Pinnacle Capital Mortgage Corporation

5/9/
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Re: Case Number ***
To Whom It May Concern:
Pinnacle Capital Mortgage Corporation (“Pinnacle”) received
the above referred complaint from the Revdex.com (“Revdex.com”) and the
intent of this correspondence is to respond to that complaint
Unfortunately, the complainant in this matter is the Seller
of the property and not our customerWe are not able to share much, if any,
information due to confidentiality rules.
In short, we are bound by federal and likely state rules of
confidentiality and cannot discuss the matter without our customer’s express
consent (which we do not have) or in the face of one of the other very narrow exceptions
We can comment on certain facts noted in the complaintThe
complaint filed with the Revdex.com notes the contract was extended three separate
times. As a party to that contract, the
Seller presumably was a willing participant in each of those extensions. That the Seller now complains that the loan
process took too long is troubling
For more information about the transaction, we recommend the
Seller contact his or her Realtor who likely can shed some light on the
contractual or transactional delays with the sale of the property
We regret we cannot go into more details
Regards,
*** ***
Compliance and Risk
Officer
Pinnacle Capital
Mortgage
Lava Ridge Court,
Suite
Roseville, CA
P: 916-865-
** ***

Review: Failure to Close On Time

In this case I am the Seller of the Property at [redacted] Dr., [redacted] CA. XXXXX. Their client is the buyer. When I entered into the agreement to sell my home to their client, we were assured by the Mortgage Banker that he was fully underwritten and qualified. So we proceeded with the sale. Things were going smoothly until it was time to close.Pinnacle actually funded the loan to the wrong Escrow company. Of course the wrong company bounced back the wire. They then took 48 hours to find their mistake and in the mean time their client lost his loan lock. It is now 7 days since this Sale should have funded and I am sitting here in a almost completely pack up house with nothing but excuses from this company as to why they cannot fix their mistake so we can record this transaction and fund. I have now waited for 7 days in an almost completely packed up house with no food or a way to cook it if I had it.Desired Settlement: I want the person or persons involved with this intolerable error fired, their license revoked from ever being involved in the Mortgage industry. I'm sorry just doesn't cut it. Let them sit in a packed up house for over 7 days with no food for 7 days waiting on someone to fix their mistake and getting a different story everyday and take off for a Holiday weekend without having their files in order and let them see just how I feel right now.

Business

Response:

Business' Initial Response

There were certain issues, some of which was in our control and some of which was beyond our control that delayed the funding. We sincerely apologize but cannot disclose confidential information. If you would like to further explore the issue please contact [email protected]

Review: It has taken 3 1/2 months and I have still not closed on sale of my home. I have been given three different dates to close and each have been canceled. My sales contract date was 1-3-2014. Pinnacle Capital Mortgage is unable to deliver and has since brokered the loan to [redacted] Mortgage and they too have failed to deliver a closing and settlement statement for review. These companies, by far, are the worst I have ever experienced and are very unprofessional ! It has taken Pinnacle Capital Corporate office in California 3 1/2 months to escalate the loan process and still nothing is happening.Desired Settlement: Explanation from Morgage company

Business

Response:

5/9/2014