Thank you for forwarding the complaint filed by Mr. [redacted] regarding his residential appraisal experience with First Internet Bank. After reviewing the complaint, our understanding is that Mr. [redacted] requests that we provide a mortgage refinance agreement with terms that include an interest...
rate of 2.87% and a term of 15 years.
We are disappointed to hear Mr. [redacted] had an unpleasant experience with the bank. We would like to clarify the appraisal process for First Internet Bank. Section 1472 of the Dodd-Frank Act amended the Truth in Lending Act CTILK) to include a new Section 129E that establishes appraiser independence requirements. First Internet Bank utilizes a third party management company to comply with Section 129E. As such, we have no influence on the outcome of individual appraisals. Appraisal orders are placed with the third party management company and it, in turn, contacts an appraiser to conduct the valuation. The bank does not have any direct contact with the appraiser performing the services. We strive to find and use the very best third party management companies but ultimate selection of the actual appraiser is out of our control.
Mr. [redacted] believed his appraised value was low and we went through the third party management company's rebuttal process. The original appraiser defended the value and did not make any adjustments to their appraisal. Due to the level of Mr. [redacted]' dissatisfaction with the first appraisal, First Internet Bank ordered a second independent appraisal using a different third party management company at the bank's expense. This second appraisal also resulted in a value lower than what Mr. [redacted] expected.
Unfortunately, the bank was unable to meet the original terms offered as neither of the two appraised values supported the principal amount Mr. [redacted] wished to refinance without the addition of private mortgage insurance. We were disappointed in the outcome of Mr. [redacted]' transaction; however, we do feel the bank went above and beyond to make sure that Mr. [redacted] was provided a fair valuation of his home.
Dear Mr. [redacted]: We have received your Revdex.com complaint and have reviewed your loan file to determine the extent of the appraisal delays you cited in your statement. First Internet Bank orders appraisals only after a file has been approved during the initial underwriting stage. We...
instituted this practice to minimize the number of customers who pay for an appraisal upfront, only to learn they have ultimately not been approved. We do apologize if we did not communicate this clearly to you. In your case, the file completed the initial underwriting process on June 30, 2017. At that time, we attempted to order the appraisal, but unfortunately did not have the correct billing address and had to re-submit payment on July 5, 2017, following the holiday weekend. There has been high demand for appraisals in certain areas of the country. In order to receive the appraisal before the due diligence period ended July 21, it became necessary to request an expedited appraisal. We apologize for any miscommunications during this process. At First Internet Bank, we strive to offer exceptional customer service and we’re sorry we did not meet your expectations. As a gesture of goodwill, First Internet Bank will reimburse you the $440 you paid to expedite the appraisal. A check will be mailed to your address in Davie, Florida. I hope this resolves the matter to your satisfaction. Perhaps on a future loan transaction, you’ll give us another chance to demonstrate our commitment to our customers. Sincerely, Kim S[redacted] Chief Compliance Officer
Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.After reading reviews and experiencing firsthand the low appraisals from previous potential First Indiana Bank customers, I am convinced beyond a shadow of a doubt that this Bank is engaging in fraud, a typical bait and switch. Although, I complied with all their request, they would only fund the loan if I accepted Private Mortgage insurance.it is my honest assessment that both appraisals were low because they chose houses that were not the same type, and were not in the same condition as my home. Houses in my area have appreciated in the last 3 years, and according to First Indiana Bank, my house went down. Also, they didn't have an answer why the second appraisal report was 38,000 dollars more than the first one. I remain a very dissatisfied potential customer of First Indiana Bank.Regards,[redacted]
We always strive to provide great customer service at FirstIB and are sorry to hear Mr. [redacted]’s experience did not reflect that. After receiving Mr. [redacted]’s application he was qualified for a loan using his stated debt and income. However, we are required under Regulation Z to verify all...
income used in making a credit decision. The income documents Mr. [redacted] provided did not support the income stated on his application. To comply with Regulation Z we completed underwriting with the verified income numbers and at that point Mr. [redacted] no longer qualified, when this determination was made, Mr. [redacted] was contacted. If Mr. [redacted]’s income position changes or he can provide additional documentation we would love the opportunity to help him purchase a home.
After reviewing the additional information provided by Mr. [redacted] I more clearly understand the confusion. We did received a check for $2,312.02, this was after the loan has been sold. On 8/1/2016 we wired Mr. [redacted]’s payment to [redacted]. The interest paid with that check and eligible for deduction is covered on the [redacted] 1098. I have attached the wire to [redacted] which includes several payments including Mr. [redacted]’s along with a spreadsheet showing the detail of the items wired. Hopefully this helps clarify why there is not a 1098 from First Internet Bank.
Thank you for forwarding the matter regarding Mr. [redacted] and the credit card charges he incurred during his mortgage origination experience with First Internet Bank. After reviewing the complaint, our understanding is that Mr. [redacted] requests that we refund $220.00 related to ordered appraisal...
services on a mortgage application in connection with a purchase contract that was ultimately cancelled.
When First Internet Bank receives applications, we must complete an underwriting process which includes verification of income and employment history and consumer debt obligations in order to determine the applicant's ability to repay the loan. This is the first phase (initial underwriting) of a two-step underwriting process. Once we have confirmed this information and it meets our underwriting guidelines, we move forward with ordering an appraisal to establish the value of the collateral to determine the Loan Amount to the Value of the Property (Loan to Value) Is within our underwriting guidelines.
Based on the information in Mr. [redacted]'s complaint, he cancelled his purchase contract subsequent to the home inspection and issues with the seller. While this was occurring, we had ordered the appraisal and charged his credit card $440.00 for this service. After Mr. [redacted] notified us that he cancelled the purchase contract, we refunded half of the cost, or $220.00, back to his credit card as the appraisal process was already underway.
After our internal review of this matter, we determined that we should have refunded the entire amount of the appraisal to Mr. [redacted] and have initiated a refund of $220.00. We apologize for any inconvenience and trust that this response satisfactorily addresses Mr. [redacted]'s concerns.
Sincerely
Kenneth J. [redacted], Chief Financial Officer
FirstIB received Ms. [redacted]'s application on March 7th, along with her uploaded signature card. We were unable to open the account and communicated this decision on March 9th. That same day we processed a credit to refund her account opening deposit. It can take 2-3 business days for the credit...
to process. Unfortunately once it is sent we have no control over how quickly the receiver posts the transaction.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
In November I did send in that final payment per their request, at that time I tried to pay over the phone and they refused the payment, they gave instructions on where to send the payment, the amount and to include a self addressed envelope to the attention of Mr P[redacted]. I did as requested and thought the account was paid in full. They lost the check or shredded it but never posted it. During this time I was ill off work and had no income till the end of January . Mr P[redacted] was aware of this, but did not think it was important. They never sent out one notice because it was in a Bk Rup and they knew they would be breaking the law. They left messages on on a voice mail account that had been suspended because I had no income (they were also aware of this). In January I did talk to Mr P[redacted] and told him I was working with the bank trying to trace the Missing check. In good faith I thought this account was paid in full.In 2006 we did file bank rup chapter 7 due to a business failure. This account was included and we tried to reaffirm on the account but was unable to get First internet to send us the paperwork. I created this debt and for 10 years paid on this account to make it good, In reality I should of not paid them a penny and had them pick up the Travel Trailer . There never was a reaffirmation , I never had to pay one red cent after February 2007 but I made a debt and I made it good.I m sure they claim they have that re affirmation (but they don't). Ask for a copy you wont get one, also the phone records never mention my conversations with Mr P[redacted] about the lost payment or their refusal to take the payment over the phone because they claimed they could not, (it would have been paid off in November) but yes you can guess how they took that final escalated payment , over the phone.Yes I m an unsatisfied customer, yes I feel they are only giving you the information they think you will be satisfied with (only as accurate as they want it to be). I plan to add to my prayers that they don't benefit from fools like me trying to do the right thing , again for ten years I paid on an account I did not have to, and on the final payment I followed their instruction only to be charged an additional $1200. Now I understand why [redacted] wants big companies held accountable. Although they may feel they are right their actions are not justified or morally right . And yes I did make a donation today to [redacted]. I realize you can only request information and you react on what you receive, but what First Internet is sending you is bits and pieces and only what they want you to know, example they responded to the Ohio Attorney Generals office (Mike D[redacted]) that our reaffirmation gave them the right to proceed as they did( there never was a reaffirmation), Mr D[redacted]'s office was ready to close the complaint based on their claim, they have not closed the claim and their investigation continues. This company needs investigated and held accountable. I am out a lot of money from trying to do the right thing and trusting a company to do the right thing and you see where that got me.After paying for ten years when I didn't have to it was obvious I wouldn't make that final partial payment (get real), or this is what they want you to believe.A week after the account was paid in full they sent me a thank you letter that stated my title had been included (there was no title) again I had to contact this company and was told sorry but two different departments were not working together and it would be overnighted to me.I did receive the title 4-5 days later with a thank you letter and an invitation to borrow additional funds. Talk about putting salt in a wound.
Regards,.,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Attached I actually did make a check out to FIB - and my accountant's response is below: We already received that 1098 under the name of [redacted] Funding. The one we are missing pertains to the new mortgage with First Internet Bank of Indiana via your refinancing. We should have received a 1098 from them. Do you have any contacts for your new mortgage provider?
Regards,
[redacted]
Debt was discharged from bankruptcy on 1/9/07. (see attached) At this point Mr. [redacted] continued to pay. However, he failed to make final payment. We called several times to inform Mr. [redacted] that the payoff check was not received. He was unresponsive to our calls. Unfortunately Mr. [redacted]...
did not fulfill the terms of his contractual agreement, therefore, we exercised our legal right to the vehicle.
Thank you for forwarding the complaint filed by Mr. [redacted] regarding his residential appraisal experience with First Internet Bank. After reviewing the complaint, our understanding is that Mr. [redacted] requests that we provide a mortgage refinance agreement with terms that include an interest...
rate of 2.87% and a term of 15 years.
We are disappointed to hear Mr. [redacted] had an unpleasant experience with the bank. We would like to clarify the appraisal process for First Internet Bank. Section 1472 of the Dodd-Frank Act amended the Truth in Lending Act CTILK) to include a new Section 129E that establishes appraiser independence requirements. First Internet Bank utilizes a third party management company to comply with Section 129E. As such, we have no influence on the outcome of individual appraisals. Appraisal orders are placed with the third party management company and it, in turn, contacts an appraiser to conduct the valuation. The bank does not have any direct contact with the appraiser performing the services. We strive to find and use the very best third party management companies but ultimate selection of the actual appraiser is out of our control.
Mr. [redacted] believed his appraised value was low and we went through the third party management company's rebuttal process. The original appraiser defended the value and did not make any adjustments to their appraisal. Due to the level of Mr. [redacted]' dissatisfaction with the first appraisal, First Internet Bank ordered a second independent appraisal using a different third party management company at the bank's expense. This second appraisal also resulted in a value lower than what Mr. [redacted] expected.
Unfortunately, the bank was unable to meet the original terms offered as neither of the two appraised values supported the principal amount Mr. [redacted] wished to refinance without the addition of private mortgage insurance. We were disappointed in the outcome of Mr. [redacted]' transaction; however, we do feel the bank went above and beyond to make sure that Mr. [redacted] was provided a fair valuation of his home.
Sincerely
Kenneth [redacted], Chief Financial Officer
Dear Mr. [redacted]: We have received your Revdex.com complaint and have reviewed your loan file to determine the extent of the appraisal delays you cited in your statement. First Internet Bank orders appraisals only after a file has been approved during the initial underwriting stage. We...
instituted this practice to minimize the number of customers who pay for an appraisal upfront, only to learn they have ultimately not been approved. We do apologize if we did not communicate this clearly to you. In your case, the file completed the initial underwriting process on June 30, 2017. At that time, we attempted to order the appraisal, but unfortunately did not have the correct billing address and had to re-submit payment on July 5, 2017, following the holiday weekend. There has been high demand for appraisals in certain areas of the country. In order to receive the appraisal before the due diligence period ended July 21, it became necessary to request an expedited appraisal. We apologize for any miscommunications during this process. At First Internet Bank, we strive to offer exceptional customer service and we’re sorry we did not meet your expectations. As a gesture of goodwill, First Internet Bank will reimburse you the $440 you paid to expedite the appraisal. A check will be mailed to your address in Davie, Florida. I hope this resolves the matter to your satisfaction. Perhaps on a future loan transaction, you’ll give us another chance to demonstrate our commitment to our customers. Sincerely, Kim S[redacted] Chief Compliance Officer
Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.After reading reviews and experiencing firsthand the low appraisals from previous potential First Indiana Bank customers, I am convinced beyond a shadow of a doubt that this Bank is engaging in fraud, a typical bait and switch. Although, I complied with all their request, they would only fund the loan if I accepted Private Mortgage insurance.it is my honest assessment that both appraisals were low because they chose houses that were not the same type, and were not in the same condition as my home. Houses in my area have appreciated in the last 3 years, and according to First Indiana Bank, my house went down. Also, they didn't have an answer why the second appraisal report was 38,000 dollars more than the first one. I remain a very dissatisfied potential customer of First Indiana Bank.Regards,[redacted]
We always strive to provide great customer service at FirstIB and are sorry to hear Mr. [redacted]’s experience did not reflect that. After receiving Mr. [redacted]’s application he was qualified for a loan using his stated debt and income. However, we are required under Regulation Z to verify all...
income used in making a credit decision. The income documents Mr. [redacted] provided did not support the income stated on his application. To comply with Regulation Z we completed underwriting with the verified income numbers and at that point Mr. [redacted] no longer qualified, when this determination was made, Mr. [redacted] was contacted. If Mr. [redacted]’s income position changes or he can provide additional documentation we would love the opportunity to help him purchase a home.
After reviewing the additional information provided by Mr. [redacted] I more clearly understand the confusion. We did received a check for $2,312.02, this was after the loan has been sold. On 8/1/2016 we wired Mr. [redacted]’s payment to [redacted]. The interest paid with that check and eligible for deduction is covered on the [redacted] 1098. I have attached the wire to [redacted] which includes several payments including Mr. [redacted]’s along with a spreadsheet showing the detail of the items wired. Hopefully this helps clarify why there is not a 1098 from First Internet Bank.
Thank you for forwarding the matter regarding Mr. [redacted] and the credit card charges he incurred during his mortgage origination experience with First Internet Bank. After reviewing the complaint, our understanding is that Mr. [redacted] requests that we refund $220.00 related to ordered appraisal...
services on a mortgage application in connection with a purchase contract that was ultimately cancelled.
When First Internet Bank receives applications, we must complete an underwriting process which includes verification of income and employment history and consumer debt obligations in order to determine the applicant's ability to repay the loan. This is the first phase (initial underwriting) of a two-step underwriting process. Once we have confirmed this information and it meets our underwriting guidelines, we move forward with ordering an appraisal to establish the value of the collateral to determine the Loan Amount to the Value of the Property (Loan to Value) Is within our underwriting guidelines.
Based on the information in Mr. [redacted]'s complaint, he cancelled his purchase contract subsequent to the home inspection and issues with the seller. While this was occurring, we had ordered the appraisal and charged his credit card $440.00 for this service. After Mr. [redacted] notified us that he cancelled the purchase contract, we refunded half of the cost, or $220.00, back to his credit card as the appraisal process was already underway.
After our internal review of this matter, we determined that we should have refunded the entire amount of the appraisal to Mr. [redacted] and have initiated a refund of $220.00. We apologize for any inconvenience and trust that this response satisfactorily addresses Mr. [redacted]'s concerns.
Sincerely
Kenneth J. [redacted], Chief Financial Officer
FirstIB received Ms. [redacted]'s application on March 7th, along with her uploaded signature card. We were unable to open the account and communicated this decision on March 9th. That same day we processed a credit to refund her account opening deposit. It can take 2-3 business days for the credit...
to process. Unfortunately once it is sent we have no control over how quickly the receiver posts the transaction.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
In November I did send in that final payment per their request, at that time I tried to pay over the phone and they refused the payment, they gave instructions on where to send the payment, the amount and to include a self addressed envelope to the attention of Mr P[redacted]. I did as requested and thought the account was paid in full. They lost the check or shredded it but never posted it. During this time I was ill off work and had no income till the end of January . Mr P[redacted] was aware of this, but did not think it was important. They never sent out one notice because it was in a Bk Rup and they knew they would be breaking the law. They left messages on on a voice mail account that had been suspended because I had no income (they were also aware of this). In January I did talk to Mr P[redacted] and told him I was working with the bank trying to trace the Missing check. In good faith I thought this account was paid in full.In 2006 we did file bank rup chapter 7 due to a business failure. This account was included and we tried to reaffirm on the account but was unable to get First internet to send us the paperwork. I created this debt and for 10 years paid on this account to make it good, In reality I should of not paid them a penny and had them pick up the Travel Trailer . There never was a reaffirmation , I never had to pay one red cent after February 2007 but I made a debt and I made it good.I m sure they claim they have that re affirmation (but they don't). Ask for a copy you wont get one, also the phone records never mention my conversations with Mr P[redacted] about the lost payment or their refusal to take the payment over the phone because they claimed they could not, (it would have been paid off in November) but yes you can guess how they took that final escalated payment , over the phone.Yes I m an unsatisfied customer, yes I feel they are only giving you the information they think you will be satisfied with (only as accurate as they want it to be). I plan to add to my prayers that they don't benefit from fools like me trying to do the right thing , again for ten years I paid on an account I did not have to, and on the final payment I followed their instruction only to be charged an additional $1200. Now I understand why [redacted] wants big companies held accountable. Although they may feel they are right their actions are not justified or morally right . And yes I did make a donation today to [redacted]. I realize you can only request information and you react on what you receive, but what First Internet is sending you is bits and pieces and only what they want you to know, example they responded to the Ohio Attorney Generals office (Mike D[redacted]) that our reaffirmation gave them the right to proceed as they did( there never was a reaffirmation), Mr D[redacted]'s office was ready to close the complaint based on their claim, they have not closed the claim and their investigation continues. This company needs investigated and held accountable. I am out a lot of money from trying to do the right thing and trusting a company to do the right thing and you see where that got me.After paying for ten years when I didn't have to it was obvious I wouldn't make that final partial payment (get real), or this is what they want you to believe.A week after the account was paid in full they sent me a thank you letter that stated my title had been included (there was no title) again I had to contact this company and was told sorry but two different departments were not working together and it would be overnighted to me.I did receive the title 4-5 days later with a thank you letter and an invitation to borrow additional funds. Talk about putting salt in a wound.
Regards,.,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Attached I actually did make a check out to FIB - and my accountant's response is below: We already received that 1098 under the name of [redacted] Funding. The one we are missing pertains to the new mortgage with First Internet Bank of Indiana via your refinancing. We should have received a 1098 from them. Do you have any contacts for your new mortgage provider?
Regards,
[redacted]
Debt was discharged from bankruptcy on 1/9/07. (see attached) At this point Mr. [redacted] continued to pay. However, he failed to make final payment. We called several times to inform Mr. [redacted] that the payoff check was not received. He was unresponsive to our calls. Unfortunately Mr. [redacted]...
did not fulfill the terms of his contractual agreement, therefore, we exercised our legal right to the vehicle.