eRates Mortgage

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below While it is true that there is a disclaimer that states that there [redacted] be 3rd party fees associated with the loan, [redacted] told me over the phone when we spoke, that my loan would not have anyBy the time I had received the document stating the cost I had already paid for the appraisal of $I didn't even know to look for the document, since I was already told by [redacted] what my costs would be I though I was signing for them to pull my recordsThis a clear cut example of "bait and switch"You can't lie to someone and tell them one thing and make them pay to get the process started and then disclose more costs Regards, [redacted] ***

March 15, Revdex.com of San Diego, Orange & Imperial Counties [redacted] ***m Dear Ms [redacted] We apologize if there w a miscommunication between Ms [redacted] and her loan officer regarding the distribution of contingency funds on her Construction LoanFHA has strict guidelines on how and when the monies on a Construction Loan can be disbursedIn reviewing Ms [redacted] ’s complaint found that Finance of America Mortgage complied with all FHA guidelines regarding the distribution of funds Ms [redacted] signed the (k) Borrower’s Acknowledgment, Contractor Acknowledgment and Rehabilitation Loan Agreement; all outlined the distribution of contingency fundsTo date, Ms [redacted] has been given a full reconciliation of the distribution of funds and seems to be satisfiedIn my reply, I forgot to address the payment increase The payment increased due to the taxes and insurance increasing We are having our escrow department contact Ms [redacted] to explain that to her Regards, [redacted]

Thank you for your feedback We believe we addressed all the concerns in our original response

Last year I attempted to refinance a rental propertyI have stellar credit, over averageAbout 40% equity in home based on their appraisalBefore signing with them I laid out my situation with them as clearly as possible as this is not a single WtransactionThey said no problemThey are quick and fast and will handle this Five weeks later they find new concerns with the documents I provided, even though I already addressed these issues on day oneI then remedied exactly what they askedFour weeks later, after rates started to go up again, they finally said that what I provided, what they asked for, is now not okBest guess, they knew they would have to eat the increased rate and wanted to get rid of me in place of their incompetence It is their right to say no, but they should have said no eight weeks priorThey said they were fast, yet it took over two weeks for them to reply to me at least onceI always acted in good faith, always, and responded within one business dayI do not believe they ever acted in good faith, and were certainly not quick They have now hurt my stellar credit by lying to meI would not wish them on my adversariesThere are many money lenders out there, most of them bad, they are aiming to win the battle of the worseI recommend you try your luck with any other

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait for the business to perform this action and, if it does, will consider this complaint resolved Regards, [redacted]

March 25, 2016Revdex.com of San Diego, Orange & Imperial CountiesRE: [redacted] ***ID # [redacted] Dear Ms [redacted] ,The ***’s loan was transferred to Finance of America from another servicer The prior servicer did not make the necessary changes to the ***s loan regarding the taxes and escrow When the ***s notified Finance of America of the change and provided documentation, the escrow account was updated and a refund will be sent to the borrower.Respectfully [redacted] ***Customer Relations Manager

Finance of America Mortgage LLC dba eRates (“eRates”) is in receipt of the above referenced complaint dated November 10, Thank you for giving us an opportunity to address Mr [redacted] ’s concerns regarding the delays in the processing of his loan application and his request for a refund Our records indicate that underwriting had many conditions on this loan due to the property being in a trust Clearing these conditions extended the time it took to underwrite this loan Our records also indicate that the rate lock was extended each time, at no cost to Mr [redacted] On November 3, 2016, eRates requested updated financial statements because the previous documents were expiringThat same day, eRates received an email from Mr [redacted] stating he wished to withdraw his loan and forgo any funds that he initially paidTherefore, eRates cancelled the loan on November 9, We regret we were unable to meet Mr [redacted] ’s lending needs As a customer courtesy, eRates will reimburse $for the appraisal and condominium questionnaire fees incurred by Mr [redacted] Please allow working days for the check to be processed and mailed

We are sorry this borrower misunderstood the terms of the loan, but all fees were properly disclosed to him in writing Appraisals are considered 3rd party fees

October 10, 2016 BBB Complaint # 10990246 Finance of America Mortgage LLC dba eRates (“eRates”) has reviewed Mr. [redacted] concerns regarding the transferring of the appraisal report. Regulations only require the lender to provide a copy of the appraisal report to the... consumer. However, it is common practice in the industry for a lender to transfer an appraisal to the new lender via a Submission Summary Report. Our records indicate on January 4, 2016 the appraisal was transferred to [redacted] with eLend. We trust the letter provides a satisfactory resolution to Mr. [redacted] concerns. Regards [redacted] Customer Relations Manager [email protected]

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait for the business to perform this action and, if it does, will consider this complaint resolved Regards, [redacted] ***

Dear Ms [redacted] ,In response to your letter regarding the above referenced case, Finance of America Mortgage is providing the following responseMr [redacted] loan was transferred to our Chino Hills Office on March 16, with a first payment due date of April 1, At the time that Mr [redacted] loan was transferred to our Chino Hills Office, that office did not have the capability to report any credit information to [redacted] The Chino Hills Office will begin reporting credit information to [redacted] in June of The information reported will be for the month of May Unfortunately, Finance of America cannot report any information for the months prior to MayOn 4/29/the Horsham branch put through a deletion of trade line to Equifax that was created prior to the loan transferring to Chino Hills For some reason the trade line was not deleted so we resubmitted the request on 5/11/The correction may take up to days.We apologize for any inconvenience this may have caused Mr*** If you have any questions or require additional information, please contact me at 972-265-***, extension ***.Yours truly, [redacted] ***Customer Relations Manager

We have received the additional comments from Mr [redacted] dated September 18, Mr [redacted] stated in his original complaint that he would like to be reimbursed the additional $for the appraisal fee [redacted] agreed to reimburse him and we are unclear as to why this is not acceptable The check for reimbursement has already been sent to Mr*** We consider this matter now closed

I am very disappointed & regret that I had rejected my local Lender to come to Finance of AmericaThere are hundred of emails going back & forth & yet my attorney still not receive the loan package after about times rescheduleI understand all loans are different with different circumstances, but sometime you just know that you got a real bad people to work withThis is not only my opinion but also my realtor & seller's realtor & the Attorney office themselfI have all the reference contact of these people if someone would need, I would happy explain & provide contact for these people if the company itself willing to hear their opinions to get a whole storymy loan processor with the senior title but doesn't work like oneAs a senior level, I expected her to have experience in process timing, better customer service experience, time management for herself and so onI have been stressed & disappointed, my buying home experience is a nightmare with Finance of AmericaYou not only losing me as future customer, but also everyone in my family & my friends, im pretty sure you not going to get any preferring customers from realtors to attorney hereif you give me a -1, I would select it

Finance of America Mortgage LLC, dba eRates (“eRates”) is in receipt of the above referenced complaint submitted on November 1, We appreciate the opportunity to respond to Ms [redacted] concerns regarding her loan applicationOur records indicate Ms [redacted] applied for a cash out refinance in the amount of $160, When eRates received the appraisal, the property was valued at $182,which was lower than the estimated value of $200,Due to the determined value of the property, the loan amount was decreased to $145, The threshold of the loan amount at which rates change is $150,000.00, therefore eRates sent Ms [redacted] a Change of Circumstances notice outlining the rate changes on October 25, Our records indicate Ms [redacted] found another lender that met her lending needs and cancelled the loan on October 25, In addition, Ms [redacted] requested that her appraisal be transferred to her new lender and eRates complied with that request on October 26, We believe this letter addresses Ms [redacted] concerns

March 15, 2016Revdex.com of San Diego, Orange & Imperial Counties [redacted] ***m Dear Ms [redacted] We apologize if there w a miscommunication between Ms [redacted] and her loan officer regarding the distribution of contingency funds on her Construction Loan.FHA has strict guidelines on how and when the monies on a Construction Loan can be disbursedIn reviewing Ms [redacted] ’s complaint found that Finance of America Mortgage complied with all FHA guidelines regarding the distribution of fundsMs [redacted] signed the (k) Borrower’s Acknowledgment, Contractor Acknowledgment and Rehabilitation Loan Agreement; all outlined the distribution of contingency funds.To date, Ms [redacted] has been given a full reconciliation of the distribution of funds and seems to be satisfied.In my reply, I forgot to address the payment increase The payment increased due to the taxes and insurance increasing We are having our escrow department contact Ms [redacted] to explain that to herRegards, [redacted]

The worst experience ever! The service was unprofessional, the people I was dealing with were unethical and the processor and loan officer clearly dint know what they were doingI kept saying all along that I needed my Payoff amount refinanced and they kept telling me that when we close, they will adjust the amount and they never did at closingThey kept extending the closing date since they did not bother to follow up to get the documents on timeThe ironic part was during the process, I kept calling to find out the status and what they were waiting forAnd all they kept saying was that everything is moving along smoothlyExtending the close date kept reducing my credit and instead of getting some money for refinancing I eventually ended up paying a lot of moneyAnd the worst part was I dint even know that my credit was being reduced till the very end when I was going through the closing disclosureWhen I did question the closing disclosure when the extended the 3rd time, the loan officer said told me to sign it as nokeep changing They did not even bother to let me know what the effects are and what it would cost out of pocket every time they ask for an extension I ended up paying for their mistakes Man these people are crooksPeople I was dealing with were Ken B - Loan officerProcessors - Christina P and Scott B and Ashley PThey also do business under Finance of America Holdings
It just drains you dealing with such unethical and unprofessional peoplePlease NEVER use this company for your mortgage services

We are sorry Finance of America Mortgage LLC (“FAM”) was unable to meet Mr***’s lending needs. Although the regulation only requires the lender to provide a copy of the appraisal report to the consumer, it is common practice in the industry for a lender to transfer an appraisal to the
new lender with the Submission Summary Report from UCDP and the XML report. Appraisal fees are third party fees which are not retained by FAM, and are paid to the appraisal management company for the appraisalFAM did not retain any part of the appraisal fee or profit from the fee in any wayHowever, as a gesture of good will FAM will reimburse the appraisal fee of $445. Please allow business days to process the reimbursement

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved However, I am a bit concerned on timing The company offers the refund within days and I would like to make sure this issue stays open with the Revdex.com until the refund has been processed Is this a possibility?
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.[*** did not ask me verbally or in writing prior to me signing the loan application what type of loan I hadI have provided the required statement from my current lender on July 24th by uploading the files to the lender's server and notified about that the loan officer *** ***He never indicated after that this piece of information was missingIf that information was so important to ensure the loans was correctly originated, then how could *** take it to the next step if they truly did not have all the information they needed? Then in such case *** instructed the appraiser to go ahead with the appraisal neglecting the fact they did not have information they needed? In either case it is obvious to me that the incorrectly orifinated loan was an oversight by *** and they have to be responsible for paying all the fees*** also failed to advise me that the appraisal will involve the apparaser being inside my property and taking pictures*** refused to provide any privacy statements after the pictures were taken]
Regards,
*** ***

Finance of America Mortgage LLC dba eRates (“eRates”) has received your correspondence dated November 2, regarding Ms***’s concerns about delays, loan rates, and lender
creditsUpon review of the loan file, we determined the experienced delays were outside of Ms***’s control; therefore, eRates contacted Ms*** on 10/1/and agreed to provide her with the original loan termsWe look forward to working with her on this transaction