First Guaranty Mortgage Corporation

Dear
[redacted],
Thank
you for contacting First Guaranty Mortgage Corporation (FGMC). Based on the
conversations...

that took place during the week of 12/7 with the compliance
department along with the operations team, it seems as though any concerns you
had regarding the conditions on your loan along with your concern with not
closing your loan in a timely fashion have been appropriately handled and your
loan has since closed.
We
would like you to know that FGMC takes your concerns very seriously and we
appreciate the opportunity to better serve you. If you have any additional
questions do not hesitate to contact our Sr. Compliance Administrator, Kelly K[redacted],
at ###-###-#### or toll free at ###-###-#### Ext. [redacted] or by email [redacted]@fgmc.com.
Sincerely,
First Guaranty Mortgage Corporation

Here I sit about to be homeless in a week because this company is dragging their heels on our disclosure documents. We had loan approval in September, and were set to close on October 13th. Instead of closing and having no communication what so ever with this company because they do not answer their phone, my husband and I received and email asking for more documents at 4:50 pm on Friday. We sent documents right away, and didn’t hear anything for another two weeks as our extension was coming to a close. Instead of closing documents we received another request for documents at 4:59 pm closing day Friday the 27th. HUD is going to drop our contract because this sy business cannot and will not produce closing documents. ABSOLUTELY the WORST company I have ever dealt with. I am beyond livid at this point, and better receive closing documents on Monday or I will seek legal action against this company First Gauranty Mortgage. This whole situation has caused my family immense stress, and has reflected poorly on my brokers reputation. We are losing our contract because of negligence on First Gauranty Mortgage. I want resolution, or I will see you in court.

Review: They claimed that they could provide a REFI on an investment property based on the credit information and the number of properties own. They rushed me to order an appraisal which I did based on their assurance they was no problem getting the loan provided the property appraised for 25% over the loan amount. The property did and now they say one late payment in over 20 years of credit is preventing them from providing the loan. I asked for a refund of the appraisal fee and they say that it is non-refundable. AS professional mortgage brokers they should know better than to order an appraisal before the credit has been approved by underwriting. I now have to pay for another appraisal with a new a more reputable mortgage broker.Desired Settlement: Full refund of the appraisal fee.

Business

Response:

We contacted **. [redacted] regarding the above referenced complaint. Based on our communications with him, we feel that we have come to a satisfactory solution and that the matter is resolved. If you have any further questions, please let us know. We appreciate you bringing this to our attention.

Review: My name is [redacted] and I have been in the financial services sector for over 25 years and I have never had such a horrible experience like I just did with First Guaranty Mortgage Corp. Let me explain.

I applied for a mortgage loan with [redacted] Financial under the Back to Work Program and received a pre approval in the amount of $280,000 on 4-11-2014. During the next 60 days I began looking for a home and signed a contract 6-20-2014 for $249,000. The entire time I was continually providing documents to [redacted] to pass on to your company First Guaranty Mortgage Company. I mean a plethora of documents which I was fine with.

I had a unusual circumstance whereby the decision was made to cease new business in a business I had partial ownership, in late 2008. This set off a chain of events which eventually led to a short sale of a home in May 2012.

After providing all required documents (including my Divorce Decree even though I was told that was not a valid approval for the Back To Work Program) and signing all of your disclosures I was notified on 8-7-2014, 8 days before I was to close on this house, my loan was denied. While this provides much stress and anxiety, the biggest one is I have no place to live as of August 18th as I have given notice to my landlord. I repeat, I have to vacate of my current house in 10 days.

The broker agrees, I am ideal candidate for this Program, I had to close down an equipment leasing company in Oct 2008 due to the economy. I regained employment in Feb 2010 but I had so many debts, I could not recover. I have always had exceptional credit and timely with payments except with the short sale.

The CEO Andrew P[redacted] has had his Compliance Dept contact me last Fri the 9th with a promise to call back by the end of the day. When I recieved no return call I was told I would be contacted Mon morning Aug 11. They have left one VM, which I returned.

I still have no resolution and this last minute denial has me stressed beyond explanation in additon to countless hours and monetary damage.

Anything you good do would be greatly appreciated.

Regards,

[redacted]Desired Settlement: I suggested to Mr P[redacted] and his Compliance Dept I felt a reasonable resolution would be for the company to fund and hold my loan on their mortgage warehouse lines under the same financing terms and conditions they presented to me for 9 months at which time they could sell my loan into the open market and be reimbursed. There has been no response or counter settlement at this time.

Business

Response:

Upon discussing the matter with **. [redacted] and receiving the requisite conditions required for loan approval we have been able to approve **. [redacted] for his loan and are moving toward the loan closing. At this time, we feel that **. [redacted] has been satisfied with our response and we appreciate working with him toward his goal of home ownership.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Regards,

Review: Mortgage company disclosed private information to a 3rd party without proper authorization from my spouse or I. It is my understanding that the company has violated Privacy laws by directly providing Property Seller with documentation pertaining to our mortgage application, documentation that included Credit scores etc. I have copies of e-mailed communication between mortgage loan office and seller/ builder in which mortgage loan officer kept seller informed of all of transaction stages, outstanding conditions, and any communication between mortgage company and myself. When MLO was questioned as to why this was being done and the fact that we never authorized this, MLO simply replied by stating this was company policy. My Loan # with mortgage company is [redacted]. Mortgage company has been notified of violation but nothing has been done regarding it, copies of e-mailed communication have been provided to Mortgage office manager as well as their compliance department. Due to this violation we have been continuously harassed by seller and are now having issues obtaining deposit refund.Desired Settlement: We would like a refund on fees paid to mortgage company as loan is no longer being persued, those fees are .... Appraisal fee, credit report fee, etc. we would also like for mortgage company to pay necessary penalties to law regulators.

Review: I called guarantee mortgage, because it was shopping for a better interest rate to refinance a home mortgage. Phone call was routed to one of the sales person, Kameron S[redacted].I explained my intention to find a better rate, with the condition I do not have any out of pocket expense, and only if I can save some monthly payment. I was precise about I was looking for a 7/1 arm rate at 2.75%, without out of pocket fund. He told me he can do it, then he told me I should just apply for my son alone, instead of cosign for my son. So, I gave him all my son's information, he said my son can qualify by himself. Then he said he need to have taxes and insurance impound, I said I do not want taxes & insurance impound. He said then he cannot offer 2.75% without any out of pocket expense. So, I told him, I will continue shop around and wait for a better rate. That was the end if It.Tonight, my son call me and said he receive a statement from First Guarantee Mortgate said he is not qualify for the loan, application was denied.My son did not put in application with FGMC, I was very clear with Kameron S[redacted] I will not want to have FGMC loan. I do not know what kind of game he is playing to try to ruin my son's credit score.I am requesting the CEO Mr. Andrew P[redacted] to investigate this matter and rectify the incorrect information if any have send to credit bureau, secondly I want a letter of apology for this irresponsibleAction from Mr Andrew P[redacted] on behalf of FGMC 's sales person Kameron S[redacted]Desired Settlement: Send letter to credit bureau for the mishandling of the credit application, withdraw the incorrectly reported credit application, right the wrong Kameron S[redacted] did.A letter of apology issue to my son from FGMC CEO on behalf of their irresponsible employee

Business

Response:

The denial of [redacted]’s loan is not reported on his credit report or to a credit reporting agency. the Statement of Denial which was sent to [redacted] was provided in accordance with the Equal Credit Opportunity Act (ECOA). Below is a provision from ECOA regarding a creditor’s duty to provide a notice

to the consumer of the action taken on the loan application.

A creditor must notify

an applicant of action taken on the applicant’s request for credit, whether

favorable or adverse, within 30 days after receiving a completed application.

Notice of approval may be expressly stated or implied (for example, the

creditor may give the applicant the credit card, money, property, or services

for which the applicant applied).

We have discussed this with [redacted] and she indicated that she understands and is satisfied with our response. We appreciate you reaching out to us regarding

this matter. If you have any additional questions, please feel free to contact

me.

Review: In mid October 2013, during our first conversation I informed Matt F** that I was discharged from bankruptcy in June 2010 and I wasn’t sure if I could qualify for a home loan because I had to surrender my home to the bank during the bankruptcy. Matt reviewed my credit and told me that it wouldn’t be a problem. He then told me that I was approved for the loan and that I would need 3.5%, roughly $16,000 toward closing costs. He also called the home builder representative I’d been working with to tell her that I was approved for $420k for a home. Matt asked me how I would be able to obtain the 3.5% and I told him I could borrow money from my father, liquidate my 401a as well as sell my wedding ring set. He told me to work on those things to raise the money and that I would need to obtain the amount as soon as I was able. I spoke with Matt in mid November 2013, about one month after my loan approval, and he inquired about the amount of money I had obtained to date. I told him the amount I had so far and he informed me that closing would be scheduled for sometime in December 2013. I told Matt that a December 2013 settlement date would be great because the home my family and I were living in was scheduled to be sold by the owner on January 29, 2014. Therefore, my family and I needed to vacate the property no later than January 27, 2014. I obtained the funds required and was told the day before the original December 2013 settlement date that the closing had to be moved to a later date. When I emailed Matt and inquired about the new settlement date he told me it would be sometime in January 2014. I informed him once again that my family and I had to move out of the home we were renting by January 27, 2014. He reassured me that he was working on it and that we should be able to get a new settlement date for either the second or third week in January 2014. I sent emails to Matt and his loan processor almost every other day starting on January 6, 2014 inquiring about the loan status. It wasn’t until January 24, 2014 that Matt told me that he needed to get a waiver or approval from HUD before the loan could move forward because the home that was surrendering during bankruptcy was still listed in my name. I had no idea that my former residence was still in my name. The first time Matt told me my former residence was still in my name was on January 24, 2014. Because of the delay from Matt in telling me this information I had to start making arrangements to find somewhere for my family and I to move to while Matt waited for a response from HUD. It wasn’t until January 29, 2014 that Matt called to tell me that because the house that was surrendered in bankruptcy in 2009 was still in my name he was not able to move forward with the loan. This was roughly three months after he told me I was approved for the loan and plans had been made to move into a new home.

Due to Matt F**’s negligence in this situation, my family and I had less than two business days to find somewhere to live. This completely disrupted my family’s life and caused distress about our living situation.

My landlord and the new owners allowed us to stay in the property until the morning/afternoon of January 29, 2014. I departure from the home even delayed the closing time on the property.

My family and I had to live in a hotel from January 29, 2014 until March 18, 2014 because we didn’t have an alternate place to live when we had to vacate the home we were renting. I feel that if Matt F** had not told me I was approved for a home loan, my family and I could have moved somewhere else in a timely manner. We would not have had to scramble at the very last minute to find somewhere safe to stay. This whole experience was beyond an inconvenience. It caused undue stress on my family and I.

I tried to resolve this matter with Matt Fox by sending a letter to him in February 2014 and April 2014 so that we could discuss the hardship my family and I went through. However, to date Matt F** nor First Guaranty Mortgage Corporation has responded.Desired Settlement: Finanical compensation needs to be given for the expenses incurred during the process. As well as payment for the stress this situation caused the family.

Business

Response:

At this time, we are working with the consumer's attorney toward a resolution. If you have any further questions, please let us know and we will be happy to assist you. Thank you.

Consumer

Response:

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]

Review: [redacted]

I am rejecting this response because the business has not had effective communication with my attorney or me over the last five months regarding this issue. The business has repeatly ignored request from my attorney, [redacted] and myself to close out this complaint. I hope the business is serious this time about their statement.I will keep Revdex.com abreast of the situation.

Regards,

Business

Response:

We have had continued communications with

[redacted]' attorney, and was informed today by the attorney that

she will be discussing the matter with [redacted] and will provide us

with a response next week. We hope that these discussions will result in a

satisfactory resolution.

Consumer

Response:

Good Afternoon,

Review: I originally contacted First Guaranty on or around 11/16 as they had very competitive rates on bankrate.com. The loan officer, [redacted], spoke with me and provided a very desirable rate of 4.25% and a commitment that they could close in 2 weeks if I chose. My closing had already been scheduled for 12/18 so I told him I would be happy with just meeting that date. When called back the following day and asked him to proceed with the loan, I was informed that the rate was not locked and 4.25% was not available without paying points. My new rate rose to 4.5% due to me not being told I had to tell [redacted] to lock the rate. I still decided to proceed with First Guaranty in spite of this, because of the commitment they could close so quickly. Over the course of the next several weeks I checked in on the progress of my loan and respond with documents and signatures within hours of their request as to not hold up the closing. No information had been passed to the Title Agent prior to closing as is typical, and she let me know this. On 12/6, nearly 2 weeks prior to close we had an ice storm that delay many services, including appraisals. This was the excuse I was given for the delayed appraisal. Because I didn't have a good feeling First Guaranty would have the closing prepared by 12/18, I pushed the closing to 10:00am 12/20, and was informed by [redacted] and [redacted] this was a good idea. [redacted] was frantically working the processing of the loan the week of the closing and I was providing her with "missing" information I was just informed of up until 12/18. The last document she said she needed was a statement of withdrawal of my retirement account, which she said she would get for me. When I emailed her on Thursday 12/19 to find the status I was surprised to receive an email response that she was out of office for the day. I then had to contact [redacted] again to find out where the process was. [redacted] failed to procure the documents she said she would so I was scrambling to get them and submitted them directly to [redacted]. He gave me all indication that the closing would occur 12/20. When I contacted the title agent the morning of 12/20 she still had not received anything and we and the sellers have a 2 hr drive to the title co.. Ultimately, nothing was getting accomplished as far as I could see with the processing for a closing on 12/20, so I called and asked to speak with a a manager. I was contacted by [redacted] who said he was a VP. He committed to do everything he could to meet the closing. He called me back and said he got everything accomplished except securing funds to be transferred the same day, so the closing had to be rescheduled for Monday 12/23. At the writing of this complaint, 12/20, I still have not closed and have very little faith they will meet 12/23, but what choice to I have at this point but to see it through. It should be a crime that (A) I am quoted a false interest rate to lure my business and (B) a company can advertise to meet a two-week closing when in fact they couldn't even meet a 5 week closing. Responses from everyone I've dealt with in this company via phone or email had been very slow. Several times I have even had to resort to calling through the main 800 number. Each time I've called that number I was almost immediately patched through the [redacted], who would not answer my direct calls to his number.Desired Settlement: Based on the inconvenience and frustrations to me and my wife, the Sellers, the title co. and the agents because of the negligence of your company, I feel a minimal settlement should be compensation by refunding the entire origination fee and all fees charged by your company for my closing. I also would like monetary compensation for the loss of the interest rate I was originally quoted either by refinancing at a lower interest after closing at no cost to me, or compensating me for the interest I will pay at the higher rate. And finally, a letter of apology from the executives at First Guaranty Mortgage for the improper sales tactics and failure to provide a service that was promised.

Business

Response:

To whom it may concern,