Initial Business Response /* (1000, 5, 2015/04/27) */
We regret the part our policies have played in delaying this borrower his access to the loan funds he is requestingAt Land Home Financial, our goal is to ensure each and every check and balance of the loan process is adequately reviewed and
measured for success - not only for Land Home Financail, but most importantly the borrowerIn an industry stricken with loose standards, we have taken a steadfast approach to our checks and balances
We have never lost contact with the borrower in questionWe continue our efforts to come to a mutual resolution with the problems at hand within this loan scenarioCurrently the burden of work is lies with the borrower, and we are awaiting a response on his desired future direction
Initial Consumer Rebuttal /* (3000, 7, 2015/04/28) */
(The consumer indicated he/she DID NOT accept the response from the business.)
All documents requested for the refi were fully submitted by Feb 20th
LHF failed to submit to underwriting until March 24th
Underwriting failed to issue a HUD so we could sign docs for the refi until YESTERDAY April 27th
Failing to fund or complete the refi in a timely manner created a significant delay and hardship for the purchaseIt delayed the purchase escrow by almost weeksIt almost caused the purchase to fail due to the DTI ratio being off as the refi had not yet completed
According to every single professional lender I have been in communication with and according to the real estate lawyer I have been communicating with, the LHF practice of pausing the refi when a purchase is being considered is not only a lousy practice but completely unheard of
As a result of the refi not being completed in a reasonable time period, I ended up with a highly undesirable FHA loan which is cost me an extra $5,in closing costs to buy down PMI and will cost me an extra $188/month for months which works out to over $46,
An additional expense is the cost of having to hire contractors to complete work I was expecting to have time to do during the weeks I should have had before being forced out of my current residence
LHF thinks that by buying down the rate on my refi by 0.125, that they have resolved the issue
I am still not able to occupy my purchase and the issue is not resolved
A resolution to the issue would be to either pay me the $55,it is costing me for LHF negligence, or to turn the purchase into a conventional at no cost to me at a rate of 4.00% or better
The lawyer I have been in communication with is very excited to begin this case at no cost to me but I would like to resolve this matter without costing LHF the expense of a court case
Final Business Response /* (4000, 9, 2015/05/15) */
Mr***,
With the mention of legal action, we cannot further engage this conversation via this communication channel
Thank you
Final Consumer Response /* (4200, 11, 2015/05/20) */
(The consumer indicated he/she DID NOT accept the response from the business.)
With this pathetic non-response and an obvious failed effort to attempt a resolution, the next step is to wait for a positive response
Initial Business Response /* (1000, 5, 2015/04/27) */
We regret the part our policies have played in delaying this borrower his access to the loan funds he is requestingAt Land Home Financial, our goal is to ensure each and every check and balance of the loan process is adequately reviewed and
measured for success - not only for Land Home Financail, but most importantly the borrowerIn an industry stricken with loose standards, we have taken a steadfast approach to our checks and balances
We have never lost contact with the borrower in questionWe continue our efforts to come to a mutual resolution with the problems at hand within this loan scenarioCurrently the burden of work is lies with the borrower, and we are awaiting a response on his desired future direction
Initial Consumer Rebuttal /* (3000, 7, 2015/04/28) */
(The consumer indicated he/she DID NOT accept the response from the business.)
All documents requested for the refi were fully submitted by Feb 20th
LHF failed to submit to underwriting until March 24th
Underwriting failed to issue a HUD so we could sign docs for the refi until YESTERDAY April 27th
Failing to fund or complete the refi in a timely manner created a significant delay and hardship for the purchaseIt delayed the purchase escrow by almost weeksIt almost caused the purchase to fail due to the DTI ratio being off as the refi had not yet completed
According to every single professional lender I have been in communication with and according to the real estate lawyer I have been communicating with, the LHF practice of pausing the refi when a purchase is being considered is not only a lousy practice but completely unheard of
As a result of the refi not being completed in a reasonable time period, I ended up with a highly undesirable FHA loan which is cost me an extra $5,in closing costs to buy down PMI and will cost me an extra $188/month for months which works out to over $46,
An additional expense is the cost of having to hire contractors to complete work I was expecting to have time to do during the weeks I should have had before being forced out of my current residence
LHF thinks that by buying down the rate on my refi by 0.125, that they have resolved the issue
I am still not able to occupy my purchase and the issue is not resolved
A resolution to the issue would be to either pay me the $55,it is costing me for LHF negligence, or to turn the purchase into a conventional at no cost to me at a rate of 4.00% or better
The lawyer I have been in communication with is very excited to begin this case at no cost to me but I would like to resolve this matter without costing LHF the expense of a court case
Final Business Response /* (4000, 9, 2015/05/15) */
Mr***,
With the mention of legal action, we cannot further engage this conversation via this communication channel
Thank you
Final Consumer Response /* (4200, 11, 2015/05/20) */
(The consumer indicated he/she DID NOT accept the response from the business.)
With this pathetic non-response and an obvious failed effort to attempt a resolution, the next step is to wait for a positive response