The UPS Store, #4265

Dear Mr.  [redacted],   American Financial Resources, Inc. (doing business as eLEND), is in receipt of your consumer complaint.  Our company is a nationwide mortgage lender with [redacted] (**) authority from Department of Housing and Urban Development.  We are also an approved seller/servicer with [redacted] and [redacted].  As evidenced by our strong historical consumer satisfaction ratings, we take all consumer inquiries very seriously.    Our seasoned operational team, comprised of [redacted] underwriters, is tasked with reviewing and analyzing transactional details against existing guidelines.  Underwriters consider the entire financial standing of all borrowers when evaluating liabilities and debts, collateral valuation, and other verifiable information.  We agree with you that the lending environment is document-intensive, and we do our best to streamline the process.  Ultimately, our company must ensure the borrowers retain the documented ability-to-repay the loan obligation, and that the consumer is placed in a financially viable scenario.  Depending on the program guidelines, self-employed borrowers and other business owners may require additional vetting of enterprise documentation.  The verification process and other anti-fraud provisions are in place to ensure a prudent underwriting experience.  We do apologize for any delay or perceived lack of communication from our staff members.  Please note  that our company does not charge any advance fees, we expend thousands of dollars underwriting a file, and we only generate revenue back if a loan actually funds.  Any funds expended were collected by an unaffiliated third party Appraisal Management Company.    As an Equal Housing Lender, we strive to provide financing to all qualified applicants on eligible properties.  We work tirelessly to improve the customer service levels, and consistently dedicate resources to enhancing the customer experience.  We are crestfallen that our service levels did not meet your expectations, and hope that our sales management team has subsequently rectified any outstanding concerns.  Our company has only achieved success due to repeat business and referrals from satisfied customers, so we hope to earn your future business back as well.  Thank you for bringing your concerns to our attention, and it will undoubtedly improve our operations and services.                Should you have any additional questions or concerns, please do not hesitate to contact our compliance department.  Thank you in advance for your consideration.

Complaint: [redacted]
I am rejecting this response because: On any refinance it shouldn't take from July 15th to October 15th to realize you need documents, that you didn't ask for in the beginning. I got strung along because they could not honor the original quote on interest rate that is what truly happened. This is not my first rodeo with Mortgage companies, no one has ever treated me the way this company did. I cannot get the time back, however I want what this application ended up costing me in appraisals. 
Regards,
[redacted]

Complaint: [redacted]
I am rejecting this response because:
Your competitors are closing refinance loans in 3-4 weeks for all...

kind of properties. This was also the timeframe estimate I was given when I started the refinance process. All the ratelock extensions that were provided to me for free was because it was no fault of mine. I was the one initiating all the status update calls and emails. Once I had to call the processor 8 times in a day to finally get an update. This is the level of customer service I had to deal with. I can understand that there can be delays for 10-15 days in order to close the loan but delays of 2.5 months are just not acceptable.   If I knew beforehand that I would be facing these delays, I would have taken my business elsewhere. I am not happy with your settlement of $425. I had incurred monetary loss at $500 a month(total $1500 for 3 months) due to the difference of interest until the refinance process completed. I would like to be compensated for my loss. Also, the other  $500 I am seeking is for not closing the loan on time. I had to take time out of my work in order to follow up with the loan processor and originator almost on a daily basis for the last 60 days of my refinance. This is the minimum I would like to be compensated for the frustation endured and patiently waiting for this refi process to complete. 
Regards,[redacted]

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]

Dear [redacted],Our company is crestfallen that you remain aggrived with your transactional experience.  AFR strives for 100% customer service satisfaction and prides itself on transparency.  Having closed over 50,000 loans in the past five years alone, we take the loan origination process very serious.  Although our entity did not collect any fees, we will be sending you a $150 to cover the secondary expense.  Thank you in advance for your consideration.

American Financial Resources, Inc. (d/b/a eLend) is in receipt of your consumer complaint relating to your recent mortgage application.  Our company is a nationwide mortgage lender with Direct Endorsement Authority from the Department of Housing and Urban Development.  We are also an...

approved seller/servicer with Fannie Mae and Freddie Mac.  As evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriously.  As an Equal Housing Lender, our company strives to provide financing to all qualified individuals on all eligible properties.   As a regulated institution, we must adhere to all FHA appraisal and underwriting guidelines.  These legal requirements mandate that all appraisals are ordered through a non-affiliated Appraisal Management Company; any monies expended were received by a third-party.  Please be advised that our company neither charges application fees, underwriting fees, nor any lender fees whatsoever.  Our company does not generate any revenue unless a loan actually closes.  While we cannot speak directly for an unaffiliated vendor, the appraisal companies invoices are generally reasonable and customary for 2014 valuation services.  Nevertheless, our company strives for complete borrower satisfaction and timely receipt of documents.  Therefore, we have lobbied on your behalf to have the Appraisal Management Company reimburse you for the entire cost of your appraisal.  Additionally, for your records, eLend has transmitted a complete physical copy of your appraisal via United Parcel Service.    We apologize if there was any perceived lack of communication; we pride ourselves on always delivering a high level of customer  service.  Over the past sixteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a professional manner.  Thank you in advance for your consideration.

Dear Mr. [redacted],Good afternoon.  We apologize for the delayed response, but had difficulty in uploading an attachment to the Revdex.com site. In any event, we are crestfallen that you remain aggrieved with our customer service.  We sincerely wish we could offer you a formal commitment to lend, but we strictly adhere to our published underwriting guidelines and must disposition the file accordingly.  We have assisted over 50,000 families with residential financing, and we always seek 100% customer satisfaction.  Although we did not earn any fees on this transaction, and spent considerable internal resources ourselves in underwriting the file, we recognize your frustration level of spending time in the application process.  In the interest of customer satisfaction, however, the company would like to personally pay you the full amount of your appraisal.  This is not technically a refund since we did not collect any fees, but we hope that the funds paid on your behalf will reflect our commitment to the communities we serve.  If you provide a current address, our accounting department will send a check to you in the next week to ten days.  If you have any questions, please do not hesitate to contact our compliance department.  Thank you.

Dear Mr. [redacted],Good afternoon.  Thank you for your inquiry.  Our company appreciates your business, and we strive to provide financing to all qualified individuals on all eligible properties.  I believe you are currently working with our sales manager, and that your issue is...

either resolved or on the direct path to resolution.  Thank you for your continued participation, and we look forward to serving your needs in the future. If you have any trailing issues, please do not hesitate to contact our compliance department.  Thanks again.

Complaint: [redacted]
I am rejecting this response because:
I feel we were not given a choice in the matter and because it was the mortgage companies fault for not ordering the appraisal on time that I had accumulated interest and had to make another mortgage payment.  I feel that this company,  if they want to keep a good reputation, should just pay the $500 to keep the customer happy. I do not agree with the response from this business and I will not recommend them to anyone. Especially since it takes them 14 days just to respond!
Regards,
[redacted]

American Financial Resources, Inc. (“AFR”) is in receipt of the complaint that you made to the Revdex.com (“Revdex.com”) regarding your experience refinancing with our company. In the complaint, you stated that you did notagree with escrow calculation in subsequent payment letters. ...

   Please be advised that our company utilizes a third party sub-servicer to handle the escrow administration, tax disbursement, and payment collection.  We have notified them of your complaint directly, and they are performing a due diligence review of the transaction.  AFR is requesting a brief time extension to allow them to complete the research, and we will respond back with their findings.    In the past five years alone, our company has funded over 50,000 loans in excess of $10 Billion.  We strive for 100% customer satisfaction, and will find the root cause of the issue.  Transparency and good faith dealing is an integral part of our business model, and we look forward to addressing your concerns in full.  Your continued patience is greatly appreciated.

Dear Mr. [redacted],Good afternoon.  Our company has operated for nearly two decades, and continues to act appropriately in the lending environment.  We are crestfallen that you are less than 100% satisfied with the underwriting timeframe, but please note that prudent underwriting requires verification of income, assets, and employment.  When red flags arise (particularly with occupancy and employment), our seasoned staff members are trained to perform high level analysis.  We sincerely hope you are pleased with the final terms and conditions of your transaction, and wish you the best in your future endeavors.  Thanks again.

See attached narrative response.  Please note that a check in the amount of $425 is being transmitted to Mr. [redacted] as a gesture of customer service.  Thank you.

American Financial Resources, Inc. (AFR) is in receipt of your consumer complaint documented with the Revdex.com. Our company is a nationwide mortgage lender with Direct Endorsement Authority from the Department of Housing and Urban Development. We are also an approved seller/servicer...

with [redacted] and [redacted]. As a regulated mortgage lender/servicer, we must adhere to an array of complicated business restrictions and policies. It is our goal to afford each consumer with an opportunity to purchase and maintain a residential mortgage.  AFR, pursuant to ethical practices and government mandates, provides qualified consumers the right to modify their repayment schedule under certain financial conditions. The company works feverishly to help as many consumers retain their homes as financially possible.Although AFR understands your frustration, our loan modification process is discretionary. We utilize a licensed sub-servicer to handle all loss mitigation efforts on our behalf; that company thoroughly assesses a consumer’s payment history, creditworthiness andother background information, and a discretionary decision to approve or deny a modification request is then made in good faith. It is our policy to evaluate each modification request diligently and prudently. Unfortunately, it appears your loan did not qualify for modification.  Furthermore, our records do not show any evidence furthering your contention that a representative advised you to be 3 months past due prior to requesting a modification. AFR has to abide by lender and federal guidelines for loss mitigationand modification.  As evidenced by our strong customer satisfaction ratings, we take all consumer inquires very seriously. As  an Equal Housing Lender, our company strives to provide financing to all qualified individuals on all eligible properties.  Our company prides itself on transparency and delivery of high customer service levels. Over the past five years alone, we have helped over 50,000 families achieve homeownership, and work tirelessly to handle all transactions in a professional manner.

American Financial Resources, Inc. (“AFR”) is in receipt of the complaint that you filed with the Revdex.com of New Jersey (“Revdex.com”).  In the complaint you claim that you are unsatisfied that your loan application was denied as a result of the bankruptcy you filed in...

November 2012.  Also, you are displeased with the charge for the appraisal on your property.  Our company is a nationwide mortgage lender with Direct Endorsement (DE) authority from the Department of Housing and Urban Development and an approved FHA lender.  As evidenced by our historically strong customer satisfaction ratings, we take all consumer inquiries very seriously.As a regulated institution, we must adhere to all underwriting guidelines promulgated directly by the Department of Housing and Urban Development (HUD).  We maintain internal controls to operate a prudent underwriting environment.  Mortgage applications are document intensive, and underwriters must be certain that transactions are vetted in HUD’s best interest.  Sensible underwriting requires full investigation of previous bankruptcies.  Verification of income, assets, job history, etc. often begets additional underwriting conditions.  In the case of this loan, although the Chapter 7 bankruptcy may have been a factor in the decision, it was not the only factor.  After a thorough review of your financial picture, it was determined that there were excessive financial commitments, and the level of income was insufficient for this new obligation.  Those circumstances would not have been uncovered until the underwriting process was initiated.  A licensed mortgage loan originator, no matter how experienced, cannot predict the full verified financial picture at the early stage of the loan process.  As a direct endorsement lender offering government insured loans, we must abide by all regulations pertaining to Appraiser Independence Requirements.  To comply with these statutes, your appraisal was ordered though an independent third-party appraisal management company, and any fees expended were received by third parties.   As an Equal Housing Lender, we strive to provide financing to all qualified candidates on all eligible properties.  Please be advised that our company neither charges application fees, underwriting fees, nor any lender fees whatsoever.  Our company does not generate any revenue until a loan actually closes.  Over the past fifteen years, we have helped tens of thousands of families achieve homeownership, and work tirelessly to handle all transactions in a professional manner.  Nevertheless, we are crestfallen that you were less than 100% satisfied in dealing with our company.  Unfortunately, not every application resultsin approved financing and every contingency cannot be anticipated in advance.  Thank you in advance for your consideration.

Complaint: [redacted]
I am rejecting this response because:They say they need to know the ability to repay the loan? I had the amount I needed to borrow in my bank. Just choose to finance. To meet the standards to repay the loan?I verified my income in less than 2 weeks after documents were accepted.They act like I did not verify everything that they ask for which is not true.The loan process started mid July, and when I gave up with this company it was mid october, and they were still sending stuff back saying they need more information. 3 months into it and you didnt know what you needed in the first place?             
Regards,
[redacted]

Dear Ms. [redacted],Good morning.  We appreciate your follow-up inquiry.  Our company strives for 100% customer satisfaction in all facets of our business. We accept nearly 30,000 applications on an annual basis, and our goal of transparency is applied to each and every consumer.  In the interest of high-level of customer service, and continuing to earn your business and trust, we will be issuing you a check in the amount of $500 as requested.  The courier service should deliver the proceeds some time next week.  Should you have any questions or concerns, please do not hesitate to contact our Compliance Department.  Thank you in advance for your consideration, and we hope you enjoy your residence.

Complaint: [redacted]
I am rejecting this response because: It does not reimburse my expense of $495.00 for the appraisal which was not done in a timely manner regardless of how much or little money ELend procures from it's services. I contacted the appraisal company and they told me that they contracted through ELend so it was essentially ELends problem. If ELend truely values its reputation and customers it will reimburse this unhappy and dissatisfied customer the money I am out in this and go after the appraisal company for its lack of professionalism.  I do not need another copy of the appraisal. I have one that was emailed to me 21 days after my credit card was billed for this service and which is now worthless as I do not have a property to buy.
Regards,
[redacted]

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]

Dear Mr. [redacted],AFR appreciates your follow-up inquiry.  As we stated beforehand, our company seeks to close loans as efficiently as possible.  We strive for 100% customer satisfaction, so we are crestfallen that you remain disappointed.  We operate in a heavily regulated industry, and we adhere to our statutory lending disclosure requirements.  We apologize for the transaction time period not meeting your preferred schedule.  In the spirit of customer service, we offered and personally distributed $425 to you to cover the cost of your appraisal (which is not technically a refund because AFR did not collect any fees on the transaction).  While the mortgage refinance process is document intensive, we always try our best to navigate the process as quickly as possible.  Unfortunately, we cannot turn back the clock and streamline the process for you.  We remain well-staffed and our turn times remain within industry norms, but unfortunately not every file closes ASAP.  We hope you reconsider the $425 and accept our apologies for anything less than a stellar transaction.  Thank you.

April 30, 2015RE:     Revdex.com of New Jersey Complaint #[redacted] Dear Ms. [redacted], American Financial Resources, Inc. (“AFR”) is in receipt of the complaint that you made to the Revdex.com of New Jersey (“Revdex.com”). eLEND is an approved trade name of...

AFR.  In the complaint you claim that your refinance loan did not close on time.  Since the refinance loan did not close on time, you would like to receive the AFR $500 Closing Guarantee.  After reviewing your complaint and the loan file, AFR notes that on or about February 27, 2015 a rate lock “extension” was provided at zero cost  to you.  This was done as a result of a delay in ordering the appraisal for your refinance on the part of AFR.  It appears that the delay in ordering the appraisal required the closing date to be moved back.  From your application date of January 15, 2015 to the date your signed your closing documents on March 16, 2015, the process took 60 days. On the “Close on Time Guarantee” page on the eLEND website (www.elend.com), the terms and conditions state that “eLEND may choose to extend the interest rate at no cost to the client in lieu of payment of the $500 Closing Guarantee.”  In this case, AFR granted the rate lock extension in lieu of the $500 Closing Guarantee.  We do not charge any lender fees whatsoever.  Irrespective of the closing timeframe, the mortgage obligation to your previous lender or to AFR would still remain.  Nevertheless, we do apologize for any timing inconvenience as we always attempt to close all loans as quickly and efficiently as possible.      Our company strives to maintain transparency.  We attribute our 18-year history of success to strong business ethics and good faith dealings with our clientele.  Over the past five years alone, we have assisted over 50,000 families with their homeownership needs.  If you have any other questions or concerns, please feel free to contact us.  Thank you in advance for your time and consideration.