Gold Financial Services

We would first like to state that the complainant listed is not a Gold Financial Services consumer, but a seller...

on a transaction we are financing. Gold Financial Services is doing everything possible to close the loan on this property as soon as possible and apologizes for the trouble that you have had communicating with our office.  Some of the questions and concerns that you have expressed I will not be able to answer because the file was started with another lender and I am unable to comment on what transpired with that lender. However, I will do my best to explain what has happened since we received the contract from the borrower and her realtor. National Lending Corporation is in no way affiliated with Gold Financial Services, it is my understanding that the buyer and their realtor chose to transfer the file from National Lending to GFS and we received the contract and loan application on 6/22/16.  When we received the loan package and began processing the file we had to request and wait for the appraisal of the property to b transferred to us. FHA will not allow us to request a new appraisal if there is a current one on file that is less than six months old. We did not receive the appraisal until 7/8/2016 and we submitted the file for underwriting.  We determined at that point that the contract between you and the buyer was what is referred to as an “identity of interest” transaction and there are very specific guidelines that are put in place by FHA that have to be addressed with these files.  FHA changed the guidelines regarding these transactions very recently and there was a concern that we might have to have another appraisal done but we had to wait for a response from FHA before we knew which direction to move in.  Once we finally received a response from FHA they informed us that they would require a new appraisal and that we would have to cancel the entire loan, the case number issued by FHA, etc and redo the loan package.  This has been done, the appraisal has been ordered and we will close as soon as we receive the appraisal back and the underwriter signs off on it. Both the loan officer and the staff at Gold Financial have been in contact with the borrower and their realtor throughout the loan process. Typically we cannot discuss details of a file with the seller or their realtor due to privacy laws but the status of the loan has been communicated with your realtor as well. The call that you received from [redacted] was a request to verify rental history for the borrowers which again is required by FHA on these loans, [redacted] is an employee with our company but not a licensed loan officer and therefore does not have an NMLS number, nor is she required to.  [redacted] is the loan officer on this file and yes the day your husband called our office she was out for the day due to a family emergency, [redacted] who is the loan officer assistant and processor on the file took his call and explained the situation to him. If you need additional updates on the file you can contact me directly at the phone numbers listed below or by email which is also listed below. I will be happy to be your point of contact until the transaction is closed.