Prospect Financial Group Inc

Prospect Financial Group
First of all, we would like to thank Mr*** for bringing
this matter to our attentionWe are always looking for new ways to improve our
business practices, and we truly regret that Mr*** was dissatisfied with the
service he received from Prospect Financial Group
After speaking with *** and *** and after reviewing the complaint
submitted to the Revdex.com by Mr***, we would like to formally respond as
follows:
Like any broker, we must request specific documentation to
determine whether a borrower meets specific eligibility criteriaIn this case,
we were working with ** *** to complete the qualification process and
determine whether the loan could be funded
Every borrower's personal financial situation is different, and
some loans require more documentation and time than othersBut we strive to work with our borrowers
to process loans as quickly as possibleMr***’s file had multiple
conditions that had to be cleared before his loan could be approved, and
unfortunately this part of the process can take some additional time
However, *** insists that at no point during the underwriting
process did he tell the borrower that the rate was “locked.” *** is a
seasoned loan officer and knows better than to use that word or phrasing when
we do not in fact have a lockBecause all communication was via email, we do
invite Mr*** to provide any documentation contrary to thisWe, for
our part, have found nothing to suggest that *** indicated Mr*** had
a rate locked
To refinance any home loan, the home must be appraised, so that
was indeed one of the final steps in the processThere is always an appraisal
fee associated with this, which was made clear upfront
We were waiting for final approval from ** *** after the
appraisal, when Mr*** began contacting our main office asking for the
President, *** *** was out of the state on business at this time
and entrusted a loan officer who was in the office that day (*** ***) to
handle the situation in his absenceUnfortunately, the market had taken a
downturn during the underwriting period and *** did have to alert Mr
*** that rates had gone up at that time
To
try to make up for the processing delays and any miscommunication, *** did
offer to compensate Mr*** as indicated in Mr***’s statement
This is something we usually do not do, as we cannot control what documents are
requested by the bank and we always do the best we can on our end to ensure the
process is as fast as possible?
We
do apologize for any misunderstanding or miscommunication regarding the rate
being lockedWe will
ensure we review our communication procedures and policies so that this type of
issue won’t happen again in the future.? We
also understand how frustrating it is when the initial processing and
underwriting is more onerous than expected, but we do have to adhere to the
bank’s requests --- there is simply no way around this
We
are happy to continue with this loan and help Mr*** complete his
refinance, but we cannot change the current market rates.?

Revdex.com:
I have reviewed the? response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint.? For your reference, details of the offer I reviewed appear below
I do not accept the company's response to my complaint.? Also, we have already refinanced with another mortgage company, thus, there offer to continue with them is unacceptable.Additionally,? it appears they are citing? reasons? for denial other than the reason cited in the letter we received from them.? Since I am insufficiently ? savvy as it relates to computers, I am going to mail you a copy of the "Denial Letter" we receivedI will put it in the mail? tomorrow.? ? Please send me an e-mail acknowledging receipt.? All other denial reasons they are attempting to cite in their response are meaningless.The only acceptable? offer from this company? is for them to refund my $505.00.The company took? the time to cite various names and activities; including ***, whom I contacted briefly in and at that time had nothing to do with the loan in question.? However, the name of the person they failed to mention is *** *** When I called in 2016? and was told *** no longer worked for the company, I requested *** by name.? I requested him because when I read the company's reviews on the internet, *** was highly? recommended and the? one thing that impressed me the most was, they said he was HONEST.? He is the individual? who quoted me? the "no cost? loan with an interest rate of 3.625%".? He also spent quite a long time assisting me in filing an application by computer using what he said was? a new system? they had just acquired.? Shortly after that I was unable to have anymore contact with him.? I was then handed over to *** ***, for whom I continue to have a? great deal of respect.? Later, when I asked ***? about the 3.625% rate? *** had? promised me,? no one seemed to have been able to figure out how *** came up with it or from where he got it.? As a ***er of fact, my file was held up for a few days because I was told they were trying to find out from *** how he came up with it.? Finally it was determined 3.625% never existed.? For my personal reasons, even though I know the name of every person and every interaction I had with that person, I do not like mentioning names if it might have a negative impact on that person.? Based on the company's response, I determined it necessary to state some of the names I deliberately omitted from my initial complaint
Regards,
*** ***

Revdex.com:
I have reviewed the? response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint.? For your reference, details of the offer I reviewed appear below
[Thank you for your reply.I still do not understand why it cannot refund to me? I do need detailed reason of why no refund? The change from no cost to cost was not communicated by ***; I did not make a mistake? If no proof of communication is found, I should receive a refund, just like other customers had received through Revdex.com.]
Regards,
*** ***

First of all, we would like to thank Mr*** for bringing this matter to our attentionWe are alwayslooking for new ways to improve our business practices, and we truly regret that Mr*** wasdissatisfied with the service he received from Prospect Financial Group.After speaking with Mr
***’s loan officer, *** ***, and after reviewing the complaintsubmitted to the Revdex.com by Mr***, we would like to formally respond as follows:Ms*** maintains she was not informed about the second lien on the home initially (the lien wasnot disclosed on the loan application)After the second lien was discovered (April 12), Ms*** askedwhat Mr*** would like to do (pay off or subordinate)Ms*** sent updating pricing for bothoptions on April After Mr*** had questions about these options, Ms*** responded (April18) and gave a clear explanation of why the pricing was changing, as shown in the attached email chain(Email 1).Not only was there a second lien, but Mr***’s credit came back at 673, which was lower than whatwas submitted on his application on April (***) (see Email for conversation between Ms***and the lender’s underwriting department, where she is trying to make an exception for the lower creditscore).In addition to the second lien and lower credit score, Mr***’s appraisal also came back at $470,000instead of the $515,submitted on his applicationMs*** emailed Mr*** to inform him ofthis on April and to let him know that this may affect his pricing (see email 4).Ms*** emailed Mr*** on April 27, after working with the lender to process the loanapplication and get the best rate possible, with updated pricing and a detailed explanation of why thingshad changed since the initial quote (see email 3), which is based solely on the information Mr***himself submitted on ***.Mr*** chose the zero cost option and was told he still needed to send the subordination fee (notpaid to Prospect Financial Group) for the second mortgageDue to travel, this took over a month for Mr.*** to submitOnce the payment was submitted, the lender approved the loan and we received aclear to close.However, *** (lender) then discovered $9,in past due delinquent property taxesThis was anunfortunate setback, but Ms*** was never informed of this and it is not our practice (nor anylender that we are aware of) to check public property tax records for every file to determine whether anapplicant disclosed all debt on their loan application.After again going above and beyond, Ms*** received approval from management to roll thedelinquent taxes into the loan because Mr*** had stated he could not pay this at closingMs.*** tried to make the situation as clear as possible and also attempted to call Mr*** to furtherexplain the situation (see Email 6).After agreeing to the new terms, we (Prospect Financial) had to run a new credit report, as the last hadexpiredThe new credit report disclosed that Mr*** had acquired an additional $3,in debt sincethe day the first credit report was run (see email 7)At this point, the loan processors put a caution onthe accountTo get Mr***’s loan back in the approved status, Ms*** requested reserves fromMr*** to improve the debt-to- income ratioThe total amount of reserves in Mr***’s 401K wasaround $11,000, which was not enough to push the loan back into the approved status.Mr*** was unable to provide any other reserves, and with his increasing debt, and unpaid propertytaxes, we were unable to move forwardMs*** explained this on July (see email 8)Ms***provided further clarification on July (see email 9).Mr*** then emailed asking for a reimbursement of his appraisal and subordination feesHowever,these are not fees paid to Prospect Financial, nor are they lender feesMs*** clearly explained thatwe could not reimburse these third-party fees (see Email 10).Our initial email did state that we would only order the appraisal after the loan was approved based oncredit and incomeThe loan was approved based on these factors when the appraisal was ordered, butmuch of Mr***’s financial information changed or was disclosed after thisWhen any financialinformation changes during the course of a refinance, the rate and refinance scenario is subject tochange as well.As with any mortgage broker, we must work with both the lender and the borrower to make sureminimum lending requirements are metWe do not set these requirements and can only work with theinformation we are givenAt the same time, we have a duty to our clients to try to get the best ratepossible and provide all options for each unique scenarioWe take this responsibility seriously, and aretruly disappointed that we could not meet Mr***’s refinance expectations.We apologize and take responsibility for any misunderstanding or miscommunication concerning ourzero cost loans, eligibility criteria, and any third-party feesAfter reviewing the correspondence betweenMs*** and Mr***, we do believe that Ms*** did do the best she could to get this loanapproved and made her decisions, suggestions, and the process clear every step of the way.We would be happy to reconsider Mr***’s loan application when the debt-to-income ratio can belowered

Revdex.com:
I have reviewed the? response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint.? For your reference, details of the offer I reviewed appear below
I have detailed my replies in the attachment.? In short, Prospects response was simply an attempt to discredit us as clients.? However, the majority of their statements are incorrect, and I have documented this in the attachment
Regards,
*** ***
To Whom It May Concern,? Thank you as well for taking the time to respond to my complaint, however, much of what you have stated is incorrect or seems to have been modified to put the blame on us for this failed refinance As I have emails documenting most of what occurred during the attempted refinance, I will be happy to forward them to you to back up my responses to your reply.Re: The second lien on my home ??" Though I did not disclose this when I initially completed your application (4/10), Ms *** was actually aware of the second on 4/(not 4/12) and by 4/12, had already modified our loan to accommodate the 2nd…and had requested a letter from us explaining why we needed the cash out to pay off our HELOCOn the 15th was when Ms*** sent me an email stating that she was unaware that I wanted to pay off my 2nd, and I sent her a reply stating that I thought we had resolved this on the 12th So, stating Prospect was unaware of my 2nd because I didn’t initially disclose it is completely false…as Ms*** knew within 24hrs of my completing your paperwork, that I had another mortgage.Re: My application which was referenced for my credit score and home valuation ??" Let me clearly state that I NEVER filled out an application for Prospect or signed off on any of the information Ms*** supplied as my ‘application’ Your company purchased 3rd party information ??" which I was already aware of as Ms***’s first email to me didn’t even have my name, from a source which asks that users fill out a form in order to view current mortgage rates…which is what I was doing When I spoke to Ms***, I actually tried to provide more accurate information ??" which obviously was not used on this application And, as has already been stated, you had my credit report and most of my financials by April 12th Which was also the first time Ms*** informed us that we were approved? Re: My Subordination Check ??" Again, this is another statement that I assume has been made to make it appear that we caused the delay in our closing Here are the facts Ms*** confirmed (again) that we were approved, our appraisal ordered and the need for the subordination check, all on 4/On 4/20, I purchased the check ??" I will be happy to show you my receipt as confirmation The delay in sending the check came when Ms*** accidentally sent me an email, intended for someone else (an ***), stating that my appraisal had returned lower than expected ??" this was actually when I discovered the appraisal amount had been set for 515K After questioning her about this, we waited a week (until 4/27) for your company to provide us new options/rates, then another few days (until 5/3) ??" as Ms*** had stated that you would be able to roll in our second, and then my wife and I took another week to determine whether we still felt comfortable moving forward with your company On 5/11, I sent Ms*** an email stating that I had already sent the check Re: My 401K ??" I am not sure how you arrived at this number (11K), but that is definitely not the amount of the 401K I sent Ms*** Again…I have the email and documents to verify this.Re: My Taxes ??" Once again, you have provided the wrong amount (the taxes were 7.6K) and neglected the fact that in order to close, you then asked that we also pay 2.7K in Lender fees ??" despite your initial promise of “$fees out of pocket and $fees rolled into the loan.” Also, again, you have tried to put the onus on us, by commenting that our taxes were not disclosed, yet there is no clear option to disclose this information in any of the documents we did sign for you Why is there the expectation that the client know what information to provide, when you the Mortgage company doesn’t know what questions to ask? As I am sure you’re aware, tax information is public knowledge…so, we obviously were not trying to be secretive about this.I believe I have addressed all of your comments, but, as I have stated several times, I will be happy to provide you, the Revdex.com and whomever else, a list of emails and documents to verify everything I have stated in this reply.It is frustrating to us that Prospect, a company which claims to have won many accolades for its customer service, would rather go through a lengthy process of trying to discredit us as potential clients, than accept that there were errors in their vetting and refinance processes We never reached out to your company for a refinance, but gave them the benefit of the doubt based on the promises they made…promises, which were not kept

Hello ***,? We apologize that you did not receive the $appraisal reimbursement that was promised to youAccording to our records, the check was mailed on 10/13/We have issued another check, which is being overnigand should arrive to you no later than Thursday, November 12thThe
tracking number for this package is ** *** *** ** *** ***.? Once again, we apologize for the delay.? Best Regards,*** ***
Prospect Financial Group, Inc
*** *** *** * *** *** ** ***
Direct: ***
Fax:
***
***
***
BRE #*** | NMLS #***

Revdex.com:
I have reviewed the? response made by the business in reference to complaint ID ***, and find that this resolution would be satisfactory to me.? I will wait? for the business to perform this action and, if it does, will consider this complaint resolved
Regards,
*** ***

Hello,? The complaint has been resolved between Prospect Financial Group, Incand *** ***Please see email from borrower below.? Revdex.comDispute CenterViewridge AveSuite 200San Diego, California 92123? Dear Sir:? I am writing in reference to my
complaint ID *** filed on 10/4/16, against Prospect Financial Group Inc, (PFG), located at Garnet Ave., San Diego, California.? ? In this respect, I want to inform you that we have arrived at an amicable settlement with PFG, whereby the company has agreed to pay me the $amount which I had filed in the complaint.? In summary, I ask you to please withdraw my complaint immediately, as I have no further claims against PFG.? Please acknowledge this message that my claim has been settledAlso please inform PFG attention Mr*** ***, Manager, of this situation.? Thank you for taking care of this request.? *** * *** ***

Dear Ms. [redacted],   We want to start by saying that we truly appreciate your feedback. At Prospect Financial Group, we take customer responses like yours seriously, and we use this information to continuously improve our business practices. We were pleased to hear that you...

chose to do business with Prospect Financial based on customer reviews, low interest rates, and our no-closing cost loan options, and we are sorry that we did not meet your expectations.   We apologize for the lack of communication from your loan officer via email, as that was your preferred method of contact. We are currently reviewing our communication policies to ensure we are taking each customer’s individual contact preferences into consideration. We are also sorry to hear that you are not happy with the final cost of the loan. After speaking with your loan officer, [redacted], it seems that the original quote was for a no cost loan, but because rates went up before the necessary paperwork was submitted to lock the loan, your loan officer had to present you with new options to move forward because the scenario originally quoted was no longer available. We do understand how frustrating this part of the mortgage industry can be, but unfortunately we do not set or control the rates themselves, and we always do our best to make sure your options are clear throughout the process.     Mr. [redacted] then gave you the option to keep the lower rate with some costs, or to jump to a slightly higher rate to keep the no-cost loan. According to Mr. [redacted] and the final closing documents you acknowledged and signed, you chose to keep the lower rate and incur some costs. Mr. [redacted] was then surprised to hear when there was confusion several days after the loan had funded, and did try to reach out multiple times over the phone. We understand that you preferred to communicate via email, and we have taken the steps necessary to ensure our team contacts customers in their preferred manner in the future. However, because the costs were acknowledged and explained beforehand, we cannot provide the requested refund. We encourage you to reach out to our customer service team at [redacted] or [email protected] so that we may assist you more directly with this matter. Thank you once again for your valuable feedback, Ms. [redacted].

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.
I have detailed my replies in the attachment.  In short, Prospects response was simply an attempt to discredit us as clients.  However, the majority of their statements are incorrect, and I have documented this in the attachment.
Regards,
[redacted]
To Whom It May Concern,
 
Thank you as well for taking the time to respond to my complaint, however, much of what you have stated is incorrect or seems to have been modified to put the blame on us for this failed refinance. As I have emails documenting most of what occurred during the attempted refinance, I will be happy to forward them to you to back up my responses to your reply.
Re: The second lien on my home – Though I did not disclose this when I initially completed your application (4/10), Ms [redacted] was actually aware of the second on 4/11 (not 4/12) and by 4/12, had already modified our loan to accommodate the 2nd…and had requested a letter from us explaining why we needed the cash out to pay off our HELOC. On the 15th was when Ms. [redacted] sent me an email stating that she was unaware that I wanted to pay off my 2nd, and I sent her a reply stating that I thought we had resolved this on the 12th.
So, stating Prospect was unaware of my 2nd because I didn’t initially disclose it is completely false…as Ms. [redacted] knew within 24hrs of my completing your paperwork, that I had another mortgage.
Re: My application which was referenced for my credit score and home valuation – Let me clearly state that I NEVER filled out an application for Prospect or signed off on any of the information Ms. [redacted] supplied as my ‘application’. Your company purchased 3rd party information – which I was already aware of as Ms. [redacted]’s first email to me didn’t even have my name, from a source which asks that users fill out a form in order to view current mortgage rates…which is what I was doing. When I spoke to Ms. [redacted], I actually tried to provide more accurate information – which obviously was not used on this application. And, as has already been stated, you had my credit report and most of my financials by April 12th . Which was also the first time Ms. [redacted] informed us that we were approved.  
Re: My Subordination Check – Again, this is another false statement that I assume has been made to make it appear that we caused the delay in our closing. Here are the facts. Ms. [redacted] confirmed (again) that we were approved, our appraisal ordered and the need for the subordination check, all on 4/18. On 4/20, I purchased the check – I will be happy to show you my receipt as confirmation. The delay in sending the check came when Ms. [redacted] accidentally sent me an email, intended for someone else (an [redacted]), stating that my appraisal had returned lower than expected – this was actually when I discovered the appraisal amount had been set for 515K. After questioning her about this, we waited a week (until 4/27) for your company to provide us new options/rates, then another few days (until 5/3) – as Ms. [redacted] had stated that you would be able to roll in our second, and then my wife and I took another week to determine whether we still felt comfortable moving forward with your company. On 5/11, I sent Ms. [redacted] an email stating that I had already sent the check.
Re: My 401K – I am not sure how you arrived at this number (11K), but that is definitely not the amount of the 401K I sent Ms. [redacted]. Again…I have the email and documents to verify this.
Re: My Taxes – Once again, you have provided the wrong amount (the taxes were 7.6K) and neglected the fact that in order to close, you then asked that we also pay 2.7K in Lender fees – despite your initial promise of “$0 fees out of pocket and $0 fees rolled into the loan.” Also, again, you have tried to put the onus on us, by commenting that our taxes were not disclosed, yet there is no clear option to disclose this information in any of the documents we did sign for you. Why is there the expectation that the client know what information to provide, when you the Mortgage company doesn’t know what questions to ask? As I am sure you’re aware, tax information is public knowledge…so, we obviously were not trying to be secretive about this.
I believe I have addressed all of your comments, but, as I have stated several times, I will be happy to provide you, the Revdex.com and whomever else, a list of emails and documents to verify everything I have stated in this reply.
It is frustrating to us that Prospect, a company which claims to have won many accolades for its customer service, would rather go through a lengthy process of trying to discredit us as potential clients, than accept that there were errors in their vetting and refinance processes. We never reached out to your company for a refinance, but gave them the benefit of the doubt based on the promises they made…promises, which were not kept.

Hello [redacted], 
We apologize that you did not receive the $500 appraisal reimbursement that was promised to you. According to our records, the check was mailed on 10/13/15. We have issued another check, which is being overnight-ed and should arrive to you no later than...

Thursday, November 12th. The tracking number for this package is [redacted]. 
Once again, we apologize for the delay. 
Best Regards,
[redacted]
Prospect Financial Group, Inc.
[redacted]
Direct: [redacted]
Fax:
[redacted]
BRE #[redacted] | NMLS #[redacted]

I just closed a loan with this company and for the most part, I was pleased with the service. Although I initiated the loan in September, we just closed yesterday Nov. 2. There were a couple hiccups at first with the owner, Jason. I did not get the rate first promised and I felt there was a lag in communication, so I quickly went online and noticed an agent named Alyssa who had very good reviews there. I asked for my loan to be serviced by her and was then able to sleep most nights. We had good equity and credit. The lender they chose for me Provident required a very high cost appraisal and would not re-issue our loan in our family trust. Otherwise things went well and we were happy with Alyssa.

We would like to thank Ms. [redacted] for bringing this issue to our attention. Prospect Financial Group takes this and all grievances seriously, and we will do the best we can to ameliorate...

the situation to the best of our ability.
 
After speaking with the management, loan officers, and processors who worked with Ms. [redacted], we would like to formally respond as follows:
 
Like any mortgage broker, we must adhere to the guidelines set forth by our lenders. In this case, we were working with [redacted] to process a [redacted] 30-year fixed loan for the mortgage on Ms. [redacted]’s condo. Because Ms. [redacted]’s mortgage was on a condo, the lender’s condo review team had to assess the loan to ensure it met [redacted] guidelines. This is something that is completely out of our hands, as [redacted] guidelines are set and mandated by [redacted], and lenders are required to comply with these guidelines. 
 
On October 23, 2015, we received notice that Ms. [redacted]’s condo at [redacted] was denied based on the following information, quoted directly from the Condo review representative at [redacted]: 
 
“Insufficient Fidelity Bond Coverage
The project has insufficient fidelity bond. The fidelity bond must be equal to or greater than 3 months worth of HOA income. The fidelity bond coverage is $25,000 and 3 months worth of HOA income
is $25,200. Please submit an increased fidelity bond insurance that covers 3 months worth of HOA income.”
 
On October 26, [redacted] of Prospect Financial Group notified Ms. [redacted] of the situation with the insufficient fidelity bond coverage. He also notified Ms. [redacted] of the fact that one of our processors had already reached out to the [redacted] HOA. The HOA responded and said they would need to contact the insurance company to see how much it would cost to raise the coverage, and then take it to the board for approval. 
 
This is a strange, one-off situation that we had no way of anticipating. Typically an HOA should already have approved coverage for the [redacted] minimums, unless the HOA income rose recently. Nevertheless, this was the case and [redacted] put the loan in a denied status due to the insufficient coverage. 
 
As much as we would have liked to comply with Ms. [redacted]’s requests to close her loan immediately after that, there was simply nothing we could do on our end until the HOA responded to us. We certainly understand how frustrating the refinance process can be, especially when things do not go as planned and unexpected expenses and hurdles arise. 
 
Lending regulations and guidelines do change over time and different lenders require different documentation, so even though Ms. [redacted] may have refinanced this same mortgage in the past, it does not mean the eligibility criteria is the same now. In no way does it benefit us to not close Ms. [redacted]’s loan or any loan submitted to us, so we do not make excuses for not closing a loan. There are times, however, when we cannot move forward until certain criteria are met, which is the situation we faced with Ms. [redacted]’s condo refinance.
 
Ms. [redacted] has been in recent contact with Prospect Financial Group management ([redacted]) about refunding the cost of the appraisal and condo questionnaire. We are certainly disappointed that we could not work together to close this loan, but we understand Ms. [redacted]’s frustration and are doing what we can to resolve the issue to the satisfaction of all parties involved.

First of all, we would like to thank Mr. [redacted] for bringing
this matter to our attention. We are always looking for new ways to improve our
business practices, and we truly regret that Mr. [redacted] was dissatisfied with the
service he received from Prospect Financial Group.
After speaking with [redacted] and [redacted] and after reviewing the complaint
submitted to the Revdex.com by Mr. [redacted], we would like to formally respond as
follows:
Like any broker, we must request specific documentation to
determine whether a borrower meets specific eligibility criteria. In this case,
we were working with [redacted] to complete the qualification process and
determine whether the loan could be funded.
Every borrower's personal financial situation is different, and
some loans require more documentation and time than others. But we strive to work with our borrowers
to process loans as quickly as possible. Mr. [redacted]’s file had multiple
conditions that had to be cleared before his loan could be approved, and
unfortunately this part of the process can take some additional time.
However, [redacted] insists that at no point during the underwriting
process did he tell the borrower that the rate was “locked.” [redacted] is a
seasoned loan officer and knows better than to use that word or phrasing when
we do not in fact have a lock. Because all communication was via email, we do
invite Mr. [redacted] to provide any documentation contrary to this. We, for
our part, have found nothing to suggest that [redacted] indicated Mr. [redacted] had
a rate locked.
To refinance any home loan, the home must be appraised, so that
was indeed one of the final steps in the process. There is always an appraisal
fee associated with this, which was made clear upfront.
We were waiting for final approval from [redacted] after the
appraisal, when Mr. [redacted] began contacting our main office asking for the
President, [redacted]. [redacted] was out of the state on business at this time
and entrusted a loan officer who was in the office that day ([redacted]) to
handle the situation in his absence. Unfortunately, the market had taken a
downturn during the underwriting period and [redacted] did have to alert Mr.
[redacted] that rates had gone up at that time.
To
try to make up for the processing delays and any miscommunication, [redacted] did
offer to compensate Mr. [redacted] as indicated in Mr. [redacted]’s statement.
This is something we usually do not do, as we cannot control what documents are
requested by the bank and we always do the best we can on our end to ensure the
process is as fast as possible.  
We
do apologize for any misunderstanding or miscommunication regarding the rate
being locked. We will
ensure we review our communication procedures and policies so that this type of
issue won’t happen again in the future. We
also understand how frustrating it is when the initial processing and
underwriting is more onerous than expected, but we do have to adhere to the
bank’s requests --- there is simply no way around this.
We
are happy to continue with this loan and help Mr. [redacted] complete his
refinance, but we cannot change the current market rates.

We would like to thank Ms. [redacted] for bringing this issue to our attention. Prospect Financial Group takes this and all grievances seriously, and we will do the best we can to ameliorate the situation to the best of our ability. After speaking with the management, loan officers, and...

processors who worked with Ms. [redacted], we would like to formally respond as follows: Like any mortgage broker, we must adhere to the guidelines set forth by our lenders. In this case, we were working with [redacted] to process a [redacted] 30-year fixed loan for the mortgage on Ms. [redacted]’s condo. Because Ms. [redacted]’s mortgage was on a condo, the lender’s condo review team had to assess the loan to ensure it met [redacted] guidelines. This is something that is completely out of our hands, as [redacted] guidelines are set and mandated by [redacted], and lenders are required to comply with these guidelines.  On October 23, 2015, we received notice that Ms. [redacted]’s condo at [redacted] was denied based on the following information, quoted directly from the Condo review representative at [redacted]:  “Insufficient Fidelity Bond CoverageThe project has insufficient fidelity bond. The fidelity bond must be equal to or greater than 3 months worth of HOA income. The fidelity bond coverage is $25,000 and 3 months worth of HOA incomeis $25,200. Please submit an increased fidelity bond insurance that covers 3 months worth of HOA income.” On October 26, [redacted] of Prospect Financial Group notified Ms. [redacted] of the situation with the insufficient fidelity bond coverage. He also notified Ms. [redacted] of the fact that one of our processors had already reached out to the [redacted] HOA. The HOA responded and said they would need to contact the insurance company to see how much it would cost to raise the coverage, and then take it to the board for approval.  This is a strange, one-off situation that we had no way of anticipating. Typically an HOA should already have approved coverage for the [redacted] minimums, unless the HOA income rose recently. Nevertheless, this was the case and [redacted] put the loan in a denied status due to the insufficient coverage.  As much as we would have liked to comply with Ms. [redacted]’s requests to close her loan immediately after that, there was simply nothing we could do on our end until the HOA responded to us. We certainly understand how frustrating the refinance process can be, especially when things do not go as planned and unexpected expenses and hurdles arise.  Lending regulations and guidelines do change over time and different lenders require different documentation, so even though Ms. [redacted] may have refinanced this same mortgage in the past, it does not mean the eligibility criteria is the same now. In no way does it benefit us to not close Ms. [redacted]’s loan or any loan submitted to us, so we do not make excuses for not closing a loan. There are times, however, when we cannot move forward until certain criteria are met, which is the situation we faced with Ms. [redacted]’s condo refinance. Ms. [redacted] has been in recent contact with Prospect Financial Group management ([redacted]) about refunding the cost of the appraisal and condo questionnaire. We are certainly disappointed that we could not work together to close this loan, but we understand Ms. [redacted]’s frustration and are doing what we can to resolve the issue to the satisfaction of all parties involved.

First of all, we would like to thank Mr. [redacted] for bringing this matter to our attention. We are alwayslooking for new ways to improve our business practices, and we truly regret that Mr. [redacted] wasdissatisfied with the service he received from Prospect Financial Group.After speaking with Mr....

[redacted]’s loan officer, [redacted], and after reviewing the complaintsubmitted to the Revdex.com by Mr. [redacted], we would like to formally respond as follows:Ms. [redacted] maintains she was not informed about the second lien on the home initially (the lien wasnot disclosed on the loan application). After the second lien was discovered (April 12), Ms. [redacted] askedwhat Mr. [redacted] would like to do (pay off or subordinate). Ms. [redacted] sent updating pricing for bothoptions on April 15. After Mr. [redacted] had questions about these options, Ms. [redacted] responded (April18) and gave a clear explanation of why the pricing was changing, as shown in the attached email chain(Email 1).Not only was there a second lien, but Mr. [redacted]’s credit came back at 673, which was lower than whatwas submitted on his application on April 8 ([redacted]) (see Email 2 for conversation between Ms. [redacted]and the lender’s underwriting department, where she is trying to make an exception for the lower creditscore).In addition to the second lien and lower credit score, Mr. [redacted]’s appraisal also came back at $470,000instead of the $515,000 submitted on his application. Ms. [redacted] emailed Mr. [redacted] to inform him ofthis on April 22 and to let him know that this may affect his pricing (see email 4).Ms. [redacted] emailed Mr. [redacted] on April 27, after working with the lender to process the loanapplication and get the best rate possible, with updated pricing and a detailed explanation of why thingshad changed since the initial quote (see email 3), which is based solely on the information Mr. [redacted]himself submitted on [redacted].Mr. [redacted] chose the zero cost option and was told he still needed to send the subordination fee (notpaid to Prospect Financial Group) for the second mortgage. Due to travel, this took over a month for Mr.[redacted] to submit. Once the payment was submitted, the lender approved the loan and we received aclear to close.However, [redacted] (lender) then discovered $9,000 in past due delinquent property taxes. This was anunfortunate setback, but Ms. [redacted] was never informed of this and it is not our practice (nor anylender that we are aware of) to check public property tax records for every file to determine whether anapplicant disclosed all debt on their loan application.After again going above and beyond, Ms. [redacted] received approval from management to roll thedelinquent taxes into the loan because Mr. [redacted] had stated he could not pay this at closing. Ms.[redacted] tried to make the situation as clear as possible and also attempted to call Mr. [redacted] to furtherexplain the situation (see Email 6).After agreeing to the new terms, we (Prospect Financial) had to run a new credit report, as the last hadexpired. The new credit report disclosed that Mr. [redacted] had acquired an additional $3,000 in debt sincethe day the first credit report was run (see email 7). At this point, the loan processors put a caution onthe account. To get Mr. [redacted]’s loan back in the approved status, Ms. [redacted] requested reserves fromMr. [redacted] to improve the debt-to- income ratio. The total amount of reserves in Mr. [redacted]’s 401K wasaround $11,000, which was not enough to push the loan back into the approved status.Mr. [redacted] was unable to provide any other reserves, and with his increasing debt, and unpaid propertytaxes, we were unable to move forward. Ms. [redacted] explained this on July 8 (see email 8). Ms. [redacted]provided further clarification on July 21 (see email 9).Mr. [redacted] then emailed asking for a reimbursement of his appraisal and subordination fees. However,these are not fees paid to Prospect Financial, nor are they lender fees. Ms. [redacted] clearly explained thatwe could not reimburse these third-party fees (see Email 10).Our initial email did state that we would only order the appraisal after the loan was approved based oncredit and income. The loan was approved based on these factors when the appraisal was ordered, butmuch of Mr. [redacted]’s financial information changed or was disclosed after this. When any financialinformation changes during the course of a refinance, the rate and refinance scenario is subject tochange as well.As with any mortgage broker, we must work with both the lender and the borrower to make sureminimum lending requirements are met. We do not set these requirements and can only work with theinformation we are given. At the same time, we have a duty to our clients to try to get the best ratepossible and provide all options for each unique scenario. We take this responsibility seriously, and aretruly disappointed that we could not meet Mr. [redacted]’s refinance expectations.We apologize and take responsibility for any misunderstanding or miscommunication concerning ourzero cost loans, eligibility criteria, and any third-party fees. After reviewing the correspondence betweenMs. [redacted] and Mr. [redacted], we do believe that Ms. [redacted] did do the best she could to get this loanapproved and made her decisions, suggestions, and the process clear every step of the way.We would be happy to reconsider Mr. [redacted]’s loan application when the debt-to-income ratio can belowered.

Ms. [redacted],   To start, we appreciate your response. We are sorry that you were not satisfied with your experience while working with Prospect Financial Group. We understand that you are requesting to be refunded $909.98, but after much review and carefully looking into this situation, we have come to the conclusion we cannot reimburse you. We will use this information to continue to improve our business policies and practices relating to communication, so we can continue to improve as a company.   Although we were unable to refund you, we want to thank you for your time and let you know that we are always available for any questions you might have. Please feel free to reach out to us by calling our Customer Service team at [redacted], or if it's more convenient, by emailing [email protected], so we can assist you directly.

Prospect Financial Group
First of all, we would like to thank Mr[redacted] for bringing
this matter to our attentionWe are always looking for new ways to improve our
business practices, and we truly regret that Mr[redacted] was dissatisfied with the
service he received from Prospect Financial Group
After speaking with [redacted] and [redacted] and after reviewing the complaint
submitted to the Revdex.com by Mr[redacted], we would like to formally respond as
follows:
Like any broker, we must request specific documentation to
determine whether a borrower meets specific eligibility criteriaIn this case,
we were working with [redacted] to complete the qualification process and
determine whether the loan could be funded
Every borrower's personal financial situation is different, and
some loans require more documentation and time than othersBut we strive to work with our borrowers
to process loans as quickly as possibleMr[redacted]'s file had multiple
conditions that had to be cleared before his loan could be approved, and
unfortunately this part of the process can take some additional time
However, [redacted] insists that at no point during the underwriting
process did he tell the borrower that the rate was "locked." [redacted] is a
seasoned loan officer and knows better than to use that word or phrasing when
we do not in fact have a lockBecause all communication was via email, we do
invite Mr[redacted] to provide any documentation contrary to thisWe, for
our part, have found nothing to suggest that [redacted] indicated Mr[redacted] had
a rate locked
To refinance any home loan, the home must be appraised, so that
was indeed one of the final steps in the processThere is always an appraisal
fee associated with this, which was made clear upfront
We were waiting for final approval from [redacted] after the
appraisal, when Mr[redacted] began contacting our main office asking for the
President, [redacted][redacted] was out of the state on business at this time
and entrusted a loan officer who was in the office that day ([redacted]) to
handle the situation in his absenceUnfortunately, the market had taken a
downturn during the underwriting period and [redacted] did have to alert Mr
[redacted] that rates had gone up at that time
To
try to make up for the processing delays and any miscommunication, [redacted] did
offer to compensate Mr[redacted] as indicated in Mr[redacted]'s statement
This is something we usually do not do, as we cannot control what documents are
requested by the bank and we always do the best we can on our end to ensure the
process is as fast as possible
We
do apologize for any misunderstanding or miscommunication regarding the rate
being lockedWe will
ensure we review our communication procedures and policies so that this type of
issue won't happen again in the future. We
also understand how frustrating it is when the initial processing and
underwriting is more onerous than expected, but we do have to adhere to the
bank's requests --- there is simply no way around this
We
are happy to continue with this loan and help Mr[redacted] complete his
refinance, but we cannot change the current market rates

Hi we have resolved this situation. Having said this I would not recommend this company   Thank you for your service. [redacted]

I have just closed my refinance process with your company. Generally speaking, the process was more positive than I had expected. I had avoided this process for years because it felt like such a daunting task. I started my process with another company in September, but I did not feel “respected”. I stated that I would like to be contacted via e-mail, but they still called me numerous times. They did not disclose any additional costs along the way. I did get a decent rate towards the end, but when I asked them if there was anything else they could do for me, the agent told me that it was the final offer, I could take it or leave it. So I left it. Your company was more transparent along the way. My rate is decent and the costs were reasonable (I think). I definitely felt that my requests were respected.