eRates Mortgage

October 10, 2016
 
Revdex.com Complaint # 10990246
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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]

Finance of America Mortgage LLC dba eRates (“eRates”) has reviewed Mr. [redacted]’ concerns regarding the delays that occurred during the processing of his loan.
Roman" size="3"> According to our records, eRates experienced several delays throughout the loan process while working with third parties. On October 7, 2016, a request for a payoff statement was made to [redacted] Mortgage, Mr. [redacted]’ current loan servicer. On October 14, 2016, eRates received an email from [redacted] Mortgage stating they were experiencing delays due to high volumes and it would be an additional 48 hours before they could respond. After the payoff was requested from [redacted] Mortgage, Mr. [redacted]’ loan transferred to [redacted] Mortgage on October 17, 2016. Due to the loan transferring to a new servicer, eRates had to request the payoff from [redacted] Mortgage directly.
In addition, eRates verbally tried to get a verification of employment (VOE) from Mr. [redacted]’ prior employer, [redacted], on October 28, 2016.  On November 3, 2016, Mr. [redacted] notified eRates that VOE’s to [redacted] needed to be submitted through their website. We received the VOE that same day, however the date from his present employer, [redacted], showed a discrepancy in the dates of employment when compared with the W2”s. The date discrepancy was cleared on November 7, 2016.
We apologize for these delays, and as a customer courtesy, will reimburse Mr. [redacted]’ appraisal fee in the amount of $465.00.  Please allow 15 business days for the check to be processed.   
We believe this letter provides a satisfactory resolution to Mr. [redacted]’ request for reimbursement.

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.[
[redacted] did not ask me verbally or in writing prior to me signing the loan application what type of loan I had. I 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 [redacted]. He never indicated after that this piece of information was missing. If that information was so important to ensure the loans was correctly originated, then how could  [redacted] take it to the next step if they truly did not have all the information they needed? Then in such case [redacted] 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 [redacted] and they have to be responsible for paying all the fees. [redacted] also failed to advise me that the appraisal will involve the apparaser being inside my property and taking pictures. [redacted] refused to provide any privacy statements after the pictures were taken. ]
Regards,
[redacted]

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.

I am very disappointed & regret that I had rejected my local Lender to come to Finance of America. There are hundred of emails going back & forth & yet my attorney still not receive the loan package after about 10 times reschedule. I understand all loans are different with different circumstances, but sometime you just know that you got a real bad people to work with. This is not only my opinion but also my realtor & seller's realtor & the Attorney office themself. I 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 story. my loan processor with the senior title but doesn't work like one. As a senior level, I expected her to have experience in process timing, better customer service experience, time management for herself and so on... I have been stressed & disappointed, my buying home experience is a nightmare with Finance of America. You 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 here. if 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, 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.