Velocity Lending LLC

Complaint: [redacted] I am rejecting this response because:I reject MrB [redacted] ’s explanation, and find he continues to distort our interactionsI will include the full text of his email of Jan which he references in his response (see below)My primary complaints against him are two: (1) he consistently misrepresented to me the timeframe and complexity of approval of the loans, and (2) he was extremely unresponsive to my multiple emails and phone calls (to both his office and mobile phones) for information.1.? ? ? As his email indicates, he provided a loan “pre-approval” in the amount of $250,on Jan after our initial meeting on the 11th based on the information I provided him (in writing with receipts/statements)I also made it clear that my income from previous years, as reflected in my federal tax returns for & 2014, would not continue in and beyond2.? ? ? In our initial, in-person meeting on January 11th, I emphasized my desire for a “rapid and painless process” in which I received only one request for documentation and not a protracted series of information requestsHe assured me that this would be the case and that he would personally shepherd the process through underwritingThe fact that it was almost weeks after this meeting (on Feb 25th) at which I provided initial documentation, that I received a request for additional documentationIt was not the last one eitherWhile MrB [redacted] refers to “much debate back and forth” between these two dates, I have no recollection of this, nor do our emails substantiate itOne of my biggest complaints was the dearth of information I received from him, and the multiple contact methods required to receive itMrB [redacted] also refers to the fact that (due to the complexity of this deal) delays “inevitable.” It would have been nice for him to have informed me of this from the beginning, when the vast majority of these complexities were known.3.? ? ? In his January email, MrB [redacted] mentioned a credit card debt I had incurred, stating, “There is one debt that I am eliminating from the credit report to make the approval MUCH cleaner, a [redacted] ***(?) credit card that shows a monthly minimum payment of over $on the credit report.? This monthly obligation is significant and paying it off, or paying it down, will drastically improve our debt to income ratio moving forward.” Clearly, this language falls short of his statement of June that “approval would be contingent upon the payoff of credit card debt.” I advised Patrick that this debt was at zero interest and that paying it off early would be financially irresponsibleOver the next three months, we discussed this debt as well as other smaller credit card debt I had, and he convinced me to pay off all early, with the exception of the larger ( [redacted] ***) one referencedWe continued to discuss this and I had verbally agreed to pay it off if, and only if, the loan were approvedThe main reason I finally broke off discussions was his inability or unwillingness to respond at all over a week-long period.4.? ? ? Regarding the higher loan fees I mention and MrB [redacted] disputed in his response, I can only state that when I contacted Citibank about the exact same loan (points and all)The total charges were approximately $2,less than those cited by Velocity LendingAdditionally, their charge for appraisals was $less per property, for a total of $I concur that the appraisal fees were indeed fully disclosed up front, as were all other feesMy complaint here is that MrB [redacted] alleged that Velocity Lending’s fees were less than competitorsMy error was in trusting hi without further verification until I was committed to this process.5.? ? ? MrB [redacted] ’s recollection of the “delay” in my paying for the requested appraisals also differs from my own and from the email recordMy email to him one day after his 3/2/request for my approval and payment for the appraisals (i.e., on March) I sent him this email: “This is just to confirm that I have (apparently) been successful in uploading the three loan packages to the ULC websiteI also was able to submit the three credit card charges for the appraisalsI can’t be certain they were accepted, because the site never confirmed any of them ?" just went blank after I pressed “submit.” Le me know if there were problems.” He never responded to it 6.? ? ? With respect to the attempted purchase of another investment property in the middle of the refinancing, I had made it clear from our very first meeting that I was looking for additional investment properties and might well acquire one during the refinancing processSince I would be paying for the funds from an existing line of credit and assuming the property would be appraised at more than our purchase price, he verbally indicated that he saw no problem with this planEven after we made an offer on the referenced property, he did not voice any concerns, either in writing or verbally.The bottom line is that I realize I have no legal recourse against MrB [redacted] or Velocity LendingI merely want the public record to reflect that their way of doing business is at best incompetent and at worst unethicalLet future would be borrowers beware.Following is the complete text of the 1/12/email referenced by MrB [redacted] : [redacted] ? [redacted] and ***- I have a pre-approval at a $250,purchase price.? There is some minor tweaking depending on the property; whether its an existing property in your portfolio that we are tapping for equity or the acquisition of a new property.? But the approval stands pretty solid on the existing retirement income from both [redacted] and [redacted] as well as the two year avg of rental income received from the properties that show up on taxes.I know that we discussed a property that is currently listed for sale(?) and that you own free and clear, I did not use any figures for that property(taxes and insurance), but will need to should you still hold that property when we go under application.There is one debt that I am eliminating from the credit report to make the approval MUCH cleaner, a [redacted] ***(?) credit card that shows a monthly minimum payment of over $on the credit report.? This monthly obligation is significant and paying it off, or paying it down, will drastically improve our debt to income ratio moving forward.There are many moving parts to some of the scenarios that we discussed on Monday, but I believe we have a very solid footing to move forwardEnjoy BVI gentlemen!? Patrick B [redacted] ? NMLS ID # [redacted] Partner/Senior Loan Officer [redacted] ? [redacted] ***? [redacted]

To whom it may concern: *** *** contacted me in January with regards to refinancing of his investment properties and taking cash out of those properties I ran my initial analysis and responded via email on Jan 12th that his approval would be contingent upon the payoff of credit
card debt After much debate back and forth, we moved forward and locked in his loans on 2/23/ Pulling cash out on an investment property is the highest interest rate that *** ***/*** *** offer, due to type of property and purpose of loan *** was given several options for rates, including those that did not incur a discount fee buy down *** chose to opt for a rate that had a discount fee to permanently buy down the interest rate When stating that our fees were higher than elsewhere, I would rebuttal that by saying our only fee is an underwriting fee of $and all other fees are either third party or attributed to the rate buy-down, which was ***'s choice In regards to the appraisal fees, an investment property requires an additional rent schedule form, hence the additional $per appraisal fee is $for a single family report + $rent schedule = $ Again, these are third party fees that were full disclosed up front.Appraisals were ordered on 3/2/after a delay on ***'s side regarding our e-disclosure and signature processI offered to meet with *** again to complete the disclosure process, but he eventually figured out the electronic version Those appraisals were ordered on March 2nd, after more than one request, they were finally paid for on 3/18/ We had a rush requested at NO cost to the borrower after the delay to try to keep these loans on track.*** *** *** ***
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*** *** *** *** *** ** *** **
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The loans were approved with conditions and we started the process of gathering those documents to resubmit to the underwriter During this process, *** alerted me to the fact that he was now under contract to purchase yet another new investment property and had drawn $200,against the HELOC on his primary residenceThis in effect, put his debt to income ratios over the allowable guidelines and the process was at a stand still until we were told that the new purchase deal had fallen through.*** had insisted from the start that he didn't want the "back and forth with the underwriter" and we had tried to assure him that we would minimize that, but with a complex deal that has three different investments properties, along with his other properties and multiple LLC entities, it was inevitable This should have given me pause from the start as a sing of a consumer that might be unwilling to participate in the complex loan processWe were still able to have a final loan approval for all three properties that had items *** was unwilling to provide and he withdrew All three loans had their interest rate extended on 4/11/at NO cost to the borrowerMy staff and I coordinated everything that we could with hi property management company to take as much of the burden off of *** with regards to copies of leases and gaining entry for the appraisals etc.We will not be refunding the cost of the appraisals as *** was given full copies of those, which he could then use with another lender of his choice W also had solid approvals for all three loans and it was the consumer's choice to withdraw Had the loans been denied by underwriting after our initial approval, I would have gladly reimbursed his fee, but the decision to not consummate the loans was ***'s alone.Patrick B*** NMLS ID #***Partner/Senior Loan Officer*** ***
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To whom it may concern: *** *** contacted me in January with regards to refinancing of his investment properties and taking cash out of those properties I ran my initial analysis and responded via email on Jan 12th that his approval would be contingent upon the payoff of credit
card debt After much debate back and forth, we moved forward and locked in his loans on 2/23/ Pulling cash out on an investment property is the highest interest rate that *** ***/*** *** offer, due to type of property and purpose of loan *** was given several options for rates, including those that did not incur a discount fee buy down *** chose to opt for a rate that had a discount fee to permanently buy down the interest rate When stating that our fees were higher than elsewhere, I would rebuttal that by saying our only fee is an underwriting fee of $and all other fees are either third party or attributed to the rate buy-down, which was ***'s choice In regards to the appraisal fees, an investment property requires an additional rent schedule form, hence the additional $per appraisal fee is $for a single family report + $rent schedule = $ Again, these are third party fees that were full disclosed up front.Appraisals were ordered on 3/2/after a delay on ***'s side regarding our e-disclosure and signature processI offered to meet with *** again to complete the disclosure process, but he eventually figured out the electronic version Those appraisals were ordered on March 2nd, after more than one request, they were finally paid for on 3/18/ We had a rush requested at NO cost to the borrower after the delay to try to keep these loans on track.*** *** *** ***
*** ***
*** *** *** *** *** ** *** **
*** ** ***
The loans were approved with conditions and we started the process of gathering those documents to resubmit to the underwriter During this process, *** alerted me to the fact that he was now under contract to purchase yet another new investment property and had drawn $200,against the HELOC on his primary residenceThis in effect, put his debt to income ratios over the allowable guidelines and the process was at a stand still until we were told that the new purchase deal had fallen through.*** had insisted from the start that he didn't want the "back and forth with the underwriter" and we had tried to assure him that we would minimize that, but with a complex deal that has three different investments properties, along with his other properties and multiple LLC entities, it was inevitable This should have given me pause from the start as a sing of a consumer that might be unwilling to participate in the complex loan processWe were still able to have a final loan approval for all three properties that had items *** was unwilling to provide and he withdrew All three loans had their interest rate extended on 4/11/at NO cost to the borrowerMy staff and I coordinated everything that we could with hi property management company to take as much of the burden off of *** with regards to copies of leases and gaining entry for the appraisals etc.We will not be refunding the cost of the appraisals as *** was given full copies of those, which he could then use with another lender of his choice W also had solid approvals for all three loans and it was the consumer's choice to withdraw Had the loans been denied by underwriting after our initial approval, I would have gladly reimbursed his fee, but the decision to not consummate the loans was ***'s alone.Patrick B*** NMLS ID #***Partner/Senior Loan Officer*** ***
*** ***
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Complaint: ***
I am rejecting this response because:I reject MrB***’s explanation, and find he continues to distort our interactionsI will include the full text of his email of Jan which he references in his response (see below)My primary complaints against him are two: (1) he consistently misrepresented to me the timeframe and complexity of approval of the loans, and (2) he was extremely unresponsive to my multiple emails and phone calls (to both his office and mobile phones) for information.1.? ? ? As his email indicates, he provided a loan “pre-approval” in the amount of $250,on Jan after our initial meeting on the 11th based on the information I provided him (in writing with receipts/statements)I also made it clear that my income from previous years, as reflected in my federal tax returns for & 2014, would not continue in and beyond2.? ? ? In our initial, in-person meeting on January 11th, I emphasized my desire for a “rapid and painless process” in which I received only one request for documentation and not a protracted series of information requestsHe assured me that this would be the case and that he would personally shepherd the process through underwritingThe fact that it was almost weeks after this meeting (on Feb 25th) at which I provided initial documentation, that I received a request for additional documentationIt was not the last one eitherWhile MrB*** refers to “much debate back and forth” between these two dates, I have no recollection of this, nor do our emails substantiate itOne of my biggest complaints was the dearth of information I received from him, and the multiple contact methods required to receive itMrB*** also refers to the fact that (due to the complexity of this deal) delays “inevitable.” It would have been nice for him to have informed me of this from the beginning, when the vast majority of these complexities were known.3.? ? ? In his January email, MrB*** mentioned a credit card debt I had incurred, stating, “There is one debt that I am eliminating from the credit report to make the approval MUCH cleaner, a *** ***(?) credit card that shows a monthly minimum payment of over $on the credit report.? This monthly obligation is significant and paying it off, or paying it down, will drastically improve our debt to income ratio moving forward.” Clearly, this language falls short of his statement of June that “approval would be contingent upon the payoff of credit card debt.” I advised Patrick that this debt was at zero interest and that paying it off early would be financially irresponsibleOver the next three months, we discussed this debt as well as other smaller credit card debt I had, and he convinced me to pay off all early, with the exception of the larger (*** ***) one referencedWe continued to discuss this and I had verbally agreed to pay it off if, and only if, the loan were approvedThe main reason I finally broke off discussions was his inability or unwillingness to respond at all over a week-long period.4.? ? ? Regarding the higher loan fees I mention and MrB*** disputed in his response, I can only state that when I contacted Citibank about the exact same loan (points and all)The total charges were approximately $2,less than those cited by Velocity LendingAdditionally, their charge for appraisals was $less per property, for a total of $I concur that the appraisal fees were indeed fully disclosed up front, as were all other feesMy complaint here is that MrB*** alleged that Velocity Lending’s fees were less than competitorsMy error was in trusting hi without further verification until I was committed to this process.5.? ? ? MrB***’s recollection of the “delay” in my paying for the requested appraisals also differs from my own and from the email recordMy email to him one day after his 3/2/request for my approval and payment for the appraisals (i.e., on March) I sent him this email: “This is just to confirm that I have (apparently) been successful in uploading the three loan packages to the ULC websiteI also was able to submit the three credit card charges for the appraisalsI can’t be certain they were accepted, because the site never confirmed any of them ??" just went blank after I pressed “submit.” Le me know if there were problems.” He never responded to it…6.? ? ? With respect to the attempted purchase of another investment property in the middle of the refinancing, I had made it clear from our very first meeting that I was looking for additional investment properties and might well acquire one during the refinancing processSince I would be paying for the funds from an existing line of credit and assuming the property would be appraised at more than our purchase price, he verbally indicated that he saw no problem with this planEven after we made an offer on the referenced property, he did not voice any concerns, either in writing or verbally.The bottom line is that I realize I have no legal recourse against MrB*** or Velocity LendingI merely want the public record to reflect that their way of doing business is at best incompetent and at worst unethicalLet future would be borrowers beware.Following is the complete text of the 1/12/email referenced by MrB***:*** *** *** ***
*** *** *** *** *** *** **
*** *** *** ***
*** *** ? *** and ***- I have a pre-approval at a $250,purchase price.? There is some minor tweaking depending on the property; whether its an existing property in your portfolio that we are tapping for equity or the acquisition of a new property.? But the approval stands pretty solid on the existing retirement income from both *** and *** as well as the two year avg of rental income received from the properties that show up on taxes.I know that we discussed a property that is currently listed for sale(?) and that you own free and clear, I did not use any figures for that property(taxes and insurance), but will need to should you still hold that property when we go under application.There is one debt that I am eliminating from the credit report to make the approval MUCH cleaner, a *** ***(?) credit card that shows a monthly minimum payment of over $on the credit report.? This monthly obligation is significant and paying it off, or paying it down, will drastically improve our debt to income ratio moving forward.There are many moving parts to some of the scenarios that we discussed on Monday, but I believe we have a very solid footing to move forwardEnjoy BVI gentlemen!? Patrick B***? NMLS ID #***Partner/Senior Loan Officer***? ***
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