Paramount Equity Mortgage

We are in receipt of this complaint and will respond shortly.

I am rejecting this response because: [redacted] told me we needed to pay Decembers mortgage. I had another company that I didn't need to pay Decembers mortgage with. [redacted] promised me that we would be receiving the $1700 at closing due to taking cash out. This was not being considered a "cash-out refinance" due to the amount not exceeding 2%. I would NOT have paid Decembers mortgage if [redacted] didn't tell me to! Why was it not ever communicated there would be a change in the amount received to borrow at closing? Also, when asking when the ($1700) check would be arriving it was never communicated at that point either.

Revdex.com:
The calls finally stopped, but it took unwarranted action on my part, after experiencing great inconvenience and many disturbances.  Most of the automated calls that I did attempt to answer were disconnected right before I pick up after 2 rings, or immediately after picking up the phone.I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.

Initially, we improperly followed up with with [redacted], and inadequately explained the appraisal process to her.  We spoke with her and reviewed the appraisal with her.  We have refunded the $70 overdraft fee she was charged.  While still unhappy with the appraised value and the...

appraiser, [redacted] was pleased with our response and was satisfied with the resolution.

Revdex.com:I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.
The whole explanation wasn't exactly accurate, but I'll take it.  They have discontinued calling me and that was the goal.
Thank you,
[redacted]

PARAMOUNT EQUITY did the same thing to me as all the complaints above. I am seing an attorney to start a law suit and collect damages from them.

Review: I was contacted by Paramount to refinance my home. They felt the best way was a VA. loan. I told them I did not want to pay out any money unless they were sure they could do it. Here we are ,two months later and $400.00 out of my pocket for a home apprasial and I am no closer to refinancing then when we started. Their website says they are A+ rated by the Revdex.com. is that true? I have been told that the process is not all legal, and the paperwork I see is not the same as the final documents. As of right now I have not heard from them for two weeks and no longer want to do business with them! I feel they forced me to spend money on an apprasial knowing that the loan would not go thru!Desired Settlement: Refund my money, return all of me personal information and leave me alone!

Business

Response:

Mr. [redacted]

We apologize that we were not able to complete your loan and prove to you that we pride ourselves on taking care of the homeowners we are able to help every day. As a courtesy, we are refunding the appraisal fee, which I will happily expedite and hope that you will allow us to redeem ourselves and prove to you that we are always striving to offer exemplary service.

We would welcome the opportunity to answer any questions you may have about a mortgage loan and will only provide you with accurate information related to any loan program.

Should you need any assistance, please contact me directly at ([redacted].

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me. I hope that all my personal info. will be removed!

Beware- predatory lender. They called me trying to sell me a loan. I asked about the rate and the guy I talked to completed a loan ap and ran my credit without my consent. I just got an email stating there are electronic docs ready for me to sign. This was done without my knowledge or consent. BAD BUSINESS!!

Review: They lied to me about the amount of my loan. I was supposed to receive money back, I was rushed threw my signing and when I asked the amount I was getting back and again was told a different amount then what I received. My loan officer [redacted] stopped returning my phone calls and when I spoke with her supervisor [redacted] he was very rude and stated it was my own fault I was repeatedly lied to. I have messages where the about I should've received is clearly stated over and over again.Desired Settlement: I'd like my loan to be corrected to the amount I was repeatedly told it would be.. Or better yet undo the loan I want nothing to do with this lying company

Business

Response:

We have looked into the file on our end and have made serval attempts to contact the borrower in regards to redoing the loan. We are still awaiting client feedback on how to proceed. Tell us why here...

Review: Mortgage Broker kept playing with the numbers on the loan application , when I asked them about them I was told it doesn't show on the end. I had them redo to loan application two time and still tried to sneak in bogus figures and costs. when I got tired of dealing with [redacted]

[redacted] I was passed onto his Boss [redacted] who was an even bigger lair I finally got tired of them and told them I wasn't interested don't call back but I kept. getting calls so I had to resort in having there number blocked.Desired Settlement: No need to contact me any further.

Business

Response:

Paramount has removed Mr. [redacted] from all records. Mr. [redacted] email and phone number have been added to the DNC list.

Review: I initially sought to switch from a 30 year loan to a 15 year loan. The loan officer went through gathering my information and ordering the appraisal. I voiced concerns of the appraisal coming in too low, and asked how that would affect my loan. Instead of answering my questions he instead prattled on about how it couldn't possibly come in that low. It came in low and the loan would have to be modified in order to qualify. I directly told the loan officer to cancel my refinancing twice. Instead of doing so, he continued to negotiate new changes to the loan over the course of seven days.

In a text message, the officer stated "I didn't cancel the loan I wanted to work on it first. I have a solution give me a call". This is a blatant disregard of my direct and exact statement to close the refinance "All I want to shave off is my disappointment. Cancel my refinance". This is a flagrant abuse of customer trust, and a mishandling of my business.

When I brought up the concerns listed in this complaint, the loan officer got defensive and called me hostile. He then insulted my integrity by claiming that I was being too negative and giving up too easily.Desired Settlement: Listen to your customers. Comply to demands to cancel actions. Cancel my loan. Never contact me again.

Business

Response:

Our records indicate that customers contact information has been put in DNC for all forms of contact. Our EVP of Sales [redacted] has attempted to reach borrower and left a voicemail.

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.[redacted] asked that I get in contact with him, which I did. We discussed the issues that rose up, and he was very fair throughout the conversation.

They seemed to nice and eager at first but they really over promise and under deliver! We have been going through a refinance with them since early to mid April. Supposedly we're working with the manager because the original loan person was just that unresponsive. It shouldn't take a week to come up with numbers! We have hit a few snags along the way but when they tell you that you should have something (final approval for instance) a week and a half later and then that doesn't happen and you reach out to them but they don't answer your calls or your emails. Then they find some way to talk their way out of it. Honestly we wouldn't even be dealing with them any more if we weren't out the $500 appraisal fee that we can't get transferred. I think they charge that up front so that you're stuck with them. Completely unhappy with them and would never refer anybody to them.

We had the misfortune of working with this company from California. We were harassed and belittled by Bradley J[redacted] and I NEVER want to have any contact with this company again because of his HIGH HIGH pressure sales and quick-to-anger response to simple questions that were of great importance to me. I even had to tell him to calm down because I was JUST asking a question. He wanted to pressure us to go fast enough with him that we didn't realize the garbage they were trying to get us to buy. Boy, was that ever a dodged bullet!!

Review: I recently refinanced a loan through Paramount Equity Mortgage. I completely regret and wish theres a way to undo this. I was working with [redacted] out of the California office and I had and am still having the worst experience of my life. At first, [redacted] was great. He seemed like he really knew his stuff but he was basically lying to me the entire time. Every time I'd ask him a direct question, he would talk in circles and throw out a bunch of information irrelevant to my questions. He would just say its hard to explain but trust me. Here was the situation, he convinced me to switch to an FHA loan because I would save so much money etc. And yes, in 30 years I will end up saving money. When the documents were prepared, I noticed a $4,033 upfront PMI fee on there and I questioned it. [redacted] told me over and over that I did not have to pay this fee. It would just hover over my loan as "insurance" in case I foreclosed on the house and then I would have to pay it. While his response was favorable, I still didn't feel comfortable about it so I decided I wasn't going to go ahead with the loan. [redacted] came back and guilted me into going forward with the loan. Promising me that I didn't have to pay this $4k. I even have an email saying the same. So I said ok maybe I'm just being paranoid. If he's willing to put it in writing than it must be true. So the closing and came and went. Not even 2 weeks after my closing, my loan was transferred to another mortgage company. I called the new mortgage company and asked them about this $4,033 to confirm I did not have to pay it. The new company sounded completely confused and didn't understand why my loan officer would tell me this. So I call [redacted] back and he still insists that I don't have to pay this money. I ask him for proof or something official so I can go over it with the new mortgage company and he has yet to provide me any information. He basically closed my deal and stopped replying to my emails. He refuses to give me his manager's # etcDesired Settlement: I would have never gone through with this loan if I had known I had to pay this $4,033 and now I'm stuck with it? It doesn't seem right to me. It's [redacted]'s fault for providing me with false information. I work in insurance and if I assured someone in writing that they did not have to pay money and I was wrong? I would be on the hook for that money so I believe Paramount should be on the hook for this as well.

I also think they need to re-evaluate this loan officer and his professionalism.

Business

Response:

Thank you for this information. We have looked into the file and our records indicate our District Sales Manager has attempted to make contact by leaving a voicemail.

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.

The district managers, [redacted], was extremely sincere and helpful. He responded very quickly and is working to get my refund issued. I would like to retract my complaint if possible.Sincerely,[redacted]

Review: In September of 2015, I and my wife applied to refinance our primary home loan with Paramount Equity Mortgages, LLC. Our application was handled by [redacted], senior mortgage specialist who guaranteed that our refinance application would go through because they have handled similar applications before and the financial numbers met their criteria. After we supplied Mr. [redacted] with all the requested financial and personal information, he re-stated the guarantee that the loan will be closed within 30 to 45 days. We explained that our situation was a little bit more complicated because we had a secondary loan from HCILDA (Los Angeles Housing Community Investment Department) and a subordination request will need to be made. We provided [redacted] and subsequently all the staff who handled the processing of the case with direct contact numbers of HCILDA and even began a three way email conversation between all parties involved to make sure the process goes through smoothly. HCILDA provided them with the forms and instructions required to process the request and indicated they would be willing to subordinate. After more than than six months of trying to close the loan, Paramount failed to complete the process of closing the loan because they did not follow the simple and clear instructions explained in the form from HCILDA for subordination. During their first attempt the forms were sent to incorrect address without the processing payment. On the second attempt the forms were incomplete/missing requested documents. Finally on the third attempt everything was provided correctly and HCILDA agreed to subordinate. However, by that time, the case was open for over six months and the rate lock was extended for so long, Paramount could not close the loan. [redacted] explained in the email we would restart the process with a new loan in one month due to regulations. After one month passed, [redacted] did not respond to inquiries and interest rates went up causing us to lose on good rates.Desired Settlement: To resolve this matter, we would like Paramount to either:

1) honor their promise and refinance our loan at competitive market rate or,

2) refund our expenses incurred, i.e. appraisal costs paid for the home in the amount of $450 due to the expectation and promise that the loan will be finalized, but was not.

Business

Response:

Thank you for providing this information. We are looking into the file on our end.

Business

Response:

Our records indicate that the original team working on this file have made contact with the customer and are working redoing this file.

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me granted we are able to close the loan.Currently, we are working again to redo the refinance and so far they have been communicating well and informing me of the status of the case. They have accepted responsibility for the mishandling of the case first time around, and seem to be sincere in wanting to resolve the complaint. They've indicated, that there aren't any obstacles going forward and achieving a resolution. The issue has not yet been resolved, but they've put a good faith effort thus far and I'm optimistic we will be able to achieve our goal.

I was told my property would appraise for 350k and that amount would work. the loan was denied because the appraisal was too low. now I am out 550.00. I feel I was mislead.

BAD CUSTOMER SERVICE......AND LOAN AGENTS THEY HAVE....I LOST MY MONEY THROUGH APPRAISAL AND PLUS NO COURTSEY TO LET ME KNOW WHATS GOING ON I END UP IN CALLING THEM TO FIND OUT WHATS HAPPENING WITH MY FILE AND THEY SAYS OH I CANNOT DO THIS LOAN AFTER 30 DAYS OF TORTURING Christopher B[redacted] IS THE LOAN GUY TERRIBLE COMMUNICATION SAYS HE GOT TONS OF FILES OTHER THAN THIS THATS THE EXCUSE FOR NOT CALLING ME AND LETTING ME KNOW

Review: 1. paramount said if I supply them with a better offer they will meet or beat the offer, competitor had offer of included appraisal, this company made me pay for the appraisal

2. paramount customer representative very unstable, spoke to about 20 different people in my process, with competitor only a couple of years ago only spoke to 1.

3. parmount loan representative tried to bully my insurance company into giving them information, now mind you I'm in a contract and on paper it's OK for them to request this information from my insurance company and this I 110% completely understand. They did request the information and my insurance company stated that my home would not have coverage until the loan with paramount was closed. They called my insurance company to explain the information during a 3 party call, Yes, I was on the phone. My insurance company didn't answer and he left a message then said "I have xxxx on the phone, xxxx can you confirm", I stated this is xxxx on the phone Yes. My insurance company calls me back approximately 10 minutes later stating this individual called them back again and stated that I had left permission on the voicemail to release this information. What? No, that was not my consent.

4. paramount loan rep sent me a text message stating "I would hate to see you throw away $500 on an appraisal based on something as simple as a request for home owners insurance but ok lol. So they called my insurance company trying to bully them into giving them full control of my home owners insurance prior to the loan being closed, then they state I gave them permission to do so and not they are moking me for paying for an appraisal which they really don't care about.

5. as a potential customer of paramount I am extremely disappointed in there character and business professionalism. the loan still needs to be closed...

6. I'm still waiting for a call back from a manager or someone of importance from this company so figured this should speed up the process, talk soon......Desired Settlement: close my loan, refund my appraisal fee since the better offer supplied wasn't honored, let me move onto a company that will help me get this nightmare over with

Business

Response:

Our records indicate the loan was completed this weekend, 5/7 and the desired settlement was reached. If you believe the desired solution has not been reached, please provide additional information so we may assist you in reaching you further. Thank you!

Consumer

Response:

I am rejecting this response because: even thought the loan was signed I'm not happy with the overall experience, but since it's done I guess I'll have to agree with the offer I was given, the company still did not honor it's meet or beat clause it presented to me. They'd have to beat a free appraisal as given to them, but whatever.

Review: I was refinancing my home as I had been through a divorce and needed to get my ex-spouse off of the mortgage and loan. I was contacted by Paramount Equity Mortgage after I had spoken with another Loan Agency, Quicken Loans. The lady from Paramount was able to get me locked into better circumstances and also let me know that there would be no cost to me going into the loan. I let her know that I also would not have any reserves or payments and this was not an issue or a concern when I was first starting this loan process. I had started E-signing documents on February 2nd, 2016. I had to supply documents throughout the next few weeks and a few weeks into the process was stated that I was going to need to pay out of pocket for an appraisal that was going to cost 495.00. I questioned this as I was originally told that there would be no out of pocket expenses, I got the appraisal done, by home came out at 216,500. The loan amount that I am requesting was for 133,000 to debt consolidate and pay the remaining loan off. Long story short, we finally closed all of the documents signing at the end of March, I met with a notary on Easter Sunday to complete the signing of all of the papers. I was told by my loan officer that I would not have a Payment in May and that my first payment would be due June of 2016. I did not read all of the papers I was signing on Easter as I believe I signed and initialed about 50 times, there was a page that was signed that stated my first payment was due May 1st. I was sent a payment notice for May 1st to Paramount and in the same week was notified that my loan had been sold to Freedom Mortgage as of April 16th, 2016 less than 30 days after my original loan closed. I have texts and also an email stating I had no May Payment, Paramount is requesting I make my May payment to them even though they don't carry my loan anymore. Freedom Mortgage is stating my first payment to them is due June 1st, which was what I was originally told and believed to be true.Desired Settlement: I would like first to know why I am making a payment to Paramount for May when they no longer have my loan and also I would like this payment dropped as I have an email stating I do not have a payment until June 1st and also a text message from my loan officer stating I do not have a payment due in May.

Business

Response:

Thank you for this information. We are looking into the file on our end and will attempt to contact the customer in regards to the requested refund and information.

Consumer

Response:

I am rejecting this response because: I am working on speaking with a [redacted] right now, I missed his phone call and have not had the opportunity to contact him until today, have left a voicemail this morning.

Business

Response:

The company has completed its research on this matter and we spoke to the customer.

Review: I was informed I was approved for a refinance and bill consolidation. I was made to pay 450.00 for an appraisal. The appraiser made certain repair requirements to my home at the cost of 450.00 to continue with the loan. Paid and made the repairs. After a long process of exchanging phone calls paperwork which took about two months. I was informed via mail I was not approved. The customer rep assured me I was approved, made me pay for house repairs and appraisal. Please do not waste your time and money with this company.Desired Settlement: Refund for the appraisal.

Business

Response:

Our Records indicate we are we are sending the borrower a check for $450.00 appraisal refund.

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.