Equity Resources, Inc.

We respectfully acknowledge receipt of the filed complaint, ID #***.In response:The borrower contacted our corporate office February 11lth, expressing her concerns abouther mortgage loan processThe process, the borrower acknowledged, required corrective actionto her and her husband's
credit to allow them to move forward with the loan applicationDuringthe process we worlced with the clients to obtain credit approval, however, it did not worlcout as desiredWe made every effort, but the borrowers did not credit qualify at the time.On February 11th and days following, the client requested the loan application be withdrawn andfurther requested the appraisal report be transferred to their new lender (for the FHA case transfer).We processed the borrower's request as soon as possibleWe continued to answer the client'squestions regarding her previous loan application after the withdrawalWhen the clientbegan expressing concerns with their new lender's requireinents and restrictions, we were at aloss and could not provide any more assistance or answers to her questions.At this time we will not be refunding the cost incurred for the lead based paint test described inthe complaint - the lead based paint test was not a requirement of our loan processFurther, weare unable to reimburse the client for the rent expense for the month of March as the borrowerswould have sustained a housing expense for this month whether they purchased a new home orcontinued to rent their current residence.The appraisal report obtained for the borrower's transaction came at a cost of $375, the borrowersmade a $payment during the loan process and this $has been fully refunded to theclientsThe remaining balance of $has been talkn care of by Equity Resources as well.Sincerely,*** *** *** ***

In response to the counter complaint filed, referenced above:During the borrower's application process, Equity Resources ordered and received a fullresidential appraisal report ( 1004)We received an invoice from the appraiser that completedthe report dated January 9th, 2015, for the amount of $We paid the appraiser $in fullJanuary 15th. To date, we do not have any additional appraisal invoices tied to this borrower'smortgage loan process.The client made a payment of $to Equity Resources on January 23?rdOn February 16th,Equity Resources generated a refund check to the client for the $paidThis was done as acourtesy following the client's request to withdrawal the application and transfer the loan to anew lender.The counter complaint includes correspondence from a different lender - *** *** of* *** This individual is not affiliated with Equity Resources, IncWe cannot addresscomplaints regarding another lender.Sincerely,*** ** *** *** ***

We paid for the appraisal and the final appraisal (if you paid for the appraisal in full then either your company or the appraiser himself owes us a refund of $125, which was given to him at closing); we paid $for the appraisal and we agree that money was refunded but the appraiser told our loan officer that he was not made whole and charged us an additional $for going back out to the property on 2/5/while the loan was still in processing with your company If you are stating that you paid for the appraisal in full then we are owed at least a refund for what we paid in addition to the $we were charged.*** *** *** **
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Regards,
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In response to the above referenced counter complaint filed: The borrower contacted our corporate office February 11th, 2015 to file a complaint detailing her experience of working through credit repair to obtain credit approval with our mortgage company. The client had a total of two applications, the first application was turned down as detailed in the turn down letter sent to the borrower January 23, 2015 (turn down letter attached). The second application was still in process at the time of the complaint. The client explained the most recent credit results were not what were expected and she had come to the decision it was best to withdrawal her loan application to pursue another lender. Following the complaint call, we researched the concerns in an attempt to assist the borrower. It was determined the clients were trying to qualify for a niche product with guidelines specific to credit scores. The loan officer and his team worked with a credit simulator system that looks for possible options that may improve overall cred-it results. The client provided documentation and followed the instructions, however the end results were not what were hoped for, despite all parties’ efforts. The system that was relied on provides approximate estimates only, there was a risk involved. Due to the most recent results we were unable to grant credit approval without additional action and additional steps to improve credit. Please note - none of the credit simulator expenses were passed on to the client. February 12th, 2015, the complaint department spoke with the borrower to discuss the results of the re-search. At that time the client requested to withdrawal her current loan application and have it transferred to a new lender. The appraisal report was transferred to the new lender for their use, but was paid for in full by Equity Re-sources. Equity Resources did not require a lead based paint test and as such will not be able to refund the cost incurred due to the new lender’s requirements. We will also not be able to refund one month’s worth of housing expenses as the borrower would have incurred a housing expense whether residing in a new home, or remaining in their current residence. In response to the documentation, we are providing a copy of the turn down letter from the initial application mailed to the client January 23, 2015. The second application was withdrawn by the borrower. Sincerely,[redacted]

9/14/2017To whom it may concern, Customer applied for a mortgage with Equity Resources on 8/16/2017. On 8/23/2017, as part of her application process, an appraisal was ordered on the property address per the contract, which was the property address of our consumer was in contract to purchase....

The appraiser whom Equity Resources contracted visited the property on 8/24/2017, and returned the completed appraisal report to Equity Resources on 8/25/2017. Subject to Equity Resources discretion, an appraisal may or may not require payment prior to beginning the appraisal process. In our customer case, the process was started prior to payment being received.    Shortly after receiving the completed report, the file was put on hold as it appeared the transaction may not proceed. The file was still pending final determination within our system, and once a final decision was rendered, a copy of the report was to be sent out to the customer. Had the customer reached out to us at any time, we would have happily provided her a copy of the appraisal report. Upon receiving this notification, we have sent the appraisal to the customer electronically, and our system logs show the customer did view the report. It is our hope that this satisfies the customer’s request, and if she should have any further questions she can call our main office at (800)270-7082.Sincerely,Jamie D[redacted]Quality Control Manager

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

I would like to advise that this complaint has been resolved to my satisfaction. Mr. T[redacted] called me today to let me know my online profile and sensitive information has been deleted from the Equity Resources Inc website.I am pleased with this outcome and do not wish to pursue this matter any further. Please close this file and note the matter has been amicably resolved.Thank you so much for you time and attention to my concern.[redacted]

I am not satisfied with this companies handling of my mortgage application and the fact that they have not and will not accept any responsibility for their part in how our transaction ended.  I am requiring no more responses from Equity we are in a new house.
Regards,
[redacted]

We respectfully acknowledge notification of the complaint filed September 10, 2015.Equity Resources, Inc. received notification of said complaint on September 14th, 2015.In response:The client reached out to Equity Resources, Inc. the evening of September 8th, 2015 tobegin the preapproval process...

for a mortgage loan via our online service. After beginningthe application, the client decided not to complete the process. The individualattempted to call the designated [redacted] branch to remove the application andpersonal information, our representatives located in the client's region attempted to contactthe individual in response to the messages received. As of September 14th, the loanofficer had not been able to reach the client. The same day Monday, September 14th,the application was terminated and deleted from the system entirely.It is our understanding as of yesterday, September 14th, the client has contacted ourmortgage specialist in her region again, to reconsider the preapproval process.Sincerely, Ashley M[redacted] [redacted]

I have several emails from the loan officer stating quite the opposite; I have emails showing that the loan officer stated what our credit score would be if we followed his instructions, which we did.  The information that we received from the loan officer was not accurate nor complete.  While we were reimbursed for the appraisal we were not give all the details of what the appraiser required to have the loan approved.  We attempting to get a FHA loan and a lead based paint test is the needed for a FHA loan regardless of who you are borrowing from, so it wasn't the new loan company requirements, it is the governments requirements, and the loan officer failed to give us that information.  We were lead to believe that we had a Conditional Approval when we never received any documentation to support that. I have repeated requested documentation regarding the initial Pre-Approval and Conditional Approval and Equity Resources has failed to give us either.  Equity Resources advertises that they work with credit scores from 580 and both my score and the score of my husband have scores higher than 580; I believe that because we did not qualify for grant money, Equity Resources did not want to go any further with the loan.  We have not been given a clear and precise reason why the loan was denied; Equity Resources keeps trying to say we voluntarily pulled our loan but that is not the case, the loan officer told us that after the rescore did not give my husband the score he said it would, he could not help us and that we were denied; we have yet to receive a denial letter from Equity Resources which by law we are suppose to have.  We DID NOT voluntarily pull out of the loan process we were told that we COULDN'T COMPLETE THE PROCESS!  The appraiser was ordered by Equity Resources to go back out to the property on 2/5/2015 and he stated that he told [redacted] immediately thereafter that a lead test was needed and we were NEVER told that by our loan officer, so the final inspection was not done in a timely manner.  The final inspection delayed us closing our loan with the new loan company which caused us to extend our contract yet again.  We had 4 contract extension while with Equity Resources due to incomplete and negligent actions.  The refund of the appraisal was something should have been done because we were charged for it when the loan was initially denied on Jan 23, 2015; however your loan officer continued to work with us because he was certain he could get the loan approved.  We were lead to be believe that if we followed his instructions that our loan would close in a timely manner and again I have emails to prove this!  I again would request the refund of the $125 for the lead test because it was disclosed to your company while our loan was with you and yet we were not notified and the refund of our rent for March (because while our loan was not denied by your company according to your company), we had to extend our closing with the new company due to the mis-information and negligent actions of your company.
Regards,
[redacted]