Robere's Jewelry

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, 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, 2018. 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 $750 that is in question in their complaint.
Email to [redacted] and [redacted] on January 9, 2018:
[redacted] and [redacted] -
Per my discussion with [redacted], 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 30 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 30 year loan does provide cash flow benefit. Currently your mortgage is approximately $1,460 including taxes and insurance. The terms in which we are sending will be for a payment of $989, a $471 savings. A 15 year loan could have put you in a payment of $1,363.
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 30 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 30 year payment and give yourself $400 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 30 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 $950. [redacted] negotiated to bring this down to $750. 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 604. After pulling credit on 10/17, your qualifying credit score was still 604. 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) 886-1923
[redacted]
Initial Consumer Rebuttal /* (3000, 12, 2018/02/05) */
It was agreed on 1/22/18 for GNMS to refund [redacted] and [redacted] the 750.00 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 750.00 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 2/14/18 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 [redacted] this morning at 11:45am, February 20, 2018. Pursuant to earlier discussion an initial reimbursement check went to the client's street address instead of their mailing address which is a P.O. Box. We contacted the client and let him know that a new check was being issued to the P.O. Box 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.O. Box 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, 2016/08/29) */
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 $3,600 in lender fees. Instead, the client paid $450, a $3,150 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 40 days from application to funding. In July, the industry average for refinance was 48 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 that. When I went back to the website, they had changed their web site and completely removed any mention of fees for all of their loan products. They insisted that I had misread information posted on their site. After 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 day. I argued with the lender for a week about their advertisement, which kept my loan in limbo. I 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 accept. They did not say there were going to be additional costs. To me, zero closing costs means there are no costs for closing the loan. $3,500 is not zero closing costs, it is $3,500 in closing costs.
I did bring up the false advertisement during the beginning of the loan process, but arguing with them proved to be futile. More arguments would not have yielded different results. Advertising mistake or not, the lender should have honored what was promised through their advertisement. More than once I was told the zero closing cost loan advertisement would be honored, and yet, it wasn't. I have even received an e-mail from the lender promising zero closing costs in the form of a rebate. In that same e-mail, there is no mention of additional outside closing costs. When I confronted the lender about this discrepancy, they stated that I misunderstood what was being promised.
The lender advertised a $0 closing cost loan for veterans. They denied the existence of said advertisement until I gave them proof. Next, they promised to honor the advertisement both verbally and through written communication. The lender then decided to retract their offer and altered the original advertisement and agreement. I 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 corrected. The "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 notice. Accuracy 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 $450 of the nearly $4,000 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 $450 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 closed. Thank you.
Final Consumer Response /* (3000, 24, 2016/11/10) */
[redacted]Document Attached[redacted]