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Impac Mortgage Holdings Inc

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Reviews Impac Mortgage Holdings Inc

Impac Mortgage Holdings Inc Reviews (6)

Systematic system of failing to credit account for extra principal payments on day when received and then complete run around to fix with out ever fixing , documented phone call and a half dozen Emails over a two month period with no results

Decided to inquire with this company for a home RefiWent through the usual paperwork drill with a fellow named Sergio Tamayo, (Agent, NMLS# 41558)After a while, Sergio disappeared and another person started working on the fileThis person, fast-talking Mike Zylstra, (Agent, NMLS# 363852), went through the final paperwork and then handed it off to their processor, someone named Alexis KhucSoon after Alexis started, we began receiving cryptic and poorly written additional data requests bordering on gibberish, supposedly from the underwriterMy wife diligently sent all the data, only to have the target perpetually moveFinally, sensing that something wasn't right, my wife proceeded to contact both Mike and Sergio to inquire about the strange and contradictory requests (including asking us to somehow 'gin up' dummy documents that never existed)
At this time, a new person took over the fileA person by the name of Paul Bae, (Loan Agent Supervisor, NMLS# 902878) started callingBut instead of using their required phone system that records calls, Paul started calling from a line with no recordingPaul's persona was one of a used car salesman, the guy they call in the industry, 'a closer'Paul went on to paint a dim picture, but he was 'on our side', and stated that Mike had made mistakes, but he would fix it, but we would need to get a loan with a higher rateAfter all, to use his own words, 'he doesn't want to over-promise and under-deliver', yet that was exactly what he was doing
After calling his bluff on the two remaining items that the underwriter still had problems with (i.e., two trivial issues), he said that he would call me the next dayHe didn'tAfter reflecting on what I had heard and comparing notes with my wife, I pulled the plug on the deal this morningImmediately I received a call from Paul (on that same back phone line) telling me that all the problems had magically gone away
I still squashed the deal as I was left with this nagging feeling that these guys thought they had a soft-target and they were going to engage in some predatory lendingAfter reading comments on the Revdex.com site, and looking at the linked legal cases they provide, I can see that my decision to walk from the deal was the correct oneI am planning on filing a complaint with the California Department of Business Oversight on Monday as this ordeal has all the hallmarks of a 'bait and switch' scam

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.
Whether I did or did not qualify in reality, I was LED TO BELIEVE that I DID qualify. I have attached the PRE-APPROVAL LETTER that Impac provided me. So if I didn't qualify, why did the company provide me a letter that said the opposite? 
Regards,
[redacted]

April 8, 2015
 
[redacted]
[redacted]
[redacted]
[redacted]
 
Re: Complaint
[redacted]
                       
 
Dear Mr.[redacted],
 
On April 7, 2015, we received your response to our letter responding to the
issues you raised.
 
Regarding your pre-approval letter, the letter clearly states, “the
pre-approval is based upon our preliminary review of your credit information
and your loan application only, and is not a commitment to lend.”   The
bottom of the letter also clearly states “the preapproval is accurate only as
of the date hereof and is subject to change without notice.”
 
Based upon the information you submitted to us prior to our issuance of
the pre-approval letter, we were under the belief you had been self-employed
for over 2 years, which is required. However, your CPA thereafter informed us that
you had been in business for less than 2 years, thereby causing us to not be
able to approve you for a loan.  This is
unfortunate, because we would have preferred to have been able to complete a
loan with you.   
 
Please let us know if you have any additional concerns.  
 
Sincerely,
 
 
[redacted].
[redacted]
Legal
Department

Response
submitted to the Revdex.com on April 2, 2015
 
Re:      Revdex.com
Complaint ID:     [redacted]
Loan
Number:             [redacted]   
            Property:                     [redacted] 
 
 
 
 
Dear Ms. [redacted],
 
Impac
Mortgage Corp. received your recent complaint to the Revdex.com on March
25, 2015. Thank you for bringing this matter to our attention and allowing us
the opportunity to address your concerns. We reviewed the issues you raised and
respectfully respond as follows:
 
In November
of 2014 the process of refinancing your home was initiated. To refinance your
home, an appraisal was ordered to complete the process. Due to the remoteness
of your property, an extra fee of $100 was incurred and it was miscommunicated
to you that the $100 would be issued as a form of credit when the refinance was
completed. We were informed that you were unhappy with the appraisal price and
decided to cancel the loan transaction with Impac. It was at that time you requested
that your $100 additional appraisal fee be reimbursed.
 
We apologize
that the wording we used to convey this cost to you was not clear. A check has
been issued to you for the $100 appraisal fee and was sent on March 31, 2015.
 
 
If
you have any further questions, or do not receive your check, please feel free
to contact me.
 
Regards,
 
[redacted]
L. [redacted]
Impac
Mortgage Corp.

April 6, 2015
 
[redacted]
 
Re: Complaint
[redacted]
                       
 
Dear Mr.[redacted],
 
On March 26, 2015, Impac Mortgage Corp. received a copy of your
complaint with the Revdex.com regarding some to be issues you appeared
to experience during the pre-approval of your mortgage.
 
Please be advised that we take your concerns regarding our process very
seriously and we appreciate the opportunity to answer your complaint. 
 
I would like to take the
opportunity to explain that the general idea of the new loan requirements for
any lender that deal with the borrower’s Ability to Repay. You, as evidenced by
your own CPA (see letter attached), indicated that you have been self-employed
for less than 2 years.  You also
indicated that your partner had been in business longer, but no paperwork was
provided to substantiate that.
 As a result, when that was
disclosed we had no ability to have a reasonable belief that you, the client,
had the Ability to Repay using third party sources.  I understand
your frustration, however, current lending regulations impose these strict
rules upon us and we really do not have the ability to make exceptions since
borrowers cannot waive these requirements.  
 
Please know that Impac Mortgage Corp. is dedicated to providing superior
customer service to all our customers.  We
appreciate the opportunity to respond to your concerns.  
 
Sincerely,
 
 
[redacted]
Legal
Department

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Address: 19500 Jamboree Rd, Irvine, California, United States, 92612

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