Galena On The Fly, Inc.

To whom it may concern,I responded directly via email to Mr. [redacted] yesterday.  As I stated in my original response I would be willing to talk to Mr. [redacted] but First Commonwealth will not be making any type of financial offer to resolve this.  By "Playing ball", Mr. [redacted] means giving him some sort of monetary compensation such as a [redacted] card for $1500 which he already asked for.  We will not do this or any other type of compensation.  We did not receive and compensation directly from Mr. [redacted].  Our revenue is earned based on our volume with the lenders we place loans with.  There is nothing from which to refund to him.  In addition, as I explained in my earlier response, we made some mistakes however we did everything we could to correct the situation.  Mr. [redacted] was upset that he had to liquefy and verify funds for down payment. This is standard practice and required for all loans.  Again, First Commonwealth will not make any type of financial offer for resolution or be forced into something of the sort b/c of our Better Bureau account.  This matter is closed for us, please close it out.

Mr. [redacted] has some reason to be upset as in his case were were dealing with a new interpretation of laws from our investor, Provident Funding, that did not allow for the file to sit with no activity for an extended period of time.  I would also like to make clear that accusations of intended...

wrongdoing or fraud are completely inaccurate.  First Commonwealth has been in business for over 15 years and has closed over 20,000 loans.  I believe in this situation, Mr. [redacted] inexperience and the policy change by Provident made this situation difficult for Mr. [redacted] and I apologize for that.As for some of the more specific complaints, I'd like to address them individually.1. The loan closed on time and while it wasn't the smoothest process, we were able to close on time.2. Mr. [redacted] must understand that providing assets for funds to close requires that to be done well in advance of closing.  We are not responsible for his investment concerns but we must prove down payments funds and show those funds as liquid.  If you are purchasing a home you must be aware that liquid funds must be sourced and seasoned in a timely manner.  I understand that the timing was not perfect but it was necessary.3. After Jan 31 of any year, the previous years W2s must be provided for a home loan.  This is standard policy across the industry as W2s are required to be distributed by January 31 of every year.  We cannot control issues with employers but this was an issue as it would be required for any loan.I understand Mr. [redacted]'s frustration with the process but the lending process can be cumbersome.  Mr. [redacted] is an excellent borrower but lending is very black and white as it relates to credit, capacity and collateral.  We don't make things up for the heck of it, in fact we would love for the lending process to improve and be made easier but this is the lending world we live in since 2008.  We clearly did not communicate all of this effectively to Mr. [redacted] and greatly wish his experience was more pleasant.  I'm sorry that we did not exceed his expectations.  I would be more than happy to discuss this further with him if he so desires.

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.
[The suggestion of monetary compensation was one discussed and entertained by First Commonwealth PRIOR to actually closing the loan and then, once the loan closed, no further communication was provided until the Revdex.com complaint was filed.  After the initial Revdex.com response from First Commonwealth, I called them and emailed them and received no response until the message I got yesterday.  The issue is not as First Commonwealth states.  I obviously knew I had to liquidate the funds.  What was an issue was that they told me the date and I was positioned to receive capital gains disbursements from the funds prior to the final liquefy date.  When they changed the date without warning and threatened to cancel my loan if I didn't immediately comply, I lost those capital gains.  In addition, the funds gained significant value from the date I was forced to sell until the date I was planning on selling.  While one can argue that is market timing and shouldn't be subject to dispute, the capital gain loss is a clear loss that was incurred due to First Commonwealths errors.  On top of that, the other part of the issue that they fail to address, is that I was treated very poorly.  Yes, I did finally get the loan that was originally promised, but at a huge personal toll of sleepless nights and stress.  Almost daily they called with new requirements, altered deals, or changing conditions as though I was the greatest risk to funding they had ever seen.  My credit score was over 800 and I had funds to buy the home with cash yet was treated as though I was a default risk.  The complete lack of respect and disregard for me as a customer is what has [redacted] me off to the point of filing a complaint.  My realtor and my attorney had never seen anyone treated like this.  As a group we didn't know that the loan would actually be funded until the day it actually went, that is how shady this whole process was.  This is not a money grab on my part, this is an attempt to make things right with a horrible customer service experience by dealings that were unethical and I believe borderline illegal.]
Regards,
[redacted]