Initial Business Response / [redacted] (1000, 5, 2018/01/10) */ Thank you for the opportunity to address the concerns raised by our clientsI had the opportunity to review the loan in question with internal partiesAfter which, I called and left a voicemail for the clients on January 5, I received a call back from [redacted] on January 7th, but was unable to take the call [redacted] indicated in his voicemail that he would call backHe did so on January 8thWe discussed my findings, and I indicated to him that I would follow up with an email (see email verbiage below) along with sending new loan disclosures with updated terms for considerationI emailed the clients on January 9th and today, January 10th, new loan disclosures were delivered electronically to the clientsAt this time I am awaiting the clients to respond to me their intent which is to either move forward with the loan terms or withdraw the loanShould they choose the latter, I stated to the clients that Greater Nevada Mortgage will refund the $that is in question in their complaint Email to [redacted] and *** [redacted] on January 9, 2018: [redacted] and [redacted] - Per my discussion with ***, I am providing an update on your loanBased on the loan characteristics, we are only able to offer one loan scenario which is a year Fixed Rate Mortgage FHA loanThe processor on the file will shortly send you updated terms for your consideration but let me go over key highlights I understand you wanted to look at a shorter term and unfortunately we do not have a qualifying offer for thisHowever, you must keep the following under consideration which is a year loan does provide cash flow benefitCurrently your mortgage is approximately $1,including taxes and insuranceThe terms in which we are sending will be for a payment of $989, a $savingsA year loan could have put you in a payment of $1, o That is still a savings and a reduction of termHowever, your loan would not have a prepayment penalty so you are welcome to pay the loan off soonerWe can help show you how this works, which is simply making a larger payment each month to pay down principal - thus cutting off term and interest you would be paying o A key item is cash flowIf you go in to a shorter term payment then you are obligated to make that payment and don't have flexibilityThe year mortgage allows you to pay down the loan faster when you want, but if there is a life event or perhaps just a need for extra holiday money, you can choose to make the year payment and give yourself $or so of extra cash flow in a particular monthThat can prove to be very beneficial o So again, I attempted to find a way to offer a shorter term but could not get a qualificationA year term though remains beneficial to you in both reduced payment and cash flow flexibilityPlease note figures may change slightly as the loan is finalized, but nothing that would change the integrity of our discussion that your payment will be significantly reduced Additional concerns you shared o Appraisal It is clear that the appraisal took considerable time to get doneHowever, it seems the true narrative got lostThe first primary delay was that the appraiser wanted to charge $ [redacted] negotiated to bring this down to $This took some time but was effort in your best interestSecondly, it is stated that the appraiser suggested Greater Nevada put the appraisal on holdThat is simply not the caseI have reviewed the log in the appraisal management system and spoken to our account managerBoth of which confirm that Greater Nevada did not put the appraisal on hold Due to the time that has passed, the current appraisal has expired regrettablyShould you agree to move forward with the refinance after reviewing updated terms then we will need to order a new appraisalPlease note that Greater Nevada will cover the cost based on what has transpiredI will also ask that the appraisal management company do what they can to expedite the processThe rural nature of the property will still lend this process to taking some time, but I will do what I can to mitigate this o Credit Report There was a suggestion that your credit report was run multiple times causing scores to go down Your credit was run on August 4th and then again on October 17th as an update was needed to continue with the fileThere have been no other credit pulls On 8/4, your qualifying credit score was After pulling credit on 10/17, your qualifying credit score was still As such there was no change Please note that dependent on appraisal turn time, we may need to order credit again prior to finalizing the loan Please let me know if you have any additional questionsOtherwise, please indicate your intent to move forward by signing the updated disclosures you will be sent shortlyIf you choose not to move forward, please indicate so in a reply to this emailWe will withdraw the file and refund your appraisal cost Thanks again for calling me yesterday, and I look forward to hearing from you [redacted] Vice President of Mortgage Lending Greater Nevada Mortgage (775) 886- [redacted] Initial Consumer Rebuttal / [redacted] (3000, 12, 2018/02/05) */ It was agreed on 1/22/for GNMS to refund [redacted] and [redacted] the appraisal feeWe have not received any such money to this date Final Consumer Response / [redacted] (3000, 21, 2018/02/20) */ On 2/09/18, I deposited the check for reimbursement from GNCU for the amount of in my account at Nevada State BankOn 2/14/18, it indicates on my bank statement, that GNCU took back the deposit on the 2/14/and because of this action, by bank account was serviced charged As of this date, we have not be given reimbursement for the above complaint Final Business Response / [redacted] (4000, 23, 2018/02/20) */ GNM spoke to [redacted] this morning at 11:45am, February 20, Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.OBoxWe contacted the client and let him know that a new check was being issued to the P.OBox and GNM would cancel the first checkThe first check did end up arriving to the client, and the client deposited the 1st check [redacted] confirmed they received the 2nd check to their P.OBox on Saturday, February 17thI confirmed with him that the check they deposited was the 1st check and thus was voidI also instructed them to deposit the 2nd check they received on Saturday and that this check would clear with the matter being resolved at such point
Initial Business Response / [redacted] (1000, 5, 2016/12/30) */ Dear [redacted] - We appreciate the opportunity to review the concerns listed in this complaint case It is important to us that our borrowers are comfortable with understanding their home loan transaction, and as such, we would like to meet with you to discuss this in further detail Based on the nature of your concerns and the fact we are local, I ask you to contact me to set up a time where, along with my Sales Manager, we can meet with you in person to go over each matter listed This should provide a better setting for educating you on and remediating your concerns as well as provide a more conducive environment to answer any additional questions you may have Thank you, [redacted] Vice President of Mortgage Lending Greater Nevada Mortgage 775-886- [redacted] Initial Consumer Rebuttal / [redacted] (2000, 7, 2017/01/01) */ (The consumer indicated he/she ACCEPTED the response from the business.) We will accept this offer in one condition that we meet You personally
Initial Business Response / [redacted] (1000, 5, 2018/01/10) */ Thank you for the opportunity to address the concerns raised by our clients I had the opportunity to review the loan in question with internal parties After which, I called and left a voicemail for the clients on January 5, I received a call back from [redacted] on January 7th, but was unable to take the call [redacted] indicated in his voicemail that he would call back He did so on January 8th We discussed my findings, and I indicated to him that I would follow up with an email (see email verbiage below) along with sending new loan disclosures with updated terms for consideration I emailed the clients on January 9th and today, January 10th, new loan disclosures were delivered electronically to the clients At this time I am awaiting the clients to respond to me their intent which is to either move forward with the loan terms or withdraw the loan Should they choose the latter, I stated to the clients that Greater Nevada Mortgage will refund the $that is in question in their complaint Email to [redacted] and [redacted] on January 9, 2018: [redacted] and [redacted] - Per my discussion with ***, I am providing an update on your loan Based on the loan characteristics, we are only able to offer one loan scenario which is a year Fixed Rate Mortgage FHA loan The processor on the file will shortly send you updated terms for your consideration but let me go over key highlights I understand you wanted to look at a shorter term and unfortunately we do not have a qualifying offer for this However, you must keep the following under consideration which is a year loan does provide cash flow benefit Currently your mortgage is approximately $1,including taxes and insurance The terms in which we are sending will be for a payment of $989, a $savings A year loan could have put you in a payment of $1, o That is still a savings and a reduction of term However, your loan would not have a prepayment penalty so you are welcome to pay the loan off sooner We can help show you how this works, which is simply making a larger payment each month to pay down principal - thus cutting off term and interest you would be paying o A key item is cash flow If you go in to a shorter term payment then you are obligated to make that payment and don't have flexibility The year mortgage allows you to pay down the loan faster when you want, but if there is a life event or perhaps just a need for extra holiday money, you can choose to make the year payment and give yourself $or so of extra cash flow in a particular month That can prove to be very beneficial o So again, I attempted to find a way to offer a shorter term but could not get a qualification A year term though remains beneficial to you in both reduced payment and cash flow flexibility Please note figures may change slightly as the loan is finalized, but nothing that would change the integrity of our discussion that your payment will be significantly reduced Additional concerns you shared o Appraisal It is clear that the appraisal took considerable time to get done However, it seems the true narrative got lost The first primary delay was that the appraiser wanted to charge $ [redacted] negotiated to bring this down to $ This took some time but was effort in your best interest Secondly, it is stated that the appraiser suggested Greater Nevada put the appraisal on hold That is simply not the case I have reviewed the log in the appraisal management system and spoken to our account manager Both of which confirm that Greater Nevada did not put the appraisal on hold Due to the time that has passed, the current appraisal has expired regrettably Should you agree to move forward with the refinance after reviewing updated terms then we will need to order a new appraisal Please note that Greater Nevada will cover the cost based on what has transpired I will also ask that the appraisal management company do what they can to expedite the process The rural nature of the property will still lend this process to taking some time, but I will do what I can to mitigate this o Credit Report There was a suggestion that your credit report was run multiple times causing scores to go down Your credit was run on August 4th and then again on October 17th as an update was needed to continue with the file There have been no other credit pulls On 8/4, your qualifying credit score was After pulling credit on 10/17, your qualifying credit score was still As such there was no change Please note that dependent on appraisal turn time, we may need to order credit again prior to finalizing the loan Please let me know if you have any additional questions Otherwise, please indicate your intent to move forward by signing the updated disclosures you will be sent shortly If you choose not to move forward, please indicate so in a reply to this email We will withdraw the file and refund your appraisal cost Thanks again for calling me yesterday, and I look forward to hearing from you [redacted] Vice President of Mortgage Lending Greater Nevada Mortgage (775) 886- [redacted] Initial Consumer Rebuttal / [redacted] (3000, 12, 2018/02/05) */ It was agreed on 1/22/for GNMS to refund [redacted] and [redacted] the appraisal fee We have not received any such money to this date Final Consumer Response / [redacted] (3000, 21, 2018/02/20) */ On 2/09/18, I deposited the check for reimbursement from GNCU for the amount of in my account at Nevada State Bank On 2/14/18, it indicates on my bank statement, that GNCU took back the deposit on the 2/14/and because of this action, by bank account was serviced charged As of this date, we have not be given reimbursement for the above complaint Final Business Response / [redacted] (4000, 23, 2018/02/20) */ GNM spoke to [redacted] this morning at 11:45am, February 20, Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.OBox We contacted the client and let him know that a new check was being issued to the P.OBox and GNM would cancel the first check The first check did end up arriving to the client, and the client deposited the 1st check [redacted] confirmed they received the 2nd check to their P.OBox on Saturday, February 17th I confirmed with him that the check they deposited was the 1st check and thus was void I also instructed them to deposit the 2nd check they received on Saturday and that this check would clear with the matter being resolved at such point
Initial Business Response / [redacted] (1000, 5, 2016/08/29) */ Thank you for the opportunity to address the concerns raised by our clientThis client did in fact access our website to find an error relative to fees associated with VA loansThis was validated by our vendor who posts the information However, it should be acknowledged that it was also confirmed to have only been posted incorrectly for a short window of time on a particular day - a time in which the client happened to access the siteContrary to her statement, we did not change the website based on her call to usThe information had been accessed previously on the website with said information only incorrect during a short maintenance period Despite this, it was our intent to acknowledge the confusion caused by this to our client and veteranWith that, Greater Nevada Mortgage did reduce the client's fees significantlyThe loan she acquired, based on the loan amount, would normally have incurred $3,in lender feesInstead, the client paid $450, a $3,discountIt is important to note that all other fees were required third party fees such as appraisal, escrow, title, government recording, etcThese fees are associated with any first mortgage transaction, and are not included in fee quotes on the website as those are intended as guidance for lender specific fees relative to the posted interest rate Given this information, we believe we remediated the concern appropriately based on the following: 1) Recognition of the error at time of consumer concern and 2) Providing a viable solution that was accepted by the client at time of errorIt is important to understand that our solution was voluntarily accepted at the time by the clientThe client did not bring the matter forward again during the remainder of the transactionHer acceptance of our terms was freely chosen and not requiredMoreover, with regard to her concern over "delays" mentioned in the case description, it should be recognized that the client's home loan transaction was completed in days from application to fundingIn July, the industry average for refinance was days In conclusion, the client received from us a highly discounted mortgage loan that closed over a week ahead of industry average with terms that were voluntarily signed as agreeable by the clientThis resulted in a very favorable transaction for the client and we therefore believe this matter should be closed Initial Consumer Rebuttal / [redacted] (3000, 7, 2016/09/06) */ (The consumer indicated he/she DID NOT accept the response from the business.) When a business advertises the wrong information to the public, it usually either honors the advertisement made, despite its mistakes, or it makes a post stating that a mistake was made, and the correct information is now available The day after I contacted the lender about the zero closing cost program, they denied ever having a product like thatWhen I went back to the website, they had changed their web site and completely removed any mention of fees for all of their loan productsThey insisted that I had misread information posted on their siteAfter I showed them a copy of their web page with the advertisement, I was told it would be looked intoA few days after, I was told that I was the one who caught the mistake, that they did not know it was posted that way on the website The information that was posted was accessible throughout the dayI argued with the lender for a week about their advertisement, which kept my loan in limboI was told by the lender that I would be given zero closing cost in the form of a rebate as a thank you for catching the error, which I did acceptThey did not say there were going to be additional costsTo me, zero closing costs means there are no costs for closing the loan$3,is not zero closing costs, it is $3,in closing costs I did bring up the advertisement during the beginning of the loan process, but arguing with them proved to be futileMore arguments would not have yielded different resultsAdvertising mistake or not, the lender should have honored what was promised through their advertisementMore than once I was told the zero closing cost loan advertisement would be honored, and yet, it wasn'tI have even received an e-mail from the lender promising zero closing costs in the form of a rebateIn that same e-mail, there is no mention of additional outside closing costsWhen I confronted the lender about this discrepancy, they stated that I misunderstood what was being promised The lender advertised a $closing cost loan for veteransThey denied the existence of said advertisement until I gave them proofNext, they promised to honor the advertisement both verbally and through written communicationThe lender then decided to retract their offer and altered the original advertisement and agreementI find it very disconcerting that businesses are allowed to practice with such deceit Final Business Response / [redacted] (4000, 17, 2016/10/07) */ Greater Nevada Mortgage has reviewed the concern in detail and appreciates the additional correspondence that the client submitted for reviewTo again clarify, the system issue was unknown to Greater Nevada Mortgage until the client brought it to our attentionThus, our initial response stating that we don't offer a "zero cost" VA loan at the rate the client was interested in was accurateOnce the issue was brought to our attention we reviewed with our vendor, confirming the error, and then advised the client that the system did in fact have a brief moment in time where it showed inaccurate information on the VA loan product and then quickly showed correctedThe "glitch" occurred for a short time on a particular day before resetting to accurate informationAs the client happened to be reviewing our website when the error occurred, once it was reviewed and clear that such a thing occurred, it was reiterated to the client that no such program existed and that the only way to have a zero cost loan was through a higher rate with enough rebate to cover the closing costsThe chart where our sample rates are posted on our website clearly has an "Assumptions" tab that states; "Chart data is for illustrative purposes only, assumes a borrower with excellent credit and is subject to change without noticeAccuracy is not guaranteed and products may not be available for your situation"However, due to the confusion, Greater Nevada Mortgage still offered to pay all but $of the nearly $4,in "lender fees" on the loanThe client agreed to this arrangement and moved forward with the loan process As evidenced by the email the client forwarded for review, the related question occurred very early in the loan processSeveral Loan Estimate and Closing Disclosures outlining fees went to the client for signature from the start of the process showing the full costs of the loan including what we as the lender agreed to cover (lender fees) as an exception and what the client would be responsible for paying at closing (appraisal, title, taxes and insurance, etc.)We remain committed to sending the client $to cover the remainder of the lender fees associated with this refinance transaction and do not believe an amount greater than this is justifiedA check in this amount will be delivered via mail next weekWe consider this matter closedThank you Final Consumer Response / [redacted] (3000, 24, 2016/11/10) */ ***Document Attached***
Initial Business Response /* (1000, 5, 2017/08/30) */
Thank you for taking the time to share *** concern about the changes to her monthly mortgage payment as a result of her annual tax and insurance account analysisWe addressed *** concerns and have resolved the matter to her
satisfaction
We value our borrowers who take the time to tell us about their experience, whether positive or negativeDirect feedback is a valuable source for us to gauge the quality of our service, as well as to address any areas in need to attention
Initial Consumer Rebuttal /* (3000, 7, 2017/08/30) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Mortgage is still higher than what I signed with them by $A month because of their errorMy impound account is still -They did credit the account for PMI last year but is still too high of a payment than what I signed with them in the beginningI'm looking to refinance and move all my accounts from greater Nevada
Final Business Response /* (4000, 9, 2017/08/31) */
A monthly mortgage payment with a tax and insurance account will fluctuate from year to year, even with a fixed rate loanIn *** case, her monthly mortgage payment has increased $since the inception of the mortgage in Both her property taxes and hazard insurance premiums have increased and this subsequently increased the funding needs of her tax and insurance accountThis changes her monthly payment obligation as a resultGreater Nevada Mortgage also discovered that her initial annual USDA guarantee fee was not properly projected to be paid from her tax and insurance account as it should have been and thus she was indemnified this amountGiven the increases in her taxes and insurance premiums, *** updated monthly mortgage payment reflects the appropriate payment for her tax and insurance impound accountBoth our Loan Servicing Manager and Mortgage Loan Officer have reviewed the annual tax and insurance account review with Amy King and continue to be available for any further questions or concerns
Initial Business Response /* (1000, 5, 2016/12/30) */
Dear *** -
We appreciate the opportunity to review the concerns listed in this complaint case It is important to us that our borrowers are comfortable with understanding their home loan transaction, and as such, we would like to
meet with you to discuss this in further detail Based on the nature of your concerns and the fact we are local, I ask you to contact me to set up a time where, along with my Sales Manager, we can meet with you in person to go over each matter listed This should provide a better setting for educating you on and remediating your concerns as well as provide a more conducive environment to answer any additional questions you may have
Thank you,
***
Vice President of Mortgage Lending
Greater Nevada Mortgage
775-886-
***
Initial Consumer Rebuttal /* (2000, 7, 2017/01/01) */
(The consumer indicated he/she ACCEPTED the response from the business.)
We will accept this offer in one condition that we meet You personally
Initial Business Response /* (1000, 5, 2016/08/29) */
Thank you for the opportunity to address the concerns raised by our clientThis client did in fact access our website to find an error relative to fees associated with VA loansThis was validated by our vendor who posts the information
However, it should be acknowledged that it was also confirmed to have only been posted incorrectly for a short window of time on a particular day - a time in which the client happened to access the siteContrary to her statement, we did not change the website based on her call to usThe information had been accessed previously on the website with said information only incorrect during a short maintenance period
Despite this, it was our intent to acknowledge the confusion caused by this to our client and veteranWith that, Greater Nevada Mortgage did reduce the client's fees significantlyThe loan she acquired, based on the loan amount, would normally have incurred $3,in lender feesInstead, the client paid $450, a $3,discountIt is important to note that all other fees were required third party fees such as appraisal, escrow, title, government recording, etcThese fees are associated with any first mortgage transaction, and are not included in fee quotes on the website as those are intended as guidance for lender specific fees relative to the posted interest rate
Given this information, we believe we remediated the concern appropriately based on the following: 1) Recognition of the error at time of consumer concern and 2) Providing a viable solution that was accepted by the client at time of errorIt is important to understand that our solution was voluntarily accepted at the time by the clientThe client did not bring the matter forward again during the remainder of the transactionHer acceptance of our terms was freely chosen and not requiredMoreover, with regard to her concern over "delays" mentioned in the case description, it should be recognized that the client's home loan transaction was completed in days from application to fundingIn July, the industry average for refinance was days
In conclusion, the client received from us a highly discounted mortgage loan that closed over a week ahead of industry average with terms that were voluntarily signed as agreeable by the clientThis resulted in a very favorable transaction for the client and we therefore believe this matter should be closed
Initial Consumer Rebuttal /* (3000, 7, 2016/09/06) */
(The consumer indicated he/she DID NOT accept the response from the business.)
When a business advertises the wrong information to the public, it usually either honors the advertisement made, despite its mistakes, or it makes a post stating that a mistake was made, and the correct information is now available
The day after I contacted the lender about the zero closing cost program, they denied ever having a product like thatWhen I went back to the website, they had changed their web site and completely removed any mention of fees for all of their loan productsThey insisted that I had misread information posted on their siteAfter I showed them a copy of their web page with the advertisement, I was told it would be looked intoA few days after, I was told that I was the one who caught the mistake, that they did not know it was posted that way on the website
The information that was posted was accessible throughout the dayI argued with the lender for a week about their advertisement, which kept my loan in limboI was told by the lender that I would be given zero closing cost in the form of a rebate as a thank you for catching the error, which I did acceptThey did not say there were going to be additional costsTo me, zero closing costs means there are no costs for closing the loan$3,is not zero closing costs, it is $3,in closing costs
I did bring up the advertisement during the beginning of the loan process, but arguing with them proved to be futileMore arguments would not have yielded different resultsAdvertising mistake or not, the lender should have honored what was promised through their advertisementMore than once I was told the zero closing cost loan advertisement would be honored, and yet, it wasn'tI have even received an e-mail from the lender promising zero closing costs in the form of a rebateIn that same e-mail, there is no mention of additional outside closing costsWhen I confronted the lender about this discrepancy, they stated that I misunderstood what was being promised
The lender advertised a $closing cost loan for veteransThey denied the existence of said advertisement until I gave them proofNext, they promised to honor the advertisement both verbally and through written communicationThe lender then decided to retract their offer and altered the original advertisement and agreementI find it very disconcerting that businesses are allowed to practice with such deceit
Final Business Response /* (4000, 17, 2016/10/07) */
Greater Nevada Mortgage has reviewed the concern in detail and appreciates the additional correspondence that the client submitted for reviewTo again clarify, the system issue was unknown to Greater Nevada Mortgage until the client brought it to our attentionThus, our initial response stating that we don't offer a "zero cost" VA loan at the rate the client was interested in was accurateOnce the issue was brought to our attention we reviewed with our vendor, confirming the error, and then advised the client that the system did in fact have a brief moment in time where it showed inaccurate information on the VA loan product and then quickly showed correctedThe "glitch" occurred for a short time on a particular day before resetting to accurate informationAs the client happened to be reviewing our website when the error occurred, once it was reviewed and clear that such a thing occurred, it was reiterated to the client that no such program existed and that the only way to have a zero cost loan was through a higher rate with enough rebate to cover the closing costsThe chart where our sample rates are posted on our website clearly has an "Assumptions" tab that states; "Chart data is for illustrative purposes only, assumes a borrower with excellent credit and is subject to change without noticeAccuracy is not guaranteed and products may not be available for your situation"However, due to the confusion, Greater Nevada Mortgage still offered to pay all but $of the nearly $4,in "lender fees" on the loanThe client agreed to this arrangement and moved forward with the loan process
As evidenced by the email the client forwarded for review, the related question occurred very early in the loan processSeveral Loan Estimate and Closing Disclosures outlining fees went to the client for signature from the start of the process showing the full costs of the loan including what we as the lender agreed to cover (lender fees) as an exception and what the client would be responsible for paying at closing (appraisal, title, taxes and insurance, etc.)We remain committed to sending the client $to cover the remainder of the lender fees associated with this refinance transaction and do not believe an amount greater than this is justifiedA check in this amount will be delivered via mail next weekWe consider this matter closedThank you
Final Consumer Response /* (3000, 24, 2016/11/10) */
***Document Attached***
Initial Business Response /* (1000, 5, 2018/01/10) */
Thank you for the opportunity to address the concerns raised by our clients I had the opportunity to review the loan in question with internal parties After which, I called and left a voicemail for the clients on January 5, I received
a call back from*** on January 7th, but was unable to take the call*** indicated in his voicemail that he would call back He did so on January 8th We discussed my findings, and I indicated to him that I would follow up with an email (see email verbiage below) along with sending new loan disclosures with updated terms for consideration I emailed the clients on January 9th and today, January 10th, new loan disclosures were delivered electronically to the clients At this time I am awaiting the clients to respond to me their intent which is to either move forward with the loan terms or withdraw the loan Should they choose the latter, I stated to the clients that Greater Nevada Mortgage will refund the $that is in question in their complaint
Email to *** and *** on January 9, 2018:
*** and *** -
Per my discussion with ***, I am providing an update on your loan Based on the loan characteristics, we are only able to offer one loan scenario which is a year Fixed Rate Mortgage FHA loan The processor on the file will shortly send you updated terms for your consideration but let me go over key highlights
I understand you wanted to look at a shorter term and unfortunately we do not have a qualifying offer for this However, you must keep the following under consideration which is a year loan does provide cash flow benefit Currently your mortgage is approximately $1,including taxes and insurance The terms in which we are sending will be for a payment of $989, a $savings A year loan could have put you in a payment of $1,
o That is still a savings and a reduction of term However, your loan would not have a prepayment penalty so you are welcome to pay the loan off sooner We can help show you how this works, which is simply making a larger payment each month to pay down principal - thus cutting off term and interest you would be paying
o A key item is cash flow If you go in to a shorter term payment then you are obligated to make that payment and don't have flexibility The year mortgage allows you to pay down the loan faster when you want, but if there is a life event or perhaps just a need for extra holiday money, you can choose to make the year payment and give yourself $or so of extra cash flow in a particular month That can prove to be very beneficial
o So again, I attempted to find a way to offer a shorter term but could not get a qualification A year term though remains beneficial to you in both reduced payment and cash flow flexibility Please note figures may change slightly as the loan is finalized, but nothing that would change the integrity of our discussion that your payment will be significantly reduced
Additional concerns you shared
o Appraisal
It is clear that the appraisal took considerable time to get done However, it seems the true narrative got lost The first primary delay was that the appraiser wanted to charge $ *** *** negotiated to bring this down to $ This took some time but was effort in your best interest Secondly, it is stated that the appraiser suggested Greater Nevada put the appraisal on hold That is simply not the case I have reviewed the log in the appraisal management system and spoken to our account manager Both of which confirm that Greater Nevada did not put the appraisal on hold
Due to the time that has passed, the current appraisal has expired regrettably Should you agree to move forward with the refinance after reviewing updated terms then we will need to order a new appraisal Please note that Greater Nevada will cover the cost based on what has transpired I will also ask that the appraisal management company do what they can to expedite the process The rural nature of the property will still lend this process to taking some time, but I will do what I can to mitigate this
o Credit Report
There was a suggestion that your credit report was run multiple times causing scores to go down
Your credit was run on August 4th and then again on October 17th as an update was needed to continue with the file There have been no other credit pulls
On 8/4, your qualifying credit score was After pulling credit on 10/17, your qualifying credit score was still As such there was no change
Please note that dependent on appraisal turn time, we may need to order credit again prior to finalizing the loan
Please let me know if you have any additional questions Otherwise, please indicate your intent to move forward by signing the updated disclosures you will be sent shortly If you choose not to move forward, please indicate so in a reply to this email We will withdraw the file and refund your appraisal cost
Thanks again for calling me yesterday, and I look forward to hearing from you
*** ***
Vice President of Mortgage Lending
Greater Nevada Mortgage
(775) 886-
***
Initial Consumer Rebuttal /* (3000, 12, 2018/02/05) */
It was agreed on 1/22/for GNMS to refund *** and *** *** the appraisal fee We have not received any such money to this date
Final Consumer Response /* (3000, 21, 2018/02/20) */
On 2/09/18, I deposited the check for reimbursement from GNCU for the amount of in my account at Nevada State Bank On 2/14/18, it indicates on my bank statement, that GNCU took back the deposit on the 2/14/and because of this action, by bank account was serviced charged
As of this date, we have not be given reimbursement for the above complaint
Final Business Response /* (4000, 23, 2018/02/20) */
GNM spoke to *** *** this morning at 11:45am, February 20, Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.OBox We contacted the client and let him know that a new check was being issued to the P.OBox and GNM would cancel the first check The first check did end up arriving to the client, and the client deposited the 1st check*** confirmed they received the 2nd check to their P.OBox on Saturday, February 17th I confirmed with him that the check they deposited was the 1st check and thus was void I also instructed them to deposit the 2nd check they received on Saturday and that this check would clear with the matter being resolved at such point
Initial Business Response /* (1000, 5, 2016/12/30) */
Dear *** -
We appreciate the opportunity to review the concerns listed in this complaint caseIt is important to us that our borrowers are comfortable with understanding their home loan transaction, and as such, we would like to
meet with you to discuss this in further detailBased on the nature of your concerns and the fact we are local, I ask you to contact me to set up a time where, along with my Sales Manager, we can meet with you in person to go over each matter listedThis should provide a better setting for educating you on and remediating your concerns as well as provide a more conducive environment to answer any additional questions you may have
Thank you,
***
Vice President of Mortgage Lending
Greater Nevada Mortgage
775-886-
***
Initial Consumer Rebuttal /* (2000, 7, 2017/01/01) */
(The consumer indicated he/she ACCEPTED the response from the business.)
We will accept this offer in one condition that we meet You personally
Initial Business Response /* (1000, 5, 2018/01/10) */
Thank you for the opportunity to address the concerns raised by our clientsI had the opportunity to review the loan in question with internal partiesAfter which, I called and left a voicemail for the clients on January 5, I received
a call back from*** on January 7th, but was unable to take the call*** indicated in his voicemail that he would call backHe did so on January 8thWe discussed my findings, and I indicated to him that I would follow up with an email (see email verbiage below) along with sending new loan disclosures with updated terms for considerationI emailed the clients on January 9th and today, January 10th, new loan disclosures were delivered electronically to the clientsAt this time I am awaiting the clients to respond to me their intent which is to either move forward with the loan terms or withdraw the loanShould they choose the latter, I stated to the clients that Greater Nevada Mortgage will refund the $that is in question in their complaint
Email to *** and *** on January 9, 2018:
*** and *** -
Per my discussion with ***, I am providing an update on your loanBased on the loan characteristics, we are only able to offer one loan scenario which is a year Fixed Rate Mortgage FHA loanThe processor on the file will shortly send you updated terms for your consideration but let me go over key highlights
I understand you wanted to look at a shorter term and unfortunately we do not have a qualifying offer for thisHowever, you must keep the following under consideration which is a year loan does provide cash flow benefitCurrently your mortgage is approximately $1,including taxes and insuranceThe terms in which we are sending will be for a payment of $989, a $savingsA year loan could have put you in a payment of $1,
o That is still a savings and a reduction of termHowever, your loan would not have a prepayment penalty so you are welcome to pay the loan off soonerWe can help show you how this works, which is simply making a larger payment each month to pay down principal - thus cutting off term and interest you would be paying
o A key item is cash flowIf you go in to a shorter term payment then you are obligated to make that payment and don't have flexibilityThe year mortgage allows you to pay down the loan faster when you want, but if there is a life event or perhaps just a need for extra holiday money, you can choose to make the year payment and give yourself $or so of extra cash flow in a particular monthThat can prove to be very beneficial
o So again, I attempted to find a way to offer a shorter term but could not get a qualificationA year term though remains beneficial to you in both reduced payment and cash flow flexibilityPlease note figures may change slightly as the loan is finalized, but nothing that would change the integrity of our discussion that your payment will be significantly reduced
Additional concerns you shared
o Appraisal
It is clear that the appraisal took considerable time to get doneHowever, it seems the true narrative got lostThe first primary delay was that the appraiser wanted to charge $*** *** negotiated to bring this down to $This took some time but was effort in your best interestSecondly, it is stated that the appraiser suggested Greater Nevada put the appraisal on holdThat is simply not the caseI have reviewed the log in the appraisal management system and spoken to our account managerBoth of which confirm that Greater Nevada did not put the appraisal on hold
Due to the time that has passed, the current appraisal has expired regrettablyShould you agree to move forward with the refinance after reviewing updated terms then we will need to order a new appraisalPlease note that Greater Nevada will cover the cost based on what has transpiredI will also ask that the appraisal management company do what they can to expedite the processThe rural nature of the property will still lend this process to taking some time, but I will do what I can to mitigate this
o Credit Report
There was a suggestion that your credit report was run multiple times causing scores to go down
Your credit was run on August 4th and then again on October 17th as an update was needed to continue with the fileThere have been no other credit pulls
On 8/4, your qualifying credit score was After pulling credit on 10/17, your qualifying credit score was still As such there was no change
Please note that dependent on appraisal turn time, we may need to order credit again prior to finalizing the loan
Please let me know if you have any additional questionsOtherwise, please indicate your intent to move forward by signing the updated disclosures you will be sent shortlyIf you choose not to move forward, please indicate so in a reply to this emailWe will withdraw the file and refund your appraisal cost
Thanks again for calling me yesterday, and I look forward to hearing from you
*** ***
Vice President of Mortgage Lending
Greater Nevada Mortgage
(775) 886-
***
Initial Consumer Rebuttal /* (3000, 12, 2018/02/05) */
It was agreed on 1/22/for GNMS to refund *** and *** *** the appraisal feeWe have not received any such money to this date
Final Consumer Response /* (3000, 21, 2018/02/20) */
On 2/09/18, I deposited the check for reimbursement from GNCU for the amount of in my account at Nevada State BankOn 2/14/18, it indicates on my bank statement, that GNCU took back the deposit on the 2/14/and because of this action, by bank account was serviced charged
As of this date, we have not be given reimbursement for the above complaint
Final Business Response /* (4000, 23, 2018/02/20) */
GNM spoke to *** *** this morning at 11:45am, February 20, Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.OBoxWe contacted the client and let him know that a new check was being issued to the P.OBox and GNM would cancel the first checkThe first check did end up arriving to the client, and the client deposited the 1st check*** confirmed they received the 2nd check to their P.OBox on Saturday, February 17thI confirmed with him that the check they deposited was the 1st check and thus was voidI also instructed them to deposit the 2nd check they received on Saturday and that this check would clear with the matter being resolved at such point
Initial Business Response /* (1000, 5, 2017/08/30) */
Thank you for taking the time to share *** concern about the changes to her monthly mortgage payment as a result of her annual tax and insurance account analysis We addressed *** concerns and have resolved the matter to her
satisfaction
We value our borrowers who take the time to tell us about their experience, whether positive or negative Direct feedback is a valuable source for us to gauge the quality of our service, as well as to address any areas in need to attention
Initial Consumer Rebuttal /* (3000, 7, 2017/08/30) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Mortgage is still higher than what I signed with them by $A month because of their errorMy impound account is still -They did credit the account for PMI last year but is still too high of a payment than what I signed with them in the beginningI'm looking to refinance and move all my accounts from greater Nevada
Final Business Response /* (4000, 9, 2017/08/31) */
A monthly mortgage payment with a tax and insurance account will fluctuate from year to year, even with a fixed rate loanIn *** case, her monthly mortgage payment has increased $since the inception of the mortgage in Both her property taxes and hazard insurance premiums have increased and this subsequently increased the funding needs of her tax and insurance account This changes her monthly payment obligation as a result Greater Nevada Mortgage also discovered that her initial annual USDA guarantee fee was not properly projected to be paid from her tax and insurance account as it should have been and thus she was indemnified this amount Given the increases in her taxes and insurance premiums, *** updated monthly mortgage payment reflects the appropriate payment for her tax and insurance impound account Both our Loan Servicing Manager and Mortgage Loan Officer have reviewed the annual tax and insurance account review with Amy King and continue to be available for any further questions or concerns
Initial Business Response /* (1000, 5, 2016/08/29) */
Thank you for the opportunity to address the concerns raised by our client This client did in fact access our website to find an error relative to fees associated with VA loans This was validated by our vendor who posts the information
However, it should be acknowledged that it was also confirmed to have only been posted incorrectly for a short window of time on a particular day - a time in which the client happened to access the site Contrary to her statement, we did not change the website based on her call to us The information had been accessed previously on the website with said information only incorrect during a short maintenance period
Despite this, it was our intent to acknowledge the confusion caused by this to our client and veteran With that, Greater Nevada Mortgage did reduce the client's fees significantly The loan she acquired, based on the loan amount, would normally have incurred $3,in lender fees Instead, the client paid $450, a $3,discount It is important to note that all other fees were required third party fees such as appraisal, escrow, title, government recording, etc These fees are associated with any first mortgage transaction, and are not included in fee quotes on the website as those are intended as guidance for lender specific fees relative to the posted interest rate
Given this information, we believe we remediated the concern appropriately based on the following: 1) Recognition of the error at time of consumer concern and 2) Providing a viable solution that was accepted by the client at time of error It is important to understand that our solution was voluntarily accepted at the time by the client The client did not bring the matter forward again during the remainder of the transaction Her acceptance of our terms was freely chosen and not required Moreover, with regard to her concern over "delays" mentioned in the case description, it should be recognized that the client's home loan transaction was completed in days from application to funding In July, the industry average for refinance was days
In conclusion, the client received from us a highly discounted mortgage loan that closed over a week ahead of industry average with terms that were voluntarily signed as agreeable by the client This resulted in a very favorable transaction for the client and we therefore believe this matter should be closed
Initial Consumer Rebuttal /* (3000, 7, 2016/09/06) */
(The consumer indicated he/she DID NOT accept the response from the business.)
When a business advertises the wrong information to the public, it usually either honors the advertisement made, despite its mistakes, or it makes a post stating that a mistake was made, and the correct information is now available
The day after I contacted the lender about the zero closing cost program, they denied ever having a product like thatWhen I went back to the website, they had changed their web site and completely removed any mention of fees for all of their loan productsThey insisted that I had misread information posted on their siteAfter I showed them a copy of their web page with the advertisement, I was told it would be looked into A few days after, I was told that I was the one who caught the mistake, that they did not know it was posted that way on the website
The information that was posted was accessible throughout the dayI argued with the lender for a week about their advertisement, which kept my loan in limboI was told by the lender that I would be given zero closing cost in the form of a rebate as a thank you for catching the error, which I did acceptThey did not say there were going to be additional costsTo me, zero closing costs means there are no costs for closing the loan$3,is not zero closing costs, it is $3,in closing costs
I did bring up the advertisement during the beginning of the loan process, but arguing with them proved to be futileMore arguments would not have yielded different resultsAdvertising mistake or not, the lender should have honored what was promised through their advertisementMore than once I was told the zero closing cost loan advertisement would be honored, and yet, it wasn'tI have even received an e-mail from the lender promising zero closing costs in the form of a rebateIn that same e-mail, there is no mention of additional outside closing costsWhen I confronted the lender about this discrepancy, they stated that I misunderstood what was being promised
The lender advertised a $closing cost loan for veteransThey denied the existence of said advertisement until I gave them proofNext, they promised to honor the advertisement both verbally and through written communicationThe lender then decided to retract their offer and altered the original advertisement and agreementI find it very disconcerting that businesses are allowed to practice with such deceit
Final Business Response /* (4000, 17, 2016/10/07) */
Greater Nevada Mortgage has reviewed the concern in detail and appreciates the additional correspondence that the client submitted for review To again clarify, the system issue was unknown to Greater Nevada Mortgage until the client brought it to our attention Thus, our initial response stating that we don't offer a "zero cost" VA loan at the rate the client was interested in was accurate Once the issue was brought to our attention we reviewed with our vendor, confirming the error, and then advised the client that the system did in fact have a brief moment in time where it showed inaccurate information on the VA loan product and then quickly showed correctedThe "glitch" occurred for a short time on a particular day before resetting to accurate information As the client happened to be reviewing our website when the error occurred, once it was reviewed and clear that such a thing occurred, it was reiterated to the client that no such program existed and that the only way to have a zero cost loan was through a higher rate with enough rebate to cover the closing costs The chart where our sample rates are posted on our website clearly has an "Assumptions" tab that states; "Chart data is for illustrative purposes only, assumes a borrower with excellent credit and is subject to change without noticeAccuracy is not guaranteed and products may not be available for your situation" However, due to the confusion, Greater Nevada Mortgage still offered to pay all but $of the nearly $4,in "lender fees" on the loan The client agreed to this arrangement and moved forward with the loan process
As evidenced by the email the client forwarded for review, the related question occurred very early in the loan process Several Loan Estimate and Closing Disclosures outlining fees went to the client for signature from the start of the process showing the full costs of the loan including what we as the lender agreed to cover (lender fees) as an exception and what the client would be responsible for paying at closing (appraisal, title, taxes and insurance, etc.) We remain committed to sending the client $to cover the remainder of the lender fees associated with this refinance transaction and do not believe an amount greater than this is justified A check in this amount will be delivered via mail next week We consider this matter closedThank you
Final Consumer Response /* (3000, 24, 2016/11/10) */
***Document Attached***
Initial Business Response / [redacted] (1000, 5, 2018/01/10) */ Thank you for the opportunity to address the concerns raised by our clientsI had the opportunity to review the loan in question with internal partiesAfter which, I called and left a voicemail for the clients on January 5, I received a call back from [redacted] on January 7th, but was unable to take the call [redacted] indicated in his voicemail that he would call backHe did so on January 8thWe discussed my findings, and I indicated to him that I would follow up with an email (see email verbiage below) along with sending new loan disclosures with updated terms for considerationI emailed the clients on January 9th and today, January 10th, new loan disclosures were delivered electronically to the clientsAt this time I am awaiting the clients to respond to me their intent which is to either move forward with the loan terms or withdraw the loanShould they choose the latter, I stated to the clients that Greater Nevada Mortgage will refund the $that is in question in their complaint Email to [redacted] and *** [redacted] on January 9, 2018: [redacted] and [redacted] - Per my discussion with ***, I am providing an update on your loanBased on the loan characteristics, we are only able to offer one loan scenario which is a year Fixed Rate Mortgage FHA loanThe processor on the file will shortly send you updated terms for your consideration but let me go over key highlights I understand you wanted to look at a shorter term and unfortunately we do not have a qualifying offer for thisHowever, you must keep the following under consideration which is a year loan does provide cash flow benefitCurrently your mortgage is approximately $1,including taxes and insuranceThe terms in which we are sending will be for a payment of $989, a $savingsA year loan could have put you in a payment of $1, o That is still a savings and a reduction of termHowever, your loan would not have a prepayment penalty so you are welcome to pay the loan off soonerWe can help show you how this works, which is simply making a larger payment each month to pay down principal - thus cutting off term and interest you would be paying o A key item is cash flowIf you go in to a shorter term payment then you are obligated to make that payment and don't have flexibilityThe year mortgage allows you to pay down the loan faster when you want, but if there is a life event or perhaps just a need for extra holiday money, you can choose to make the year payment and give yourself $or so of extra cash flow in a particular monthThat can prove to be very beneficial o So again, I attempted to find a way to offer a shorter term but could not get a qualificationA year term though remains beneficial to you in both reduced payment and cash flow flexibilityPlease note figures may change slightly as the loan is finalized, but nothing that would change the integrity of our discussion that your payment will be significantly reduced Additional concerns you shared o Appraisal It is clear that the appraisal took considerable time to get doneHowever, it seems the true narrative got lostThe first primary delay was that the appraiser wanted to charge $ [redacted] negotiated to bring this down to $This took some time but was effort in your best interestSecondly, it is stated that the appraiser suggested Greater Nevada put the appraisal on holdThat is simply not the caseI have reviewed the log in the appraisal management system and spoken to our account managerBoth of which confirm that Greater Nevada did not put the appraisal on hold Due to the time that has passed, the current appraisal has expired regrettablyShould you agree to move forward with the refinance after reviewing updated terms then we will need to order a new appraisalPlease note that Greater Nevada will cover the cost based on what has transpiredI will also ask that the appraisal management company do what they can to expedite the processThe rural nature of the property will still lend this process to taking some time, but I will do what I can to mitigate this o Credit Report There was a suggestion that your credit report was run multiple times causing scores to go down Your credit was run on August 4th and then again on October 17th as an update was needed to continue with the fileThere have been no other credit pulls On 8/4, your qualifying credit score was After pulling credit on 10/17, your qualifying credit score was still As such there was no change Please note that dependent on appraisal turn time, we may need to order credit again prior to finalizing the loan Please let me know if you have any additional questionsOtherwise, please indicate your intent to move forward by signing the updated disclosures you will be sent shortlyIf you choose not to move forward, please indicate so in a reply to this emailWe will withdraw the file and refund your appraisal cost Thanks again for calling me yesterday, and I look forward to hearing from you [redacted] Vice President of Mortgage Lending Greater Nevada Mortgage (775) 886- [redacted] Initial Consumer Rebuttal / [redacted] (3000, 12, 2018/02/05) */ It was agreed on 1/22/for GNMS to refund [redacted] and [redacted] the appraisal feeWe have not received any such money to this date Final Consumer Response / [redacted] (3000, 21, 2018/02/20) */ On 2/09/18, I deposited the check for reimbursement from GNCU for the amount of in my account at Nevada State BankOn 2/14/18, it indicates on my bank statement, that GNCU took back the deposit on the 2/14/and because of this action, by bank account was serviced charged As of this date, we have not be given reimbursement for the above complaint Final Business Response / [redacted] (4000, 23, 2018/02/20) */ GNM spoke to [redacted] this morning at 11:45am, February 20, Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.OBoxWe contacted the client and let him know that a new check was being issued to the P.OBox and GNM would cancel the first checkThe first check did end up arriving to the client, and the client deposited the 1st check [redacted] confirmed they received the 2nd check to their P.OBox on Saturday, February 17thI confirmed with him that the check they deposited was the 1st check and thus was voidI also instructed them to deposit the 2nd check they received on Saturday and that this check would clear with the matter being resolved at such point
Initial Business Response / [redacted] (1000, 5, 2016/12/30) */ Dear [redacted] - We appreciate the opportunity to review the concerns listed in this complaint case It is important to us that our borrowers are comfortable with understanding their home loan transaction, and as such, we would like to meet with you to discuss this in further detail Based on the nature of your concerns and the fact we are local, I ask you to contact me to set up a time where, along with my Sales Manager, we can meet with you in person to go over each matter listed This should provide a better setting for educating you on and remediating your concerns as well as provide a more conducive environment to answer any additional questions you may have Thank you, [redacted] Vice President of Mortgage Lending Greater Nevada Mortgage 775-886- [redacted] Initial Consumer Rebuttal / [redacted] (2000, 7, 2017/01/01) */ (The consumer indicated he/she ACCEPTED the response from the business.) We will accept this offer in one condition that we meet You personally
Initial Business Response / [redacted] (1000, 5, 2018/01/10) */ Thank you for the opportunity to address the concerns raised by our clients I had the opportunity to review the loan in question with internal parties After which, I called and left a voicemail for the clients on January 5, I received a call back from [redacted] on January 7th, but was unable to take the call [redacted] indicated in his voicemail that he would call back He did so on January 8th We discussed my findings, and I indicated to him that I would follow up with an email (see email verbiage below) along with sending new loan disclosures with updated terms for consideration I emailed the clients on January 9th and today, January 10th, new loan disclosures were delivered electronically to the clients At this time I am awaiting the clients to respond to me their intent which is to either move forward with the loan terms or withdraw the loan Should they choose the latter, I stated to the clients that Greater Nevada Mortgage will refund the $that is in question in their complaint Email to [redacted] and [redacted] on January 9, 2018: [redacted] and [redacted] - Per my discussion with ***, I am providing an update on your loan Based on the loan characteristics, we are only able to offer one loan scenario which is a year Fixed Rate Mortgage FHA loan The processor on the file will shortly send you updated terms for your consideration but let me go over key highlights I understand you wanted to look at a shorter term and unfortunately we do not have a qualifying offer for this However, you must keep the following under consideration which is a year loan does provide cash flow benefit Currently your mortgage is approximately $1,including taxes and insurance The terms in which we are sending will be for a payment of $989, a $savings A year loan could have put you in a payment of $1, o That is still a savings and a reduction of term However, your loan would not have a prepayment penalty so you are welcome to pay the loan off sooner We can help show you how this works, which is simply making a larger payment each month to pay down principal - thus cutting off term and interest you would be paying o A key item is cash flow If you go in to a shorter term payment then you are obligated to make that payment and don't have flexibility The year mortgage allows you to pay down the loan faster when you want, but if there is a life event or perhaps just a need for extra holiday money, you can choose to make the year payment and give yourself $or so of extra cash flow in a particular month That can prove to be very beneficial o So again, I attempted to find a way to offer a shorter term but could not get a qualification A year term though remains beneficial to you in both reduced payment and cash flow flexibility Please note figures may change slightly as the loan is finalized, but nothing that would change the integrity of our discussion that your payment will be significantly reduced Additional concerns you shared o Appraisal It is clear that the appraisal took considerable time to get done However, it seems the true narrative got lost The first primary delay was that the appraiser wanted to charge $ [redacted] negotiated to bring this down to $ This took some time but was effort in your best interest Secondly, it is stated that the appraiser suggested Greater Nevada put the appraisal on hold That is simply not the case I have reviewed the log in the appraisal management system and spoken to our account manager Both of which confirm that Greater Nevada did not put the appraisal on hold Due to the time that has passed, the current appraisal has expired regrettably Should you agree to move forward with the refinance after reviewing updated terms then we will need to order a new appraisal Please note that Greater Nevada will cover the cost based on what has transpired I will also ask that the appraisal management company do what they can to expedite the process The rural nature of the property will still lend this process to taking some time, but I will do what I can to mitigate this o Credit Report There was a suggestion that your credit report was run multiple times causing scores to go down Your credit was run on August 4th and then again on October 17th as an update was needed to continue with the file There have been no other credit pulls On 8/4, your qualifying credit score was After pulling credit on 10/17, your qualifying credit score was still As such there was no change Please note that dependent on appraisal turn time, we may need to order credit again prior to finalizing the loan Please let me know if you have any additional questions Otherwise, please indicate your intent to move forward by signing the updated disclosures you will be sent shortly If you choose not to move forward, please indicate so in a reply to this email We will withdraw the file and refund your appraisal cost Thanks again for calling me yesterday, and I look forward to hearing from you [redacted] Vice President of Mortgage Lending Greater Nevada Mortgage (775) 886- [redacted] Initial Consumer Rebuttal / [redacted] (3000, 12, 2018/02/05) */ It was agreed on 1/22/for GNMS to refund [redacted] and [redacted] the appraisal fee We have not received any such money to this date Final Consumer Response / [redacted] (3000, 21, 2018/02/20) */ On 2/09/18, I deposited the check for reimbursement from GNCU for the amount of in my account at Nevada State Bank On 2/14/18, it indicates on my bank statement, that GNCU took back the deposit on the 2/14/and because of this action, by bank account was serviced charged As of this date, we have not be given reimbursement for the above complaint Final Business Response / [redacted] (4000, 23, 2018/02/20) */ GNM spoke to [redacted] this morning at 11:45am, February 20, Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.OBox We contacted the client and let him know that a new check was being issued to the P.OBox and GNM would cancel the first check The first check did end up arriving to the client, and the client deposited the 1st check [redacted] confirmed they received the 2nd check to their P.OBox on Saturday, February 17th I confirmed with him that the check they deposited was the 1st check and thus was void I also instructed them to deposit the 2nd check they received on Saturday and that this check would clear with the matter being resolved at such point
Initial Business Response / [redacted] (1000, 5, 2016/08/29) */ Thank you for the opportunity to address the concerns raised by our clientThis client did in fact access our website to find an error relative to fees associated with VA loansThis was validated by our vendor who posts the information However, it should be acknowledged that it was also confirmed to have only been posted incorrectly for a short window of time on a particular day - a time in which the client happened to access the siteContrary to her statement, we did not change the website based on her call to usThe information had been accessed previously on the website with said information only incorrect during a short maintenance period Despite this, it was our intent to acknowledge the confusion caused by this to our client and veteranWith that, Greater Nevada Mortgage did reduce the client's fees significantlyThe loan she acquired, based on the loan amount, would normally have incurred $3,in lender feesInstead, the client paid $450, a $3,discountIt is important to note that all other fees were required third party fees such as appraisal, escrow, title, government recording, etcThese fees are associated with any first mortgage transaction, and are not included in fee quotes on the website as those are intended as guidance for lender specific fees relative to the posted interest rate Given this information, we believe we remediated the concern appropriately based on the following: 1) Recognition of the error at time of consumer concern and 2) Providing a viable solution that was accepted by the client at time of errorIt is important to understand that our solution was voluntarily accepted at the time by the clientThe client did not bring the matter forward again during the remainder of the transactionHer acceptance of our terms was freely chosen and not requiredMoreover, with regard to her concern over "delays" mentioned in the case description, it should be recognized that the client's home loan transaction was completed in days from application to fundingIn July, the industry average for refinance was days In conclusion, the client received from us a highly discounted mortgage loan that closed over a week ahead of industry average with terms that were voluntarily signed as agreeable by the clientThis resulted in a very favorable transaction for the client and we therefore believe this matter should be closed Initial Consumer Rebuttal / [redacted] (3000, 7, 2016/09/06) */ (The consumer indicated he/she DID NOT accept the response from the business.) When a business advertises the wrong information to the public, it usually either honors the advertisement made, despite its mistakes, or it makes a post stating that a mistake was made, and the correct information is now available The day after I contacted the lender about the zero closing cost program, they denied ever having a product like thatWhen I went back to the website, they had changed their web site and completely removed any mention of fees for all of their loan productsThey insisted that I had misread information posted on their siteAfter I showed them a copy of their web page with the advertisement, I was told it would be looked intoA few days after, I was told that I was the one who caught the mistake, that they did not know it was posted that way on the website The information that was posted was accessible throughout the dayI argued with the lender for a week about their advertisement, which kept my loan in limboI was told by the lender that I would be given zero closing cost in the form of a rebate as a thank you for catching the error, which I did acceptThey did not say there were going to be additional costsTo me, zero closing costs means there are no costs for closing the loan$3,is not zero closing costs, it is $3,in closing costs I did bring up the advertisement during the beginning of the loan process, but arguing with them proved to be futileMore arguments would not have yielded different resultsAdvertising mistake or not, the lender should have honored what was promised through their advertisementMore than once I was told the zero closing cost loan advertisement would be honored, and yet, it wasn'tI have even received an e-mail from the lender promising zero closing costs in the form of a rebateIn that same e-mail, there is no mention of additional outside closing costsWhen I confronted the lender about this discrepancy, they stated that I misunderstood what was being promised The lender advertised a $closing cost loan for veteransThey denied the existence of said advertisement until I gave them proofNext, they promised to honor the advertisement both verbally and through written communicationThe lender then decided to retract their offer and altered the original advertisement and agreementI find it very disconcerting that businesses are allowed to practice with such deceit Final Business Response / [redacted] (4000, 17, 2016/10/07) */ Greater Nevada Mortgage has reviewed the concern in detail and appreciates the additional correspondence that the client submitted for reviewTo again clarify, the system issue was unknown to Greater Nevada Mortgage until the client brought it to our attentionThus, our initial response stating that we don't offer a "zero cost" VA loan at the rate the client was interested in was accurateOnce the issue was brought to our attention we reviewed with our vendor, confirming the error, and then advised the client that the system did in fact have a brief moment in time where it showed inaccurate information on the VA loan product and then quickly showed correctedThe "glitch" occurred for a short time on a particular day before resetting to accurate informationAs the client happened to be reviewing our website when the error occurred, once it was reviewed and clear that such a thing occurred, it was reiterated to the client that no such program existed and that the only way to have a zero cost loan was through a higher rate with enough rebate to cover the closing costsThe chart where our sample rates are posted on our website clearly has an "Assumptions" tab that states; "Chart data is for illustrative purposes only, assumes a borrower with excellent credit and is subject to change without noticeAccuracy is not guaranteed and products may not be available for your situation"However, due to the confusion, Greater Nevada Mortgage still offered to pay all but $of the nearly $4,in "lender fees" on the loanThe client agreed to this arrangement and moved forward with the loan process As evidenced by the email the client forwarded for review, the related question occurred very early in the loan processSeveral Loan Estimate and Closing Disclosures outlining fees went to the client for signature from the start of the process showing the full costs of the loan including what we as the lender agreed to cover (lender fees) as an exception and what the client would be responsible for paying at closing (appraisal, title, taxes and insurance, etc.)We remain committed to sending the client $to cover the remainder of the lender fees associated with this refinance transaction and do not believe an amount greater than this is justifiedA check in this amount will be delivered via mail next weekWe consider this matter closedThank you Final Consumer Response / [redacted] (3000, 24, 2016/11/10) */ ***Document Attached***
Initial Business Response /* (1000, 5, 2017/08/30) */
Thank you for taking the time to share *** concern about the changes to her monthly mortgage payment as a result of her annual tax and insurance account analysisWe addressed *** concerns and have resolved the matter to her
satisfaction
We value our borrowers who take the time to tell us about their experience, whether positive or negativeDirect feedback is a valuable source for us to gauge the quality of our service, as well as to address any areas in need to attention
Initial Consumer Rebuttal /* (3000, 7, 2017/08/30) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Mortgage is still higher than what I signed with them by $A month because of their errorMy impound account is still -They did credit the account for PMI last year but is still too high of a payment than what I signed with them in the beginningI'm looking to refinance and move all my accounts from greater Nevada
Final Business Response /* (4000, 9, 2017/08/31) */
A monthly mortgage payment with a tax and insurance account will fluctuate from year to year, even with a fixed rate loanIn *** case, her monthly mortgage payment has increased $since the inception of the mortgage in Both her property taxes and hazard insurance premiums have increased and this subsequently increased the funding needs of her tax and insurance accountThis changes her monthly payment obligation as a resultGreater Nevada Mortgage also discovered that her initial annual USDA guarantee fee was not properly projected to be paid from her tax and insurance account as it should have been and thus she was indemnified this amountGiven the increases in her taxes and insurance premiums, *** updated monthly mortgage payment reflects the appropriate payment for her tax and insurance impound accountBoth our Loan Servicing Manager and Mortgage Loan Officer have reviewed the annual tax and insurance account review with Amy King and continue to be available for any further questions or concerns
Initial Business Response /* (1000, 5, 2016/12/30) */
Dear *** -
We appreciate the opportunity to review the concerns listed in this complaint case It is important to us that our borrowers are comfortable with understanding their home loan transaction, and as such, we would like to
meet with you to discuss this in further detail Based on the nature of your concerns and the fact we are local, I ask you to contact me to set up a time where, along with my Sales Manager, we can meet with you in person to go over each matter listed This should provide a better setting for educating you on and remediating your concerns as well as provide a more conducive environment to answer any additional questions you may have
Thank you,
***
Vice President of Mortgage Lending
Greater Nevada Mortgage
775-886-
***
Initial Consumer Rebuttal /* (2000, 7, 2017/01/01) */
(The consumer indicated he/she ACCEPTED the response from the business.)
We will accept this offer in one condition that we meet You personally
Initial Business Response /* (1000, 5, 2016/08/29) */
Thank you for the opportunity to address the concerns raised by our clientThis client did in fact access our website to find an error relative to fees associated with VA loansThis was validated by our vendor who posts the information
However, it should be acknowledged that it was also confirmed to have only been posted incorrectly for a short window of time on a particular day - a time in which the client happened to access the siteContrary to her statement, we did not change the website based on her call to usThe information had been accessed previously on the website with said information only incorrect during a short maintenance period
Despite this, it was our intent to acknowledge the confusion caused by this to our client and veteranWith that, Greater Nevada Mortgage did reduce the client's fees significantlyThe loan she acquired, based on the loan amount, would normally have incurred $3,in lender feesInstead, the client paid $450, a $3,discountIt is important to note that all other fees were required third party fees such as appraisal, escrow, title, government recording, etcThese fees are associated with any first mortgage transaction, and are not included in fee quotes on the website as those are intended as guidance for lender specific fees relative to the posted interest rate
Given this information, we believe we remediated the concern appropriately based on the following: 1) Recognition of the error at time of consumer concern and 2) Providing a viable solution that was accepted by the client at time of errorIt is important to understand that our solution was voluntarily accepted at the time by the clientThe client did not bring the matter forward again during the remainder of the transactionHer acceptance of our terms was freely chosen and not requiredMoreover, with regard to her concern over "delays" mentioned in the case description, it should be recognized that the client's home loan transaction was completed in days from application to fundingIn July, the industry average for refinance was days
In conclusion, the client received from us a highly discounted mortgage loan that closed over a week ahead of industry average with terms that were voluntarily signed as agreeable by the clientThis resulted in a very favorable transaction for the client and we therefore believe this matter should be closed
Initial Consumer Rebuttal /* (3000, 7, 2016/09/06) */
(The consumer indicated he/she DID NOT accept the response from the business.)
When a business advertises the wrong information to the public, it usually either honors the advertisement made, despite its mistakes, or it makes a post stating that a mistake was made, and the correct information is now available
The day after I contacted the lender about the zero closing cost program, they denied ever having a product like thatWhen I went back to the website, they had changed their web site and completely removed any mention of fees for all of their loan productsThey insisted that I had misread information posted on their siteAfter I showed them a copy of their web page with the advertisement, I was told it would be looked intoA few days after, I was told that I was the one who caught the mistake, that they did not know it was posted that way on the website
The information that was posted was accessible throughout the dayI argued with the lender for a week about their advertisement, which kept my loan in limboI was told by the lender that I would be given zero closing cost in the form of a rebate as a thank you for catching the error, which I did acceptThey did not say there were going to be additional costsTo me, zero closing costs means there are no costs for closing the loan$3,is not zero closing costs, it is $3,in closing costs
I did bring up the advertisement during the beginning of the loan process, but arguing with them proved to be futileMore arguments would not have yielded different resultsAdvertising mistake or not, the lender should have honored what was promised through their advertisementMore than once I was told the zero closing cost loan advertisement would be honored, and yet, it wasn'tI have even received an e-mail from the lender promising zero closing costs in the form of a rebateIn that same e-mail, there is no mention of additional outside closing costsWhen I confronted the lender about this discrepancy, they stated that I misunderstood what was being promised
The lender advertised a $closing cost loan for veteransThey denied the existence of said advertisement until I gave them proofNext, they promised to honor the advertisement both verbally and through written communicationThe lender then decided to retract their offer and altered the original advertisement and agreementI find it very disconcerting that businesses are allowed to practice with such deceit
Final Business Response /* (4000, 17, 2016/10/07) */
Greater Nevada Mortgage has reviewed the concern in detail and appreciates the additional correspondence that the client submitted for reviewTo again clarify, the system issue was unknown to Greater Nevada Mortgage until the client brought it to our attentionThus, our initial response stating that we don't offer a "zero cost" VA loan at the rate the client was interested in was accurateOnce the issue was brought to our attention we reviewed with our vendor, confirming the error, and then advised the client that the system did in fact have a brief moment in time where it showed inaccurate information on the VA loan product and then quickly showed correctedThe "glitch" occurred for a short time on a particular day before resetting to accurate informationAs the client happened to be reviewing our website when the error occurred, once it was reviewed and clear that such a thing occurred, it was reiterated to the client that no such program existed and that the only way to have a zero cost loan was through a higher rate with enough rebate to cover the closing costsThe chart where our sample rates are posted on our website clearly has an "Assumptions" tab that states; "Chart data is for illustrative purposes only, assumes a borrower with excellent credit and is subject to change without noticeAccuracy is not guaranteed and products may not be available for your situation"However, due to the confusion, Greater Nevada Mortgage still offered to pay all but $of the nearly $4,in "lender fees" on the loanThe client agreed to this arrangement and moved forward with the loan process
As evidenced by the email the client forwarded for review, the related question occurred very early in the loan processSeveral Loan Estimate and Closing Disclosures outlining fees went to the client for signature from the start of the process showing the full costs of the loan including what we as the lender agreed to cover (lender fees) as an exception and what the client would be responsible for paying at closing (appraisal, title, taxes and insurance, etc.)We remain committed to sending the client $to cover the remainder of the lender fees associated with this refinance transaction and do not believe an amount greater than this is justifiedA check in this amount will be delivered via mail next weekWe consider this matter closedThank you
Final Consumer Response /* (3000, 24, 2016/11/10) */
***Document Attached***
Initial Business Response /* (1000, 5, 2018/01/10) */
Thank you for the opportunity to address the concerns raised by our clients I had the opportunity to review the loan in question with internal parties After which, I called and left a voicemail for the clients on January 5, I received
a call back from*** on January 7th, but was unable to take the call*** indicated in his voicemail that he would call back He did so on January 8th We discussed my findings, and I indicated to him that I would follow up with an email (see email verbiage below) along with sending new loan disclosures with updated terms for consideration I emailed the clients on January 9th and today, January 10th, new loan disclosures were delivered electronically to the clients At this time I am awaiting the clients to respond to me their intent which is to either move forward with the loan terms or withdraw the loan Should they choose the latter, I stated to the clients that Greater Nevada Mortgage will refund the $that is in question in their complaint
Email to *** and *** on January 9, 2018:
*** and *** -
Per my discussion with ***, I am providing an update on your loan Based on the loan characteristics, we are only able to offer one loan scenario which is a year Fixed Rate Mortgage FHA loan The processor on the file will shortly send you updated terms for your consideration but let me go over key highlights
I understand you wanted to look at a shorter term and unfortunately we do not have a qualifying offer for this However, you must keep the following under consideration which is a year loan does provide cash flow benefit Currently your mortgage is approximately $1,including taxes and insurance The terms in which we are sending will be for a payment of $989, a $savings A year loan could have put you in a payment of $1,
o That is still a savings and a reduction of term However, your loan would not have a prepayment penalty so you are welcome to pay the loan off sooner We can help show you how this works, which is simply making a larger payment each month to pay down principal - thus cutting off term and interest you would be paying
o A key item is cash flow If you go in to a shorter term payment then you are obligated to make that payment and don't have flexibility The year mortgage allows you to pay down the loan faster when you want, but if there is a life event or perhaps just a need for extra holiday money, you can choose to make the year payment and give yourself $or so of extra cash flow in a particular month That can prove to be very beneficial
o So again, I attempted to find a way to offer a shorter term but could not get a qualification A year term though remains beneficial to you in both reduced payment and cash flow flexibility Please note figures may change slightly as the loan is finalized, but nothing that would change the integrity of our discussion that your payment will be significantly reduced
Additional concerns you shared
o Appraisal
It is clear that the appraisal took considerable time to get done However, it seems the true narrative got lost The first primary delay was that the appraiser wanted to charge $ *** *** negotiated to bring this down to $ This took some time but was effort in your best interest Secondly, it is stated that the appraiser suggested Greater Nevada put the appraisal on hold That is simply not the case I have reviewed the log in the appraisal management system and spoken to our account manager Both of which confirm that Greater Nevada did not put the appraisal on hold
Due to the time that has passed, the current appraisal has expired regrettably Should you agree to move forward with the refinance after reviewing updated terms then we will need to order a new appraisal Please note that Greater Nevada will cover the cost based on what has transpired I will also ask that the appraisal management company do what they can to expedite the process The rural nature of the property will still lend this process to taking some time, but I will do what I can to mitigate this
o Credit Report
There was a suggestion that your credit report was run multiple times causing scores to go down
Your credit was run on August 4th and then again on October 17th as an update was needed to continue with the file There have been no other credit pulls
On 8/4, your qualifying credit score was After pulling credit on 10/17, your qualifying credit score was still As such there was no change
Please note that dependent on appraisal turn time, we may need to order credit again prior to finalizing the loan
Please let me know if you have any additional questions Otherwise, please indicate your intent to move forward by signing the updated disclosures you will be sent shortly If you choose not to move forward, please indicate so in a reply to this email We will withdraw the file and refund your appraisal cost
Thanks again for calling me yesterday, and I look forward to hearing from you
*** ***
Vice President of Mortgage Lending
Greater Nevada Mortgage
(775) 886-
***
Initial Consumer Rebuttal /* (3000, 12, 2018/02/05) */
It was agreed on 1/22/for GNMS to refund *** and *** *** the appraisal fee We have not received any such money to this date
Final Consumer Response /* (3000, 21, 2018/02/20) */
On 2/09/18, I deposited the check for reimbursement from GNCU for the amount of in my account at Nevada State Bank On 2/14/18, it indicates on my bank statement, that GNCU took back the deposit on the 2/14/and because of this action, by bank account was serviced charged
As of this date, we have not be given reimbursement for the above complaint
Final Business Response /* (4000, 23, 2018/02/20) */
GNM spoke to *** *** this morning at 11:45am, February 20, Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.OBox We contacted the client and let him know that a new check was being issued to the P.OBox and GNM would cancel the first check The first check did end up arriving to the client, and the client deposited the 1st check*** confirmed they received the 2nd check to their P.OBox on Saturday, February 17th I confirmed with him that the check they deposited was the 1st check and thus was void I also instructed them to deposit the 2nd check they received on Saturday and that this check would clear with the matter being resolved at such point
Initial Business Response /* (1000, 5, 2016/12/30) */
Dear *** -
We appreciate the opportunity to review the concerns listed in this complaint caseIt is important to us that our borrowers are comfortable with understanding their home loan transaction, and as such, we would like to
meet with you to discuss this in further detailBased on the nature of your concerns and the fact we are local, I ask you to contact me to set up a time where, along with my Sales Manager, we can meet with you in person to go over each matter listedThis should provide a better setting for educating you on and remediating your concerns as well as provide a more conducive environment to answer any additional questions you may have
Thank you,
***
Vice President of Mortgage Lending
Greater Nevada Mortgage
775-886-
***
Initial Consumer Rebuttal /* (2000, 7, 2017/01/01) */
(The consumer indicated he/she ACCEPTED the response from the business.)
We will accept this offer in one condition that we meet You personally
Initial Business Response /* (1000, 5, 2018/01/10) */
Thank you for the opportunity to address the concerns raised by our clientsI had the opportunity to review the loan in question with internal partiesAfter which, I called and left a voicemail for the clients on January 5, I received
a call back from*** on January 7th, but was unable to take the call*** indicated in his voicemail that he would call backHe did so on January 8thWe discussed my findings, and I indicated to him that I would follow up with an email (see email verbiage below) along with sending new loan disclosures with updated terms for considerationI emailed the clients on January 9th and today, January 10th, new loan disclosures were delivered electronically to the clientsAt this time I am awaiting the clients to respond to me their intent which is to either move forward with the loan terms or withdraw the loanShould they choose the latter, I stated to the clients that Greater Nevada Mortgage will refund the $that is in question in their complaint
Email to *** and *** on January 9, 2018:
*** and *** -
Per my discussion with ***, I am providing an update on your loanBased on the loan characteristics, we are only able to offer one loan scenario which is a year Fixed Rate Mortgage FHA loanThe processor on the file will shortly send you updated terms for your consideration but let me go over key highlights
I understand you wanted to look at a shorter term and unfortunately we do not have a qualifying offer for thisHowever, you must keep the following under consideration which is a year loan does provide cash flow benefitCurrently your mortgage is approximately $1,including taxes and insuranceThe terms in which we are sending will be for a payment of $989, a $savingsA year loan could have put you in a payment of $1,
o That is still a savings and a reduction of termHowever, your loan would not have a prepayment penalty so you are welcome to pay the loan off soonerWe can help show you how this works, which is simply making a larger payment each month to pay down principal - thus cutting off term and interest you would be paying
o A key item is cash flowIf you go in to a shorter term payment then you are obligated to make that payment and don't have flexibilityThe year mortgage allows you to pay down the loan faster when you want, but if there is a life event or perhaps just a need for extra holiday money, you can choose to make the year payment and give yourself $or so of extra cash flow in a particular monthThat can prove to be very beneficial
o So again, I attempted to find a way to offer a shorter term but could not get a qualificationA year term though remains beneficial to you in both reduced payment and cash flow flexibilityPlease note figures may change slightly as the loan is finalized, but nothing that would change the integrity of our discussion that your payment will be significantly reduced
Additional concerns you shared
o Appraisal
It is clear that the appraisal took considerable time to get doneHowever, it seems the true narrative got lostThe first primary delay was that the appraiser wanted to charge $*** *** negotiated to bring this down to $This took some time but was effort in your best interestSecondly, it is stated that the appraiser suggested Greater Nevada put the appraisal on holdThat is simply not the caseI have reviewed the log in the appraisal management system and spoken to our account managerBoth of which confirm that Greater Nevada did not put the appraisal on hold
Due to the time that has passed, the current appraisal has expired regrettablyShould you agree to move forward with the refinance after reviewing updated terms then we will need to order a new appraisalPlease note that Greater Nevada will cover the cost based on what has transpiredI will also ask that the appraisal management company do what they can to expedite the processThe rural nature of the property will still lend this process to taking some time, but I will do what I can to mitigate this
o Credit Report
There was a suggestion that your credit report was run multiple times causing scores to go down
Your credit was run on August 4th and then again on October 17th as an update was needed to continue with the fileThere have been no other credit pulls
On 8/4, your qualifying credit score was After pulling credit on 10/17, your qualifying credit score was still As such there was no change
Please note that dependent on appraisal turn time, we may need to order credit again prior to finalizing the loan
Please let me know if you have any additional questionsOtherwise, please indicate your intent to move forward by signing the updated disclosures you will be sent shortlyIf you choose not to move forward, please indicate so in a reply to this emailWe will withdraw the file and refund your appraisal cost
Thanks again for calling me yesterday, and I look forward to hearing from you
*** ***
Vice President of Mortgage Lending
Greater Nevada Mortgage
(775) 886-
***
Initial Consumer Rebuttal /* (3000, 12, 2018/02/05) */
It was agreed on 1/22/for GNMS to refund *** and *** *** the appraisal feeWe have not received any such money to this date
Final Consumer Response /* (3000, 21, 2018/02/20) */
On 2/09/18, I deposited the check for reimbursement from GNCU for the amount of in my account at Nevada State BankOn 2/14/18, it indicates on my bank statement, that GNCU took back the deposit on the 2/14/and because of this action, by bank account was serviced charged
As of this date, we have not be given reimbursement for the above complaint
Final Business Response /* (4000, 23, 2018/02/20) */
GNM spoke to *** *** this morning at 11:45am, February 20, Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.OBoxWe contacted the client and let him know that a new check was being issued to the P.OBox and GNM would cancel the first checkThe first check did end up arriving to the client, and the client deposited the 1st check*** confirmed they received the 2nd check to their P.OBox on Saturday, February 17thI confirmed with him that the check they deposited was the 1st check and thus was voidI also instructed them to deposit the 2nd check they received on Saturday and that this check would clear with the matter being resolved at such point
Initial Business Response /* (1000, 5, 2017/08/30) */
Thank you for taking the time to share *** concern about the changes to her monthly mortgage payment as a result of her annual tax and insurance account analysis We addressed *** concerns and have resolved the matter to her
satisfaction
We value our borrowers who take the time to tell us about their experience, whether positive or negative Direct feedback is a valuable source for us to gauge the quality of our service, as well as to address any areas in need to attention
Initial Consumer Rebuttal /* (3000, 7, 2017/08/30) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Mortgage is still higher than what I signed with them by $A month because of their errorMy impound account is still -They did credit the account for PMI last year but is still too high of a payment than what I signed with them in the beginningI'm looking to refinance and move all my accounts from greater Nevada
Final Business Response /* (4000, 9, 2017/08/31) */
A monthly mortgage payment with a tax and insurance account will fluctuate from year to year, even with a fixed rate loanIn *** case, her monthly mortgage payment has increased $since the inception of the mortgage in Both her property taxes and hazard insurance premiums have increased and this subsequently increased the funding needs of her tax and insurance account This changes her monthly payment obligation as a result Greater Nevada Mortgage also discovered that her initial annual USDA guarantee fee was not properly projected to be paid from her tax and insurance account as it should have been and thus she was indemnified this amount Given the increases in her taxes and insurance premiums, *** updated monthly mortgage payment reflects the appropriate payment for her tax and insurance impound account Both our Loan Servicing Manager and Mortgage Loan Officer have reviewed the annual tax and insurance account review with Amy King and continue to be available for any further questions or concerns
Initial Business Response /* (1000, 5, 2016/08/29) */
Thank you for the opportunity to address the concerns raised by our client This client did in fact access our website to find an error relative to fees associated with VA loans This was validated by our vendor who posts the information
However, it should be acknowledged that it was also confirmed to have only been posted incorrectly for a short window of time on a particular day - a time in which the client happened to access the site Contrary to her statement, we did not change the website based on her call to us The information had been accessed previously on the website with said information only incorrect during a short maintenance period
Despite this, it was our intent to acknowledge the confusion caused by this to our client and veteran With that, Greater Nevada Mortgage did reduce the client's fees significantly The loan she acquired, based on the loan amount, would normally have incurred $3,in lender fees Instead, the client paid $450, a $3,discount It is important to note that all other fees were required third party fees such as appraisal, escrow, title, government recording, etc These fees are associated with any first mortgage transaction, and are not included in fee quotes on the website as those are intended as guidance for lender specific fees relative to the posted interest rate
Given this information, we believe we remediated the concern appropriately based on the following: 1) Recognition of the error at time of consumer concern and 2) Providing a viable solution that was accepted by the client at time of error It is important to understand that our solution was voluntarily accepted at the time by the client The client did not bring the matter forward again during the remainder of the transaction Her acceptance of our terms was freely chosen and not required Moreover, with regard to her concern over "delays" mentioned in the case description, it should be recognized that the client's home loan transaction was completed in days from application to funding In July, the industry average for refinance was days
In conclusion, the client received from us a highly discounted mortgage loan that closed over a week ahead of industry average with terms that were voluntarily signed as agreeable by the client This resulted in a very favorable transaction for the client and we therefore believe this matter should be closed
Initial Consumer Rebuttal /* (3000, 7, 2016/09/06) */
(The consumer indicated he/she DID NOT accept the response from the business.)
When a business advertises the wrong information to the public, it usually either honors the advertisement made, despite its mistakes, or it makes a post stating that a mistake was made, and the correct information is now available
The day after I contacted the lender about the zero closing cost program, they denied ever having a product like thatWhen I went back to the website, they had changed their web site and completely removed any mention of fees for all of their loan productsThey insisted that I had misread information posted on their siteAfter I showed them a copy of their web page with the advertisement, I was told it would be looked into A few days after, I was told that I was the one who caught the mistake, that they did not know it was posted that way on the website
The information that was posted was accessible throughout the dayI argued with the lender for a week about their advertisement, which kept my loan in limboI was told by the lender that I would be given zero closing cost in the form of a rebate as a thank you for catching the error, which I did acceptThey did not say there were going to be additional costsTo me, zero closing costs means there are no costs for closing the loan$3,is not zero closing costs, it is $3,in closing costs
I did bring up the advertisement during the beginning of the loan process, but arguing with them proved to be futileMore arguments would not have yielded different resultsAdvertising mistake or not, the lender should have honored what was promised through their advertisementMore than once I was told the zero closing cost loan advertisement would be honored, and yet, it wasn'tI have even received an e-mail from the lender promising zero closing costs in the form of a rebateIn that same e-mail, there is no mention of additional outside closing costsWhen I confronted the lender about this discrepancy, they stated that I misunderstood what was being promised
The lender advertised a $closing cost loan for veteransThey denied the existence of said advertisement until I gave them proofNext, they promised to honor the advertisement both verbally and through written communicationThe lender then decided to retract their offer and altered the original advertisement and agreementI find it very disconcerting that businesses are allowed to practice with such deceit
Final Business Response /* (4000, 17, 2016/10/07) */
Greater Nevada Mortgage has reviewed the concern in detail and appreciates the additional correspondence that the client submitted for review To again clarify, the system issue was unknown to Greater Nevada Mortgage until the client brought it to our attention Thus, our initial response stating that we don't offer a "zero cost" VA loan at the rate the client was interested in was accurate Once the issue was brought to our attention we reviewed with our vendor, confirming the error, and then advised the client that the system did in fact have a brief moment in time where it showed inaccurate information on the VA loan product and then quickly showed correctedThe "glitch" occurred for a short time on a particular day before resetting to accurate information As the client happened to be reviewing our website when the error occurred, once it was reviewed and clear that such a thing occurred, it was reiterated to the client that no such program existed and that the only way to have a zero cost loan was through a higher rate with enough rebate to cover the closing costs The chart where our sample rates are posted on our website clearly has an "Assumptions" tab that states; "Chart data is for illustrative purposes only, assumes a borrower with excellent credit and is subject to change without noticeAccuracy is not guaranteed and products may not be available for your situation" However, due to the confusion, Greater Nevada Mortgage still offered to pay all but $of the nearly $4,in "lender fees" on the loan The client agreed to this arrangement and moved forward with the loan process
As evidenced by the email the client forwarded for review, the related question occurred very early in the loan process Several Loan Estimate and Closing Disclosures outlining fees went to the client for signature from the start of the process showing the full costs of the loan including what we as the lender agreed to cover (lender fees) as an exception and what the client would be responsible for paying at closing (appraisal, title, taxes and insurance, etc.) We remain committed to sending the client $to cover the remainder of the lender fees associated with this refinance transaction and do not believe an amount greater than this is justified A check in this amount will be delivered via mail next week We consider this matter closedThank you
Final Consumer Response /* (3000, 24, 2016/11/10) */
***Document Attached***