Georgie of Paris

I work for Live Well Financial in the quality control department and I am in receipt of your email, that was forwarded to me by [redacted] ***First off, let me say that Live Well Financial appreciates the opportunity to respond to your concernsLive Well Financial provides ***-Insured Home Equity Conversion Mortgages, sometimes referred to as reverse mortgagesTo be insured by the ***, Live Well Financial must follow the guidelines established by the U.SDepartment of Housing & Urban Development (***) in the origination, underwriting, closing, and servicing of these loansI am sorry your experience with Live Well Financial was not a favorable oneThe [redacted] reverse mortgage program requires enough equity in a home to pay-off any existing mortgages, liens, potential required repairs, [redacted] up-front insurance premium, and closing costsAdditional funds may also be needed for an [redacted] set-a-side for future taxes and insurance in certain casesThe percentage (as determined by the age of the youngest borrower) of your current home value (as determined by an [redacted] certified appraiser) that is available to use or borrow must be enough to cover the above expensesWhat is leh over is available to you as a credit line, monthly payment, or as a lump sum at closingMy understanding is that your appraisal came in $ [redacted] short of an original estimate of $ [redacted] We are in the business to try and make loansHowever, we have very little control over the appraisal process and this is by design under the current laws governing the mortgage industryAppraisers work independently from lenders as third-party vendors, so they are not unduly influenced from making objective decisionsWe can question the comparables used and the deduction & crediting methods employed to obtain a value, however in the end it is up to an appraiser's discretionBefore an actual appraisal is done, we can only make an educated guessThis is why lenders and brokers almost universally have their potential borrowers sign Appraisal Reimbursement AgreementsAppraisers work and are paid independently from a lenders effort to make a loan, and if a value comes in lower than expected it will many times hinder or stop a loan from being madePurchasing an appraisal is a calculated risk with no guarantees; and to make matters worse in the case of [redacted] reverse mortgages, borrowers cannot pick their own appraisersAppraisers are picked independently from a pool of available [redacted] approved appraisers in each geographical areaThe facts are that [redacted] reverse mortgage lenders have very little discretion or latitude to work outside the regulatory framework and guidelines established by ***Unfortunately your home appraised for less then was needed to bring this loan to fruitionWe are a company that prides itself on getting loans approved for our borrowers, and for having some of the lowest closing costs in the industryMarkets do change, and I would ask you to monitor web-sites like [redacted] for the market trends in your areaWhen values go up, I hope you will consider contacting us againIf you have any questions, please feel free to call meAgain, I am sorry that your appraised value came in for less than what we needed to make this loan work for youThank you, Madgeanette F*Vendor Management/Counterparty Approval CoordinatorRisk Management & Regulatory AffairsDirect Phone - [redacted] NMLS #***

Revdex.com: I have reviewed the offer and/or 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 [I recently received your reply from my initial complain with Live well FinancialPerhaps your loan officer didn't explain himself thoroughly during his educated guess as you put itBut I was upfront about changing jobs prior to reaching the underwriting stageWhat you fail to realize is that I provided everything up front and once again your loan officer Zachary B [redacted] made an educated guess about how much I would be pre-approved for which was way more then my offerWhat I'm trying to understand is why would your loan officer give me a green light to order an inspection and appraisal just off a "educated guess"Once again my information was in his hands prior to getting this far into the processIf anyone would have told me that we are guessing a possible approval I would never offered my information to do business with your companyWhat I'm seeking is a refund for the funds that I paid out of pocketThis is solely based on the fact that your loan officer said we are good to go prior to anyone from underwriting approving the loanMy suggestion is to inform potential future clients that you are making a "educated Guess" disclosure prior to doing any form of business with Live Well FinancialI assure you that you would not have had this problem if Zach B [redacted] would have told me Jonhattan I'm guessing you can get approvedI would have walked away and seek other assistance elsewhereBe more transparent and upfrontYour loan officer sold me a dream by over promising and under deliveringProvide details of why you are not satisfied with this resolution.] Regards, [redacted] ***

We are in receipt of your letter forwarded by the Revdex.com. Live Well Financial appreciates the opportunity to respond to your concerns. Unfortunately, getting a loan approved can be challenging. Many people who attempt to qualify for a new mortgage discover that there...

are credit issues, tax liens, or title issues that they were unaware of. While we are in the business to make loans, we are legally required to follow due diligence protocols before we can approve a loan. It is my understanding from the loan officer (Zachary B[redacted]) that you initially disclosed that you had worked for several auto dealerships over the last two years and received commission income averaging over $[redacted] annually. While there are no guarantees, loan officers and their clients make the best educated guess when deciding to order an appraisal and move forward in the loan qualification process; and because there is no underwriting of a loan before an appraisal is done this is generally based on the material representation of the applicant. Unfortunately, when the processer began to investigate your employment they found that you had worked for at least six different companies in the last 24 months (dealerships, restaurants, transportation services, etc.), and I also understand that you additionally switched your employment again during the qualification process. The end result, is that we were not able to qualify you for the amount that you had originally requested, and under the totality of the circumstances, I am very sorry that the outcome did not match your expectations. If you choose to continue to work with our company, then I cannot promise you that the outcome will be favorable given some of the circumstances we are contending with. However, I can assure you that we will put our best foot forward to try and provide you with an acceptable loan. Please feel free to call me if you have any questions. Yours truly, Bill N[redacted]

I work for Live Well Financial in the quality control department and I am in receipt of your email, that was forwarded to me by [redacted]. First off, let me say that Live Well Financial appreciates the opportunity to respond to your concerns. Live Well Financial provides [redacted]-Insured Home...

Equity Conversion Mortgages, sometimes referred to as reverse mortgages. To be insured by the [redacted], Live Well Financial must follow the guidelines established by the U.S. Department of Housing & Urban Development ([redacted]) in the origination, underwriting, closing, and servicing of these loans. I am sorry your experience with Live Well Financial was not a favorable one. The [redacted] reverse mortgage program requires enough equity in a home to pay-off any existing mortgages, liens, potential required repairs, [redacted] up-front insurance premium, and closing costs. Additional funds may also be needed for an [redacted] set-a-side for future taxes and insurance in certain cases. The percentage (as determined by the age of the youngest borrower) of your current home value (as determined by an [redacted] certified appraiser) that is available to use or borrow must be enough to cover the above expenses. What is leh over is available to you as a credit line, monthly payment, or as a lump sum at closing. My understanding is that your appraisal came in $[redacted] short of an original estimate of $[redacted]. We are in the business to try and make loans. However, we have very little control over the appraisal process and this is by design under the current laws governing the mortgage industry. Appraisers work independently from lenders as third-party vendors, so they are not unduly influenced from making objective decisions. We can question the comparables used and the deduction & crediting methods employed to obtain a value, however in the end it is up to an appraiser's discretion. Before an actual appraisal is done, we can only make an educated guess. This is why lenders and brokers almost universally have their potential borrowers sign Appraisal Reimbursement Agreements. Appraisers work and are paid independently from a lenders effort to make a loan, and if a value comes in lower than expected it will many times hinder or stop a loan from being made. Purchasing an appraisal is a calculated risk with no guarantees; and to make matters worse in the case of [redacted] reverse mortgages, borrowers cannot pick their own appraisers. Appraisers are picked independently from a pool of available [redacted] approved appraisers in each geographical area. The facts are that [redacted] reverse mortgage lenders have very little discretion or latitude to work outside the regulatory framework and guidelines established by [redacted]. Unfortunately your home appraised for less then was needed to bring this loan to fruition. We are a company that prides itself on getting loans approved for our borrowers, and for having some of the lowest closing costs in the industry. Markets do change, and I would ask you to monitor web-sites like [redacted] for the market trends in your area. When values go up, I hope you will consider contacting us again. If you have any questions, please feel free to call me. Again, I am sorry that your appraised value came in for less than what we needed to make this loan work for you. Thank you, Madgeanette F[redacted]Vendor Management/Counterparty Approval CoordinatorRisk Management & Regulatory AffairsDirect Phone -  [redacted]NMLS #[redacted]

Revdex.com:
I have reviewed the offer and/or 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.
[I recently received your reply from my initial complain with Live well Financial. Perhaps your loan officer didn't explain himself thoroughly during his educated guess as you put it. But I was upfront about changing jobs prior to reaching the underwriting stage. What you fail to realize is that I provided everything up front and once again your loan officer Zachary B[redacted] made an educated guess about how much I would be pre-approved for which was way more then my offer. What I'm trying to understand is why would your loan officer give me a green light to order an inspection and appraisal just off a "educated guess". Once again my information was in his hands prior to getting this far into the process. If anyone would have told me that we are guessing a possible approval I would never offered my information to do business with your company. What I'm seeking is a refund for the funds that I paid out of pocket. This is solely based on the fact that your loan officer said we are good to go prior to anyone from underwriting approving the loan. My suggestion is to inform potential future clients that you are making a "educated Guess" disclosure prior to doing any form of business with Live Well Financial. I assure you that you would not have had this problem if Zach B[redacted] would have told me Jonhattan I'm guessing you can get approved. I would have walked away and seek other assistance elsewhere. Be more transparent and upfront. Your loan officer sold me a dream by over promising and under delivering. Provide details of why you are not satisfied with this resolution.]
Regards,
[redacted]