InterFirst Mortgage Company

Please be advised that we have received the details of your complaint regarding your concerns about the level of customer service you received during your recent loan application process with InterFirst Mortgage CompanyI want to assure you that we have every desire to address your concerns and provide the best solution available to resolve your issuesWe are currently in the process of researching your complaint and I will contact you again, immediately upon completion of our investigation, to advise you of our determinationThank you for taking the time to communicate your issues to us We sincerely apologize for any inconvenience this may have caused you.Best Regards, [redacted] ***-***, Vice President of ComplianceTell us why here

I am a teacher and I made the mistake of telling them I was going to be hired at a new school They suspended my loan application for the entire summer because they needed to wait for my first pay stub in the fall UnbelievableI informed them of the new job on day one, but they waited until I uploaded all of my paperwork and waited a week before telling me, and then it took almost a week to get a straight answer from them This is outrageous I lost a few thousand dollars in interest because of their delays There were absurd delays where I was asked to submit a letter from my current employer stating I was paid on a month basis demonstrating no interruption of income between jobs, but two days after I submitted the letter they informed me that they still would not approve the loan until they get the new pay stubsThey asked me to send them the contract for the new job and I did Then they said that this allows them to 'underwrite' the loan, but not 'approve' the loan Sounds like double talk My bank informed me that underwriting and approving are the same thing They could have and should have told me all of this on day one so I could have gone elsewhere immediately It was unconscionable not to do so

We have completed our investigation of Ms [redacted] ’ complaint and the results of our investigation are as follows: By way of background, InterFirst Mortgage Company (“IMC”) is a wholesale mortgage lenderIn our wholesale channel, IMC does not negotiate the terms of mortgage loans or otherwise make offers to consumersBorrower interaction and negotiation of terms (interest rate, for example) is handled strictly by a loan officer, Ms [redacted] , of [redacted] Mortgage Corporation in this case, who is the employee of a mortgage broker (i.e., not IMC)Based upon strict timelines and policies, loan officers submit completed applications to IMC for underwriting and fundingIMC employs account executives to provide service to mortgage brokers (companies) and the employees of those companies (loan officers)IMC account executives have no authority to negotiate the terms of mortgage loans, approve loans or otherwise bind IMC in any fashion Based on our research, it appears that Ms [redacted] completed a loan application on 11/14/with her Loan Originator, [redacted] , of [redacted] Mortgage CorporationIt appears that Ms [redacted] offered an interest rate of 3.75%Our records also show that Ms [redacted] ’ loan application was registered with us by her broker, [redacted] Mortgage CorporationRegistration is the process by which a mortgage broker opens a file with IMC – it does not indicate that an application is complete or acceptable to IMC and it does not indicate that an application is approvedRegistration is only the first step in IMC’s processSubsequent to registration, Ms [redacted] ’ mortgage broker failed to deliver Ms [redacted] ’ loan file (application) and the file was cancelled fourteen (14) days later for incompleteness/inactivity The rate lock referenced in Ms [redacted] ’ complaint is an agreement by and between Ms [redacted] and [redacted] Mortgage Corp., not InterFirst Mortgage CompanyAs indicated above, IMC does not negotiate loan terms with consumers – all such negotiation and offering is strictly provided by the loan originator/mortgage-brokerIt appears that IMC’s account executive, [redacted] , may have answered a question from Ms [redacted] ’ loan originator related to options on Ms [redacted] ’ file, but the loan originator/mortgage-broker remained strictly liable and responsible for Ms [redacted] ’ loan applicationPut another way, account executives can provide answers and guidance to mortgage brokers, but loan originators (Ms [redacted] ) bear 100% of the responsibility for accurate and timely disclosure and delivery of information to consumers At no point in time did an agreement exist by and between Ms [redacted] and InterFirst Mortgage Company to lock a specific rateMs [redacted] ’ loan originator never submitted/delivered her file to us and the registration was cancelled for inactivityTell us why here

We have received Ms***' complaint and we are currently researching her application. We want to assure you that we have every desire to address Ms***' concerns and provide the best solution available to resolve her issuesI will respond again at the completion of our
research to advise you of our findings. Thank you for taking the time to communicate your concerns to us. We sincerely apologize for any inconvenience this may have caused you.Sincerely,
*** ***, Vice President of Compliance

Initial Business Response /* (1000, 5, 2014/02/24) */
Interbank needs additional information from the consumer, *** ***, in order to resolve this complaint*** *** must provide a physical address for the property associated with this loan and/or a loan numberThank you
***
***-***, Vice President of Compliance
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2-24-additional info from business:
Interbank's accounting department responded to Mrs***'s request in a letter dated 2/19/2014, which explained that the mortgage interest she paid in was less than the amount that the IRS requires for a Form to be mailedThat is why Mrs*** has not received the tax formThe letter was mailed to Mrs*** at *** *** Lane, ***, ** XXXXXIf this is not Mrs***'s current address, please adviseThank you
*** ***-***, Vice President of Compliance

Final Consumer Response /* (450, 5, 2014/02/18) */
The consumer indicated ONLINE that the business responded to this complaint to his/her satisfactionHe/she also stated:

We have received Ms***' complaint and we are currently researching her application. We want to assure you that we have every desire to address Ms***' concerns and provide the best solution available to resolve her issuesI will respond again at the completion of our
research to advise you of our findings. Thank you for taking the time to communicate your concerns to us. We sincerely apologize for any inconvenience this may have caused you.Sincerely,*** ***, Vice President of Compliance

Please be advised that we have received the details of your complaint regarding your concerns about the level of customer service you received during your recent loan
application process with InterFirst Mortgage CompanyI want to assure you that we have every desire to address your concerns and provide the best solution available to resolve your issuesWe are currently in the process of researching your complaint and I will contact you again, immediately upon completion of our investigation, to advise you of our determination
Thank you for taking the time to communicate your issues to us. We sincerely apologize for any inconvenience this may have caused youBest Regards,
*** ***-***, Vice President of Compliance Tell us why here

Please be advised that we have received the details of your complaint regarding your concerns about the level of customer service you received during your recent loan application process with InterFirst Mortgage Company. I want to assure you that we have every desire to address your concerns...

and provide the best solution available to resolve your issues. We are currently in the process of researching your complaint and I will contact you again, immediately upon completion of our investigation, to advise you of our determination. Thank you for taking the time to communicate your issues to us.  We sincerely apologize for any inconvenience this may have caused you.Best Regards,[redacted], Vice President of Compliance. Tell us why here...

I am a teacher and I made the mistake of telling them I was going to be hired at a new school. They suspended my loan application for the entire summer because they needed to wait for my first pay stub in the fall. Unbelievable. I informed them of the new job on day one, but they waited until I uploaded all of my paperwork and waited a week before telling me, and then it took almost a week to get a straight answer from them. This is outrageous. I lost a few thousand dollars in interest because of their delays. There were absurd delays where I was asked to submit a letter from my current employer stating I was paid on a 12 month basis demonstrating no interruption of income between jobs, but two days after I submitted the letter they informed me that they still would not approve the loan until they get the new pay stubs. They asked me to send them the contract for the new job and I did. Then they said that this allows them to 'underwrite' the loan, but not 'approve' the loan. Sounds like double talk. My bank informed me that underwriting and approving are the same thing. They could have and should have told me all of this on day one so I could have gone elsewhere immediately. It was unconscionable not to do so.

We have completed our investigation of Ms. [redacted]’ complaint and the results of our investigation are as follows:   By way of background, InterFirst Mortgage Company (“IMC”) is a wholesale mortgage lender. In our wholesale channel, IMC does not negotiate the terms of mortgage loans or otherwise make offers to consumers. Borrower interaction and negotiation of terms (interest rate, for example) is handled strictly by a loan officer, Ms. [redacted], of [redacted] Mortgage Corporation in this case, who is the employee of a mortgage broker (i.e., not IMC). Based upon strict timelines and policies, loan officers submit completed applications to IMC for underwriting and funding. IMC employs account executives to provide service to mortgage brokers (companies) and the employees of those companies (loan officers). IMC account executives have no authority to negotiate the terms of mortgage loans, approve loans or otherwise bind IMC in any fashion.    Based on our research, it appears that Ms. [redacted] completed a loan application on 11/14/2016 with her Loan Originator, [redacted], of [redacted] Mortgage Corporation. It appears that Ms. [redacted] offered an interest rate of 3.75%. Our records also show that Ms. [redacted]’ loan application was registered with us by her broker, [redacted] Mortgage Corporation. Registration is the process by which a mortgage broker opens a file with IMC – it does not indicate that an application is complete or acceptable to IMC and it does not indicate that an application is approved. Registration is only the first step in IMC’s process. Subsequent to registration, Ms. [redacted]’ mortgage broker failed to deliver Ms. [redacted]’ loan file (application) and the file was cancelled fourteen (14) days later for incompleteness/inactivity.   The rate lock referenced in Ms. [redacted]’ complaint is an agreement by and between Ms. [redacted] and [redacted] Mortgage Corp., not InterFirst Mortgage Company. As indicated above, IMC does not negotiate loan terms with consumers – all such negotiation and offering is strictly provided by the loan originator/mortgage-broker. It appears that IMC’s account executive, [redacted], may have answered a question from Ms. [redacted]’ loan originator related to options on Ms. [redacted]’ file, but the loan originator/mortgage-broker remained strictly liable and responsible for Ms. [redacted]’ loan application. Put another way, account executives can provide answers and guidance to mortgage brokers, but loan originators (Ms. [redacted]) bear 100% of the responsibility for accurate and timely disclosure and delivery of information to consumers.    At no point in time did an agreement exist by and between Ms. [redacted] and InterFirst Mortgage Company to lock a specific rate. Ms. [redacted]’ loan originator never submitted/delivered her file to us and the registration was cancelled for inactivity. Tell us why here...