Lafayette Ambassador Bank

March 17, 2017Dear Sir or Madam:I am writing in response to the above-referenced complaintThe complaining customers of Lafayette Ambassador Bank (the "Bank") obtained a three-year balloon lot loan from the Bank, but when they applied for a construction mortgage, they did not qualify for that loan due to their financial circumstances at that timeThey were apparently unable to secure financing elsewhereThe lot loan matured in September of The borrowers received timely written notification of maturity from the Bank.The borrowers contacted the Bank in November of 2016, at which time their loan was in defaultThe Bank granted a six-month extension, but clearly communicated that further extensions would not be granted.The Bank has made reasonable efforts to assist the borrowers in repaying their loan obligation, has responded to all customer Communications in a timely manner, and, as noted above, granted an extensionIn addition, the borrowers met with a Bank representative on February 9, 2017, at which time the matter was fully reviewed with them.Sincerely,Beverly P.SVP/Consumer Sales Manager

April 24, 2017Dear [redacted] ***:I am writing in response to the above-referenced consumer complaint that was submitted to The Revdex.com.This consumer complaint is related to a three-year balloon lot loan in the amount of $75,(the Lot Loan) that Lafayette Ambassador Bank (the “Bank) extended to [redacted] and [redacted] (the ***s’) on September 30, We were aware that the ***s intended on building a residence on the land in the future, but the purpose of the original loan granted in was only to finance the purchase of vacant landThe Lot Loan had an original maturity date of September 30, and was secured by land in Lehigh County, Pennsylvania that was purchased with the proceeds.The ***s should have been aware of the original Lot Loan maturity date, and the Bank provided timely written notification of its maturity in After the Lot Loan matured an extension was providedThe Bank has contacted the ***s regarding a second six month extension if they are not able to pay off the Lot Loan at the present timeThe ***s are scheduled to sign modification documents todayThe Bank will not charge a fee for this second extension, but interest will continue to accrue on the Lot Loan in accordance with the note terms.Regarding the ***s credit report concern, while the Lot Loan was not paid off in accordance with the original September 30, maturity date and was reported as late, the Bank will also correct any prior late payment credit reporting of the Lot Loan once a new extension is signedWe hope to process this request shortly, but a correction may not immediately be reflected on their credit reportThe ***s will be provided with a confirmation that the request was sent to the credit bureaus by our Credit Inquiry Department.In addition, please be advised that the Bank did not provide a formal commitment for an extensions of credit to build a residence, and only a loan to buy land was providedIt is unfortunate that the ***s did not qualify for a construction permanent loan in excess of $300,when they inquired with our loan officers in However, their financial circumstances changed as they have outlined in correspondenceIn response to their inquiries Bank representatives were providing suggestions on how the ***s might qualify when they asked about alternatives to qualifyThese statements were not formal commitments to extend credit in the future if they did not qualify for a new loan.We believe that the Bank has made reasonable efforts to assist the borrowers in repaying their loan obligation by providing extensionsThe borrowers met with a Bank representatives on February 9, 2017, at which time the matter was reviewed with themBased upon what they have provided, the ***s do not qualify for a construction permanent loan to build on their lot and this was relayed to them at the meeting.However, if the ***s feel their financial situation has improved, or if they have other information to provide and want to apply for a new loan before the Lot Loan matures in six months, we will have a loan officer take a full applicationAs an accommodation the Bank will also waive any credit report and appraisal fees, but the ***s will need to provide updated financial and other documentation so the Bank can determine their ability to qualify for construction permanent financing.If you have any questions, or require further information on the matter, please call me at [redacted] .Sincerely,Joseph FPresident

April 9, 2017Dear Sir/Madam;Contained in this letter, is a narrative explaining the deceptive banking practices and the hardships our family has endured since March of 2015 due to being misled by representatives of Lafayette Ambassador Bank/[redacted] Mortgage Company(referred to as Lafayette Ambassador Bank) and their abandonment of us.We purchased [redacted], Center Valley, PA 18034 here in referred to as the “Property” in September 2013 for $75, 000.00 as a Lot Loan which would evolve into a Construction Loan once our main residence was sold per Michelle A[redacted], Senior Vice President from Lafayette Ambassador Bank whom provided financing. The lot appraised much higher than the purchase price so we did not need a deposit. Our Real Estate Agent at the time was [redacted]. We had three years to sell our existing home with the conditions

April 24, 2017Dear [redacted]:I am writing in response to the above-referenced consumer complaint that was submitted to The Revdex.com.This consumer complaint is related to a three-year balloon lot loan in the amount of $75,000 (the Lot Loan) that Lafayette Ambassador Bank (the “Bank) extended to [redacted] and [redacted] (the [redacted]s’) on September 30, 2013. We were aware that the [redacted]s intended on building a residence on the land in the future, but the purpose of the original loan granted in 2013 was only to finance the purchase of vacant land. The Lot Loan had an original maturity date of September 30, 2016 and was secured by land in Lehigh County, Pennsylvania that was purchased with the proceeds.The [redacted]s should have been aware of the original Lot Loan maturity date, and the Bank provided timely written notification of its maturity in 2016. After the Lot Loan matured an extension was provided. The Bank has contacted the [redacted]s regarding a second six month extension if they are not able to pay off the Lot Loan at the present time. The [redacted]s are scheduled to sign modification documents today. The Bank will not charge a fee for this second extension, but interest will continue to accrue on the Lot Loan in accordance with the note terms.Regarding the [redacted]s credit report concern, while the Lot Loan was not paid off in accordance with the original September 30, 2016 maturity date and was reported as late, the Bank will also correct any prior late payment credit reporting of the Lot Loan once a new extension is signed. We hope to process this request shortly, but a correction may not immediately be reflected on their credit report. The [redacted]s will be provided with a confirmation that the request was sent to the credit bureaus by our Credit Inquiry Department.In addition, please be advised that the Bank did not provide a formal commitment for an extensions of credit to build a residence, and only a loan to buy land was provided. It is unfortunate that the [redacted]s did not qualify for a construction permanent loan in excess of $300,000 when they inquired with our loan officers in 2016. However, their financial circumstances changed as they have outlined in correspondence. In response to their inquiries Bank representatives were providing suggestions on how the [redacted]s might qualify when they asked about alternatives to qualify. These statements were not formal commitments to extend credit in the future if they did not qualify for a new loan.We believe that the Bank has made reasonable efforts to assist the borrowers in repaying their loan obligation by providing extensions. The borrowers met with a Bank representatives on February 9, 2017, at which time the matter was reviewed with them. Based upon what they have provided, the [redacted]s do not qualify for a construction permanent loan to build on their lot and this was relayed to them at the meeting.However, if the [redacted]s feel their financial situation has improved, or if they have other information to provide and want to apply for a new loan before the Lot Loan matures in six months, we will have a loan officer take a full application. As an accommodation the Bank will also waive any credit report and appraisal fees, but the [redacted]s will need to provide updated financial and other documentation so the Bank can determine their ability to qualify for construction permanent financing.If you have any questions, or require further information on the matter, please call me at [redacted].Sincerely,Joseph FPresident

August 27, 2014Dear [redacted]:We are in receipt of your letter dated August 26, 2014, outlining the above complaint. We wish to confirm that upon receipt of the customer’s original communication with our Customer Service Unit, the customer was contacted via telephone by a branch employee at the...

number on file with us. The telephone numbers listed in the original letter dated July 1, 2014, were used on a number of occasions. In some cases, messages were left on one or both phone numbers provided. In addition, there has been communication between the customer and the bank with several other areas of the bank, including our Customer Service Unit and our Collections Department, pertaining to the customer’s concerns. Requested statements were mailed to the customer from our Collections Department.The financial obligation was agreed upon at the time the loan documentation was signed. The payment is the same amount due on the same day of each month for a fixed term. A reduced interest rate was granted based on the funds for the payments being available for withdrawal on the due date from the designated account. A partial refund, representing half of the late fees assessed, was approved and refunded in August 2014; and our bank records indicate there was also a similar refund processed in July of 2013.Please accept this correspondence as confirmation that the branch has updated contact telephone numbers on our system.Respectfully submitted,Dianne MBranch Manager

March 17, 2017Dear Sir or Madam:I am writing in response to the above-referenced complaint. The complaining customers of Lafayette Ambassador Bank (the "Bank") obtained a three-year balloon lot loan from the Bank, but when they applied for a construction mortgage, they did not qualify for that loan...

due to their financial circumstances at that time. They were apparently unable to secure financing elsewhere. The lot loan matured in September of 2016. The borrowers received timely written notification of maturity from the Bank.The borrowers contacted the Bank in November of 2016, at which time their loan was in default. The Bank granted a six-month extension, but clearly communicated that further extensions would not be granted.The Bank has made reasonable efforts to assist the borrowers in repaying their loan obligation, has responded to all customer Communications in a timely manner, and, as noted above, granted an extension. In addition, the borrowers met with a Bank representative on February 9, 2017, at which time the matter was fully reviewed with them.Sincerely,Beverly P.SVP/Consumer Sales Manager

Review: Bank ha called us on 2 occassions & on both we returned call to advise bank to contact us at cell phone #'s they did not contact us to explain why account was in arrears . we prev did not receive any stmts. other phone calls , texts, fax, , e/mail etc recd a stmt in june advising of multiple service fees - asked bank to offset all fees they advised will not offset- advised we are not happy with customer service provided .Desired Settlement: Reverse all service fees applied to account .. and add all our contact info to your systems (which we gave)

Business

Response:

August 27, 2014Dear [redacted]:We are in receipt of your letter dated August 26, 2014, outlining the above complaint. We wish to confirm that upon receipt of the customer’s original communication with our Customer Service Unit, the customer was contacted via telephone by a branch employee at the number on file with us. The telephone numbers listed in the original letter dated July 1, 2014, were used on a number of occasions. In some cases, messages were left on one or both phone numbers provided. In addition, there has been communication between the customer and the bank with several other areas of the bank, including our Customer Service Unit and our Collections Department, pertaining to the customer’s concerns. Requested statements were mailed to the customer from our Collections Department.The financial obligation was agreed upon at the time the loan documentation was signed. The payment is the same amount due on the same day of each month for a fixed term. A reduced interest rate was granted based on the funds for the payments being available for withdrawal on the due date from the designated account. A partial refund, representing half of the late fees assessed, was approved and refunded in August 2014; and our bank records indicate there was also a similar refund processed in July of 2013.Please accept this correspondence as confirmation that the branch has updated contact telephone numbers on our system.Respectfully submitted,Dianne MBranch Manager