Farm Plus Financial Inc

A little background on Farm Plus Financial; Farm Plus Financial is a correspondent lender and provides Agricultural loans throughout the United States and services loans on behalf of *** *** *** *** *** Farm Plus Financial currently services over Million in loans though out
states. Farm Plus Financial follows all regulatory requirements set forth to us by *** *** *** *** *** *** *** holds a federal banking charter On July 28th, Mrand Ms*** applied for a new agricultural loan in the amount of $555,on the 81+/- acre farm in *** *** **The application was pre-approvedA pre-approval was sent to MrsAnd Ms*** along with the terms and conditions of moving forward with the loanAs part of the loan conditions a fee for underwriting and due diligence of .50% of the loan amount is collected and forwarded to *** *** *** *** *** This fee is fully refundable if the loan is not approved based on the terms and condition in the loan application and contractThe underwriting of agricultural and working farm loans are complex and the fee is collected by the bank to cover upfront costs of obtaining the loanThe entire loan process is sourced from *** *** and is common though out the agricultural lending industry Mrand Ms*** were approved for the newly requested loan based on the terms in the applicationShe did not move forward based on her own free willThe fee was forwarded to *** *** and is not refunded as the loan terms have been approvedFarm Plus Financial takes a financial loss on accounts that do not materializeThe fees are not retained by Farm Plus FinancialMs*** had buyer’s remorse and is attempting to find a way out of a contract after the services were rendered Ms*** has the option of moving forward with the loan she applied for and the loan terms are still validMs*** has not argued the validity of the fee but has stated an e-signed contact is not valid in ***E-signatures are common throughout the lending and banking industry though out the United States and are valid in the state of *** We strive the provide transparency and the highest level of customer serviceThe letter on the pre-approval clearly states the loan process and our level of transparency to customersWe have been serving our communities for over years and have never had any complaints in regards to the process as we provide the transparency necessary to avoid any confusion for our customers Quick Recap: As a standard part of the application process the ***’s electronically signed our application agreement clearly stating that the “Applicant is required to submit to *** ** *** a loan origination fee ($2,is then listed)The fee will be refunded only if a Preliminary Loan Approval notice is not issued.” (see attached). They then electronically signed two separate payment authorization forms: One for the loan origination fee submitted to *** ** *** and another for a $appraisal required for the loan and requested by the ***’s: Both of these fees are pass-through costs meaning that Farm Plus Financial does not keep any part of them and simply passes along the fees to the end service providers… In the attached PLA letter, dated September 16th, 2016, you can see that the ***’s did in fact receive the Preliminary Loan Approval (therefore rendering the Origination fee already paid to *** of $2,non-refundable)The appraisers ‘*** *** ***’ who were contracted at the request of the ***’s had also begun to work on the properties appraisal by the time that the ***’s decided to back out (several months into the loan process), however, though they were technically under contract we were able to reach out to and fortunately able to get them to significantly reduce their appraisal fees for the ***’sThe difference was then credited back to the ***’s via a mailed check (see attached)Unfortunately there is nothing we can do about the Origination feesWe have explained this many times to Ms*** yet she continues to harass and threaten our company and its employeesAnd this complaint filed with the Revdex.com is simply another example of this Thanks for your attention to this matter and please forward any additional questions *** *** ***

Complaint: [redacted]
I am rejecting this response because: It also states you MUST have a hard copy of the signed papers BEFORE pre approval can be accepted and all you have is electronic papers. NOTHING was every mailed as stated in the instructions. 
Sincerely,
[redacted]

-Again, please refer to our last response and the attached document signed by both [redacted] and [redacted] as well as the payment authorization form signed by [redacted] on Aug. 8th 2016. The application clearly states that “The fee will be refunded only if a preliminary loan approval is not issued”. You will also notice that a ‘Preliminary Loan Approval’ was issued to the [redacted]’s on September 16th (see attached). That’s really all there is to it.   -Farm Plus Financial spent several months working on this loan for the [redacted]’s before they decided to back out. Yet has not retained a dime for our efforts (all fees were pass-through cost to third parties contracted at the request of the customer)   -In over ten years in business our company has not received a single complaint about this process.   -That being said the [redacted]’s still have the option of moving forward with the loan they applied for.   -We cannot afford to waste any more of our time and resources regarding this matter and would appreciate the Revdex.com closing this complaint based on the evidence presented.   Thanks.     [redacted] | Operations Manager