I am sorry that you were dissatisfied with the loan process We were still actively working your loan file when you withdrew your file with us to close with someone else Therefore, we cannot refund you the monies for your appraisal
The loan application took a longer than expected time to submit to the underwriter because your credit score fell below what was necessary to proceed and required credit updating in an attempt to get the credit rating back to where it was at the time of the pre-approvalYou were informed what updated documentation was necessary for this in late March, but did not send in those documents until mid-AprilYour credit update was ordered immediately upon receipt of updated credit card payment information, but other documents remained outstanding We spent $to try and get your credit back to where it wasIn regards to your concerns about not being informed of overtime and debt to income requirements during prequalification, your debt to income was acceptable to move forward when you first came to us However, updated pay stubs showed that you were no longer receiving overtime payments, and as a result, your debt to income changedThis could not have been known at the time you prequalifiedFurthermore, there were weeks that you were not working the assumed hour work weeks, which also made things difficultSome other points to be made · The amount of money you were quoted for closing was for closing costs, not your down payment, which remained zero· The appraisal couldn’t be ordered until certain documents were received, but these documents were not submitted timely and incorrectly without signatures and in unacceptable format such as screenshots, versus what was requested· The request for the bill of sale of your fiancé’s car was a matter of fraud prevention, and all lenders are required to source large bank deposits like the one that occurred as a result of the sale
Unfortunately, the loan did indeed take that long for one particular reason The client had a blemish on their CAIVRS CAIVRS stands for Credit Alert Verification Reporting System and it is a system maintained by the federal government that lists persons who have defaulted or had a loan foreclosed within the last three years on a debt owed to the Federal government or are currently delinquent on a debt owed to the Federal governmentExamples of Federal debts include previous FHA or Veterans Administration home loans, Federal student loans, Small Business Administration loans and similar types of debtsA borrower is not eligible for a new government mortgage if he is presently delinquent on any type of Federal debt, unless the delinquent debt is paid in full or otherwise brought current under a repayment plan approved by the Federal agency that is the holder of the debtThe day that we received a "clear" CAIVRS for the borrower from HUD, we issued a clear to close Shortly thereafter, the borrower requested a transfer letter for the appraisal to get financing elsewhereAgain, consulting with HUD about transfer letters lender A provides a copy of the original appraisal to lender B who wants the appraiser to change the name of the client, may the appraiser readdress the appraisal or transfer a completed appraisal report in order to change the name of client in the appraisal report? NoIn these situations HUD requires that the original appraiser perform a new appraisal assignment (see FAQ #and Advisory Opinion # in the 2008-edition of USPAP)The client also was given a copy of the appraisal report the same day we received it as is the case with all of our clients.I am sorry we were not able to help this client close on their loan We were as efficient as we could be in getting the clear to close the minute that the government would allow
We understand your frustration with the very trying extensions, we certainly never intend for any of our borrowers to have these difficult situations ariseAs you know, the major problem we ran into was the escrow hold-back, which stalled communications while third parties collaborated to figure out this unique scenario within a VA loanAt times, we are stuck between a rock and a hard place when we have no answers to give, but that is no excuse for not taking the time to return emailsIt is unacceptable for any client of ours to feel left in the dark, and for that, we truly apologizeWe are extremely pleased that your home was not lost and that you will be closing soonProviding optimal service for our veterans is a primary goal, and while your loan presented some new challenges within the program, we will now be able to better serve vets with the knowledge gainedThank you for sticking it out with us, and thank you for your service
[redacted] applied for the Rural Development Loan and based on credit and income, pre-qualifiedShe went into contract on a property and was submitted into underwriting for conditional approval Unfortunately [redacted] had a unique situation with a bankruptcy she had filed years earlier pertaining to a current property still in her name From our first call I informed [redacted] per RD Guidelines, you are not able to currently own a property and purchase another unless you can show the current residence is inadequate or relocating miles away for employmentOtherwise the property would need to be sold and title transferred out of her name [redacted] informed me according to her Attorney, she was protected by the bankruptcy and that he was working on removing her from title of the property We assumed that the removal was something that he had been working on for some time, but apparently he was trying to do a deed in lieu which we found out after the loan was suspended and is not OK per USDA Guidelines
I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below Like I stated in the complaint the income was in line with the previous year to date income, actually earnings were LESS than earnings to dateThe comment they made in their reply stating overtime started to increase is incorrect & we have the pay stubs to prove it Regardless of the income issues the staff at the company strung us along for weeks by telling us repeatedly the loan was on the verge of being approvedThis delay caused the sellers to not extend the contractCREFCO left a message for us stating it was denied due to being over the income cap AFTER the final closing date had come & gone They did not return calls or emails to us or our realtor for a week before they told us it was deniedThey never sent us an official denial or follow up email offering us to go the FHA route Basically they dropped the ball & did not do their jobHad they told us in the beginning we made too much money we would not be out the earnest money, appraisal & inspection feesLesson learned- research who you do business with.Regards, [redacted]
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] ***
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear belowif my credit score was not sufficient enough then steps should have been taken to make it better before I was even given a pre-approval it is not right to pre-approve someone and let them go shopping for a house and let them get so far into the process only to get let down I was aware that credit cards needed to be paid off besides the one, and all were paid off within a two week time period, so with that being said the pre-approval should have been issued until these requirements were met These credit cards should have been considered in the pre approval process as a part of my debt to income ratio Maybe if I would have know earlier in the process that my income was not sufficient, then I would not have wasted my time secondly there is nothing documenting that your company spent dollars to repair my creditAnything that was "incorrect" was corrected and sent back right away, which only included a couple of things like tax returns not being signed and one screen shot that did not have a creditor name on it These two items were corrected and sent back within a day or two Everything was submitted in a timely manner as said There was another large cash deposit in the bank account that had been explained as a money received from my mother but the "fraud protection" measures were never taken for that so I don't understand why a car had to be explained and not that Maybe you were not covering all bases as you should haveI was first told that the seller needed to pay 5% closing costs and then that was changed to 3%, I am not sure why but maybe that is the reason why we were told we had to pay down, but asked the loan officer about it several times and were told that he was "working on it" and that I would be getting a lower rate as well I never got a straight answer on any of that This does not resolve anything You give consumers hope, and should not pre approve anyone unless their credit is sufficient to do so It is pretty funny that there have been complaints against your company all for the same reasons as I have stated We at least want the back for the appraisal and will not stand down until we get it Regards, [redacted] ***
Revdex.com: I have reviewed the response made by the business in reference to complaint ID 12229125, and find that this resolution is satisfactory to me I do suggest they work hard on improving so that other customers won't have the same bad experience I did Regards, [redacted] ***
Revdex.com:Even with our issues now coming to a close, we had several more issues come up with this business before resolving our mortgage with themThey are very unprofessional and unorganized, and they often do not take responsibility for their actionsWe had to even get our closing attorney's office involved with supervisors just so we could get in contact with the employees and close on the house after proposed closing datesAll of the issues that came up were from lack of communication and coaching, as well as incompetent employeesThis is by far the worst company we have ever had to deal with, and it was an absolute nightmare for our first house buyingI urge the Revdex.com to take a closer look into this company and reevaluate their procedures and lack of skills, organization, customer service, and general professionalismWe do not want to let this company intrude on anyone else's livesWe are accepting the resolution only because we are finished with the closing, and our money was returned to usWe appreciate the attempts to salvage our complaint, but any other excuses will not change our mind compared to what we have had to go throughThank you for your responses, and PLEASE work on these issues Regards, Josh Thompson
this is the letter from my attorney: They knew that I could not do a deed in lieu and still get the homeThey also knew that there was no way I was getting the home with home still in nameyet appraisal was still ordered and I was billed for it I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below Regards, [redacted] ***
Once we receive a conditional approval from a USDA Underwriter, we then order the appraisal One of the conditions listed by her was to source and season the gift funds, which is a standard stipulation for any gifts funds being used The seller refused to source the funds given, so we
could not close on the loan without this information
I have reviewed the response made by the business in reference to complaint ID *** and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
Had phone numbe
Regards,
*** ***
I do not accect this she did return the gift form with the credit card number we were using on itI told them I was using a credit card they said that was OK all he had to do was call her and get the phone number where to call and confirm the money was thereI have the conformation sheet where I faxed the gift paper backIf I could not use the credit card they should have said so when I told them that was what I was using.Instead they waited until I sent it in than they put in for her to put the money in her bank account and transfer it to mineAnd send a copy of her bank statement showing it there than a copy of mine showing where it is in my accountShe does not want these people to have her checking account information and because of all the identy thieft going on she can refuse by law to give it to themShe is not the buyer and not the sellerShe is just a very good person.Who just wanted to help me out and they te
The timeline is a general idea to give all parties in the process an idea of when we will be closing in a general sense, if you could imagine, we are only as good as the people sending us the documents In a specific sense, the credit issue that arose, that we paid for to fix, happened prior to the approval being issued These were issues not due to our delays, but rather the credit score dropping from the time we issued the pre approval until the time they found a home and went into contract During that period of time, their score dropped
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is long overdueI am glad we are finally closing, but my credit being locked is only one of dozens of excuses I have heard from CREFCO
Regards,
*** ***
When the client was approved, the income was in line with being under the income cap The further we got into the loan process, the more the overtime started increase and become a factor.USDA is different than other government agencies in how they calculate income Most look at the
previous year's income to calculate qualifying income USDA differs in that that calculate assumed income going forward Based on the increased overtime in 2015, it was the judgment of the underwriter that they fell just above the cap We tried to give the outlet of an FHA loan, but the client was not interested
the first loan was for USDA and then I was told they were going to flip the file and make FHA loan since the USDA was not working outI also informed them that I had FHA on current mortgage that was causing the problemI was informed that yes I could have FHA loansI have not heard anything from this company over the loansI will not let my current home foreclose and be homelessThe appraisal was done and paid forthe timeline showed it had already been through underwritingThat's why the appraisal was orderedBad Business EthicsUnless the loan was approved the appraisal should not have been ordered
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
Regards,
*** ***
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 11083159, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
Regards,
*** ***
Once again, my credit issues were brought to the table at the beginning of the process by MEI was assured it would not be a problemNever once during the process were the delays due to my credit Never once was I notified by ANYONE at CREFCO that my credit issues were the reason for multiple document requests of same document, repeat document changes by my insurance agent - don't really see thise changes having anything to do with my credit, address corrections NOT being made when brought to the attention of the Loan AuditorThe delays were NOT caused by my creditYour generic reply to all CREFCO complaints is to blame it on the consumer - I will not accept that as it had nothing to do with my credit
I am sorry that you were dissatisfied with the loan process We were still actively working your loan file when you withdrew your file with us to close with someone else Therefore, we cannot refund you the monies for your appraisal
The loan application took a longer than expected time to submit to the underwriter because your credit score fell below what was necessary to proceed and required credit updating in an attempt to get the credit rating back to where it was at the time of the pre-approvalYou were informed what updated documentation was necessary for this in late March, but did not send in those documents until mid-AprilYour credit update was ordered immediately upon receipt of updated credit card payment information, but other documents remained outstanding We spent $to try and get your credit back to where it wasIn regards to your concerns about not being informed of overtime and debt to income requirements during prequalification, your debt to income was acceptable to move forward when you first came to us However, updated pay stubs showed that you were no longer receiving overtime payments, and as a result, your debt to income changedThis could not have been known at the time you prequalifiedFurthermore, there were weeks that you were not working the assumed hour work weeks, which also made things difficultSome other points to be made · The amount of money you were quoted for closing was for closing costs, not your down payment, which remained zero· The appraisal couldn’t be ordered until certain documents were received, but these documents were not submitted timely and incorrectly without signatures and in unacceptable format such as screenshots, versus what was requested· The request for the bill of sale of your fiancé’s car was a matter of fraud prevention, and all lenders are required to source large bank deposits like the one that occurred as a result of the sale
Unfortunately, the loan did indeed take that long for one particular reason The client had a blemish on their CAIVRS CAIVRS stands for Credit Alert Verification Reporting System and it is a system maintained by the federal government that lists persons who have defaulted or had a loan foreclosed within the last three years on a debt owed to the Federal government or are currently delinquent on a debt owed to the Federal governmentExamples of Federal debts include previous FHA or Veterans Administration home loans, Federal student loans, Small Business Administration loans and similar types of debtsA borrower is not eligible for a new government mortgage if he is presently delinquent on any type of Federal debt, unless the delinquent debt is paid in full or otherwise brought current under a repayment plan approved by the Federal agency that is the holder of the debtThe day that we received a "clear" CAIVRS for the borrower from HUD, we issued a clear to close Shortly thereafter, the borrower requested a transfer letter for the appraisal to get financing elsewhereAgain, consulting with HUD about transfer letters lender A provides a copy of the original appraisal to lender B who wants the appraiser to change the name of the client, may the appraiser readdress the appraisal or transfer a completed appraisal report in order to change the name of client in the appraisal report? NoIn these situations HUD requires that the original appraiser perform a new appraisal assignment (see FAQ #and Advisory Opinion # in the 2008-edition of USPAP)The client also was given a copy of the appraisal report the same day we received it as is the case with all of our clients.I am sorry we were not able to help this client close on their loan We were as efficient as we could be in getting the clear to close the minute that the government would allow
We understand your frustration with the very trying extensions, we certainly never intend for any of our borrowers to have these difficult situations ariseAs you know, the major problem we ran into was the escrow hold-back, which stalled communications while third parties collaborated to figure out this unique scenario within a VA loanAt times, we are stuck between a rock and a hard place when we have no answers to give, but that is no excuse for not taking the time to return emailsIt is unacceptable for any client of ours to feel left in the dark, and for that, we truly apologizeWe are extremely pleased that your home was not lost and that you will be closing soonProviding optimal service for our veterans is a primary goal, and while your loan presented some new challenges within the program, we will now be able to better serve vets with the knowledge gainedThank you for sticking it out with us, and thank you for your service
[redacted] applied for the Rural Development Loan and based on credit and income, pre-qualifiedShe went into contract on a property and was submitted into underwriting for conditional approval Unfortunately [redacted] had a unique situation with a bankruptcy she had filed years earlier pertaining to a current property still in her name From our first call I informed [redacted] per RD Guidelines, you are not able to currently own a property and purchase another unless you can show the current residence is inadequate or relocating miles away for employmentOtherwise the property would need to be sold and title transferred out of her name [redacted] informed me according to her Attorney, she was protected by the bankruptcy and that he was working on removing her from title of the property We assumed that the removal was something that he had been working on for some time, but apparently he was trying to do a deed in lieu which we found out after the loan was suspended and is not OK per USDA Guidelines
I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below Like I stated in the complaint the income was in line with the previous year to date income, actually earnings were LESS than earnings to dateThe comment they made in their reply stating overtime started to increase is incorrect & we have the pay stubs to prove it Regardless of the income issues the staff at the company strung us along for weeks by telling us repeatedly the loan was on the verge of being approvedThis delay caused the sellers to not extend the contractCREFCO left a message for us stating it was denied due to being over the income cap AFTER the final closing date had come & gone They did not return calls or emails to us or our realtor for a week before they told us it was deniedThey never sent us an official denial or follow up email offering us to go the FHA route Basically they dropped the ball & did not do their jobHad they told us in the beginning we made too much money we would not be out the earnest money, appraisal & inspection feesLesson learned- research who you do business with.Regards, [redacted]
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] ***
When you are getting a government loan, gift funds must be sourced and the donor refused to allow us to source the funds
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear belowif my credit score was not sufficient enough then steps should have been taken to make it better before I was even given a pre-approval it is not right to pre-approve someone and let them go shopping for a house and let them get so far into the process only to get let down I was aware that credit cards needed to be paid off besides the one, and all were paid off within a two week time period, so with that being said the pre-approval should have been issued until these requirements were met These credit cards should have been considered in the pre approval process as a part of my debt to income ratio Maybe if I would have know earlier in the process that my income was not sufficient, then I would not have wasted my time secondly there is nothing documenting that your company spent dollars to repair my creditAnything that was "incorrect" was corrected and sent back right away, which only included a couple of things like tax returns not being signed and one screen shot that did not have a creditor name on it These two items were corrected and sent back within a day or two Everything was submitted in a timely manner as said There was another large cash deposit in the bank account that had been explained as a money received from my mother but the "fraud protection" measures were never taken for that so I don't understand why a car had to be explained and not that Maybe you were not covering all bases as you should haveI was first told that the seller needed to pay 5% closing costs and then that was changed to 3%, I am not sure why but maybe that is the reason why we were told we had to pay down, but asked the loan officer about it several times and were told that he was "working on it" and that I would be getting a lower rate as well I never got a straight answer on any of that This does not resolve anything You give consumers hope, and should not pre approve anyone unless their credit is sufficient to do so It is pretty funny that there have been complaints against your company all for the same reasons as I have stated We at least want the back for the appraisal and will not stand down until we get it Regards, [redacted] ***
Revdex.com: I have reviewed the response made by the business in reference to complaint ID 12229125, and find that this resolution is satisfactory to me I do suggest they work hard on improving so that other customers won't have the same bad experience I did Regards, [redacted] ***
Revdex.com:Even with our issues now coming to a close, we had several more issues come up with this business before resolving our mortgage with themThey are very unprofessional and unorganized, and they often do not take responsibility for their actionsWe had to even get our closing attorney's office involved with supervisors just so we could get in contact with the employees and close on the house after proposed closing datesAll of the issues that came up were from lack of communication and coaching, as well as incompetent employeesThis is by far the worst company we have ever had to deal with, and it was an absolute nightmare for our first house buyingI urge the Revdex.com to take a closer look into this company and reevaluate their procedures and lack of skills, organization, customer service, and general professionalismWe do not want to let this company intrude on anyone else's livesWe are accepting the resolution only because we are finished with the closing, and our money was returned to usWe appreciate the attempts to salvage our complaint, but any other excuses will not change our mind compared to what we have had to go throughThank you for your responses, and PLEASE work on these issues Regards, Josh Thompson
this is the letter from my attorney: They knew that I could not do a deed in lieu and still get the homeThey also knew that there was no way I was getting the home with home still in nameyet appraisal was still ordered and I was billed for it I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this does not resolve my complaint For your reference, details of the offer I reviewed appear below Regards, [redacted] ***
Once we receive a conditional approval from a USDA Underwriter, we then order the appraisal One of the conditions listed by her was to source and season the gift funds, which is a standard stipulation for any gifts funds being used The seller refused to source the funds given, so we
could not close on the loan without this information
I have reviewed the response made by the business in reference to complaint ID *** and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
Had phone numbe
Regards,
*** ***
I do not accect this she did return the gift form with the credit card number we were using on itI told them I was using a credit card they said that was OK all he had to do was call her and get the phone number where to call and confirm the money was thereI have the conformation sheet where I faxed the gift paper backIf I could not use the credit card they should have said so when I told them that was what I was using.Instead they waited until I sent it in than they put in for her to put the money in her bank account and transfer it to mineAnd send a copy of her bank statement showing it there than a copy of mine showing where it is in my accountShe does not want these people to have her checking account information and because of all the identy thieft going on she can refuse by law to give it to themShe is not the buyer and not the sellerShe is just a very good person.Who just wanted to help me out and they te
The timeline is a general idea to give all parties in the process an idea of when we will be closing in a general sense, if you could imagine, we are only as good as the people sending us the documents In a specific sense, the credit issue that arose, that we paid for to fix, happened prior to the approval being issued These were issues not due to our delays, but rather the credit score dropping from the time we issued the pre approval until the time they found a home and went into contract During that period of time, their score dropped
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is long overdueI am glad we are finally closing, but my credit being locked is only one of dozens of excuses I have heard from CREFCO
Regards,
*** ***
When the client was approved, the income was in line with being under the income cap The further we got into the loan process, the more the overtime started increase and become a factor.USDA is different than other government agencies in how they calculate income Most look at the
previous year's income to calculate qualifying income USDA differs in that that calculate assumed income going forward Based on the increased overtime in 2015, it was the judgment of the underwriter that they fell just above the cap We tried to give the outlet of an FHA loan, but the client was not interested
the first loan was for USDA and then I was told they were going to flip the file and make FHA loan since the USDA was not working outI also informed them that I had FHA on current mortgage that was causing the problemI was informed that yes I could have FHA loansI have not heard anything from this company over the loansI will not let my current home foreclose and be homelessThe appraisal was done and paid forthe timeline showed it had already been through underwritingThat's why the appraisal was orderedBad Business EthicsUnless the loan was approved the appraisal should not have been ordered
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
Regards,
*** ***
We closed on the loan in early May
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 11083159, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
Regards,
*** ***
Once again, my credit issues were brought to the table at the beginning of the process by MEI was assured it would not be a problemNever once during the process were the delays due to my credit Never once was I notified by ANYONE at CREFCO that my credit issues were the reason for multiple document requests of same document, repeat document changes by my insurance agent - don't really see thise changes having anything to do with my credit, address corrections NOT being made when brought to the attention of the Loan AuditorThe delays were NOT caused by my creditYour generic reply to all CREFCO complaints is to blame it on the consumer - I will not accept that as it had nothing to do with my credit