InterContinental Capital Group, Inc.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

Thank you for contacting this company.  Although they have suggested that their marketing practices are NOT misleading, I have reviewd thir mailer with my lawyer and an advertising agency here in Los Angeles and all agree that this company may be in violation of both FTC and HUD regulations for how they are contacting potential customers.  I would recommend that the Revdex.com require this company to review their direct mail advertising practices and reviswe thier mailers so as not mislead potential customers in the future.  I would also recommend a more direct address removal method to let people opt out of these unsolicited mailings.  I would like to close this matter.  Please ask this company to remove my information from their mailing lists (all of them - I see that that send messages under their various company aliases). For the record, the did not have a web address on the mailer.  I discovered their website(s) when tying to find a way to contact the company in writing.
 
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

We apologize for the delay in responding to the complaint, but delivery to us of this complaint was delayed.  As [redacted] stated we successfully completed a transaction wherein we facilitated a cash out refinance of his home.  Subsequently, we did request preliminary  information...

from him in order to prepare to take an application for his purchase.  At that time it was discovered that [redacted] was seeking financing for a commercial property.  Intercontinental Capital Group does not finance this type of property. However, as an accommodation, we made inquiries to other lenders to determine if they would be able to facilitate his transaction.  Subsequently we were contacted by the real estate broker with whom [redacted] was working and informed that he had found a funding source for his purchase.We regret that there may have been any misunderstanding on our client's part about our ability to make a purchase money loan on this type of collateral which is why our employee never took an application from him.

After an initial conversation on September **, 2016  our mortgage loan officer had disclosures sent to [redacted] outlining the terms of the loan that we would be able to offer.  On the loan application that was sent, the current balance of [redacted]'s loan was reflected as $156, 200....

 The proposed refinance included rolling in [redacted]'s closing costs.  After a review of the disclosure package sent, as well as the e-mails between our loan officer and [redacted], we do not see any evidence that there was any attempt or intention to mislead the customer.  Subsequent to our disclosures being sent, there was no further action, other than to withdraw the application, as we did not receive a response from [redacted] with permission for us to proceed with the application process.These documents can be made available to [redacted] if she would like to contact me directly, if she is unable to locate them.  We regret that [redacted] perceived the mortgage loan officer as being rude, as that was not his intent at any time.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
My phone has been on since the complaint and I have not received any calls or voicemails regarding this complaint. As noted, the name of the business is listed only once, whereas the term FHA and your loan are mentioned several times.  The solicitation does not come on letterhead of the company either, which if they were being upfront, it would be.
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

I am so sorry for the delayed response on this case.  I believe, according to the loan officer, that the dispute with the consumer was resolved the day the complaint was filed and thus thought the marked it as such.  I apologize and will make sure a formal response is filed today. ...

  Respectfully,    Brad A[redacted], Esq.  General Counsel\Compliance | InterContinental Capital Group |  [redacted]
 [redacted] *

We apologize for the late response as we were not aware of the complaint sooner.  ICG is extremely cognizant of both federal and state regulations and informal opinions regarding mortgage banking advertising and direct response mail.  All of ICG’s mailers are thoroughly reviewed by counsel...

to ensure that it does not violate any local or federal regulation.  The “mailer” that [redacted] received was not meant to deceive in any way.  In fact, the mailer clearly indicates that ICG is NOT affiliated with the federal government and is an independent mortgage company.  However, ICG prides itself on integrity and fair dealing.  We strive for 100% customer satisfaction and we currently hold an A rating with the Revdex.com.  We always listen to consumers and welcome their feedback.  In response to this complaint, ICG has amended its mailer to more prominently display the company name so their can be absolutely no confusion on the part of consumers. We are confident that the amendment to the mailer will satisfy the concerns [redacted]’s expressed in her complaint.  If you require anything further, please do not hesitate to contact me.

Tell us wWe regret that [redacted] is dissatisfied with ICG.  We have interviewed several of our staff and gone through our e-mail records.  Our understanding from our investigation is as follows: [redacted] filed an application with ICG to refinance his home.  The purpose of this refinance was for [redacted] to cash out approximately $500,000 in order to invest those funds in another property.  That application was consummated and we were able to provide the client with the cash he requested.  [redacted] did discuss using that cash to finance the purchase of another property and to potentially apply to finance the balance of the purchase price.  After the consummation of the transaction on his home, [redacted]’s realtor contacted us to advise that [redacted] had used the funds to buy an interest in a corporation that owned a commercial property.  That property was “in distress” meaning the mortgage was not being paid.  It was [redacted]’s intention to refinance the current mortgage.  After making inquiries with one of our lenders, we advised the realtor that we could not take an application for this transaction as it was not what we had understood from earlier discussions with the client.  We did not have a program that could:  a) finance a commercial property, b) be eligible to “bail out” a distressed mortgage, and c) make a loan to a corporate entity.  We did, upon request, further inquire with another lender and we were advised at that time that they also would not consider this financing.  Upon our relaying that information, the realtor advised us that [redacted] had secured other financing. At no time did we have an active application on this transaction.  hy here...

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
 
Then, I would like ICG to contact the appraisal company for a full refund. Again, I paid for a refund...for a loan, that I did not benefit from whatsoever. I would not have paid for an appraisal if I would have known that the company that charged me would not have used the appraisal at all. That was the whole purpose to begin with!! I can't believe this is an issue!!! This is so wrong on every part!!! Again, how do you charge a consumer for a product and there is no benefit to them for what they were charged for?? I will not let this go away. I will take this to every news station, every blog, every and all news outlets in order to bring attention to matter so that future clients will not be put in a situation like this ever. I will continue with seeking legal consultation if my refund is not returned to me in full, and if that means the refund needs to come from the appraiser Gary K[redacted] then ICG needs to reach out to him and have him send me a refund since ICD sent him to my home to charge me and perform an appraisal for again - which I did not benefit from whatsoever. Thank you. I'll be awaiting my full refund to me in the mail to my home name and address:[redacted] 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
 ICG have never communicated with me that there was an issue with the second property being a commercial property. My last email to Joseph K[redacted] was on December **, 2015 requesting any updates or issues they might have, there was no response for this email or phone calls.The closing date was scheduled for December **, 2015, and prior to that date I was assured by Joseph K[redacted] there were no problems, through various conversation and saved emails. I can provided the if needed.Finally, ICG never reached out to me, by my advisor after I filed my complaint with the Revdex.com.  My advisor is not the person who signed for a loan, so I do not know why that was done. I can provide all emails and texts that I have saved as proof.
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

[redacted]'s initial application was for a cash out refinance, based on an estimated value determined at application. In order to approve that application it was required to obtain an appraisal to determine the actual value. This was ordered from an independent appraisal management company, to whom...

payment was made. Appraisal fees are not refundable. Unfortunately the appraisal came in below the estimated value, and we weren't able to approve the cash out loan application.
[redacted] did qualify for an FHA Streamline transaction, which doesn't require an appraisal, but also does not allow for cash out. We were able to approve that transaction which closed and lowered the payment for the borrower.
Based on this ICG does not have a basis to refund the appraisal fee.

We have attempted to contact [redacted] at the phone number referenced in the complaint to discuss his concerns about the content of Intercontinental Capital Group (ICG)’s mailer.  Unfortunately, [redacted] has not returned our call yet.   While we do not believe the mailer is misleading...

and there are several indications in the mailer that ICG is an independent mortgage lender and not affiliated with the government or the consumer’s current servicer we take consumer feedback very seriously.  We would like to speak with [redacted] so that we may better understand the potential confusion.   In the interim, we have added [redacted]'s name to our "do not contact"  list to ensure that he does not receive any future mailers from ICG.   Thank you

We are very sorry that [redacted] perception of her experience during the mortgage application process at Intercontinental Capital is negative.  We did issue a conditional approval to [redacted] and her co-borrower.  Unfortunately, upon receipt of the conditions, it was determined that...

a critical source of income was not eligible under the guidelines of the FHA program for which [redacted] and the co-borrower had applied.   Efforts were made to qualify the transaction under different programs and scenarios.  The Managing Underwriter and Chief Operating Officer were involved in trying to come to a favorable resolution.  Unfortunately we were unable to qualify the loan and issued an adverse action.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]  [redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that I did not authorize my credit be checked and he kept saying it was an FHA reduction for my mortgage insurance. 
 
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

We're sorry that [redacted] is dissatisfied with the service she received.  We've reviewed the e-mail correspondent between the consumer and our mortgage loan officer and have not identified any misconduct on his part.  We would invite [redacted] to provide any additional correspondence so that we can review and act accordingly.  I've attached the e-mails so that the consumer can review.  We would also appreciate the opportunity to explain the FHA Streamline Refinance program to [redacted], as it would appear, based on her complaint, to have been not clearly understood. As the credit inquiry was authorized by the consumer, we do not have grounds to request the inquiry be removed from the credit file. The inquiry did meet the permissible purpose and authorization guidelines. Again, we are very sorry that [redacted] had a negative experience, and would be happy to speak with her directly.