NJ Lenders Corp.

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
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.
Regards,
[redacted]

Review: On October 28th, I received a pre-approval from NJ Lenders for a property that I was planning to obtain a mortgage for in Florida. On November 6, I received an email stating that NJ Lenders hoped to have a commitment in 2.5 to 3 weeks on my loan. At the time that they knew I was planning to purchase a home end of October, they should already be doing their research about the property to determine if there will be any issues around obtaining a loan. It wasn't until the end of November that I was told that they couldn't obtain a [redacted] loan for me thus suggesting I had the option of refinancing my primary home or paying cash. These are not options that I should be presented a week before closing on December 6th. My agent as well as another lender in Florida, including myself were all surprised that this information was provided so late and that the options were not sensible. Ultimately, I had ended up changing lenders since the one I found knew how to obtain a loan and didn't suggest putting my other assets at risk. In any case, I paid NJ lenders $695 for loan processing of which $300 was refunded. Due to their negligence in researching about my loan/property sooner, I was put in an extremely inconvenient position by having to find a more sophisticated lender who can still assist me in closing on time, which should not have happened if they knew other ways on how to obtain a loan. I had to put more money upfront that wasn't necessary to still close on time. I prefer to have the full refund of $695 because the services that I counted on were not provided as well as the expertise that are expected.Desired Settlement: Full refund - cover difference for refund of $395.00

Business

Response:

[redacted] is a previous customer of NJ Lenders. She came back to us to assist her with the purchase of a condominium in Florida. [redacted] was obviously happy with our services in the past, since she engaged our help again. Virtually every condominium complex in Florida has a different number of units, some that are privately owned and not rented out. The budgets, insurance, reserves, etc. again vary from complex to complex. No mortgage company nor bank has access to all these variables, all the time, as they are constantly changing.

$695 is our customary processing fee which includes $395 that we have to pay a third party for a certified appraisal. We ordered the appraisal for [redacted] in a timely fashion once she applied with us. Once we received the appraisal back, it noted there was too many units that were rented out, as opposed to owner occupied in this particular complex. This being the case, the loan was no longer approvable with the 45 banks + banks that we deal with. It was no longer a "warrantable condo" based on FNMA guidelines. Our loan officer [redacted] informed [redacted] and he then suggested alternatives that might work.

Apparently, [redacted] was able to find a local lender in Florida that was able to lend on a non warrantable condos. Local banks ( portfolio lenders) that don't sell to [redacted], are able to make up their own guidelines.

We refunded $300 of the $695. since we had to pay the appraiser the $395. NJ Lenders acted in good faith and did the best we could do. We did nothing wrong! NJ Lenders Corp has been a licensed mortgage banker for over 20 years and closes over 1 billion dollars a year in residential mortgages. As the CEO of the company, I never had to respond to a complaint from the Revdex.com.

Since [redacted] is a previous client of NJ Lenders, we will send her the other $395.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Regards,