Reliance First Capital

Review: We applied for a refi with this company. Everything was going along good until the appraiser came out. He took two weeks to get the appraisal submitted by Sunderman Appraisal, [redacted] or [redacted]. Not to mention once I reviewed the comps and location I requested that this be reviewed by the appraiser.He has the wrong square footage on the appraisal in which claims he measured the home. I was present at the time of the appraisal both inside and outside with him. The gentleman Did Not measure our home in which the correct square footage is 1512 not 1248, which he is comparing our home to 1000-1200 square foot home, that several was over 15 miles away.The comapany that he was contracted from is Timios Appraisal [redacted]I brought this to the lenders attention and they indicated things looked good. I have had Real Estate and Appraisal classes not to mention Insurance for 7 years. I feel they are giving us the run around and are not willing to have the appraiser re-adjust this apprasal in which it cost us $435.00.Once I address this issue come to find out that Reliance was comparing housing in our area to mobile homes selling in the 80000-90000. Our home is a stick built home in which we purchased in 2008 which appraised at 90000 before we done any upgrades. Our home has been completely remodeled. I had the old appraisal to show what it appraised for then as well as the condtion of the rooms that needed to be remodeled.We indicated that if the appraiser would not come out then we wanted a refunded of the 435.00 due to a inaccurate appraisal. I indeed did have another appraiser look over the comps done and he indicated the same thing that those comps weren't comparable.Reliance indicated that they no longer can help us with the loan due to this appraisal.Please help clear up this issueDesired Settlement: Refund of our 435.00 due to a inaccurate appraisal/comps/location choosen

Business

Response:

We have received your notification of the complaint and it will be investigated. We will contact the customer to discuss that matter and work towards a resolution. Once that has been done, we will update the Revdex.com.

Business

Response:

I have spoken with the [redacted]'s and the matter has been addressed and resolved.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: I co-signed on a mortgage loan for my son several years ago. In 2010 he lost his job and the mortgage company was going to foreclose. I was co-signer so I was offered the chance to retain the mortgage under a modification loan, which I accepted. At the time the mortgagevwasvretaonef by GMAC mortgage, which closed about a year after I had the mortgage and mine was sold to [redacted]. I have paid on this loan for the last 5 years and had my mortgage down to $137,299.96. My interest rate was2.000% which was due to increase in Sept. 2015. I decided in June to look onto refinancing my mortgage. In placing inquiries on .the internet I was contacted by Reliance First Capital LLC. I explained my goals as follows:

1. To have my mortgage serviced by a mortgage company and to get out of debt collection with [redacted].

2. To have some extra cash, approx. $2,500_$3000. T o use for a personal debt and to finish remodling the last two rooms in my home.

3. I understood that my interest rate would be higher than 2.00% and therefore my monthly rate would be a little more than the current payment because of that.

After I was contacted by the representative for Reliance First Capital, I explained my goals for the refinancing. I was assured that these goals could be met

4. I would not be able to cover closing costs so those costs would have to be included in the loan.

After speaking with tyhecrepresentative with reliance First Capital, and explaining my goals and expectations, I was told that they would be able to help me meet these goals, he asked what company Ib was currently with, and when I told him [redacted] He indicated that thisvcwas not a very good business to be involved with. I asked about what lenders Reliance typically used and I was told [redacted]/ [redacted], or [redacted], which I am familiar with and was very comfortable with. My representative from Reliance informed me that the only out of pocket vexpence I would have would be $475.00 for the home appraisal, which I agreed to pay. After 2 weeks or so, and after providing Reliance with all of the required paper work, I was told that I would not have to pay for an appraisal because it wouldn't be needed and they could do then loan based on my other info.

After signing the disclosures, consents, and the paperwork, I spoke with my representative on or around the [redacted] of July to find out when the closing would be and to ask how much money zI would have for my personal use. I was told then that because I didn't have an appraisal done I couldn't get any extra money, but that I would have two months before my first mortgage payment was due and that the money I would save would equal to the extra cash I was hoping for. I was disappointed but at btyh

is point I had come so far and on the advice of my representative, had not made my July mortgage payment so I didn't push that issue. On July **/the, I signed the final papers and the representative for Reliance asked if I was satisfied with the terms of my new loan, which was now $143,800., at 4.25% interest over 30 years and my closing costs came to a total of$7,310.92 . He also pointed out that the first payment was due Sept. *, 2015, and that I had 3 days to reconsider and cancel the loan . I called my representative at Reliance and asked 1) why my payment was due in Sept., not Oct. And 2) who I would be sending my payment to. I was told that my first mortgage.free month was July ( even though of was the [redacted] when I signed final papers), which I feel was a bit misleading, and that I would receive confirmation in a week or as to who I would send payments to. On Aug. ** I received notification that the company who I would be paying my mortgage to is [redacted]!

If this had been disclosed to me at ANY time during my business with Reliance, the fact that my loan could in fact be sold back to the same company I was trying to get out from under, I would never have proceeded with it! I am now in debt for $7, 310, in closing costs, $143,800! In mortgage debt, 30 years gtovsdtartbover again with the same company!!!! And no extra cash!!!! This has got to be WRONG!!! I contacted Reliance First and told thevrepresentative that I was very upset about the loan being given back to [redacted]. He said he needed to "check some things" and would call me back. It is Aug. ** and I have not heard from anyone from Reliance.Desired Settlement: I want my closing costs of. $7,310. Reimbursed, since there should have never been any of these charges if the loan wasdvsold BACK to the same company that had it, and I got Nothing extra for it..

Business

Response:

We have received notification of the submission and it will be investigated.

Business

Response:

I contacted the customer and addressed her concerns.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: I applied to Reliance to do a refinance on my mortgage. I gave my all my information including my existing loan balance and the appraised value of my home, which had just been appraised slightly over a year ago. The representative informed that I would have no problem getting the refinance and said I would need an updated appraisal which would cost between $400 to $450. When the appraiser came out to do my appraisal the result was an appraisal that was $13,000 less than the one I had done 1 yr ago. He had the square footage incorrect, the comparison homes we not comparable at all to mine and the bill came to $500 I later found out. When I contacted Reliance I was give quite the run around. Being told that I couldn't keep questioning the appraisal because, "in order to stay within perimeters of Appraisal Independence Requirements we can not go back multiple times on appeals as it would be easy for an appraiser to claim coercion." When asked what my recourse was for an unfair appraisal, I was told, there was nothing else I could do.

I feel completely mislead, taken advantage of, and am now $500 more in debt with a bad appraisal.Desired Settlement: I would either like for them to pay for a new appraisal, with the company of my choice, or a refund of the $500 I paid for an appraisal done by a company they chose which clearly is lacking. Their lack of willingness to help me correct this situation so that my appraisal was done fair and correctly leads me to believe there are others who may be mislead into believing they do will get a refi or a mortgage, only to be turned down due to a faulty appraisal process that this company condones.

Business

Response:

I have called and emailed the customer requesting to speak with her on the matter. It's important to note that Reliance First Capital does not perform property appraisals nor does our company receive any part of any appraisal fee. Appraisal fees are paid entirely to an unaffiliated third-party appraisal company or appraiser. Furthermore, please note that Reliance First Capital has no control over the appraised value of a home.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

I emailed [redacted] back as follows:[redacted], While I realize that you use a third party for appraisals, they are in fact a company of your choice. When this appraisal was done it listed the square footage of my home incorrectly as well as used comparison values of two low sales. I attempted to work with [redacted] to get the information corrected with the appraiser so that my home was in fact getting a fair appraisal. My home was just appraised slightly over a year ago and home values in my area have not dropped, therefore I found it hard to believe that my home was appraising $13,000 less, according to this new appraisal, than it was slightly a year ago. I felt mislead when applying for this refinance, I questioned [redacted] as to my chances on getting this loan approved, and was told as long as the appraisal came back good, it would be ok. When the appraisal came back ridiculously low, I attempted to get it corrected and after one attempt was completely shut down. Her response was, and I am quoting her email, “[redacted]

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

I spoke with the customer on April [redacted] and we discussed all of her concerns.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[While my concerns were in fact discussed and the company did offer to refund a partial amount to me, I am still very unhappy with the way the entire transaction was handled. A full resolution in my opinion would be a complete refund of the appraisal amount. I still felt mislead and that the situation left me in a bad position for further being able to try and refinance my home.]

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Review: Several years ago we refinanced our home through Reliance first capital. At closing, many errors took including closing documents that were sent to us long after we had closed requesting our signatures. They then sold our mortgage to a third party with incomplete/inaccurate loan documents. Since then Reliance First Mortgage continues to call our home (every few months) claiming "we have and open file" on you and would like to "follow up".We have indicated every time they call that "we do not wish to be contacted buy them ever again" but they continue to call us and make like they do not know anything about our requests to stop.Desired Settlement: We would like them to "LEAVE US ALONE" and NEVER CONTACT US AGAIN. Please..... go away.

Business

Response:

We have received the customer's request to be place on our DO NOT CALL list and their information has thus been placed on our DO NOT CALL list (and their email address has been placed on our company's DO NOT EMAIL list).

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]

This is not the first time Reliance First Capital has assured me they would place me on their "do not contact" list. Time will tell if they are actually going to honor my request now that I have perused the matter with the Revdex.com. I am unable to consider the matter closed until some time passes.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Review: This company contacted us about refinancing our home through the VA. They set us up with an appraisal company and we were told that it could take up to 20 working days to get the appraisal back. That was in early Dec. 2015. We had been waiting to get the appraisal estimate and m.ove on with the loan when we got a letter on 1/**/2016 stating that we had decided not to move forward with our loan request! What!? We are waiting on the appraisal and had paid $400.00 for that appraisal and now we are dropping it? We in no way ever said we didn't want to move forward and have no idea where that came from. It is my firm belief that the appraisal didn't come in where they told us it would and now they're trying to find a way out of doing business with us. We have not gotten a copy of the appraisal and no one will return the calls on the many voicemails we have left with Joe. I want a copy of the appraisal that I paid $400.00 for and an explanation as to where the determination to dis-continue with our application came from.Desired Settlement: To receive a copy of the appraisal that we paid for and an explanation as to who stopped the transaction from proceeding forward. We no longer wish to pursue the application process with this co.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: I applied for a loan with Reliance in 8-2015 with all of my documents being signed and sent between 8/**/2015 -9/*/2015 but still sending copies of the of some of my documents multiple times to loan officer Ismail R[redacted] C[redacted].Reliance had my house appraised on 09/**/2015 by Bev D[redacted] from Baumgardner & [redacted] from Elizabethtown,Ky. I was told by Mr. C[redacted] that some repairs had to be done to my house before my loan could be closed a crack in the back brick wall and a new heating and air system. I told Mr. C[redacted] the crack would not be a problem but I would have to wait for my loan to close to have the HVAC unit ,because of not having the money until the loan closed. He knew I live on a fixed income and only have my Veterans pension to live on.Mr. C[redacted] told me my loan could not be closed until the repairs were made. I again told him I didn't have the money for the repair, Mr. C[redacted], called Spencers Heating and Air and told him he would be paid if he installed the unit in my house on credit as soon as my loan closed and assured him my loan would close within 2 weeks as soon as the work was done and I showed proof to the Appraisal Co. The unit was installed om **/13/2015 I sent the bill for 5400.00 and the pictures by text to Bev D[redacted] showing that the work had been completed.After Mr. C[redacted] has this 5400.00 unit put into my house he informs me the first part of December that I don't qualify for the home loan. He tells me that my payment history shows that I have been late every month for the past 12 months because I have to pay my USDA payment on the 1st of the month instead of the [redacted], I had no idea of this and I feel this should have been discovered by Mr. C[redacted] and Reliance through the initial loan process and my loan papers and financial paperwork they had received 8/**/2015-9/*/2015.Desired Settlement: The Resolution I am seeking from Mr. C[redacted] and Reliance First Capital is to help with this 5400.00 HVAC bill that Mr.C[redacted] made for me knowing that without my loan closing I could not pay. I am a 100% disabled Veteran on a fixed income. I have [redacted] and other disabilities, I can't work all of this has put me at the end of my ropes and made me a nerves wreck.

Business

Response:

We have spoken with this customer and we are working on resolving the issue.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

They are extremely aggressive and refuse to listen to simple requests. They continue to call after being told you are no longer interested.

Review: In September 2015 I was contacted by Ms Toi M[redacted] from Reliance First Capital in Charlotte, NC after I had inquired on Lending Tree about HARP. After speaking to her several times I decided to try to refinance my home using HARP. I had asked her several questions including " would my mortgage be given to some place I had never heard of" She stated on more than one occasion that "Reliance only used [redacted], Wells Fargo and Citi". We discussed this several time on the phone and I requested [redacted] as that is who I had been dealing with for several years and I wanted to stay with them. She stated it would be noted in my file for my loan to go to [redacted]. This was even discussed on 10/*/15 when she stated it had not been transferred to anyone yet. On 10/**/15 I received a letter from a Brian S[redacted] at reliance dated 10/*/15 which stated my loan had been given to someplace called RoundPoint Mortgage Servicing on 10/*/15 which I could not even find listed with the Revdex.com. On 10/**/15 I called Mr. S[redacted] to find out why my loan had not gone to [redacted] like I had been told it would. His only response was he would call Ms. M[redacted]'s supervisor and he would call me.which did not happen. Mr. S[redacted] would not give me any explanation nor did he offer to resolve the issue. he just said I should not have been told that. But the fact of the matter is I WAS told that and lied to by Reliance on several occasions as [redacted] did not get my loan.. And to top it off on 10/**/15 I received a letter from Round Point transferring my mortgage from First Guaranty Mortgage to them never hearing anything about First Guaranty before, where did they come from?Desired Settlement: My loan be turned over to [redacted] as I was told it would!

Business

Response:

We have received the submission and it will be reviewed. We will contact the customer shortly to discuss the matter.

Business

Response:

We spoke with this customer upon receiving notification from the Revdex.com and this matter was addressed and resolved.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: We were solicited by telephone to refinance our mortgage by Reliance First Capital employee [redacted]. We initially responded that we had tried to refinance with several other companies, but we were always denied and that, therefore, we did not want to try again. **. [redacted] told us that Reliance financed its own mortgages and it was his belief that we had a VERY GOOD chance of success with Reliance because of that fact, even though other lenders had declined. He further stated that this was the best loan possibility he had ever seen, because the refinance money would be used to reduce two high interest loans and would save us about $700/month in interest payments alone. After obtaining and submitting the proofs he requested, we received a request from Reliance to pay $450.00 for an appraisal and based upon his assurance, previously stated, that we had a very good chance for approval, we sent our check for the appraisal and the appraisal was done. Thereafter, we received a call from **. [redacted] stating that the appraisal came in low and did not meet Reliance's lending criteria and later we received a letter denying the loan.Desired Settlement: We did not seek this loan...Reliance called us. Their representative virtually guaranteed that the loan would be made. We provided the best information available to us, all of it truthful, including our guess about the reasonable value of our house, which was slightly higher than the purchase price 14 years before. We told [redacted] of the purchase price and the condition of the property. After he had all the information, he still told us that the loan was virtually assured. We would like to complete this contract and get the loan.

Business

Response:

Review: I was contacted by one of their representatives and asked if I was interested in refinancing my home. We went back and forth for a few weeks, I got him a ton of info, he went as far to send me loan information for me and my wife to sign. Then we had the home appraisal which was not only more expensive then he told me it would be, it valued my home at about $30,000 under what we paid for it 4 years ago. Not to mention we had a ton upgrades done that weren't even reflected in the sale price. Then in the list of homes that my home was compared to, they left out the house two doors up and while that is a single home and mine is a twin. They were built within a year of each other and have the roughly the same square footage and their basement is unfinished. And on top of all this I have not heard from them in 3 weeks.Desired Settlement: I would like to be refunded for the appraisal cost which was totally off base. Not to mention their representative should have some idea of the property values in the area before he had me spend my time gathering a ton of tax information for him.

Business

Response:

We have received notifiation of the complaint. We will investigate the matter and contact the customer in order to work towards a resolution.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Regards,