Hart West Financial Inc.

After careful review of all the facts Hart West Financial has done nothing wrong.   We are sorry the borrowers appraisal did not come in for value.   We do not guarantee values nor do we have control over the licensed appraiser that goes out to perform his job.    The borrower emailed us on 09/30 that he didn't think he would go thru because he would not have any financial benefit paying PMI.    He would not have a net tangible benefit to move forward even if he paid his loan down.   We do not wish to futher drag out this process.  We have decicded to comply with Mr. [redacted]'s request to refund the money.We will send a check via [redacted] tomorrow. Warm RegardsCindy S[redacted], VPHart West Financial

I am attaching my response along with documents to support.   Please call me if you have any questions. Thank you Cindy S[redacted]

Attached is the appraisal done on my property 6 weeks prior to the appraisal ordered by Hart West that came in $15 lower.....and below is the...

email I sent them when they requested 2 comps as Ms S[redacted] acknowledges in her response as dated 9/30. And I never heard from them again until 10/21 when it was too late to close my loan during the lock period, and this is when they told me it would cost $990 to extend the lock.....'Here is an appraisal done on this exact property 6 weeks prior....the home that I cited that sold for $485k is the exact same model but not updated at all and the previous appraiser saw the value difference. Another home just like mine with no updates just went on the market for $500k and 3 days later is under contract. See comparable homes in the attached appraisal report.'Never did I receive a message from Hart West telling me that I had not submitted proper comps....why did it take them 3+ weeks to get back to me? I asked them to cover the cost of the lock extension which they would not do even though I had not heard from them in over 3 weeks and assumed the loan was still in the works after submitting comps as requested.As you can see in Ms S[redacted]'s response they did not reach out to me from 9/30 until 10/21 when it was too late to close the loan within the lock period. I have refinanced many times through the years and never had a lender who could not close a loan within a 30 day lock period let alone a 45 day lock. At the end of Ms S[redacted]'s response she mentions I did ask what costs would be if I agreed to pay the lock extension fee as I could see that Hart West was not going to concede on anything and help cover fees to extend the loan and she said I would be subject to the current rates for that day. Ms S[redacted] seems to be able to pass the blame to Provident Funding saying they would not extend the lock....but where is Hart West's responsibility to come through when the lender they use does not? Please review the gap in communication from 9/30-10/21....Hart West had plenty of time to let me know they needed different comps, or that the comps I submitted were not adequate. That would have given me time to consider lowering the amount of the loan sooner, something I did do when they let me know that was needed. [redacted]

The borrowers did not apply for a refinance thru Hart West Financial Inc.  They came into my office on February 27th, 2014.  We then went over rates and fees for refinancing. They then produced their tax returns for 2011 and 2012 which showed they did not qualify for a refinance at that...

time. I did give them options of paying off debt to qualify or waiting until they filed their 2013 tax return income to see if that would produce more income to qualify.  They never signed any forms nor did we even pull credit They left my office and decided to think over the different options.

On April 16th I was sent 2012 & 2013 tax returns from the borrower to review.  On April 28th I emailed borrower to tell them to do a pre qualification first because their ratios were still high.   (See attached email confirming same)

They never called and made an appointment to come in a sign the forms nor did they provide any further documentation.

We would be happy to still move forward and try the pre approval for the borrowers to make sure that we can do the loan.

 Sincerely, 

Vice President

In order to provide any borrower with a refinance they must first Formally apply with us.  The borrowers have never made application with us so I cant see how I could do anything for them until this is done.  The borrower has the choice to call in at ###-###-#### and set up an appointment  or apply directly on line at www.[redacted].com.   After the application is done we can generate the necessary forms for an application along with a to do list of items needed to move forward.   We would happy to help the borrower but they must apply first which they have never completed. Below is listed from our website and shows the procedure on how to apply if they don't want to come into the office.  

 Applying for a loan is easy!In order to do your application electronically you agree to receive disclosures, notices, and other important information by Electronic delivery.To start the loan application process you may do the following:Fill out our Pre-Application Form. This is highly recommended if you are ready to apply. This process will take 5-15 minutes. You will have the option of saving your pre-application form at any time and returning to it later if you wish.After you fill out the Pre- application form, wait approximately 15 minutes and call us for an oral Interview. The purpose of this interview is to go over the pre-application and to make sure we understand it, And that is complete. We can answer any question and concerns you may have as well. We are opened Monday to Friday from 9-5 Arizona time. If you complete the application and we are closed just call us the following day.You may lock-in an interest rate discussed upon completion of the oral interview. Our rates are updated daily on our web site at approximately 1:00 PM, Arizona time. While those rates are subject to change throughout the day, in general they remain unchanged through 12:00 Arizona time.Shortly following the day we receive your pre-application form, we will send you a loan application kit via email that will be password protected and encrypted. We will attempt to complete all the forms based on information you provided. Thus, there should be nothing for you to complete, however we do require that you sign and return all the forms to us. The application kit will have approximately 24 pages for you to sign. If you locked-in your interest rate, you must return the signed application and other documents to us at your leisure within 24 hours. Once we receive your signed application and all the requested information, we treat it as an application and we will start the processing of your loan. All rate lock-ins are subject to investor confirmation.

I have reviewed the response made by the business in reference to complaint ID 10057804, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

I emailed Cindy twice after Cindy emailed me about the giant to do list  and never got a response "We treat a pre approval like a real loan.  So your parents would have to sign all the forms and get everthing on the giant to do list.  Getting approved should talk more than 3 to 4 days after we have their information."

Regards,

[redacted] <[redacted].com>Apr 30 to [redacted] Where do I find the giant to do list?

Thanks[redacted]

[redacted] <[redacted].com>May 3to [redacted]/hartwest---------- Forwarded message ----------

From: [redacted] <[redacted].com>

Date: Wed, Apr 30, 2014 at 6:28 AM

Subject: Re: refinance for [redacted]- [redacted]

To: [redacted] <[redacted].com>

Where do I find the giant to do list?

Thanks[redacted]

###-###-####

Review: We visited the Hartwest office in Scottsdale to obtain refinancing and we were told we needed to show 500-600 additional monthly income in order to obtain the refi rate we were quoted. We realized that we had the additional income and supplied 2 years tax returns to prove the additional monthly income as requested. We have been given the run around now for over a month and we were told there is only 1 person in the office that can help us. All we can think is that we were mislead about our ability to refinance and resent not being told the truth from the beginningHDesired Settlement: An explanation as to why our situation does not allow for a successful refinance.

Business

Response:

The borrowers did not apply for a refinance thru Hart West Financial Inc. They came into my office on February 27th, 2014. We then went over rates and fees for refinancing. They then produced their tax returns for 2011 and 2012 which showed they did not qualify for a refinance at that time. I did give them options of paying off debt to qualify or waiting until they filed their 2013 tax return income to see if that would produce more income to qualify. They never signed any forms nor did we even pull credit They left my office and decided to think over the different options.

On April 16th I was sent 2012 & 2013 tax returns from the borrower to review. On April 28th I emailed borrower to tell them to do a pre qualification first because their ratios were still high. (See attached email confirming same)

They never called and made an appointment to come in a sign the forms nor did they provide any further documentation.

We would be happy to still move forward and try the pre approval for the borrowers to make sure that we can do the loan.

Sincerely,

Vice President

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID 10057804, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

I emailed Cindy twice after Cindy emailed me about the giant to do list and never got a response "We treat a pre approval like a real loan. So your parents would have to sign all the forms and get everthing on the giant to do list. Getting approved should talk more than 3 to 4 days after we have their information."

Regards,

[redacted] <[redacted].com>Apr 30 to [redacted] Where do I find the giant to do list?

Thanks[redacted] <[redacted].com>May 3to [redacted]/hartwest---------- Forwarded message ----------

From: [redacted] <[redacted].com>

Date: Wed, Apr 30, 2014 at 6:28 AM

Subject: Re: refinance for [redacted]

To: [redacted] <[redacted].com>

Where do I find the giant to do list?

Thanks[redacted]

###-###-####

Business

Response:

In order to provide any borrower with a refinance they must first Formally apply with us. The borrowers have never made application with us so I cant see how I could do anything for them until this is done. The borrower has the choice to call in at ###-###-#### and set up an appointment or apply directly on line at www.[redacted].com. After the application is done we can generate the necessary forms for an application along with a to do list of items needed to move forward. We would happy to help the borrower but they must apply first which they have never completed. Below is listed from our website and shows the procedure on how to apply if they don't want to come into the office.

Applying for a loan is easy!In order to do your application electronically you agree to receive disclosures, notices, and other important information by Electronic delivery.To start the loan application process you may do the following:Fill out our Pre-Application Form. This is highly recommended if you are ready to apply. This process will take 5-15 minutes. You will have the option of saving your pre-application form at any time and returning to it later if you wish.After you fill out the Pre- application form, wait approximately 15 minutes and call us for an oral Interview. The purpose of this interview is to go over the pre-application and to make sure we understand it, And that is complete. We can answer any question and concerns you may have as well. We are opened Monday to Friday from 9-5 Arizona time. If you complete the application and we are closed just call us the following day.You may lock-in an interest rate discussed upon completion of the oral interview. Our rates are updated daily on our web site at approximately 1:00 PM, Arizona time. While those rates are subject to change throughout the day, in general they remain unchanged through 12:00 Arizona time.Shortly following the day we receive your pre-application form, we will send you a loan application kit via email that will be password protected and encrypted. We will attempt to complete all the forms based on information you provided. Thus, there should be nothing for you to complete, however we do require that you sign and return all the forms to us. The application kit will have approximately 24 pages for you to sign. If you locked-in your interest rate, you must return the signed application and other documents to us at your leisure within 24 hours. Once we receive your signed application and all the requested information, we treat it as an application and we will start the processing of your loan. All rate lock-ins are subject to investor confirmation.