Finance Of America

Review: My mortgage was transferred from Ocwen to Finance of America (FoA). Although I have spoken with numerous reps and the tax dept several times, they have failed to do what they have promised. FoA wrongfully raised my mortgage payment to cover escrow for taxes for a deed that is no longer part of my mortgage. Although I've repeatedly faxed or emailed documentation to the tax department and various customer service representatives who promise to follow-up with me, they still have not addressed my concern or dealt with my issue after over 3 months. They are wrongfully holding monies due to me. Additionally they paid for the local taxes of the deed in question although I asked them not to because I had already paid for it.Desired Settlement: I would like ONE person from FoA to properly resolve my concern by correcting my monthly payment, and refunding me for the excess funds in escrow. This is after all my money. It is frustrating that although I have contacted them numerous times they have not resolved my concern in a timely matter. However it is more frustrating that the last few people I have spoken to have a promised to follow-up with me but have not. At the end of the day I just expect someone from FoA to do what they say they would do.

Business

Response:

March 25, 2016Revdex.com of San Diego, Orange & Imperial CountiesRE: [redacted]ID # [redacted]Dear Ms. [redacted],The [redacted]’s loan was transferred to Finance of America from another servicer. The prior servicer did not make the necessary changes to the [redacted]s loan regarding the taxes and escrow. When the [redacted]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

Review: Received initial quotes for refi that were good. Ordered appraisal that I paid $420 for. When documentation came back rates had jumped by .375 due to "LTV" number. Not way off but a little bit. I then looked to other lenders and received better than my original quotation even with my current appraisal. asked [redacted] if they could match or at least get close. They did nothing. Went to other lender and tried to use appraisal [redacted] would not facilitate transfer of documentation even though appraisal even calls out it may be used by assignees. Basically you don't do the loan with [redacted] your out the $420. Other lenders indicate they do appraisal transfers on a regular basis.Desired Settlement: Deliver the following

- a copy of the appraisal in .XML that I paid $420 for

- a signed copy of the eLend transfer doc

- the UCDP Submission Summary Report

Review: I applied for a 15 year, conventional, fixed rate, refinance loan with ERates with original terms of 2.99% interest; 0 points and a $482 lender credit. During the process of getting underwriter approval, the underwriter asked for a underwriter transmittal summary form (the 1008) from Citibank with whom we were simultaneously refinancing another property. I asked Citibank for the 1008 but they told me they weren't "allowed" to give it to me. ERates' underwriter would not agree to take other documents in lieu of and delayed closing such that our rate lock date expired. ERates' increased our points and took away the lender credit and continue to do so at increasingly more cost to me and my husband even though it was their underwriter who delayed closing. The underwriter has since approved the loan for closing even though they didn't get the 1008. Our position is that the closing could have occurred before the original rate lock date expired. As it did not, my husband and I should not be asked to pay the costs that ERates claims they incurred due to the delay. I have been unsuccessful in getting ERates to honor their original loan terms with us. They just keep sending documents hiking up the expenses to me and my husband. We also have already spent $450 on an appraisal which we may not be able to use with another lender.Desired Settlement: We wish ERates Mortgage to honor their original loan agreement with us to include the terms of 2.99% interest, 0 points and a $482 lender credit on a 15 year, fixed, conventional refinance loan.

Business

Response:

March 1, 2016 Revdex.com4747 Viewridge Ave # 200San Diego, CA 92123 Via Email to [redacted] RE: ID # [redacted] Dear Ms. [redacted], Thank you for bringing this matter to our attention as Finance of America Mortgage (FAM) takes these matters seriously. We strive to provide excellent customer service. Ms. [redacted] recently applied for a refinance and during the underwriting process it was discovered that another property was also being refinanced, which delayed the process. Underwriting guidelines require that we review the new terms of the other refinance to assure proper income vs. debt ratios. Ms. [redacted] was asked to provide either Form 1008 from the other refinance to validate the terms, or wait until the other loan was closed to verify the terms. The 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,

Review: I was told at the end of my 203K Construction loan that any unused money that fell under all categories can be given back to me (the homeowner) as long as our FHA Inspector completed a Change of Order form, added the additional work and signed off on it. Now that we have completed the construction, we have about $2,500 of unused money that my FHA inspector approved we can use, Finance of America is saying we cannot get the money back now and our only option is it add it back to the principle of the loan. This is not what we agreed on before we started the work so I contacted the original loan officer that I was working with and he again agreed that we can use the extra money as long as we complete the steps (which we have already done). So I went back to the lady who is saying no (Carol Fisher), explained to her again what I was told by the loan officer and she still refuses to understand the situation or help. Now I am at the point that we need to pay back the contractor whom expects a certain amount (based off the number we were given to work with) and I have to come out of pocket because I was completely lied to. I have emails to prove my side but they still do not want to hear it.Desired Settlement: I would like them to issue the check of the unused money instead of putting it towards the principle of the loan. I would also like them to provide a complete breakdown for my entire loan since I received a letter last week from them saying they are increasing my mortgage $85 a month but did not explain why and when I called they said my escrow increased but could not pinpoint exactly where the increase was being caused by.

Business

Response:

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 disbursed. In 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 203 (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 her. Regards, [redacted]

Last year I attempted to refinance a rental property. I have stellar credit, over 780 average. About 40% equity in home based on their appraisal. Before signing with them I laid out my situation with them as clearly as possible as this is not a single W2 transaction. They said no problem. They 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 one. I then remedied exactly what they asked. Four weeks later, after rates started to go up again, they finally said that what I provided, what they asked for, is now not ok. Best 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 prior. They said they were fast, yet it took over two weeks for them to reply to me at least once. I always acted in good faith, always, and responded within one business day. I do not believe they ever acted in good faith, and were certainly not quick.

They have now hurt my stellar credit by lying to me. I would not wish them on my adversaries. There are many money lenders out there, most of them bad, they are aiming to win the battle of the worse. I recommend you try your luck with any other.