Gold Financial Services

Re: [redacted] Revdex.com ComplaintI received this complaint on May 5th, I was deeply troubled with this complaint, due to the fact that we had to overcome a variety of obstacles to close and fund their loan Successfully In order to close this loan, we had to overcome a twenty-six point drop in credit mid score, lock extensions and a debt to income ratio issue that was preventing us from getting an automated approval through our underwriting system that is used on all conventional loans in our industryFirst, in order to qualify and get an automated approval, we had to do a split premium on the mortgage insurance to drop the debt to income ratio below the required 45% By doing the split premium, we were able to lower the private mortgage insurance factor from0.89% to 0.47% which shaved $off of the monthly payment This allowed us to get an automated approval by lowering the ratio to 44% and therefore we were able to close and fund their loanThe unfortunate part of split premium mortgage insurance is that the upfront premium can not be financed and must be paid for at closing per standard underwriting conditions This cost was 1.5% of the loan amount of $355,000, which required the borrower to bring to the closing table a minimum of $5, Second, the borrower’s increased their debt tremendously when they purchased their appliances prior to closing and caused their DTI to surpass the 45% mark This also caused a decrease in credit score by points, which created delays and a higher payoff because of additional interest charges incurred by the delay The higher payoff and closing costs pushed their loan over the 90% loan to value, coupled with a decreased credit score, caused their mortgage insurance premium to increaseThe purchase of appliances prior to closing created a domino effect, which caused them to no longer qualifyIn order to qualify we had to do a split premium for their mortgage insurance, which brought them back down below 45% DTI Finally, the client closed on October 20th, and brought $5,to the closing table, which $5,of that being required for the split premiumThe borrower’s were given an option of bringing roughly $12,to the table or close with unimproved taxes In October, the tax bills were coming out and closing was requiring months of escrows, which was roughly an additional $7K The borrower’s did not want to bring the additional money to the table and agreed to close with unimproved taxes Furthermore, the borrower’s were informed in March that there was a shortage of escrows and yet there was nothing done about it until January of This is something that was explained to them prior to closing as well as at closing by a singed disclosure as part of our closing documents provided to us by our attorney’s They were informed that their taxes would dramatically increase from $15/month to roughly $to $550/month They knew this and enjoyed the benefits of a lower payment from the $15/month they paid in taxes from Octto JanThey are requesting $6,from us a year and a half later, which they only brought $5,out of pocket .$5,of that paying their up front mortgage premium which is not allowed to be financedI empathize with my clients and I understand the hardship of an increased payment but I believe they were fully aware, reaped the benefits and now are looking for someone to blame other than themselves

This complaint was resolved with the consumer on August 15, when we issued the credit he requested and delivered it via FedEx overnightWe understood with the consumer that this would resolve the issue

The consumer who made the complaint in question was issued a refund on May 5, He was promised said refund by his individual Loan Officer who evidently failed to inform his manager of the agreement and proper protocol for requesting a check was not followed at that timeUpon learning of the complaint to the Revdex.com on April 22, we reached out to the Loan Officer and the Manager to verify the refund was, in fact agreed toUpon verification, we promptly requested the check and it was issued through accounts payable according to their timelinesThe check was overnighted to the consumer and should have been received by him on May 6thIf there is any further dispute, please let me knowThank you

Revdex.com: 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, [redacted]

Can you please cancel this complaintSorry for the inconvenienceI just got new information right after I sent this and we're fine for nowAgain sorry for the inconvenience

Complaint: [redacted] I am rejecting this response because: First of all we weren’t notified about loan being denied in unwriting, and with so called recreational loans we do not have there is only and that was the one the loan officer discluded not us! Second if there was a problem with underwriting and y’all continued to give us pre-approvals??? I would say this is unfair practice!!As far as charges go we paid for appraisals and an inspection not counting the time we wasted along with the realtor in this matter for y’all to keep leading us on!! Regards, [redacted]

Complaint: [redacted] I am rejecting this response because: I filed this complaint with the Revdex.com because I was hoping that other borrowers might be warned about what happened to us and do a much better job of reading and understanding the closing papers that they are signing with this company My husband and I have always been too trusting We are not rich, we have just worked really hard our whole lives and built our dream home I am assuming when the company says we "agreed" to close with unimproved taxes, they are talking about the fact that we signed the closing papers Yes, we did sign those papers, however, we were absolutely not told and it was not explained to us that we were bringing $6,to closing because of an increase in PMI insurance and a decreased credit score and because of not getting automatic approval We were simply told there was a mistake in the paperwork where the taxes were concerned And like I said previously, we were told this literally the day of closing, so we didn't question the company like we should have The comapny is saying there was a 26-point drop in our credit score due to purchasing appliances Number one, my husband and I have always had good credit and still do today Number two, we paid CASH that we had saved for our appliances We did not finance anything at all during the year-long process of financing and building our house Not one single thingI will agree that one time the company did tell us we wouldn't get as good an interest rate, but I was told that was because I had missed a car payment and my credit score dropped below The company and I had a disagreement that day because, although I didn't check my credit score, I have never been late on a car payment The company is trying to blame us for delays in closing and lock extensions We always did everything and provided everything the company asked from us I complained repeatedly that the lock kept getting extended and every single time our fees and monthly payments went up and up Every time I was given a different excuse as to why that was happening I have no idea why the company would say we were informed in March that there was a shortage in our escrow That is absolutely not true This company sold our loan before we even made our first payment I am the one that called the new mortgage company that bought our loan and infomed them that our taxes had never been paid, which I only found out because I started receiving loan requests for our delinquent taxes in March of I absolutely can not believe the company would say we "were fully aware, reaped the benefits and now are looking for someone to blame other than themselves." That is completely untrue I knew when I requested to be paid back our $6,that we would never see that money I just hope other consumers will learn from the huge mistake we made of trusting this company and its representativeRegards, [redacted] ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Regards,
*** ***

This was a complicated loans ( double underwrite) taking almost months to complete dealing with many changes throughout the processI was not aware of the potential loss of earnest money until near the end of the transaction from the real estate agentOur team did care about this
transaction closing all the way to the end In fact, I was notified from client to send all the information to the buyers real estate agent so that they could transfer the file to another lenderThe buyers real estate agent, along with *** ***, came over to our office and spoke with our branch manager about the situation and he re-assured both parties, that with a little help with some documents needed, we would be set to close in about a week It did close the next week We never stopped working on this loan, we were able to get loan closed and funded on 6/14/ We delivered on getting the borrower financing so that *** *** can now enjoy her dream home

We regret to learn of the negative experience that the consumer had with Gold Financial ServicesThe initial loan officer who the consumer began working with was a new loan officer to our company and worked to the best of his ability to pre-qualify the applicantA pre-qualification is not
equivalent to a full loan approval and after complete underwriting of the file, the company was unable to issue an approval on the loanThe applicant was notified timely of that decision and received a full refund of their earnest money of $2,on the original contact in questionThe initial loan officer left our employ in January and the applicant was put in contact with the second loan officer, who also pre-qualified the applicant at that timeUnfortunately, it was discovered that a debt that was thought by the former loan officer to be a duplicate account was in fact two separate debts for recreational vehicles, and with both debts, the debt to income ratio was too high to qualify for the financing requested. The applicant purchased two appraisals; a VA appraisal for $and a second FHA appraisal for $This is the total sum of funds paid to vendors for services required by Gold Financial Services and the Company will agree to refund the total of $1,spent to the applicant. Thank you for the opportunity to respond. *** ***| EXECUTIVE ASSISTANT

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Regards,
*** ***

Gold Financial Services has been in continual contact with this consumer and is, in fact, closing on the permanent financing on the homeWe extended interim construction financing to the consumer and upon completion of construction, the home did not appraise for the sales priceWe worked
diligently to have the appraisal adjusted with new comps and recertified the valueWe are closing on the permanent home loan with the consumer and do not foresee any further issues at this time

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Regards,
*** ***

Revdex.com:
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,
[redacted]

Complaint: [redacted]
I am rejecting this response because:
First of all we weren’t notified about loan being denied in unwriting, and with 2 so called recreational loans we do not have 2 there is only 1 and that was the one the loan officer discluded not us! Second if there was a problem with underwriting and y’all continued to give us pre-approvals??? I would say this is unfair practice!!As far as charges go we paid for 2 appraisals and an inspection not counting the time we wasted along with the realtor in this matter for y’all to keep leading us on!!
Regards,
[redacted]

Re: [redacted] Revdex.com ComplaintI received this complaint on May 5th, 2016.  I was deeply troubled with this complaint, due to the fact that we had to overcome a variety of obstacles to close and fund their loan Successfully.  In order to close this loan, we had to overcome a twenty-six point...

drop in credit mid score, lock extensions and a debt to income ratio issue that was preventing us from getting an automated approval through our underwriting system that is used on all conventional loans in our industry. First, in order to qualify and get an automated approval, we had to do a split premium on the mortgage insurance to drop the debt to income ratio below the required 45%.  By doing the split premium, we were able to lower the private mortgage insurance factor from0.89% to 0.47% which shaved $211 off of the monthly payment.  This allowed us to get an automated approval  by lowering the ratio to 44% and therefore we were able to close and fund their loan. The unfortunate part of split premium mortgage insurance is that the upfront premium can not be financed and must be paid for at closing per standard underwriting conditions.  This cost was 1.5% of the loan amount of $355,000, which required the borrower to bring to the closing table a minimum of $5,325.  Second, the borrower’s increased their debt tremendously when they purchased their appliances prior to closing and caused their DTI to surpass the 45% mark.  This also caused a decrease in credit score by 26 points, which created delays and a higher payoff because of additional interest charges incurred by the delay.  The higher payoff and closing costs pushed their loan over the 90% loan to value, coupled with a decreased credit score, caused their mortgage insurance premium to increase. The purchase of appliances prior to closing created a domino effect, which caused them to no longer qualify. In order to qualify we had to do a split premium for their mortgage insurance, which brought them back down below 45% DTI.  Finally, the client closed on October 20th, 2014 and brought $5,371.81 to the closing table, which $5,325 of that being required for the split premium. The borrower’s were given an option of bringing roughly $12,000 to the table or close with unimproved taxes.  In October, the tax bills were coming out and closing was requiring 13 months of escrows, which was roughly an additional $7K.  The borrower’s did not want to bring the additional money to the table and agreed to close with unimproved taxes.  Furthermore, the borrower’s were informed in March 2015 that there was a shortage of escrows and yet there was nothing done about it until January of 2016.  This is something that was explained to them prior to closing as well as at closing by a singed disclosure as part of our closing documents provided to us by our attorney’s.  They were informed that their taxes would dramatically increase from $15/month to roughly $450 to $550/month.  They knew this and enjoyed the benefits of a lower payment from the $15/month they paid in taxes from Oct. 2014 to Jan. 2016. They are requesting $6,000 from us  a year and a half later, which they only brought $5,371.81 out of pocket….$5,325 of that paying their up front mortgage premium which is not allowed to be financed. I empathize with my clients and I understand the hardship of an increased payment…but I believe they were fully aware, reaped the benefits and now are looking for someone to blame other than themselves.

The consumer who made the complaint in question was issued a refund on May 5, 2015. He was promised said refund by his individual Loan Officer who evidently failed to inform his manager of the agreement and proper protocol for requesting a check was not followed at that time. Upon learning of the...

complaint to the Revdex.com on April 22, we reached out to the Loan Officer and the Manager to verify the refund was, in fact agreed to. Upon verification, we promptly requested the check and it was issued through accounts payable according to their timelines. The check was overnighted to the consumer and should have been received by him on May 6th. If there is any further dispute, please let me know. Thank you.

Complaint: [redacted]
I am rejecting this response because: I filed this complaint with the Revdex.com because I was hoping that other borrowers might be warned about what happened to us and do a much better job of reading and understanding the closing papers that they are signing with this company.  My husband and I have always been too trusting.  We are not rich, we have just worked really hard our whole lives and built our dream home.  I am assuming when the company says we "agreed" to close with unimproved taxes, they are talking about the fact that we signed the closing papers.  Yes, we did sign those papers, however, we were absolutely not told and it was not explained to us that we were bringing $6,000 to closing because of an increase in PMI insurance and a decreased credit score and because of not getting automatic approval.  We were simply told there was a mistake in the paperwork where the taxes were concerned.  And like I said previously, we were told this literally the day of closing, so we didn't question the company like we should have.  The comapny is saying there was a 26-point drop in our credit score due to purchasing appliances.  Number one, my husband and I have always had good credit and still do today.  Number two, we paid CASH that we had saved for our appliances.  We did not finance anything at all during the year-long process of financing and building our house.  Not one single thing. I will agree that one time the company did tell us we wouldn't get as good an interest rate, but I was told that was because I had missed a car payment and my credit score dropped below 700.  The company and I had a disagreement that day because, although I didn't check my credit score,  I have never been late on a car payment.   The company is trying to blame us for delays in closing and lock extensions.  We always did everything and provided everything the company asked from us.   I complained repeatedly that the lock kept getting extended and every single time our fees and monthly payments went up and up.  Every time I was given a different excuse as to why that was happening.  I have no idea why the company would say we were informed in March 2015 that there was a shortage in our escrow.  That is absolutely not true.  This company sold our loan before we even made our first payment.  I am the one that called the new mortgage company that bought our loan and infomed them that our 2015 taxes had never been paid, which I only found out because I started receiving loan requests for our delinquent taxes in March of 2016.  I absolutely can not believe the company would say we "were fully aware, reaped the benefits and now are looking for someone to blame other than themselves."   That is completely untrue.  I knew when I requested to be paid back our $6,000 that we would never see that money.   I just hope other consumers will learn from the huge mistake we made of trusting this company and its representative. Regards,
[redacted]

Can you please cancel this complaint. Sorry for the inconvenience. I just got new information right after I sent this and we're fine for now. Again sorry for the inconvenience.

This complaint was resolved with the consumer on August 15, 2016 when we issued the credit he requested and delivered it via FedEx overnight. We understood with the consumer that this would resolve the issue.