Legendary Lending Inc

It's easy to blame the mortgage company, when in fact the borrower was informed and aware of the changing loan limits to her county. Mrs*** was a repeat customer as most of our customers are because Legendary Lending strives to meet and exceed all our customers needs and wants when
attainable. Mrs*** *** did not understand her own circumstances and then when she was educated on them became quite hostile and demanding. The issue was that her property did not appraise for what she had told us and actually believed it would appraise for, therefore the loan amount was above 80% loan to value and required mortgage insurance per the lender. Legendary Lending's Team worked very hard to find her a mortgage lender that could go to 85% with no mortgage insurance and she was still going to skip a mortgage payment and save money each and every month, get rid of her mortgage insurance. However because things had changed due to the appraisal not coming in at the value she believed Mrs*** remained upset. The fees and items Mrs*** is claiming is not true as we presented her a loan that would breakeven in months. Legendary Lending works very hard to satisfy thier customers it's very unfortunate that Mrs***'s property did not appraise for what she had believed it would and that her county loan limits where lowered as well

This is case # [redacted] 12.8000001907349px; font-family: arial, sans-serif;">Legendary Lending had a contract with [redacted] to process loans for$695.00 per funded file, once she saw the revenue coming in to the companyShe demanded to be paid $1000.00. In order to maintain a good workingrelationship we agreed to pay her $1000 I have included a copy of the checkthatWas issued to her. She claims we would only compensate her for $695.00 perher contract, we went above & beyond paying her $1000.00

Review: An unused payment for an appraisal was promised to be refunded, but Legendary Lending has consistently failed to send the refund.

Early in 2012, Legendary Lending ([redacted])requested that we submit to them a $435 pre-payment for an appraisal. A loan was not consumated for nearly nine months. We were charged in escrow for an appraisal and told that the deposit would be refunded. Some months later, when I inquired when the deposit would be refunded, [redacted] said he have to verify with accounting whether this was the case or not. At the time I felt like it was a stalling tactic, which it turned out to be. He came back in about 45 days with what he said was "good news". We were due the refund and that he'd "have accounting take care of it." Now we are another 5 plus months and at least two dozen phone calls downstream and the refund still has not been repaid. We are trying to live our lives on Social Security and this money is important to us.Desired Settlement: See Complaint Text

Business

Response:

Case # [redacted]Has been settled & Satisfied.

Consumer

Response:

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.

We were due a refund of a deposit ($435) made with Legendary Lending for a property inspection that never happened. To date, Legendary Lending has not refunded the deposit. At one point in time, they acknowledged the amount due and stated that it would be sent shortly, however, no payment has ever been received. I have made many (dozens) of attempts to call the owner/Mgr.

Review: The business promised $500 referral bonus but refused to honor promise.

The business promised $500 referral money for every friend who uses their services to get a loan. I referred a friend who purchased a house on July 7, 2013. The business refuses to honor their contract and has yet to give the referral money.Desired Settlement: See Complaint Text

Business

Response:

Case # [redacted]This has been Paid & Settled.

Review: I want to pursue filing complaints against Mr. [redacted] & Legendary Lending for failing to honor promises made in the course of doing business, as well as conducting dubious and fraudulent business practices of bait and switch by promising one product (loan package) and replacing it with a much higher cost product., without the clients permission.I told him to honor what he said. He told me he cannot honor what he said. I told him that credibility is more important than business. He told he cannot honor his promise and I am being extremely difficult. I told him dont threaten me otherwise I am going to file a complaint against him. He said dont bluff him, it only makes him laugh, he has very good business and a lot of clients. He then indicated does not want my business and does not want to make money from me. Then he abruptly ended the telephone conversation.Desired Settlement: The appraisal fee need to be paid by the broker. It needs to be refuned to me.

Business

Response:

Case # [redacted] Legendary Lending never agreed to a refund for the Appraisal.

Review: Misinformation, unrealistic loans and bad advice. Failure to call or respond. Unable to reach owner. Not client centered.

I called Legendary Lending as I had used them prior. The owner, [redacted] personally took my call. I told him I wanted to refinance to get rid of PMI. I wanted to be 99.9% sure my house would appraise at 80% LTV. He said he look at the comps. and assured me there should not be a problem. I told him I did not have $425 to just give away. Our home appraised at 84% LTV. [redacted] first presented me a loan that he said was a good deal which added $20,000 to my loan. When I asked him about this he said he did not realize that. First red flag. Then he presents me a loan that added $9,000, but he said since I would not have to make a payment for 2 months I essentially got my money back. No true! Then he said maybe he could reduce his commission of $10,000. [redacted] then presented a loan which added $6,000 to my loan. Next he presented a loan that if I paid $4,000 I could buy my loan down to 80% LTV. A few days later I receive an email that said after all of these weeks, he now realizes I live in [redacted] County and the loan conditions are different and that loan won't work. [redacted] then presents a loan that requires me to pay $35,000 to buy down my loan. Addtionally, the interest went from 4.25 to 5%. Ater each loan, [redacted] suggests that these are good options as I won't have to make a house payment for 2 months which would really give me my money back. I think the additional $6,000 to $20,000 is still there. Pluse the additional interest I would be paying on the loans. [redacted] seldom returned a phone call. He did everything by email, which offered little to answer my questions. His phone message was usually full and would not take messages. I feel that his main concern was profiting for the company and not looking out for my best interest. The fact that he did not realize the cost of the first loan or where I live greatly concerned me. Bottom line, I have chosen not to refinance with his company and I am out $425 for an appraisal.Desired Settlement: I have asked [redacted] to split the cost of the appraisal. The cost was $425. This would be a refund of $212.50. He has refused.

Business

Response:

It's easy to blame the mortgage company, when in fact the borrower was informed and aware of the changing loan limits to her county. Mrs. [redacted] was a repeat customer as most of our customers are because Legendary Lending strives to meet and exceed all our customers needs and wants when attainable. Mrs. [redacted] did not understand her own circumstances and then when she was educated on them became quite hostile and demanding. The issue was that her property did not appraise for what she had told us and actually believed it would appraise for, therefore the loan amount was above 80% loan to value and required mortgage insurance per the lender. Legendary Lending's Team worked very hard to find her a mortgage lender that could go to 85% with no mortgage insurance and she was still going to skip a mortgage payment and save money each and every month, get rid of her mortgage insurance. However because things had changed due to the appraisal not coming in at the value she believed Mrs. [redacted] remained upset. The fees and items Mrs. [redacted] is claiming is not true as we presented her a loan that would breakeven in 3 months. Legendary Lending works very hard to satisfy thier customers it's very unfortunate that Mrs. [redacted]'s property did not appraise for what she had believed it would and that her county loan limits where lowered as well.

Review: I have processed loans for legendary lending for the past 2 years and have seen a lot of misrepresentation from the owner [redacted]. He has told numerous clients that he would refund their fees that weren't covered by the lenders rebate but I don't think that ever happened or if it did it was never for the amount he said it was going to be because I received a lot of calls from unhappy clients wanting to speak to him but he just told me to tell them he wasn't in the office. Most of the time it was due to him not locking the loan in time to get the best rate or rebate leaving the customer with a higher rate & paying a fee when they were told their loan would have no costs. The last straw for me was the purchase transaction which netted him about $20k. He had me complete the file from the beginning with doing the point application to funding and offered to pay me $1000. When the loan closed this past Tues he told me that he would only pay $695 because he spent the day tracking down all of the funding conditions? The only funding condition required from us was updated bank stmts from the customer....I also confirmed it with the lender who processed & closed the loan they said absolutely 100% I did all of the work & [redacted] only sent them bank stmts & a 1003 loan app that required his signature. When I provided this proof to him he just kept saying he did everything like a greedy, shady broker that he is! I'm not the only employee he screwed over there were 2 others that he didn't pay their commission to so they had to sue him for it. I would not recommend using this broker for your loans, he's a liar, unreliable, not trust worthy and is a coward when you confront him about your loan & will push you off to someone else to complain to (mostly his loan processor). Take your loan elsewhere unless you like chaos because that is all he has to offer. Even most of the lenders he does business with do not like working with him!Desired Settlement: I need to be paid for the work that I've done on my last loan as promised in writing by the broker [redacted] in the amount of $1000.00. I have all of the documentation proving he agreed to pay that amount and even several text messages with very unprofessional language cursing at me & calling me names that was totally uncalled for!

Business

Response:

This is case # [redacted]Legendary Lending had a contract with [redacted] to process loans for$695.00 per funded file, once she saw the revenue coming in to the companyShe demanded to be paid $1000.00. In order to maintain a good workingrelationship we agreed to pay her $1000 I have included a copy of the checkthatWas issued to her. She claims we would only compensate her for $695.00 perher contract, we went above & beyond paying her $1000.00