Intelliloan Reviews (%countItem)
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Intelliloan Rating
Address: 3090 Bristol St Ste 600, Costa Mesa, California, United States, 92626-7318
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On our initial phone call was with Morgan T, we disclosed our income, assets and gave information regarding other competitive quotes we received. Later that day we uploaded to their portal all the requested supporting docs that showed our current income, assets, debts, etc. Morgan later sent over a formal quote with "locked" rate based on our disclosures. This is where we chiefly fell victim to Intelliloan's bait and switch tactics because the entire offer completely changed from this point on and this gets to our two main complaints against Intelliloan. First, Our thorough disclosures that were provided to Intelliloan at the start should have been sufficient to provide an accurate "locked" rate and quote. The initial offer was for a loan rate locked in at 3.625% This is where we fell victim to Intelliloan's bait and switch because later they would amend their offer to a 4% rate. Secondly, our complaint against Intelliloan is due to their lack of addressing our repeated attempts to get a completed appraisal. We paid $450 for the appraisal (to Intelliloan) on June 27th, 2019 and appraisal was completed at our home the following week. There were red flags on the appraisal report, chiefly that the appraiser had included a "comparable sale" of a home that was still an active listing on the market. We made multiple contacts to Intelliloan to get this resolved. Ultimately, we discussed this with Randy S who never would address our concerns about an incomplete appraisal that included an active listing as a comparable sale. We were also provided a copy of Fannie Mae's evaluation of our appraisal which showed that it was a "high risk" appraisal basically showing it was illegitimate and incomplete. We requested a refund of our $450 appraisal fee since they would never get this completed and Intelliloan will not return our communications. We have given sufficient time to respond however we must now file a formal complaint because of their fraudulent practices.
The borrowers applied on 06/21/19 for a $200,000 30 year fixed first mortgage at a rate of 3.625%/3.881%APR. As part of the application they declared their monthly income to be $2,750 and the estimated value of their home to be $250,000. Based upon these representations, Intelliloan locked in the interest rate until 07/22/19. This is evidenced by the Loan Estimate and Lock agreement of the same date. These terms were available as of 06/21/19.
Intelliloan had disclosed to the borrowers that the appraisal fee deposit cannot be refunded once the third-party appraisal inspection has been performed. This is clearly stated in the Trust Fund Disclosure and Acknowledgment signed by the borrowers on 6/22/2019 which has been provided. The Trust Fund Disclosure also indicated that Intelliloan does not retain any of the trust funds for its own benefit. On 06/27/19, the borrowers placed in Intelliloan’s trust account $450.00.
An appraisal was ordered through Consolidated Analytics and performed on 07/08/19 by Gregory H, Licensed Real Estate Appraiser in Florida. The appraisal was delivered with a value of $212,000 ($38,000 Lower) on 07/12/19 and Consolidated Analytics was paid $450 from trust on 07/19/19. The appraisal was reviewed for compliance and met acceptable standards.
Underwriting reduced the borrower income to $2,177 per month. The change in value and income reduced the loan amount to $161,500. This resulted in a change of circumstances and resulted in a change to the terms of the loan. On 07/17/19 a Changed Circumstance notice with a revised Loan Estimate was sent to the borrowers for a new loan amount of $161,500 at an Interest rate of 4%.
On 07/25/19 the borrowers chose to withdraw and go with another lender.
Unfortunately, the change in material terms of the qualification and collateral changed the terms of the loan for the borrowers.
I appreciate the response from Intelliloan and the reminder of the dates and terms set forth by this company. However, Intelliloan has made false, misrepresenting statements that are very carefully worded in the following ways...1. "As part of the application they declared their monthly income to be $2,750..." - This is a deceptive statement. Yes, we declared our income and assets in our initial phone call with Intelliloan in June, however, we also FULLY DISCLOSED our income for Intelliloan's verification purposes. These included all the required documents of bank statements, paychecks, etc. Intelliloan purposefully and deceptively continued on with their original "locked" offer of a $200,000 loan at 3.625% and there was more than 7 business days before the appraisal was officially ordered and paid for in order for the underwriters to assess and verify our credit worthiness, loan to value parameters and ensure their offer was substantiated. This is the point where our chief complaint is aimed at Intelliloan... they had more than sufficient information from us as potential borrowers to ensure that a legitimate offer was being made for a loan and yet they were deceptively keeping us "strung along" with an offer they knew they could not follow-through with. This was a bait and switch tactic from the get go. And, other potential borrowers need to be advised and those who oversee such deceptive companies need to be alerted as well.2. "The change in value and income reduced the loan amount to $161,500" - As stated above, all income and assets were fully disclosed on 6/21/19... there was no "change of income."3. "The appraisal was reviewed for compliance and met acceptable standards" - Apparently, this review for compliance and acceptable standards was completely subjective because according to an appraisal evaluation tool from Fannie Mae, the appraisal was given a 4 out of 5 for "hightened risk." Also, I pointed out several times in writing and over the phone that the appraiser included a comparable sale for a home that was still actively listed (the home had not sold)... the appraisal showed a home that had sold and that home was still for sale and active on the market. This certainly does not meet appraisal standards or guidelines no matter what part of the country you are in. An active sale cannot be used as a comparable sale. This was never addressed by Intelliloan. The appraisal we paid $450 was illegitimate (according to Fannie Mae) and incomplete (an appraisal cannot include an active sale). Thank you,***MESSAGE FROM BUSINESS:The borrowers applied on 06/21/19 for a $200,000 30 year fixed first mortgage at a rate of 3.625%/3.881%APR. As part of the application they declared their monthly income to be $2,750 and the estimated value of their home to be $250,000. Based upon these representations, Intelliloan locked in the interest rate until 07/22/19. This is evidenced by the Loan Estimate and Lock agreement of the same date. These terms were available as of 06/21/19.
Intelliloan had disclosed to the borrowers that the appraisal fee deposit cannot be refunded once the third-party appraisal inspection has been performed. This is clearly stated in the Trust Fund Disclosure and Acknowledgment signed by the borrowers on 6/22/2019 which has been provided. The Trust Fund Disclosure also indicated that Intelliloan does not retain any of the trust funds for its own benefit. On 06/27/19, the borrowers placed in Intelliloan’s trust account $450.00.
An appraisal was ordered through Consolidated Analytics and performed on 07/08/19 by Gregory Harmon, Licensed Real Estate Appraiser in Florida. The appraisal was delivered with a value of $212,000 ($38,000 Lower) on 07/12/19 and Consolidated Analytics was paid $450 from trust on 07/19/19. The appraisal was reviewed for compliance and met acceptable standards.
Underwriting reduced the borrower income to $2,177 per month. The change in value and income reduced the loan amount to $161,500. This resulted in a change of circumstances and resulted in a change to the terms of the loan. On 07/17/19 a Changed Circumstance notice with a revised Loan Estimate was sent to the borrowers for a new loan amount of $161,500 at an Interest rate of 4%.
On 07/25/19 the borrowers chose to withdraw and go with another lender.
Unfortunately, the change in material terms of the qualification and collateral changed the terms of the loan for the borrowers.
The borrower signed the loan application that stated all information was correct. It is not our practice to make a credit decision until the entire file was reviewed by the underwriter. Upon review of both income documentation and appraisal documentation, the underwriter determined the borrower had not provided income documentation to support his claims on the application, and therefore did not qualify for the terms requested. As a courtesy, Intelliloan made a counter offer. The FNMA review of the appraisal is a tool we use and not the deciding fact as to value. As disclosed to the borrower, if he had an issue with the appraisal, that issue was to be resolved with the appraiser. We have no control over the appraiser or their opinion of value.
I know you all have many cases to review and facilitate dialogue. Bottom line, I hope that we can demonstrate that Intelliloan has used deceptive and misleading business tactics to attempt to earn our business in a competitive market. Their practice of offering a "locked in" rate and firm quote at the outset is extremely misleading. We had at least 3 other lenders who had offers submitted to us but none of them were couched in a misleading "locked in" offer. I understand now why these other companies were submitting offers that were less aggressive but certainly straightforward and professionally honest. Intelliloan was the opposite... aggressive and dishonest. There are other complaints against Intelliloan that show that we are not the only victims. If nothing else, I hope we can serve as a word of caution to those who may consider doing business with Intelliloan. And, hopefully, we can provide the Revdex.com and the Consumer Financial Protection Bureau with the consumer input needed to help hold deceptive companies like Intelliloan accountable
We fully disclosed all income, debt and asset info to Intelliloan at the very outset of loan application (as already stated)... nothing was "claimed" in our application... it was all provided in written documentation. There was nothing the underwriters saw that should have been a surprise... all was provided from the outset and well before an appraisal was paid for and ordered.
Another point that I have not brought forward is that in the application process, Intelliloan also made the falacious claim that our home had a lien against it. This was another excuse they used for their rationale to offer us such a drasticly lower amount than originally offered and at a higher rate. This claim was patently false. Our home is owned free and clear... this was provided to Intelliloan in written documentation.
It was such a great experience from start to finish. My loan officer was patient explained everything. I highly recommend them.
Larry Honn is a very good dedicated service individual. A great person to do business with.
Larry H was a delight to work with. Very helpful during the whole process.. Thank You!!
Outstanding service from start to finish delivering on what they promised.
Richard A and Rachel B were amazing! The refinance went smoothly and hopefully, I will use Intelliloan to refinance once more in the future. Mr. A guided me through the process and addressed my concerns. Save $!
Thank you!
Richard was very helpful explained everything from start to finish. When I had questions he took the time to make sure I understood the process.
We had a wonderful experience with David A, Rachel B, Julian V , Jennifer L and Darryl P. They all were very professional, excellent customer service and everything was done in a timely manner. Everyone was always available for any questions, following up with us every step of the way! We really look forward to working with them again. I was very impressed with this team. I've dealt with refinances before but this was by far the best experience I ever had. They did everything right.
Larry, you are AMAZING. Outstanding job on helping me refinance my home. God bless
Larry H. was very professional and helpful. I would definitely recommend him for all your refinancing.
The team David Alvarez, Sekani Hamilton, Rachel and others who were involved were very professional and made the entire process of the refinance very easy.
David really helped in matching the interest rates and was very quick in responses.
Sekani helped along the way with the documentation and was always available.
Rachel was very helpful in the entire process.
The team at Metropolitan was extremely professional making the process streamlined and were great in their communication skills.
This was my second time working with the company and I wasn’t disappointed.
I would highly recommend the company for any loan requirement.
Nisha
Larry H was very help in understanding the procedures. I could call him and get thru to him at anytime. That is very important to me
Larry H was outstanding with all I needed to know with his expertise from beginning to end.
Larry H has been very helpful with our Streamline refinancing and he has made the whole process so easy for us from the beginning through the end. He answered all our questions and explained the process every step of the way. Thank you Larry for the outstanding customer service you have provided us and thank you Metropolitan Home Mortgage for the much lower rate. Highly recommended!!!
Richard was very forthcoming about the overall cost to complete the loan.
It's important that consumers know exactly how the loan will be handled. Disclosing this information help build a more trusted relationship.
Thanks
Morgan and Rachel have been to pleasure to work with. They have been extremely helpful, honest, freindly and communicative with me through the whole process. Thank you both very much and Intelliloan for the smooth FHA Streamline process!! I hope and looke forward to business with you guys... maybe a home equity soon!!
I would like to leave this review for Larry H. I have bought house and refinanced them with other companies in the past and I have never experienced the level of service Larry and his team has provided. If I had a question about my loan day or night or even on the weekends they emailed or call me back right away. It is stressful refinancing your home and I have to say with Larry and team I am stress free. Thank you for your world class service.
Larry H has helped us twice with our home equity and refinancing. Absolutely friendly and very informative!
He help me very much especially when I needed help on the computer and you help me complete the applications for the moment is absolutely terrific and every way excellent employee at every company should have employees like him
Outstanding job from start to finish. Richard and the team made the process stress free and effortless by going the extra mile to accommodate and answer all questions and concerns from the initial consult until the day of closing. Further, they have provided assistance post closing date to explain future opportunities to reduce fees and cost associated with rate reductions and as interest became more favorable!!!!! Highly recommended!!! A+++