First Direct Lending LLC

One of the best experience in my life I've tried numerous lenders in the past but none could help me with my because of the complications of my credit history The loan consultant, *** ***, really went out of his way to help me get my loan approved We had a few setbacks but he was able to work through the problems with his support team It was such a relieve when he told me my load has been funded First Direct had done a superb job for myself and they can do it for you too

We have confirmed the borrower was charged $on 7/25. A refund was issued on 8/ Funds should be returned to borrowershortly, if not already The refund was in the process which caused the delay in my response. Thank you! *** ***

First Direct is unsure how to further clarify that the loan it is offering is a better loan.  The Annual Percentage Rate (APR) is a calculation that shows the loan costs over the loan term expressed as a rate, providing consumers with a tool to compare loan products that have different fees and interest rates.  First Direct's APR is 4.815% compared to the competitor's 5.167%.  The complainant's request for First Direct to match the higher interest rate of the competitor does not make any sense.  First Direct concedes that its fees are higher, but that does not change the fact that it is offering a better loan.  Despite the fact that the loan quoted by First Direct is a lower loan amount, under First Direct's loan, the consumer would have paid off $21,052 worth of principal, compared to the $20,182 the consumer will have paid off with the competitor's loan.  Every single value listed in the Comparisons section of the Loan Estimate indicates that First Direct's loan is the better loan. First Direct regrets that it was unable to assist this consumer, but is unable to do anything for her at this time because her application has been withdrawn.

First Direct Lending ("FDL") sincerely apologizes for the unsatisfactory experience this consumer had.  The consumer's phone number has been added to FDL's Do Not Call list, so she will receive no further calls regarding her application.  A refund of the consumer's appraisal fee was processed on August 2, shortly after the application was withdrawn by the consumer.  Lastly, the representation by the FDL employee regarding the credit inquiry not having any impact on the consumer's score.  Although it may appear on the consumer's report as a hard inquiry, as long as credit was pulled within the 45-day shopping period observed by the credit bureaus, the inquiry would have no impact on the consumer's score.  Below is an excerpt from an article describing how an inquiry impacts a consumer's score and the VantageScore credit scoring model used by all three major credit reporting agencies.How inquiries are scoredInquiries don't count as much as payment history, revolving utilization and other factors that contribute to the calculation of a credit score."A single inquiry typically impacts the score by one to five points," says [redacted] D[redacted], senior vice president of analytics and product management for Stamford, Conn.-based VantageScore Solutions LLC. All three major credit reporting agencies -- Equifax, Experian and TransUnion -- developed the VantageScore credit scoring model, which rolled out in 2006. Eight of the top 10 credit card issuers use it.The actual impact of an inquiry can vary according to your credit history. If you have few accounts or a short credit history, inquiries can cost more points. The amount of points deducted may not be the same for each additional inquiry, as they might be scored in ranges. Past a certain threshold, the consumer could max out on the damage from numerous credit checks.Hard inquiries stay on credit reports for two years, but the length of time they impact the score depends on the scoring model used. VantageScore takes them into account "generally as long as they remain on the consumer's credit file," according to D[redacted]. FICO scores, the industry standard, count them for the first year once they appear on the credit report.With both VantageScore and FICO scores, the impact of the inquiry remains constant during the period that it factors into the score.Multiple inquiries generated when rate-shopping for a mortgage, auto or student loan are consolidated by credit scoring models when done within a certain window of time. The FICO scoring model ignores mortgage, auto and student loan inquiries in the 30 days prior to scoring. Mortgage, auto and student loan inquiries older than 30 days are lumped as one inquiry whenever they fall within a 14-day span. Newer versions of the scoring model count the shopping period as any 45-day span. Again, FDL truly regrets it was unable to help the consumer with her financial goals, but hopes that this response provides some clarity and peace of mind regarding her credit score.

Thank you for your message.  Mr. [redacted] did not qualify for a loan product with First Direct Lending.  Because the reasons for the denial are personal, I cannot include the specifics in this message.  I can say that there was already communication to the borrower regarding the...

specifics of the reason for denial and that we would not refund the amount of $225.  This amount reflects only half of the appraisal fee.  In essence, Mr. [redacted] paid 50% for a full and valid appraisal.  First Direct Lending provided him with a copy and paid the appraisal company the balance of the fee on his behalf.

First Direct has reason to believe that the email address associated with this complaint does not belong to the consumer, but to her neighbor who is not a party to this transaction.  For purposes of this response, First Direct will use "consumer" in reference to Ms. [redacted] and "complainant" in...

reference to the individual associated with the email address.First Direct regrets that it was unable to assist this consumer with her financing needs, but stands by its claim that the competing offer the complainant refers to was not a better loan.  Although First Direct charged higher fees, the consumer would have saved more money by closing her loan with First Direct.  This fact is clearly reflected in the attached document showing the Comparison sections from the Loan Estimates provided by the two companies.  This sections is specifically designed to allow consumers to compare loan programs to each other when the rates and terms do not necessarily align.  Unfortunately, the complainant is focused solely on initial fees instead of recognizing the fact that within 5 years, the consumer would have paid nearly $1,000 more towards interest and saved over $2,500 in total payments.

I want the hard inquiry off mine and my husbands credit.  We were lied to and tricked into having our credit ran

First Direct is disappointed to learn that the consumer was unsatisfied with the appraisal she received.  Appraisals are performed by independent individuals assigned by third party appraisal management companies, meaning First Direct has no control over which appraiser is assigned to a...

property.  Based on the information First Direct has, it appears that the appraisal report and appraised value reflected in the report are supported.  The consumer claims to have a 4,000 square foot home, but county records (attached) reflect 2,201 square feet, which is less than the 2,906 square feet the appraiser reported.  Unfortunately, First Direct is unable to refund the $225 appraisal fee to the consumer on this occasion.  The $225 fee is only a partial payment towards the total cost of $485 for the appraisal, the remainder of which First Direct will pay because the consumer's loan did not fund.  First Direct clearly explains to consumers that the appraisal fee is only refundable prior to the appraisal being performed.  In this case, the appraisal was performed and the consumer has received an appraisal report at a discount.

Hello. Just wanted to check in and say I received my money back, and they have finally STOPPED calling me.I am still wanting the hard inquiry off my husbands and mine credit report.  I was told by them that if a company had already ran my credit for a refinance than it was good for 45 days and...

I wouldn't get another hard inquiry; that was false information as my husband and I both had a hard inquiry by this company.  Had I known that wasn't true, I wouldn't have ran out credit again.

We are processing a refund request today. Thank you for your patience.

Mr. [redacted] assisted in refinancing my home. He was honest, helpful and efficient. The process only took 3 weeks due to Mr. [redacted] extensive knowledge of the policies and procedures. Despite the time difference and distance between Mr. [redacted] and I, he was still able to put my apprehensions at ease and maintained an open line of communication and trust. His patience and interpersonal communication skills are qualities that will build and maintain positive relationships with his clients. Mr. [redacted] made this complicated, confusing process a smooth and enjoyable one. We appreciate all of his hard work. We would recommend working with Mr. [redacted] to our friends and family.

Revdex.com, this is in response to Ms. [redacted]'s (the borrower) recent complaint.  The borrower approved a partial appraisal fee charge to her credit card on July 22, 2016.  She was charged half of the appraisal fee - $225.00.  Soon thereafter, the borrower informed the...

First Direct Lending ("FDL") employee that her July payment would be more than 30 days late.  The FDL employee advised that the payment must be made on time in order to continue with the transaction.  Agency guidelines do not allow us to proceed if the borrower has a 30+ late payment on a current mortgage.   On August 2nd, the borrower contacted the FDL employee via email stating that the July mortgage payment was late; that she "...would like to proceed..."; that she "regrettably cannot continue..."  and that "perhaps we can continue at later time."  The borrower withdrew her application and the federally required advere action notice was sent to her.   I am unclear how she is unaware of the status of the application. As for the appraisal fee, the borrower was charged only half and FDL paid the other half.  She received a copy of the full and valid appraisal.

On Sep 21, 2016, at 1:38 PM, Office of the President <[redacted]> wrote:   Ms. [redacted], thanks for your messages.  I am writing from the Office of the President.  I am the Director of Compliance for First Direct Lending, LLC.  We apologize...

that you were not able to achieve your goals but the fact that the condo is not approved is out of our hands.  We are only able to close loans that are in compliance with agency and investor guidelines.   Although you mentioned that your property was a condo., agency guidelines can differ and that is what it appears to have occurred here.   See the comment immediately following that [redacted] previously sent to you:“Your condo is not fully approved or established with FMNA.”   And as [redacted] mentions, First Direct Lending, LLC paid for the remainder of the valid appraisal of which a copy you received.  That means that First Direct Lending, LLC is out of pocket on the other half pf the appraisal fee due to the third party appraisal company. Specifically, you paid half ($225) for a full and valid appraisal which results in a benefit to you. + The above is the previous response we sent to Ms. [redacted] after a very long email chain.  She simply refused to accept the valid reasons which we provided.  She claims to be aware of the guidelines in a prior email.  If that is sop, she would know that her circumstance had issues that were simply not allowed.  In addition, she received a copy of a valid appraisal for which only paid half the cost. Regardless, First Direct Lending, LLC is processing a refund of her $225.00.  More time and effort are simply not warranted.         [redacted] x [redacted]  | Fax: [redacted]

What a nightmare. I didn't contact this company, they contacted me. I explained my credit had gone downhill big time since my husband passed away and know I didn't qualify. The lender kept insisting they could help. I ended up further on debt on an appraisal and tons of money to fix a heater in order to pass. I had even told him a few times this was too stressful and expensive and didn't want to continue. He insistedd, even after a problem I wasn't aware of developed, all was good.He even gave me the ill advice of not paying my mortgage, which I didn't take. I received a lot of email and text saying we where close to closing. An appointment was set for the notary to come to my home and sign papers. Day after thanksgiving I get an email of termination of the contract for all the reasons I said during that first phone call when I told him I didn't qualify. Now I am further in debt, more depressed and wondering why did they put me through all this. Terrible, uncaring company.

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.
Regards,
[redacted] I was and am still very angry with this company.  After six weeks the a new agent called and said that My worker, [redacted], was not working with me anymore.  Someone else would take over.  This company wanted so much information that I could not keep up with them.  They wanted me to have a three way call with the IRS after having been sent my tax forms for several years. I informed them when the loan was first in place that the IRS had found a case of Stolen identity and that they were trying to solve this.  It did not reflect anything I had done wrong.  I called The IRS and they could not tell me anything until thecase was settled.  It is still not settled. I will not and should not being treated like this.  This [redacted] that I worked with was crazy.  He constantly harassed me. I think he did this to others is why he was dismissed. This place  is terrible and not be allowed to carry a business where these things are allowed.  If they has looked at my IRS papers that would have found I paid my total bill each year .

The details of this matter are as
follows:
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Complaint Involves:
Refund Or Exchange Issues
Customer’s Statement of the Problem:
"Their Bill of Rights states that "First Direct customers have the right to
know that they will obtain a loan or receive their money back if they pay for
an appraisal"."
That is incorrect.  First Direct Lending’s (FDL) current Borrower’s Bill
of Rights (www.firstdirectlending.com) does not state what Ms. [redacted] claims.  Summarizing our current Borrower's Bill of Rights: customers will be
treated fairly and with respect; honesty in plain language; a simple
experience; copies of disclosures and other documents as required by Federal
laws and state statutes; right to receive non High-Cost loan terms; are able
to speak to a person within 24 hours; right to see real time status on the loan
process; refinance for free* in the future for life; receive a reasonable net
tangible net benefit analysis; and a right to loan process that is free of
negotiating and haggling over fees. 
It appears that Ms. [redacted]'s daughter located a cached version of our website during a deep dive Google search.  The URL is not directly associated with Frist Direct Lending, LLC.  We have confirmed that our current version is correct and does not reflect Ms. [redacted]'s claims.
"I was told that I should receive my money back within 3-5
days of the refusal of our loan."   
First Direct Lending’s policy is not to refund
appraisal fees for every denied loan as the borrowers are provided copies of
the appraisals directly from the approved appraisal company in accordance with
the Equal Credit Opportunity Act. We show no record of promising Ms. [redacted]
a refund of the appraisal fee for her nor her daughter’s property.  An appraisal is one of the key factors in
making a proper and correct determination as to whether the borrower qualifies
for loan products in which FDL offers.  Neither
Ms. [redacted], nor her daughter, qualified for a loan with FDL.
10 days later I still have not received anything back and 2
of my phone calls to a supervisor have not been returned. Another of their
policies is supposed to be a return call within 24 hours.
Ms. [redacted] spoke with at least two of FDL’s
employees listening to her concerns as late as May 6, 2015 (the date of this
complaint).  Ms. [redacted]’s loan, and
that of her daughter’s, were both denied for risk and other reasons. 
Complaint Background:
Product/Service: 2 home appraisals – One
of these requested is for her daughter’s loan.
Purchase Date: 4/6/2015
Problem Occurred: 5/4/2015
Model: 
Account Number: 
Order Number: 
Talked to Company: 5/4/2015
Talked to Company (2nd): 5/12/2015 and
5/16/2015
Name of Salesperson:
 
Purchase Price: $950.00  $475 x 2
Disputed Amount: $0.00
Desired Settlement:                      
That they refund the money immediately ($950.00) for the 2 appraisals that I
paid for.  First Direct Lending, LLC has decided to refund Ms. [redacted] the fees for her and her daughter's properties. 
Regards, [redacted]
Director of Compliance
[redacted] ext. [redacted]

Ms. [redacted] is correct in that she paid for half of the required appraisal fee.  The full appraisal fee is $450; she paid only half = $225.00.  Typically, the borrowers are allowed the option of paying thee remainder of the fee at closing.  If the borrowers don't complete the loan...

(fund), First Direct Lending waives the final $225.00 even though the borrowers received a copy of the appraisal during the process. We consider this matter closed.

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 appearThe rep that we were dealing with from your company informed us directly after we paid for the appraisal fee that he had realized that we did not in fact qualify for a refinance due to a late payment for the month of April. He stated to me that he would cancel the appraisal as we did not qualify and that we would get a refund of the appraisal fee. We NEVER received a copy of the appraisal nor any further communication from the loan officer [redacted] after that. We emailed and called and left messages on multiple occasions for weeks after only to finally get through to someone else who informed us that the loan officer we had been dealing with was suddenly no longer with the company and he gave no further explanation. So we tried to our best effort to reach the person we had been dealing with to find out the status and were unsuccessful. We had to go above and beyond to seek out an explanation or answer and still never received one other than telling us he was gone and that was it. We never received a copy of any appraisal nor did we receive the refund for the appraisal that NEVER should of been done in the first place since "[redacted]" your loan officer at the time was aware that we did not qualify. That is very deceitful business practices and should not be acceptable. 
Regards,
[redacted]

Tried to refinance through First Direct, one of the first things we informed them of is that my wife recently changed jobs. We went through the entire process over several weeks and got approval pending the appraisal of our home. As I was coordinating a date with the appraiser, we were suddenly refunded our appraisal costs. A week and a half of trying to get ahold of them, leaving messages, I was finally informed that because my wife recently changed jobs they needed to see 12 months pay at her new location. Let me reiterate that her having a new job was one of things we discussed during the first phone call. VERY PISSED that they wasted about a month of our time [redacted] us around. I would never recommend them.

Borrower was very unresponsive.  First Direct was able to complete the loan process but Ms. [redacted] would not respond to call or emails nor furnish the required documentation.  After some time, she called in to complain and yelled at the loan consultant that had taken over the file and...

had been trying to reach her. She refused to cooperate. Company policy dictates that the file must be adversed when the customer refuses to proceed.