loans as quickly and efficiently as possible. Our company strives to maintain transparency. We attribute our 18-year history of success to strong business ethics and good faith dealings with our clientele. Over the past five years alone, we have assisted over 50,000 families with their homeownership needs. If you have any other questions or concerns, please feel free to contact us. Thank you in advance for your time and consideration.

Consumer

Response:

Review: [redacted]

I am rejecting this response because:

I feel we were not given a choice in the matter and because it was the mortgage companies fault for not ordering the appraisal on time that I had accumulated interest and had to make another mortgage payment. I feel that this company, if they want to keep a good reputation, should just pay the $500 to keep the customer happy. I do not agree with the response from this business and I will not recommend them to anyone. Especially since it takes them 14 days just to respond!

Regards,

Business

Response:

Dear Ms. [redacted],Good morning. We appreciate your follow-up inquiry. Our company strives for 100% customer satisfaction in all facets of our business. We accept nearly 30,000 applications on an annual basis, and our goal of transparency is applied to each and every consumer. In the interest of high-level of customer service, and continuing to earn your business and trust, we will be issuing you a check in the amount of $500 as requested. The courier service should deliver the proceeds some time next week. Should you have any questions or concerns, please do not hesitate to contact our Compliance Department. Thank you in advance for your consideration, and we hope you enjoy your residence.

Consumer

Response:

[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.]

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,