One True Loan helped me with my first home mortgage and they made the process absolutely painless Their rates were competitive, their service was professional, and their staff were all very friendly, knowledgeable, and helpful They were responsive to my questions, touched-base with me very frequently to make sure everything was on track, and they kept me sane through the process Thank you!
Revdex.com: 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 While One True Loan continues to attempt to rationalize their behavior in this transaction, it continues to be a classic case of bait and switch scheme of the same type that Amerisave was just penalized for days ago 1.) Regarding my supposed lack of direct communication - We have initiated over calls, texts, and emails to this company, and have been the recipients of about the same number, for a total of over separate communications between 6/11/and 8/1/ I sent my last email on 7/31/14, and the company has not responded except to send me a copy of their response on this website, (Revdex.com) 2.) Regarding my refusal to submit required documentation - We have provided everything requested up until the new request on 7/30/ The email that day from One True Loan included the following excerpt: "it appears the lender have decided not to use any of the funds from the accounts that were previously submitted Reason being is due to the fact that $deposits were from cash and a cashier check for $that could not be sourced because of shredded check stubTo remedy this, we're wondering if you have any other accounts without cash deposits that would affect our sourcing of funds issueWe would need an account that would have about $to pay for closing cost In addition, the lender is requiring about $as residual income reservesWhat this means is they would like to see that you have amount to cover unforeseeable future bills such as insurance or property taxThe lender will not use this account but will need to show that its available, a Roth IRA or 401k account should suffice." We have obviously turned in our documentation because it refers to "accounts previously submitted" I became alert at this point to the bait and switch - we had been pre-approved, quoted one price, (which was verbally reconfirmed by Dahn Phan), and lockour interest rate, (which we were told could not be done until all our paperwork was approved) Once we paid for the appraisal, (which came in $10,more than expected), suddenly the price went up and we had to supply more bank accounts, and more confidential information One True Loan assumed that having paid for the appraisal, we would be willing to let them bleed us dry as we were already well into the loan process 3.) Regarding my non-understanding of mortgage procedures and requirements - This is the fourth time we have refinanced this house since we bought it in 1998, and the first time we have ever had an issueWe have better credit and more funds than we have ever had before We have never been asked for residual income reserves, even when our payment went up by several hundred dollars, instead of dropping as it would now Additionally, in their first response to this complaint, [redacted] ***, President of One True Loan stated, "I reviewed the Lock Form attached and you are correct it does say “Total Closing Cost” of $ I can see how this can be misleading However, the Original GFE attached that is available on our website indicates there are costs that we can not determine at the time of lock Those two items are indicated as “TBD” on item #Initial Deposit for Escrow and #Daily Interest Charge I will be making corrections to our Lock Form to state more clearly that the initial escrow deposit and daily interested are not yet included." One True Loan admits to using misleading language in their Lock Form Something shady is going on here 4.) It is stated that the loan is good and only our negligence is preventing it from occurring - If the lender will not use our funds, then the loan is no good We don't have other bank accounts to show We have given documentation of all we have This is the point, and the reason we are requesting a refund of our appraisal fee We were told everything was a go at $so we paid for the appraisal We would not have gone forward with the appraisal had we known the prices would be raised I deeply resent the idea that I would want to stop a loan that would save me $a month in home payments I resent being taken advantage of even more Again I say: do the loan at the advertised price, or refund the appraisal fee Regards, [redacted]
I have sent an email response directly to the customer Attached is the copy of the email and evidence in pdf and below is the email message sent directly to Mrs [redacted] : Dear Mrs [redacted] , I am writing you in response to your Revdex.com complaintI am the President of One True Loan, Incand take all these matter seriously I want to address your concerns directly to see how we can come to a resolution Additionally, I will be providing Revdex.com a copy of our communication to ensure you that we are a transparent business Below are responses to your concerns 1) We are leery of giving them more information as we feel that they have been using bait and switch tactics to try and either increase their commission, or get information for identity theft purposes I want to reassure you that we operate within the legal bounds of the state and government and the mortgage licenses we have been approved for Your information is always kept private, secured and never sold or given away Additionally, as a Mortgage Broker, we do not make any more or less on your loan regardless of the interest rate or mortgage circumstances Our fee is fixed based on the loan amount Please see the attached legally binding Mortgage Broker Fee Agreement One True Loan, Incwill be paid by the Bank $1,IF the loan funds 2) The Mortgage Lock paper my husband signed stated a closing cost of $ I reviewed the Lock Form attached and you are correct it does say “Total Closing Cost” of $ I can see how this can be misleading However, the Original GFE attached that is available on our website indicates there are costs that we can not determine at the time of lock Those two items are indicated as “TBD” on item #Initial Deposit for Escrow and #Daily Interest Charge I will be making corrections to our Lock Form to state more clearly that the initial escrow deposit and daily interested are not yet included I have also attached the GFE sent to you by the bank based on a closing day of 7/16/ The final estimated HUD form indicates a closing date of 8/6/which again changes the amount of the initial escrow deposit and daily interest charge However, we can not include the exact dollar amount of escrow deposit and daily interest into the form because it depends on your taxes and insurance and the day in which your loan closes The daily interest can be zero if the loan closes at the last day of the month while the escrow deposit depends on your taxes and insurance which we will not know until we receive your tax and insurance statements Home Insurance and property taxes are liabilities that are required even with your existing mortgage They are not additionally costs for doing your loan 3) Per ***h’s email thread attached, there was also an additional increase of $ Since your request to reduce the loan amount of $105,to $104,it is now short by $ The mortgage payoff received from your existing lender is $104, This may not agree with your last mortgage statement balance because the mortgage payoff is taking into account the accumulated interest amount they charge if we pay off your mortgage by 8/6/ In regards to your concern, here is what I can offer off you: 1) Cancel the loan and I will cover half of the appraisal cost of $ Even though, One True Loan, Incdoes not receive any of the appraisal fee I willing to cover half of your appraisal cost because I understand how the lock form can be misleading However, You do qualify for the loan and the loan is beneficial if we proceed forward 2) Proceed forward with the loan and get $in refund If you proceed with the loan, I will share half of our $commission with you We have many costs associated with doing your loan but I am willing cut our losses by funding your loan and proceeding with the loan at half the commission However, if you do choose to proceed, ***h would require a couple more bank statements to provide to the underwriter We would need your collaboration on this And, if you have fully cooperated with ***h and the underwriter still does not approve, I will cover the full $appraisal cost since it will now be 100% our failure We can also increased your loan amount back up to $105,but it will require PMI I do not recommend this Another option is to change the interest rate to cover your taxes and insurance You will need to speak to ***h to see what is will be best for your mortgage Again, we do not make more or less commission with any of these changes I understand your frustration However, One True Loan, Incis acting on your behalf as a broker We do not make any money if your loan does not fund; we actually lose money The bank’s underwriter dictates documents needed for you loan based on the Fannie Mae government guidelines Please feel free to contact me directly at [redacted] or [redacted] if you would like to discuss further Sincerely, - [redacted] ***
Regarding Mrs [redacted] ’s Message: Without direct dialog with customer, no other resolution can be offeredHowever, we would like to address Mrs [redacted] ’s complaints 1) Regarding the mortgage process, there are some basic information that all borrowers need to understand to refinance with any lender: Property Tax is the borrower’s responsibility not the broker or lender Homeowner’s Insurance is the borrower’s responsibility Prepaid Daily Interest on the new loan from the time of closing to the first mortgage payment is the borrower’s responsibility Difference between the actual mortgage payoff and the loan amount is the borrower’s responsibility These amounts can NOT be calculated until a final funding/closing date can be determined The old lender will be refunding the borrower any unused property tax or insurance from their previous escrow account Our loan officers always explain this thoroughly to our borrower’s at the beginning of the application process Our lock form also clearly indicates that any discount the borrower receives can only be used for prepaid interest, property taxes and homeowner’s insuranceAdditionally, loan amounts can also be change to cover any difference in the mortgage payoff amount 2) Regarding the clarity of our loan fees also identified as closing cost Closing cost is the cost we charge to close the loanThis is NOT the settlement charge which includes property tax, homeowner’s insurance, and prepaid interest Based on the lock form that the borrower received, the cost adds up to $based on: $2,(Admin Fee) +$(Appraisal) +$(Title) +$(Escrow) -$1,(Discount) 3) The mortgage payoff statement we received from the lender was higher than the loan amountThis is not something we can control 4) Borrower chose to include property tax and homeowner’s insurance into the loan raising the settlement chargeHowever, borrower fails to understand that the unused amount from their previous lender would be refunded to them 5) Prepaid Daily Interest may increase or decrease depending on when the loan closesThis is the daily interest from the date of closing to the first mortgage statement for the new loan 6) Borrower refused to collaborate with us regarding submission of required documents Documentation is required by both our lender and Fannie Mae (a government sponsored entity)One True Loan does not directly require these documentation evidenceThe loan could not move forward without these documentation and is therefore not something that One True Loan is responsible 7) Regarding the Appraisal Fee: One True Loan did not receive any of this moneyOne True Loan has only submitted the request with our lender and their appraiser with written consent of the borrowerEvidence can be provided upon request 8) Regarding the $settlement charge, I have reviewed the email from 7/30/Only approximately $was the settlement charge The breakdown for the $is $for closing cost fees and roughly $for property tax, insurance, prepaid interest and difference in loan amountSome of this $amount would be refunded from the previous lender from the unused amounts in the old escrow accountThe other $was the reserve that the bank requires the borrower have in their accounts Borrower fails to understand reserves does NOT mean it’s a fee to be paid but rather an amount that the lender requires the borrower to have in their bank accounts to ensure that they will not fail to pay their first and future mortgage payments This was all explained thoroughly in the written email In summary: $= $(fees unchanged) + $(estimated borrower’s home obligation) + $reserve (not required to pay at closing and not part of the settlement charge) 9) One True Loan has not made any mistake with this loan that would jeopardize the approval of the loan nor have we hid any fees or costsMortgage is a complex process and we have made every attempt to be visible and thorough of our explanation to all our borrowers not just Mrs [redacted] We continue to improve our website to make it easier for our borrower to quickly and visually grasp the complex mortgage process and all the money transactions involved In conclusion, unless borrower is willing to be in direct communication AND cooperate with us, there is nothing more we can do for the borrower It would appear that the borrower has changed her mind with the loan and is looking for One True Loan to be responsible for her decision Regards, One True Loan, Inc
A very good experienceI was unsure of applying for a mortgage online but working with [redacted] and [redacted] was a pleasureThey were responsive, patient and very helpful
I was refereed to these guys from a colleague I shopped around and found the best rates with them During the refi process the team stayed on top of things to ensure everything went smoothly
I called One True Loan after being stalled by Wells Fargo for weeks and weeks on a cash out refinanceMo answered my call and not only beat Wells Fargos rate (saving me a ton of cash) but completed to process in record time!! He was easy to work withAddressed my questions promptlyI will definitely be working with Mo at One True Loan again soon!
One True Loan helped me with my first home mortgage and they made the process absolutely painless Their rates were competitive, their service was professional, and their staff were all very friendly, knowledgeable, and helpful They were responsive to my questions, touched-base with me very frequently to make sure everything was on track, and they kept me sane through the process Thank you!
Revdex.com: 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 While One True Loan continues to attempt to rationalize their behavior in this transaction, it continues to be a classic case of bait and switch scheme of the same type that Amerisave was just penalized for days ago 1.) Regarding my supposed lack of direct communication - We have initiated over calls, texts, and emails to this company, and have been the recipients of about the same number, for a total of over separate communications between 6/11/and 8/1/ I sent my last email on 7/31/14, and the company has not responded except to send me a copy of their response on this website, (Revdex.com) 2.) Regarding my refusal to submit required documentation - We have provided everything requested up until the new request on 7/30/ The email that day from One True Loan included the following excerpt: "it appears the lender have decided not to use any of the funds from the accounts that were previously submitted Reason being is due to the fact that $deposits were from cash and a cashier check for $that could not be sourced because of shredded check stubTo remedy this, we're wondering if you have any other accounts without cash deposits that would affect our sourcing of funds issueWe would need an account that would have about $to pay for closing cost In addition, the lender is requiring about $as residual income reservesWhat this means is they would like to see that you have amount to cover unforeseeable future bills such as insurance or property taxThe lender will not use this account but will need to show that its available, a Roth IRA or 401k account should suffice." We have obviously turned in our documentation because it refers to "accounts previously submitted" I became alert at this point to the bait and switch - we had been pre-approved, quoted one price, (which was verbally reconfirmed by Dahn Phan), and lockour interest rate, (which we were told could not be done until all our paperwork was approved) Once we paid for the appraisal, (which came in $10,more than expected), suddenly the price went up and we had to supply more bank accounts, and more confidential information One True Loan assumed that having paid for the appraisal, we would be willing to let them bleed us dry as we were already well into the loan process 3.) Regarding my non-understanding of mortgage procedures and requirements - This is the fourth time we have refinanced this house since we bought it in 1998, and the first time we have ever had an issueWe have better credit and more funds than we have ever had before We have never been asked for residual income reserves, even when our payment went up by several hundred dollars, instead of dropping as it would now Additionally, in their first response to this complaint, [redacted] ***, President of One True Loan stated, "I reviewed the Lock Form attached and you are correct it does say “Total Closing Cost” of $ I can see how this can be misleading However, the Original GFE attached that is available on our website indicates there are costs that we can not determine at the time of lock Those two items are indicated as “TBD” on item #Initial Deposit for Escrow and #Daily Interest Charge I will be making corrections to our Lock Form to state more clearly that the initial escrow deposit and daily interested are not yet included." One True Loan admits to using misleading language in their Lock Form Something shady is going on here 4.) It is stated that the loan is good and only our negligence is preventing it from occurring - If the lender will not use our funds, then the loan is no good We don't have other bank accounts to show We have given documentation of all we have This is the point, and the reason we are requesting a refund of our appraisal fee We were told everything was a go at $so we paid for the appraisal We would not have gone forward with the appraisal had we known the prices would be raised I deeply resent the idea that I would want to stop a loan that would save me $a month in home payments I resent being taken advantage of even more Again I say: do the loan at the advertised price, or refund the appraisal fee Regards, [redacted]
I have sent an email response directly to the customer Attached is the copy of the email and evidence in pdf and below is the email message sent directly to Mrs [redacted] : Dear Mrs [redacted] , I am writing you in response to your Revdex.com complaintI am the President of One True Loan, Incand take all these matter seriously I want to address your concerns directly to see how we can come to a resolution Additionally, I will be providing Revdex.com a copy of our communication to ensure you that we are a transparent business Below are responses to your concerns 1) We are leery of giving them more information as we feel that they have been using bait and switch tactics to try and either increase their commission, or get information for identity theft purposes I want to reassure you that we operate within the legal bounds of the state and government and the mortgage licenses we have been approved for Your information is always kept private, secured and never sold or given away Additionally, as a Mortgage Broker, we do not make any more or less on your loan regardless of the interest rate or mortgage circumstances Our fee is fixed based on the loan amount Please see the attached legally binding Mortgage Broker Fee Agreement One True Loan, Incwill be paid by the Bank $1,IF the loan funds 2) The Mortgage Lock paper my husband signed stated a closing cost of $ I reviewed the Lock Form attached and you are correct it does say “Total Closing Cost” of $ I can see how this can be misleading However, the Original GFE attached that is available on our website indicates there are costs that we can not determine at the time of lock Those two items are indicated as “TBD” on item #Initial Deposit for Escrow and #Daily Interest Charge I will be making corrections to our Lock Form to state more clearly that the initial escrow deposit and daily interested are not yet included I have also attached the GFE sent to you by the bank based on a closing day of 7/16/ The final estimated HUD form indicates a closing date of 8/6/which again changes the amount of the initial escrow deposit and daily interest charge However, we can not include the exact dollar amount of escrow deposit and daily interest into the form because it depends on your taxes and insurance and the day in which your loan closes The daily interest can be zero if the loan closes at the last day of the month while the escrow deposit depends on your taxes and insurance which we will not know until we receive your tax and insurance statements Home Insurance and property taxes are liabilities that are required even with your existing mortgage They are not additionally costs for doing your loan 3) Per ***h’s email thread attached, there was also an additional increase of $ Since your request to reduce the loan amount of $105,to $104,it is now short by $ The mortgage payoff received from your existing lender is $104, This may not agree with your last mortgage statement balance because the mortgage payoff is taking into account the accumulated interest amount they charge if we pay off your mortgage by 8/6/ In regards to your concern, here is what I can offer off you: 1) Cancel the loan and I will cover half of the appraisal cost of $ Even though, One True Loan, Incdoes not receive any of the appraisal fee I willing to cover half of your appraisal cost because I understand how the lock form can be misleading However, You do qualify for the loan and the loan is beneficial if we proceed forward 2) Proceed forward with the loan and get $in refund If you proceed with the loan, I will share half of our $commission with you We have many costs associated with doing your loan but I am willing cut our losses by funding your loan and proceeding with the loan at half the commission However, if you do choose to proceed, ***h would require a couple more bank statements to provide to the underwriter We would need your collaboration on this And, if you have fully cooperated with ***h and the underwriter still does not approve, I will cover the full $appraisal cost since it will now be 100% our failure We can also increased your loan amount back up to $105,but it will require PMI I do not recommend this Another option is to change the interest rate to cover your taxes and insurance You will need to speak to ***h to see what is will be best for your mortgage Again, we do not make more or less commission with any of these changes I understand your frustration However, One True Loan, Incis acting on your behalf as a broker We do not make any money if your loan does not fund; we actually lose money The bank’s underwriter dictates documents needed for you loan based on the Fannie Mae government guidelines Please feel free to contact me directly at [redacted] or [redacted] if you would like to discuss further Sincerely, - [redacted] ***
Regarding Mrs [redacted] ’s Message: Without direct dialog with customer, no other resolution can be offeredHowever, we would like to address Mrs [redacted] ’s complaints 1) Regarding the mortgage process, there are some basic information that all borrowers need to understand to refinance with any lender: Property Tax is the borrower’s responsibility not the broker or lender Homeowner’s Insurance is the borrower’s responsibility Prepaid Daily Interest on the new loan from the time of closing to the first mortgage payment is the borrower’s responsibility Difference between the actual mortgage payoff and the loan amount is the borrower’s responsibility These amounts can NOT be calculated until a final funding/closing date can be determined The old lender will be refunding the borrower any unused property tax or insurance from their previous escrow account Our loan officers always explain this thoroughly to our borrower’s at the beginning of the application process Our lock form also clearly indicates that any discount the borrower receives can only be used for prepaid interest, property taxes and homeowner’s insuranceAdditionally, loan amounts can also be change to cover any difference in the mortgage payoff amount 2) Regarding the clarity of our loan fees also identified as closing cost Closing cost is the cost we charge to close the loanThis is NOT the settlement charge which includes property tax, homeowner’s insurance, and prepaid interest Based on the lock form that the borrower received, the cost adds up to $based on: $2,(Admin Fee) +$(Appraisal) +$(Title) +$(Escrow) -$1,(Discount) 3) The mortgage payoff statement we received from the lender was higher than the loan amountThis is not something we can control 4) Borrower chose to include property tax and homeowner’s insurance into the loan raising the settlement chargeHowever, borrower fails to understand that the unused amount from their previous lender would be refunded to them 5) Prepaid Daily Interest may increase or decrease depending on when the loan closesThis is the daily interest from the date of closing to the first mortgage statement for the new loan 6) Borrower refused to collaborate with us regarding submission of required documents Documentation is required by both our lender and Fannie Mae (a government sponsored entity)One True Loan does not directly require these documentation evidenceThe loan could not move forward without these documentation and is therefore not something that One True Loan is responsible 7) Regarding the Appraisal Fee: One True Loan did not receive any of this moneyOne True Loan has only submitted the request with our lender and their appraiser with written consent of the borrowerEvidence can be provided upon request 8) Regarding the $settlement charge, I have reviewed the email from 7/30/Only approximately $was the settlement charge The breakdown for the $is $for closing cost fees and roughly $for property tax, insurance, prepaid interest and difference in loan amountSome of this $amount would be refunded from the previous lender from the unused amounts in the old escrow accountThe other $was the reserve that the bank requires the borrower have in their accounts Borrower fails to understand reserves does NOT mean it’s a fee to be paid but rather an amount that the lender requires the borrower to have in their bank accounts to ensure that they will not fail to pay their first and future mortgage payments This was all explained thoroughly in the written email In summary: $= $(fees unchanged) + $(estimated borrower’s home obligation) + $reserve (not required to pay at closing and not part of the settlement charge) 9) One True Loan has not made any mistake with this loan that would jeopardize the approval of the loan nor have we hid any fees or costsMortgage is a complex process and we have made every attempt to be visible and thorough of our explanation to all our borrowers not just Mrs [redacted] We continue to improve our website to make it easier for our borrower to quickly and visually grasp the complex mortgage process and all the money transactions involved In conclusion, unless borrower is willing to be in direct communication AND cooperate with us, there is nothing more we can do for the borrower It would appear that the borrower has changed her mind with the loan and is looking for One True Loan to be responsible for her decision Regards, One True Loan, Inc
A very good experienceI was unsure of applying for a mortgage online but working with [redacted] and [redacted] was a pleasureThey were responsive, patient and very helpful
I was refereed to these guys from a colleague I shopped around and found the best rates with them During the refi process the team stayed on top of things to ensure everything went smoothly
I called One True Loan after being stalled by Wells Fargo for weeks and weeks on a cash out refinanceMo answered my call and not only beat Wells Fargos rate (saving me a ton of cash) but completed to process in record time!! He was easy to work withAddressed my questions promptlyI will definitely be working with Mo at One True Loan again soon!