Impac Mortgage Corp

Impac Mortgage Corp(IMPAC) strives to provide exceptional
customer service throughout the entire loan processIn recent years, Federal
regulations have increased the onus on lenders to document consumer’s ability
to repayWhile the process is usually fairly straight forward, some
consumers
(like the applicant here) have complex income scenarios that require additional documentation
IMPAC is continuing to work with the consumer to document his income so that he
may qualify for the loan

Impac Mortgage Corp("Impac") strives to provide exceptional customer service throughout the entire loan processIn this instance, Impac issued an initial Loan Estimate to the consumer showing total closing costs of $1,and total escrow reserves of $1,The final Closing Disclosure showed
total Closing Costs of $1,and total escrow reserves of $The slight increase of closing costs related to an escrow charge for drafting a recording a deedImpac is working with the consumer to resolve any misunderstanding or remedy any identified errors

Impac Mortgage Corp. d/b/a Cash Call Mortgage (“Impac”) is in receipt of the complaint consumer submitted to the Revdex.com, dated on or about August 29, 2017.  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, 2017. 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 Impac. The 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 1003 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 1003 loan application and every disclosure we provided, up to and including the loan agreement/note that he ultimately signed. Consumer 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 $1,400 and a credit from his previous escrow account in the amount of nearly $1,500. 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 sources. On 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 (7 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 consumer. We 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 sections. Most 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 3 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 transaction. IMPAC does not retain any ownership or control over those funds. He may touch base with his servicer, [redacted], should he wish to discuss the disbursement of monies from his servicing account. We 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 loan. Tell us why here...

Impac Mortgage Corp. d/b/a [redacted] Mortgage ("Impac") is in receipt of the complaint consumer submitted to the Revdex.com, dated on or about September 20, 2017. The nature of consumer’s complaint is related to an inquiry for a mortgage loan that they made by telephone, on September 16,...

2017, inspired by an advertisement that they heard on the radio for Impac loan programs designed to qualify people with poor credit. In consumer’s complaint they allege that Impac misrepresented to the listener through its radio advertisement that we qualify "…mortgages for anybody, regardless of credit or payment history. Just call and send them all of your papers and get approved." The consumer also referred to our loan agent’s conduct as nasty and rude, stating that he made light of the fact that consumer and her husband did not have the credit or income to meet program guidelines.We conducted a review of the telephone call recordings and of all recent radio advertisements aired in consumer’s locale, and noted that no statements were made in any of our advertisements to the public that any person who applies, regardless of their credit profile, will qualify for a loan, nor do the call recordings reveal that our loan representative was rude. In fact, our loan representative’s demeanor was professional and informative, walking the consumer through our credit guidelines in a helpful and efficient fashion. We sympathize with consumer that we were unable to accommodate their request for credit, at this time. We would like to encourage them, to apply in the future, however.

Impac Mortgage Corp. d/b/a Cash Call Mortgage (“Impac”) is in receipt of the complaint consumer submitted to the Revdex.com, dated on or about June 30, 2017.  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, 2017. 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 overlays. Please 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 statement. Moreover, 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 control. Tell us why here...

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 numbers. I am not thrilled that it changed from my original estimate and I was not advised. Knowing how much paperwork there is to go through, that feels sneaky. My biggest problem is that, even if accepting these figures as correct closinf costs, the numbers still dont match up to my loan amount. My original loan payoff amount was $146,672.41, with fees of $1471.47 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 $461.28 still unaccounted for. ]
Regards,
[redacted]

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, 2015 in the
amount of $750.00 using IMPAC’s electronic...

bill pay system. With 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
system. On that date, the funds in the suspense account were applied to reduce
the principal balance. On May 2, 2015 IMPAC received notification from the
consumer that he had intended that the April 15, 2015 payment be applied to
reduce the principal balance as of April 15, 2015.
 
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, 2015 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.

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. Impac Mortgage lied to us and mislead us for over a month. They 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, 2017. They failed to contat the title company after the title company made numerous attempts to get a final decision from the company. The denial reasons have changed with th seasons with these liars and fraud purveyors. Up 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 close. They should stop lying and apologize, the record speaks for itself. They lied to us pur and simple the entire time.
Regards,
[redacted]

IMPAC Mortgage Corp. (IMPAC) strives to provide exceptional
customer service throughout the entire loan process. Since the check was sent
to the wrong address by the consumer’s bank, IMPAC reasonably believed that the
check would not arrive at our location. Considering the events that...

transpired
were out of the consumer’s control, we have decided to reverse the charge imposed
for the returned check. Accordingly, the charge has been removed from the consumer’s
account. IMPAC has been in contact with the consumer and he is happy with the
resolution.

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]

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.
Regards,
[redacted]

Impac Mortgage Corp., d/b/a CashCall Mortgage ("Impac") strives to provide exceptional customer service throughout the entire loan process. Impac has reviewed consumer’s complaint and understands the frustration that they have expressed. However, 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 override. We 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 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.
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 resolved. He 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 as. We'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 complaint.  For your reference, details of the offer I reviewed appear below.The commercial clearly states that people with bad credit, late payments, low credit scores can get a mortgage.  False advertising.  This is just wrong and misleading. Since I have not heard the advertisement in awhile, I am thinking they knew that people were going to complain and report them for "fishing" and get in trouble.  Nice.  I have a hold harmless agreement on my credit for the "late payments" which is my ex's mortgage, not mine but your representative could care less.  Now I care less about you.  Your company needs to straighten itself out and do the right thing with advertising and false advertising.  I am thinking you pulled the ads here.  Smart choice.
Regards,
[redacted]

I do not accept the explanation of the company becuase it is patently a false statement. The company set our closing date for june 26, 2016 at 8:30 am. They called us at about 6:30pm on the closing date to inform us that the loan would not be done. In fact, on the Thursday, June 22, 2017 before the closing ,the company sent us a final closing disclosure which we acknowledged. The escrow agent was calling me and the real estate agent to find out why the company was not returning their calls for final settlement paperwork. The company is lying and being misleading. I have attached a copy of the closing disclosure that the company sent to us. If 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 funded. It dos not make any sense. We 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:
The company seems to care about a complaint once it has been filed. Yes the issue has been corrected. I am glad they sold my loan. Goodby IMPAC and good riddance
Regards,
[redacted]

In response to consumer's reply to our explanation, all Impac Mortgage Corp. d/b/a CashCall Mortgage ("Impac") can re-state is that we apologize to consumer for any interaction with one of our loan representatives that left them feeling unsatisfied or made them feel as though we are unsympathetic to their financial situation.To address the consumer's other concern, please note that the decision to extend credit to borrowers, who do not meet loan program guidelines, is that it is ultimately third party private investors who purchase closed loans on the open [redacted]et who determine what is a worthy credit risk. As such, Impac is limited to making loans that it can sell to these third party investors, under the loan guidelines that they provide. Additionally, Impac does not believe that any of the radio commercials that we air are misleading as to that fact. For instance, we do not make statements such as: "we can qualify an applicant no matter what their FICO score is;" "we can qualify an applicant regardless of whether they have had a recent bankruptcy or a large amount of late payments;" etc.