eRates Mortgage

Finance of America Mortgage LLC dba eRates (“eRates”) has received and reviewed the correspondence to the Revdex.com dated December 24, regarding the processing of Mr** ***’s loan application. Thank you for giving us an opportunity to respond Mr** ***’s concernsOur loan records indicate
the Mr** *** submitted a joint tenant loan application to refinance his condominium on September 7, 2016. Our records indicate the rate was locked for days and expired on November 7, 2016. The loan was submitted to underwriting on September 15, and loan conditions were sent to Mr** *** on October 4, On October 31, 2016, Mr** ***’s credit showed a recently opened account which caused his Debt to Ratio Income (DTI) to be ineligible due to the increased debtOn November 7, 2016, in alignment with *** *** requirements, the underwriter set a condition of months’ liquid assets in reserve due to the property being a 2-4-unit dwellingThe underwriter could not include the co-borrower’s retirement plan at this time, as it was not liquidOn November 18, 2016, the rate lock was extended to November 22, 2016. In addition, on November 14, 2016, the co-borrower sent in bank account statements but the statements only listed his wife’s name on the account; therefore, the underwriter could not accept them. This caused delays while the bank account information could be obtainedOnce the underwriting conditions cleared, a Loan Estimate (LE) was sent to Mr** *** on November 21, for signatureAs Mr** *** had questions on the terms, he did not return the signed LE until November 28, 2016, at which time the rate lock was extended to December 7, The loan closed on December 2, 2016. With regards to the taxes, at the time eRates closed the loan, we did not have evidence from the county of Los Angeles that Mr** ***’s tax installment had been received. Therefore, eRates had to collect the taxes at closingOnce the county refunds the money to the title company, eRates will be able to issue a refund to Mr** *** which could take up to weeksWe trust this letter clarifies Mr** ***’s concerns relating to the delays that occurred during the processing of his loan as well as why eRates had to collect taxes at closing

March 1,
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Revdex.com
Viewridge Ave # San Diego, CA
Via Email to *** ***
***
RE: ID # ***
Dear Ms***,
Thank you for bringing this matter to our attention as Finance of America Mortgage (FAM) takes these matters seriouslyWe strive to provide excellent customer service
Ms*** recently applied for a refinance and during the underwriting process it was discovered that another property was also being refinanced, which delayed the processUnderwriting guidelines require that we review the new terms of the other refinance to assure proper income vsdebt ratiosMs*** was asked to provide either Form from the other refinance to validate the terms, or wait until the other loan was closed to verify the termsThe rate lock was extended to accommodate the borrower, but the deadline did pass for this rate lock as well
As of February 29, 2016, FAM has the borrower locked in on better terms and are confident that she will be happy with the outcome
Respectfully,
*** ***
*** *** ***
*** ** *** ***
***
*** ***

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 belowThe fact that we locked in the interest rate has nothing to do with the loan amountThe loan amount was reduced based on the appraisal results, but I still expect you to honor the interest rate that we locked inIt is true that I started a loan application with another lender after I was unable to get you to settleHowever, the new application involves additional appraisal costs and time delaysI would still prefer to settle the loan on the original terms with Finance of America
Regards,
*** ***

March 1, 2016 Revdex.comViewridge Ave # 200San Diego, CA 92123 Via Email to *** ***
*** RE: ID # *** Dear Ms***, Thank you for bringing this matter to our attention as Finance of America Mortgage (FAM) takes these
matters seriouslyWe strive to provide excellent customer service. Ms*** recently applied for a refinance and during the underwriting process it was discovered that another property was also being refinanced, which delayed the processUnderwriting guidelines require that we review the new terms of the other refinance to assure proper income vsdebt ratiosMs*** was asked to provide either Form from the other refinance to validate the terms, or wait until the other loan was closed to verify the termsThe rate lock was extended to accommodate the borrower, but the deadline did pass for this rate lock as well. As of February 29, 2016, FAM has the borrower locked in on better terms and are confident that she will be happy with the outcome. Respectfully,
*** ***
*** *** ***
*** ** *** ***
***
*** ***

Finance of America Mortgage LLC dba eRates (“eRates”) has reviewed Mr***’ concerns regarding the delays that occurred during the processing of his loanAccording to our records, eRates experienced several delays throughout the loan process while working with third partiesOn October 7, 2016,
a request for a payoff statement was made to *** Mortgage, Mr***’ current loan servicerOn October 14, 2016, eRates received an email from *** Mortgage stating they were experiencing delays due to high volumes and it would be an additional hours before they could respondAfter the payoff was requested from *** Mortgage, Mr***’ loan transferred to *** Mortgage on October 17, Due to the loan transferring to a new servicer, eRates had to request the payoff from *** Mortgage directlyIn addition, eRates verbally tried to get a verification of employment (VOE) from Mr***’ prior employer, ***, on October 28, 2016. On November 3, 2016, Mr*** notified eRates that VOE’s to *** needed to be submitted through their websiteWe received the VOE that same day, however the date from his present employer, *** ***, showed a discrepancy in the dates of employment when compared with the W2”sThe date discrepancy was cleared on November 7, We apologize for these delays, and as a customer courtesy, will reimburse Mr***’ appraisal fee in the amount of $465.00. Please allow business days for the check to be processed We believe this letter provides a satisfactory resolution to Mr***’ request for reimbursement

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
eRate claimed in their
response to the Revdex.com that we, "did not provide the necessary paperwork to clear the underwriting conditions timely, his request for reimbursement was denied." This statement is falseAs painfully outlined and documented in our letters to eRates and the Revdex.com, the most recent mortgage statements as well as special documentation from the previous mortgage company stating the outstanding principle and interest amount were provided on 9/27/There was never at any time any other documentation provided because that documentation, while not initially accepted, was all that existed and was eventually accepted after repeated explanations. The reason for the confusion is that we has prepaid our mortgage by several monthsNot owing, the mortgage company ceased sending monthly statementsTherefore an additional document from the mortgage bank showing the needed information was includedWhile unusual to have a pre-paid mortgage, this was explained and ignored, but eventually accepted on 10/20/The 10/20/communication to eRates stated the following, "We have already provided all that we have from our current mortgage company and explainedWe are so far prepaid that we have not received a bill for several monthsWe have gone through great lengths to obtain some type of current statement to show the current loan which what previously supplied and is re-attachedThat is the best the bank is able to provideThe last traditional statement we received was back in AprilWhile old, that statement does contain the rate and payment breakdownThat is the best we will be able to provide without waiting months until the mortgage payment schedule catches up with our pre-payments." It is a statement to say that we provided anything additional on that date that had not previously been submitted containing current information about our previous mortgageAs shown in the attachments, on 9/27/2016 via secure upload and AGAIN 10/14/via email we provided documentation from the previous mortgage company with more current informationThis clear as day proof that we provided the information almost a full month in advance of the stated date of 10/20/At no point has eRates been able to show us that the information was missing from the upload on 9/27/2016, or been able to refute the email sent with the information on 10/14/16. At first, we dismissed these problems as the disorganization of eRates in a very busy time, but their subsequentdenial of clear proof of the disorganization shows that they are aggressively pursuing statementsHad the personnel at eRates take the time to understand an unusual, but not complicated situation, all of this could have been avoidedThey need to take responsibility for their mistakeWe will pursue continue to pursue this matter through all available means until it is resolved to our satisfactionWhile we are requesting the full $2,065, to end this here with the Revdex.com and halting other actions we would consider applying the reimbursedappraisal fee (something we consider as repayment for the hoops we had to jump through for the double changes of the appraisal) to the $2,
Regards,
*** ***

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 way However, as a gesture of good will FAM will reimburse the appraisal fee of $445. Please allow business days to process the reimbursement

Customer service was horrible Also felt forced to sign paperwork that had fee's stating "it was for items that couldn't be shopped for" & just signed, otherwise we would've lost the house because not signing would've caused another delay & they already took too long Had the mortgage processor ask for my online banking userid and password The mortgage was written as a 2nd home, not a rental Seems paperwork was lost because the same things were requested over and over again Closing took 1/weeks and would've taken longer but I emailed bosses We either received a text, email & call about the same thing, which was overwhelming or no communication, at all You will regret using this company

Finance of America Mortgage LLC dba *** ("eRales") appreciates the opportunity to respond to Mr***'s concerns regarding his mortgage refinance application.Mr*** submitted an online application to refinance his current mortgage on July 18, *** responded to Mr***'s application
by sending rate quotes, and Mr*** signed a Rate Lock Agreement on July 20, for a FNNA lYear Fixed Rate Full DocMr*** also signed a Notice Concerning Extension of Credit on July 20,eRate's loan processing team subsequently began processing Mr***'s application and ordered an appraisal accordinglyMr*** did not disclose or notify *** that his currenl mortgage was a *** *** *** loan.Part of the required documentation for a refinance in Texas is a copy of the note or mortgage for the current loan, which *** received on August 201óUpon receipt of this documentation, *** discovered that Mr***'s current loan is a Texas Flome Equity LoanUnder the Texas Constitution, a borrower cannot refinance a *** *** *** Loan unless the refinance is another *** *** *** LoanIn sumt once a home equity, always a home equitySince Mr*** did not qualify for a non-Home Equity loan, *** changed his loan program to a *** *** *** loan product and sent Mr*** notification of the change of product and ratesWhen Mr*** received the notice with the new rates he withdrew his application.Mr*** states in his complaint that *** should have collected all required information and selected the correct product for him, as *** should have known the Texas l-aw*** would not have known his current loan type without Mr*** disclosing the *** *** *** Loan or by during the course of gathering the required documentation.Mr*** is requesting a refund of the appraisal feeThe third party appraisal was ordered after Mr*** signed the Rate Lock Document and befiore *** was informed that Mr***'s current loan was a *** *** *** loanPrior to receipt of this complaint, *** previously refunded half of the appraisal fee as a customer courtesyWhile *** believes the initial refund was a fair compromise in relation to the time and resources *** invested in the processing of his loan*** agrees to return remainder of the appraisal fee, $236.50, to Mr*** to fully resolve his concernsPlease allow business days for the check to be processed

Finance of America
Mortgage LLC dba *** ("eRales") appreciates the opportunity to respond to Mr***'s concerns regarding his mortgage refinance applicationMr*** submitted an online application to refinance his current mortgage on July 18, *** responded to Mr***'s application by sending rate quotes, and Mr*** signed a Rate Lock Agreement on July 20, for a FNNA lYear Fixed Rate Full DocMr*** also signed a Notice Concerning Extension of Credit on July 20,eRate's loan processing team subsequently began processing Mr***'s application and ordered an appraisal accordinglyMr*** did not disclose or notify *** that his currenl mortgage was a *** *** *** loanPart of the required documentation for a refinance in Texas is a copy of the note or mortgage for the current loan, which *** received on August 201óUpon receipt of this documentation, *** discovered that Mr***'s current loan is a Texas Flome Equity LoanUnder the Texas Constitution, a borrower cannot refinance a *** *** *** Loan unless the refinance is another *** *** *** LoanIn sumt once a home equity, always a home equitySince Mr*** did not qualify for a non-Home Equity loan, *** changed his loan program to a *** *** *** loan product and sent Mr*** notification of the change of product and ratesWhen Mr*** received the notice with the new rates he withdrew his applicationMr*** states in his complaint that *** should have collected all required information and selected the correct product for him, as *** should have known the Texas l-aw*** would not have known his current loan type without Mr*** disclosing the *** *** *** Loan or by during the course of gathering the required documentationMr*** is requesting a refund of the appraisal feeThe third party appraisal was ordered after Mr*** signed the Rate Lock Document and befiore *** was informed that Mr***'s current loan was a *** *** *** loanPrior to receipt of this complaint, *** previously refunded half of the appraisal fee as a customer courtesyWhile *** believes the initial refund was a fair compromise in relation to the time and resources *** invested in the processing of his loan*** agrees to return remainder of the appraisal fee, $236.50, to Mr*** to fully resolve his concernsPlease allow business days for the check to be processed

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
Thank You for answer my complaintWell, First The Loan Agreement was to close in daysMy property is not a Condominium; is a duplex (two units) just to clear that! Regarding to the account opening on October 21, has not a balance at that time, Erates do not tell me nothing about any (DTI) ineligibility. About the months of liquid assets I send a proof of Bank Statements, 401k Savings Plan from Me and co-borrower also a Bank Account Statement of wife Ernesto with enough balance to cover the months liquid of assets.Regarding to the moths of prepaid taxes I send a proof by email to *** *** and *** *** showing those taxes was paid already by the previous Lender, they tell me that will be fixed at the close day
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

Dear Ms***, Finance of America Mortgage LLC dba eRates Mortgage (“eRates”) has reviewed the file and provides the following response: On March 31, 2016, Mr*** sent a request though Zillow to eRates for a year refinance on his current propertyHe received a quote with “Total
Estimated Fees” of $which included a disclaimer that third party fees *** not be includedThere is a pthat states “Third party fees are fees not paid to or controlled by the lenderThey include things like Title, Escrow, Insurance and TaxesSome of these fee you can shop for separately.” (See screenshots included with this response) The $fee was based on an appraisal fee of $and a lender credit of $Another pon the on the total lender fees explains that other third party fees *** apply and that a lender credit *** reduce the out of pocket costs On April 1, 2016, the initial loan application and the LE was sent to Mr***Both documents listed all costs associated with the loanThe loan application reflects cash from borrower in the amount of $Mr*** electronically signed both documents and returned themDuring the processing of Mr***’s loan, the payoff quote for his original loan was received with an amount $more than originally estimated at the time of applicationMr*** did not want to increase the loan amount for the increased payoff resulting in an additional $cash to close amount. On April 23, 2016, eRates provided an Estimated Prequalification Cost Analysis to Mr***This was the first occasion Mr*** expressed dissatisfaction with the closing costsThe loan officer explained the third party costs and increased payoff amount to Mr***. On April 27, 2016, the branch manager called Mr*** to review the feesMr*** insisted on a “no cost” closingThe initial offer on Zillow contained clear disclaimers and explanations that third party fees are not included and lender credit *** reduce some of the costsInitial loan disclosures provided to Mr*** disclosed all third party costsWe regret that he is unhappy with the term of the loan

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
Regards,
*** ***

Finance of America Mortgage LLC, dba eRates (“eRates”) is in receipt of the above referenced complaint submitted on November 1, 2016. We appreciate the opportunity to respond to Ms*** concerns regarding her loan applicationOur records indicate Ms*** applied for a cash out
refinance in the amount of $160,000.00. 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 $145,000.00. The threshold of the loan amount at which rates change is $150,000.00, therefore eRates sent Ms*** a Change of Circumstances notice outlining the rate changes on October 25, Our records indicate Ms*** found another lender that met her lending needs and cancelled the loan on October 25, In addition, Ms*** 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*** concerns

March 25,
0pt;">Revdex.com of San Diego, Orange & Imperial Counties
RE: *** ***
ID # ***
Dear Ms***,
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 borrowerRespectfully
*** ***
Customer Relations Manager

Finance of America Mortgage LLC dba eRates (“eRates”) has received and reviewed the correspondence to the Revdex.com dated December 24, regarding the processing of Mr** ***’s loan
application. Thank you for giving us an opportunity to respond Mr** ***’s concernsOur loan records indicate the Mr** *** submitted a joint tenant loan application to refinance his condominium on September 7, 2016. Our records indicate the rate was locked for days and expired on November 7, 2016. The loan was submitted to underwriting on September 15, and loan conditions were sent to Mr** *** on October 4,
On October 31, 2016, Mr** ***’s credit showed a recently opened account which caused his Debt to Ratio Income (DTI) to be ineligible due to the increased debt
On November 7, 2016, in alignment with *** *** requirements, the underwriter set a condition of months’ liquid assets in reserve due to the property being a 2-4-unit dwellingThe underwriter could not include the co-borrower’s retirement plan at this time, as it was not liquidOn November 18, 2016, the rate lock was extended to November 22, 2016. In addition, on November 14, 2016, the co-borrower sent in bank account statements but the statements only listed his wife’s name on the account; therefore, the underwriter could not accept them. This caused delays while the bank account information could be obtainedOnce the underwriting conditions cleared, a Loan Estimate (LE) was sent to Mr** *** on November 21, for signatureAs Mr** *** had questions on the terms, he did not return the signed LE until November 28, 2016, at which time the rate lock was extended to December 7, The loan closed on December 2, 2016.
With regards to the taxes, at the time eRates closed the loan, we did not have evidence from the county of Los Angeles that Mr** ***’s tax installment had been received. Therefore, eRates had to collect the taxes at closingOnce the county refunds the money to the title company, eRates will be able to issue a refund to Mr** *** which could take up to weeks
We trust this letter clarifies Mr** ***’s concerns relating to the delays that occurred during the processing of his loan as well as why eRates had to collect taxes at closing

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
The fact that we locked in the interest rate has nothing to do with the loan amountThe loan amount was reduced based on the appraisal results, but I still expect you to honor the interest rate that we locked inIt is true that I started a loan application with another lender after I was unable to get you to settleHowever, the new application involves additional appraisal costs and time delaysI would still prefer to settle the loan on the original terms with Finance of America
Regards,
*** ***

Finance of America Mortgage LLC dba eRates (“eRates”) is in receipt of the above referenced complaint dated November 10, 2016.  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 expiring. That same day, eRates received an email from Mr. [redacted] stating he wished to withdraw his loan and forgo any funds that he initially paid. Therefore, eRates cancelled the loan on November 9, 2016.   We regret we were unable to meet Mr. [redacted]’s lending needs.  As a customer courtesy, eRates will reimburse $585.00 for the appraisal and condominium questionnaire fees incurred by Mr. [redacted]. Please allow 20 working days for the check to be processed and mailed.

Finance of America Mortgage LLC, dba eRates (“eRates”) is in receipt of the above referenced complaint submitted on November 1, 2016.  We appreciate the opportunity to respond to Ms. [redacted] concerns regarding her loan application. Our records indicate Ms. [redacted] applied for a cash out refinance in the amount of $160,000.00.   When eRates received the appraisal, the property was valued at $182,000.00 which was lower than the estimated value of $200,000.00. Due to the determined value of the property, the loan amount was decreased to $145,000.00.  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, 2016. Our records indicate Ms. [redacted] found another lender that met her lending needs and cancelled the loan on October 25, 2016. In addition, Ms. [redacted] requested that her appraisal be transferred to her new lender and eRates complied with that request on October 26, 2016. We believe this letter addresses Ms. [redacted] concerns.