Impac Mortgage Corp

I do not accept the explanation of the company becuase it is patently a statementThe company set our closing date for june 26, at 8:amThey called us at about 6:30pm on the closing date to inform us that the loan would not be doneIn fact, on the Thursday, June 22, before the closing ,the company sent us a final closing disclosure which we acknowledgedThe escrow agent was calling me and the real estate agent to find out why the company was not returning their calls for final settlement paperworkThe company is lying and being misleadingI have attached a copy of the closing disclosure that the company sent to usIf they had advised us that the closing would not take place on the following Monday as they claimed, why would they send us the closing disclosure if they knew that the loan could not be fundedIt dos not make any senseWe closed on the loan with another bank who got through the process in about three weeks and they did not lie to us as leave us at the closing table the way this company did [redacted]

Revdex.com: I have reviewed the 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 [Though that was not the original estimate, I can see in the final paperwork where it changed and can reconcile those numbersI am not thrilled that it changed from my original estimate and I was not advisedKnowing how much paperwork there is to go through, that feels sneakyMy biggest problem is that, even if accepting these figures as correct closinf costs, the numbers still dont match up to my loan amountMy original loan payoff amount was $146,672.41, with fees of $and escrow costs of $752.55, that brings a subtotal of $148,896.43, if I add to that the refund check they sent me of $1903.61, my new loan total should be $150,800.04, but my new total id actually $151,800.04, leaving a nee difference of $still unaccounted for] Regards, [redacted] ***

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait for the business to perform this action and, if it does, will consider this complaint resolved.I just spoke with [redacted] from Impac mortgage and the matter is no resolvedHe explained where some of the discrepancy was, and is crediting me the remaining difference of what I was told my fees would be and what they ended asWe've reached a satisfactory resolution Regards, [redacted] ***

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaintImpac Mortgage lied to us and mislead us for over a monthThey set the clsoing date and told the Title Company the same thing that they told us which is that the loan was going to close on June 26, They failed to contat the title company after the title company made numerous attempts to get a final decision from the companyThe denial reasons have changed with th seasons with these liars and fraud purveyorsUp to the exact day of the closing, these liars did not tell us the loan had been denied until 6pm the day that they told us we would closeThey should stop lying and apologize, the record speaks for itselfThey lied to us pur and simple the entire time Regards, [redacted]

Impac Mortgage Corp., d/b/a CashCall Mortgage ("Impac") strives to provide exceptional customer service throughout the entire loan processImpac has reviewed consumer’s complaint and understands the frustration that they have expressedHowever, after reviewing the file we have determined that Impac has acted diligently throughout the loan application process, including the signing of loan documents Specifically, since HUD/FHA has an underwriting policy of not providing final approval, unless all outstanding noted maintenance conditions have been remediated, the appraisal, provided to consumer early in the loan process, established that the property was not suitable for the FHA loan sought, given its current state of disrepair This is not a condition that Impac has the ability to remove or overrideWe are currently working with the consumer to see if they have the capacity to remediate the outstanding issues, but have been, also, continuing to reinforce the message that HUD/FHA guidelines must be met prior to the loan being finally approved and funded

Revdex.com: I have reviewed the 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 Regards, [redacted]

Impac Mortgage Corpd/b/a Cash Call Mortgage (“Impac”) is in receipt of the complaint consumer submitted to the Revdex.com, dated on or about August 29, The nature of consumer’s complaint is related to not receiving monies for which he felt he was owed based on a balance in his previous escrow account that were utilized in in his refinance-mortgage loan transaction with IMPAC, closed on July 24, In his complaint, Consumer alleges that the loan amount is greater by approximately two thousand eight hundred dollars than the amount that he agreed upon with ImpacThe consumer references the final ALTA settlement statement (8/1/17), as evidence that we loaned him these additional funds Upon a review of consumer’s final loan documents [i.e., initial loan application; Loan Estimates; the note (evidencing the loan amount); the Closing Disclosure (issue by IMPAC and provided to Consumer, at Closing); and the final ALTA settlement statement], we determined that the funds borrowed and disbursed on consumer’s behalf did not and never exceeded the loan amounts disclosed on his loan application and every disclosure we provided, up to and including the loan agreement/note that he ultimately signedConsumer is correct that the total amounts paid out on his behalf exceed the note amount, but that is because he received a credit from IMPAC in the amount of approximately $1,and a credit from his previous escrow account in the amount of nearly $1,Moreover, the disbursement amounts totaled at the bottom of the settlement statement do not reflect the loan amount, but rather a disbursement of all monies lent, received and paid out on borrower’s behalf, from lender and other sourcesOn his settlement statement, it is important to note that it is readily apparent that the monies received for Consumer’s benefit (“credits”) balance with those paid out on his behalf (“debits”)Therefore, Consumer’s statement that Impac somehow retained, for itself, unearned monies is unsubstantiated by this document as well as all other disclosures Further, Consumer complains that the balance in his escrow account from the prior loan should have been disbursed to him, directly, in the form of a cash payment, despite the fact that all the disclosures that IMPAC provided, from the time of application to Closing establish that an escrow account for the payment of taxes (months of payments), coming due in November, would be funded from the transaction In fact, the future tax obligation amount is greater than the balance in his previous escrow account, so those monies were applied to the new escrow account, as permitted by law, and as disclosed up-front to consumerWe understand that the various disclosures may be difficult to reconcile, but we would recommend that the consumer re-review the disclosures that we provided to him throughout the loan origination process and note the consistency in amounts that were disclosed in the relevant sectionsMost important, Consumer should note that he actually received more cash back than originally estimated, by almost $600, due to the fact that the loan pay-off amount from the prior amount decreased over the duration of the loan origination process, which is common in a refinance transaction (see the table titled “Calculating Cash to Close” on page of the Closing Disclosure)Consumer should note that the monies in “his” escrow account for the payment of taxes and insurance remains his and our currently held on his behalf by the Servicer, same as prior to the refinance transactionIMPAC does not retain any ownership or control over those fundsHe may touch base with his servicer, [redacted] , should he wish to discuss the disbursement of monies from his servicing accountWe sympathize with consumer over the challenges of parsing through the disclosures, but would like to re-assure him that all of the disclosures accurately and legally reflect the agreed upon terms of his loanTell us why here

IMPAC Mortgage Corp(IMPAC) strives to provide exceptional customer service throughout the entire loan processSince the check was sent to the wrong address by the consumer’s bank, IMPAC reasonably believed that the check would not arrive at our locationConsidering the events that transpired were out of the consumer’s control, we have decided to reverse the charge imposed for the returned checkAccordingly, the charge has been removed from the consumer’s accountIMPAC has been in contact with the consumer and he is happy with the resolution

IMPAC Mortgage Corporation (IMPAC) strives to achieve excellence in performing all of its business functions; however, miscommunications sometimes do occur In this instance, the consumer made a partial payment on April 15, in the amount of $using IMPAC’s electronic bill pay systemWith no clear direction regarding how the consumer wanted the funds applied, IMPAC placed the funds in a suspense status until it received notification from the consumer regarding how he intended the funds to be applied, or until enough funds were available to make a full payment On May 1, 2015, the consumer made a full payment using IMPAC’s electronic bill pay systemOn that date, the funds in the suspense account were applied to reduce the principal balanceOn May 2, IMPAC received notification from the consumer that he had intended that the April 15, payment be applied to reduce the principal balance as of April 15, Understanding that applying the funds to reduce the principal balance sooner would result in the consumer paying less interest overall; IMPAC reversed the fund and then applied them to the principal with an effective date of April 15, as requested the consumer Correspondence was sent to the consumer's attention regarding this matter along with a copy of the transaction summary evidencing the requested application of the payment

Impac Mortgage Corpd/b/a Cash Call Mortgage (“Impac”) is in receipt of the complaint consumer submitted to the Revdex.com, dated on or about June 30, The nature of consumer’s complaint is related to not being approved by Impac for a mortgage loan that they applied for, on May 19, Our consumer complaint department re-reviewed the stated reasons provided to consumer in the adverse action letter denying them their loan, dated June 26, 2017, and determined each of those statements to be of merit For the sake of clarification, please be advised that when loan applicants are denied a loan, it is on the basis that their credit profile does not meet underwriting guidelines provided to lenders (e.g., Impac) by the ultimate investor (e.g., FNMA or FHLMC) of the loan – an objective third-party standard, not a subjected standard of lender, absent any lender credit overlaysPlease note, for the subject loan there were no lender credit overlays to consider To address consumer’s charge that Impac’s loan agents did not provide them with adequate notice about cancelling the loan closing, our telephone records, show this not to be an accurate statementMoreover, call recordings before and after the scheduled closing date reveal that consumer was made aware of the underwriting issues and that the closing would be cancelled, as a result We sympathize with the consumer over the denial of their loan, but again, we wish to impart to them that the rationale provided in their denial letter, has been researched, is legitimate and outside of Impac’s controlTell us why here

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
At no point have I sent a partial paymentI send the full payment on the 1st and a second half payment on the of the month to pay off my loan soonerI sent Emails on the 16th of April to find out why the funds had not been applied with directions that it should go to principal and letting them know that every month there would be a second payment of $750., NO RESPONSE, I called starting on the 16th of April, everyone I talked to was extremely polite but could not connect me to the department that handles billingThey were going to send a interoffice email asking IF my account could be credited on the day IMPAC received the $payment, I want to stress the IF partJust because they received payment doesn't mean they have to credit it until they want toagain I had sent numerous Emails and contacted IMPAC by phone with a promise to have some one call me backNothing ever happened until I filled a complaint with the Revdex.comNow they have decided to call meIMPAC has already sold my loan to another service so I guess my interaction with them is done, THANK GOD!!
Regards,
*** ***

Impac Mortgage Corp. strives to provide exceptional customer service throughout the entire loan process. We is working diligently with the consumer to resolve the issue Tell us why here

Impac Mortgage Corp., d/b/a *** *** Mortgage ("Impac"), strives to provide exceptional customer service throughout the entire loan processImpac has reviewed the circumstances and loan file notes related to consumer’s complaint regarding Impac’s alleged failure to provide timely payoff of his
credit card accounts pursuant to the loan closing/escrow instructions, and found no merit to themSpecifically, consumer cites three separate instances where checks were made payable to his creditors and forwarded to the consumer, but were not, in turn, ultimately received his creditorsHowever, in reading the details of the complaint, by the consumer’s own account, in only one of the three check issuances, did he actually allege that he did not receive delivery of the checks, from ImpacIn fact, Impac’s *** records show that in the one instance where he alleges non-delivery, they were forwarded to him after the closing of his loanThe other two instances did not involve non-delivery of the checks from Impac to consumer, but rather, consumer’s creditors not receiving the checks from him/creditors not properly crediting his account in the amount of the checks that were forwardedFinally, the records reflect that ultimately, that some time mid-January, 2017, the problem was resolved, by having had Impac send the checks, directly, to consumer’s creditorsPlease be advised that the practice, at closing, of issuing checks made payable to third party creditors, but forwarded to the consumer, so that they may provide the checks along with their payment coupons, as a matter of proper account identification, is an industry-wide practiceImpac and the escrow companies with which it ordinarily does business have standard protocols for meeting the common payment and delivery schedules to their consumersBased on our review of our loan closing/escrow delivery records, it does not appear that those protocols were breached in this instance or that Impac did not otherwise act with diligence

Impac Mortgage Corporation d/b/a CashCall Mortgage ("Impac") is in receipt of consumer's reply to our initial response to their complaint filed 6/30/From consumer's response, we see that we are at an impasse that may not be resolvedEssentially, as we stated in our response, there were investor underwriting guidelines for the loan program for which borrower applied that were not met based on consumer's credit profileWe would like to reiterate that final approval was never provided by our underwriting department and never made statements to the contrary
Based on consumer's response, we are happy to hear that they were able to ultimately find a loan program from another lender that met their needs and for which they ultimately qualified

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
Your advertisement clearly states that people with poor credit history can qualify for a mortgage and that you will work with everyone. Your representative was extremely rude and condescending. Do not tell me that you do not believe that. He was ignorant. You ask people to call with poor credit history but you don't want people with a lower credit score. You misrepresent your company on air
Regards,
*** ***

Impac Mortgage Corp(“Impac”) is in receipt of the complaint consumer submitted to the Revdex.com, dated on or about September 5, 2017. The nature of consumer’s complaint is related to not being approved for a mortgage loan for which he applied on June 21, 2017. In the
complaint consumer states that Impac personnel misled him into believing that he would be able to qualify for the loan program for which he applied and that the loan origination process was unnecessarily protracted based on Impac personnel delays Our Consumer Complaint Department reviewed consumer’s loan file, including all correspondence with our staff, as well as loan notes and disclosures, and found consumer’s allegations to be largely unsubstantiatedFor instance, he admits in his complaint that he was three thousand dollars short of the cash he would need to bring to the transaction, in order to close his loanA review of the file shows that consumer was notified of this condition within the first week and a half of applicationFurther, contrary to consumer’s charge that Impac personnel were not diligent in processing his application, there are several dozen emails going back and forth between our account executive and consumer’s broker, concerning outstanding conditions and requirements that consumer was not prompt in providingConsumer also states that Impac was retaining some sort of deposit that we used as leverage to ensure that Consumer would not withdraw his applicationAs a mortgage lender, Impac never requires good faith deposit from applicants to close a loan transaction, nor did we in this particular transactionIn terms of the other complaints made by consumer concerning placing the subject property’s utilities in his name or making repairs to the property, these are simply standard third party investor requirements that consumer would encounter if he had sought similar loan programs through other lenders We regret that consumer was unable to meet the underwriting conditions necessary to approve his loanShould consumer be able to clear any outstanding conditions and obtain additional funds to meet the cash to close shortfall, we recommend reapplying with us, at that timeTell us why here

June 1,
*** ** ***
*** *** ***
*** *** *** *
*** *** ** ***
Re: Revdex.com Case
Number:
***
Servicer Loan Number: ***
Impac Loan Number: ***
Borrower: *** ***
Property: *** *** *** ** *** *** ** ***
Dear Mrs***:
Impac Mortgage Corpreceived correspondence
from the Revdex.com on May 20, 2015, requesting that we respond to you
directly, regarding your concerns.
We understand you have had a hard
time making your new loan payments via online and phone and that you sent your
loan payment on May 7th via U.Smail
It is our understanding you
attempted to contact LoanCare various times to inquire about receipt of your
paymentUnfortunately, your payment was never received and you were advised of
your options and the fees associated with placing a “stop” on the payment
On May 19, 2015, you made a
payment over the phone and , as a courtesy, the processing fee identified
on our billing statements of $was waivedAs another courtesy, your late fee
of $was waived
The check you mailed on the 7th
was received and on May 27, it was rejected due to the “stop” you placed
on the check on May 19thYou were originally assessed a NSF fee,
however, as another courtesy, this was waived and removed
As of May 28, 2015, you are
current with your loan paymentsPlease be advised your next payment is due
June 1, All late fees and NSF fees for May were removed and your loan
status is in good standing
Mrs***, Impac Mortgage Corptakes customer services
very seriously and appreciates the opportunity to respond to your
concerns. We trust this letter
adequately addresses the issues raised and we can confirm that your current
loan status is still in good standing
If you have any additional questions regarding this matter,
please contact me directly at *** ***
Respectfully,
*** ** ***
Legal Department

IMPAC Mortgage Corporation (IMPAC) views customer satisfaction as an essential aspect of any sucessful orgainationAccordingly, IMPAC would like to apoligize for any frustration, inconveince, or confusion this issue may have caused the consumer. We have confirmed that the funds in question were ultimately applied as directed by the consumerMy direct telephone number was provided in the correspondence sent to the consumer's attention should he need any further assistance. Please rest assured that we are here to assist in any way possible

Impac Mortgage Corp("Impac") strives to provide consumers with exceptional customer service throughout the entire loan processIn this instance, Impac was able to fund the consumer's loan at an interest rate of 2.875%, which was lower than the consumer was originally quotedImpac apologizes for
any delay and believes that the consumer is happy with his new loan

Dear Ms***, Impac Mortgage Corpd/b/a Cash Call Mortgage (“Impac”) is in receipt of the complaint you submitted to the California Department of Business Oversight, dated on or about August 28, 2017. The nature of your complaint is related to the loan for which you applied, on
June 27, 2017, and concerns the extended period of time that you have experienced in trying to get your loan approved. In your complaint, you state that we are responsible for other debts that you have incurred prior to application, not being paid, causing your credit score to dropYou also state that we have expressed to you that your loan would close by month’s end on a couple of occasions, but have failed to deliver on that promiseFinally, you claim that the latest delay of your property being inappropriately identified as being in the path of Hurricane Harvey is baseless, and that Impac is using it as an excuse to further delay your loan’s approval We have reviewed your loan file, including correspondence and conversations with our loan personnel, and have found that the source of the delay is based on factors outside of our control, amongst some of them: a privately held mortgage you are seeking to refinance, as well as a unique income profile that has caused us some difficulty in documentingFor instance, a review of the phone log reveals that prior to the hurricane path / property survey delay (a survey not created by Impac, but third party investors), our processors experienced resistance from the private mortgage holder in obtaining payoff statements and other documentation necessary to calculate the loan payoff amountIn relaying this fact to you, you provided us with reassurances that continued pressure would cause the mortgage holder to comply with our requests, after they had an opportunity to consult with their attorneyIn addition to the income documentation issue, based on the short duration of time that we discovered that you’ve lived on the property, we offered you another loan program option for which you might qualify, noting that such program required separate income documentation We apologize that the loan process has taken longer than expected, but can assure you that we have qualified staff working to resolve all outstanding issuesWe have no incentive to delay your loan approval and can assure you that we are using all available resources to underwrite and approve your loanIn the meantime, we recommend that you continue making monthly payments on any outstanding debts, until the loan has been finally approved and closedWe note that such status has not been achieved or conveyed to you, yetTell us why here