Centennial Lending, LLC

Good afternoon Thank you for allowing us to respond to this complaint from [redacted] *** Should you have any follow up questions, please do not hesitate to contact me at [redacted] Regards, [redacted]

Good afternoon.  Thank you for allowing us to respond to this complaint from [redacted].  Should you have any follow up questions, please do not hesitate to contact me at [redacted]. Regards,[redacted]

Initial Business Response /* (1000, 6, 2015/07/24) */
While I have already spoken to our customer on the phone to hear her concerns and issue our sincere apology, I also need to reply formally to the complaint as issued through the Revdex.com website.
We are sorry that our borrower's closing was...

delayed and that communication with our Loan Officer, [redacted] broke down as her closing date approached. We have addressed the borrowers concerns with [redacted] and will ensure that she receives training and guidance to be more responsive to her current and future borrowers. We will also train Aimee to providing better coaching to borrowers early in the process to help avoid some of the last minute issues that our borrower faced.
When requesting documentation on our borrower's assets, it was not our intention to make her feel like a criminal or a liar. Centennial Lending must follow very strict underwriting guidelines as set by our investors. In doing so, we are required to verify that a borrower has funds for closing to cover their down payment and closing costs and we need to document the source of those funds. When a borrower moves their money between accounts, verifying the source of funds can be very challenging especially if the funds are moved as cash rather than a check, wire or electronic transfer as the paper trail becomes less clear. This was the case with this loan and we were not able to count her assets, despite the fact that they were present in her account because the funds were moved between her accounts as cash. As a lender, we do not have the liberty to use a common sense approach to verifying the source of assets. We understood our borrower's story and the movement of her money, but we need to provide a precise and infallible paper trail related to assets or the investor will not purchase the loan. While Centennial Lending is the lender making the loans, after closing, the loans are sold to an investor who sets the rules under which they will purchase and hold the loan as an investment. Had we done a better job of explaining these guidelines to our borrower upfront we could have likely avoided the entire issue and for this we are truly sorry.
While we are never pleased to hear that a borrower had a poor experience, we cannot improve if we are not aware of the issues our borrowers are facing. We appreciate the feedback and apologize for the difficulty faced during the end of the process. We are glad that in the end we were able to close the loan and hope our customer truly enjoys her new home.
Initial Consumer Rebuttal /* (2000, 8, 2015/07/29) */
(The consumer indicated he/she ACCEPTED the response from the business.)
While not all of my concerns were addressed mainly the fact that [redacted] blatantly lied during the process over all and the fact that I was not able to close on time because the lender was not prepared to do so which became obvious as they could not give me a full accounting of what money might be owed even on the day that I was supposed to close. I am however satisfied with the apology that I was given and I can only hope that [redacted] receives proper training on communication and how to better work with cutstomers.