Poli Mortgage Group

This borrower does not know the law correctly as there is no law requiring refund of credit report fee and application deposit if a loan is declined The law he states pertains only to loans that rescind not be declined However we had refunded the borrower $application deposit on 2/ Poli kept the $fee for credit report Please note, iwithin the law we had the right to retain the full $but to try to assist the borrower the $was refunded even though it was not required

In regards to this borrowers items:We had submitted this borrowers loan to the investor, ***, for approval as Poli is not approved to provide approval on such a large loan amount Those loans must be underwritten by the investor [redacted] had initially approved it but pending a long list of conditions Once all was provided and reviewed [redacted] declined the loan due to the income Borrower notes loan was approved at other lenders and possibly they didn't have the requirements [redacted] had requested WE worked with the investor but it is their decision not Poli's In regards to his quoting Regulation Z and refund of deposit that only applies for loans that the borrower rescinds their loan (meaning it went to closing and borrower signed but within the allowed time canceled their loan) it does not apply to declined loans Borrower sent us his information found on line and it did not refer to declined loans I have confirmed with our compliance advisers, for additional support, that lender is NOT required to refund application deposits on declined loans Also borrower had signed a disclosure that confirmed deposit is only refundable if the loan closes NOTE: we did refund the borrower $again in good faith to show support to the borrower although not required refunded on 2/for $application deposit fee for credit report was not returned

Revdex.com: I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint # [redacted] I understand that by choosing to accept the business response that my complaint will be closed as resolved Regards, [redacted]

Revdex.com: I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted] Please add your rejection comments below The lender is not only rude and unprofessional, but also irresponsible for addressing customer's concernIt is hard to believe why they are doing thatThe lender should understand, at minimum, it is not within their job to interoperate how the law regulates mortgage marketThe lender needs to apologize formally to the borrower for mis-representing their case to their investor which has resulted in terrible result for mortgage applicationThe lender also needs to understand that an exact same case was approved by [redacted] directly, therefore they owe the borrower an apology in a manner of respectRegards, [redacted] **