Spring EQ LLC

Dear [redacted] ***,Thank you for allowing us an opportunity to respond to the complaint you received regarding Spring EQWe take any customer concerns very seriously.In January of 2017, we received an application for a home equity loan from the people who lodged this complaint, we will refer to them as the “Applicants”The Applicants’ credit scores were both slightly under our minimum credit score required for a home equity loan with Spring EQ and they were notified that they did not qualify for a home equity loanThe Applicants credit report revealed that the Applicants had well over one hundred thousand dollars in credit card debtThe mortgage loan officer who was assisting the Applicants with their application, suggested that she provide the Applicants’ credit report to a free credit simulator service that would in turn, offer possible scenarios as to how to improve the Applicants’ credit scoreThe Applicants agreed and the credit score simulator was run on behalf of the ApplicantsThe credit simulator suggested that if the Applicants paid down certain debt levels on certain accounts, that their scores may change for the betterAt no time did either Spring EQ or the credit simulator vendor guarantee that the Applicants’ scores would change if debts were paid down by the ApplicantsIn fact, the credit score simulator forecast contains multiple disclaimers to that effect, including reasons why certain credit scores may not change under certain conditions, even if balances are paid downAt no time did either Spring EQ or the credit simulator vendor receive any compensation or payment of any fees whatsoever from the ApplicantsThe Applicants, on their own initiative, paid down balances on their credit cards, directly to the creditors that hold the accountsAfter certain payments were made, the Applicants asked the loan officer to run their credit report again in the hopes of obtaining a higher scoreUnfortunately, while some account balances had been paid down, other balances had risen, negating any positive effect on the Applicants’ credit scoreAfter being informed of their scores, the Applicants asked for additional suggestions with the credit simulator and were told that additional sums would most likely be needed to positively affect their scoresThe Applicants became frustrated with their application process and notified Spring EQ that they intended to file a complaint with the Revdex.comAfter being notified of their level of dissatisfaction, the loan officer and the Chief Operating Officer of Spring EQ called the Applicants to discuss the events that transpired in the hopes of at least enlightening the Applicants as to why certain evens transpired the way that they didDuring the call, the Applicants agreed that at no time were they guaranteed any specific result by either Spring EQ or the credit simulator and that they were simply frustratedThey have since applied for credit with another lender and told Spring EQ that their loan was in process with said lender.The Applicants were informed that there were no guarantees with following the credit score simulatorThe simulator forecast in fact discloses this information multiple times in multiple placesNeither Spring EQ, nor the credit score simulator received any money from the Applicants, either in the form or compensation or feesWhile it is certainly understandable that borrowers can become frustrated with the process of obtaining credit, especially when credit may not be readily available due to a riskier credit profile, the Applicants’ frustration in this case is misdirected towards Spring EQ rather than with the unfortunate situation in which they find themselves

Dear [redacted] ***, thank you for allowing us to respond to this complaint. Our records show that we did not have a crucial element of the requested borrower's documentation requirement, specifically the homeowners' association fees for an investment condominium, which is required in order to... complete the borrower's income/expenses evaluation. We have since received the homeowners' association fee information and are scheduled to close this borrower's loan during the week of June 19th. Please let me know if you require any additional information.

*** *** started the process of obtaining a home equity loan with Spring EQ on January 16thOn the January 17th, he sent the loan officer an email stating he wants to wait before proceedingThere was a miscommunication with the Processing Department on the need to cancel the appraisalAfter
learning of this miscommunication, a manager called *** and informed him the appraisal fee is being refunded

Dear *** ***,Thank you for allowing us an opportunity to respond to the complaint you received regarding Spring EQWe take any customer concerns very seriously.In January of 2017, we received an application for a home equity loan from the people who lodged this complaint, we will refer
to them as the “Applicants”The Applicants’ credit scores were both slightly under our minimum credit score required for a home equity loan with Spring EQ and they were notified that they did not qualify for a home equity loanThe Applicants credit report revealed that the Applicants had well over one hundred thousand dollars in credit card debtThe mortgage loan officer who was assisting the Applicants with their application, suggested that she provide the Applicants’ credit report to a free credit simulator service that would in turn, offer possible scenarios as to how to improve the Applicants’ credit scoreThe Applicants agreed and the credit score simulator was run on behalf of the ApplicantsThe credit simulator suggested that if the Applicants paid down certain debt levels on certain accounts, that their scores may change for the betterAt no time did either Spring EQ or the credit simulator vendor guarantee that the Applicants’ scores would change if debts were paid down by the ApplicantsIn fact, the credit score simulator forecast contains multiple disclaimers to that effect, including reasons why certain credit scores may not change under certain conditions, even if balances are paid downAt no time did either Spring EQ or the credit simulator vendor receive any compensation or payment of any fees whatsoever from the ApplicantsThe Applicants, on their own initiative, paid down balances on their credit cards, directly to the creditors that hold the accountsAfter certain payments were made, the Applicants asked the loan officer to run their credit report again in the hopes of obtaining a higher scoreUnfortunately, while some account balances had been paid down, other balances had risen, negating any positive effect on the Applicants’ credit scoreAfter being informed of their scores, the Applicants asked for additional suggestions with the credit simulator and were told that additional sums would most likely be needed to positively affect their scoresThe Applicants became frustrated with their application process and notified Spring EQ that they intended to file a complaint with the Revdex.comAfter being notified of their level of dissatisfaction, the loan officer and the Chief Operating Officer of Spring EQ called the Applicants to discuss the events that transpired in the hopes of at least enlightening the Applicants as to why certain evens transpired the way that they didDuring the call, the Applicants agreed that at no time were they guaranteed any specific result by either Spring EQ or the credit simulator and that they were simply frustratedThey have since applied for credit with another lender and told Spring EQ that their loan was in process with said lender.The Applicants were informed that there were no guarantees with following the credit score simulatorThe simulator forecast in fact discloses this information multiple times in multiple placesNeither Spring EQ, nor the credit score simulator received any money from the Applicants, either in the form or compensation or feesWhile it is certainly understandable that borrowers can become frustrated with the process of obtaining credit, especially when credit may not be readily available due to a riskier credit profile, the Applicants’ frustration in this case is misdirected towards Spring EQ rather than with the unfortunate situation in which they find themselves

Dear [redacted], thank you for allowing us to respond to this complaint.  Our records show that we did not have a crucial element of the requested borrower's documentation requirement, specifically the homeowners' association fees for an investment condominium, which is required in order to...

complete the borrower's income/expenses evaluation.  We have since received the homeowners' association fee information and are scheduled to close this borrower's loan during the week of June 19th.  Please let me know if you require any additional information.