Loanpal Reviews (2038)
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Address: 8781 Sierra College Blvd, Roseville, California, United States, 95661-5920
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Our records indicate that we have revived the borrowers updated stips today, 6/12/and we have reengaged the loan with the intent of submitting tomorrow
Our Solar Panel installers got my loan through Loan Pal. I was told I could make extra payments towards principle. I made a $500 payment on the principal and they only applied $418.54 on the principal and the rest on interest. I told them that this was incorrect and that the full amount was to be applied on principle. They told me absolutely not that some of it must be applied towards the interest.
Thank you for following up on this customer. I appreciate it. The reason why the $500 payment was applied the way it was is because per our loan documents, and payment made to Loanpal will be applied to interest owed first and then principle. When Ms. made her $500 payment, there was $81.46 in interest owed. This is because our loans come with a feature that defers the first payment 60 days. However, interest accrues from the date of funding. This is why there was interest still owed even after Ms. made multiple payments, and all her payments, on time. This structure is outlined in the loan document that Ms. signed with us for her reference. Thank you and let me know if there are any additional questions.
Our Solar Panel installers got my loan through Loan Pal. I was told I could make extra payments towards principle. I made a $500 payment on the principal and they only applied $418.54 on the principal and the rest on interest. I told them that this was incorrect and that the full amount was to be applied on principle. They told me absolutely not that some of it must be applied towards the interest.
Thank you for following up on this customer. I appreciate it. The reason why the $500 payment was applied the way it was is because per our loan documents, and payment made to Loanpal will be applied to interest owed first and then principle. When Ms. made her $500 payment, there was $81.46 in interest owed. This is because our loans come with a feature that defers the first payment 60 days. However, interest accrues from the date of funding. This is why there was interest still owed even after Ms. made multiple payments, and all her payments, on time. This structure is outlined in the loan document that Ms. signed with us for her reference. Thank you and let me know if there are any additional questions.
Our Solar Panel installers got my loan through Loan Pal. I was told I could make extra payments towards principle. I made a $500 payment on the principal and they only applied $418.54 on the principal and the rest on interest. I told them that this was incorrect and that the full amount was to be applied on principle. They told me absolutely not that some of it must be applied towards the interest.
Thank you for following up on this customer. I appreciate it. The reason why the $500 payment was applied the way it was is because per our loan documents, and payment made to Loanpal will be applied to interest owed first and then principle. When Ms. made her $500 payment, there was $81.46 in interest owed. This is because our loans come with a feature that defers the first payment 60 days. However, interest accrues from the date of funding. This is why there was interest still owed even after Ms. made multiple payments, and all her payments, on time. This structure is outlined in the loan document that Ms. signed with us for her reference. Thank you and let me know if there are any additional questions.
Our Solar Panel installers got my loan through Loan Pal. I was told I could make extra payments towards principle. I made a $500 payment on the principal and they only applied $418.54 on the principal and the rest on interest. I told them that this was incorrect and that the full amount was to be applied on principle. They told me absolutely not that some of it must be applied towards the interest.
Thank you for following up on this customer. I appreciate it. The reason why the $500 payment was applied the way it was is because per our loan documents, and payment made to Loanpal will be applied to interest owed first and then principle. When Ms. made her $500 payment, there was $81.46 in interest owed. This is because our loans come with a feature that defers the first payment 60 days. However, interest accrues from the date of funding. This is why there was interest still owed even after Ms. made multiple payments, and all her payments, on time. This structure is outlined in the loan document that Ms. signed with us for her reference. Thank you and let me know if there are any additional questions.
Thank you for this informationWe are looking into this matter on our end please allow until Monday 28th for reply
My loan was processed and closed in August of 2018. I am now trying to pay off the loan with a *** because the interest is too high. My new mortgage company has requested a payoff from Loanpal. Loanpal has not provided the payoff though it was requested 10 days ago. They say that they will put another request in and it will take another 7-10 days. I could be waiting months. My new interest rate lock is going to expire and Loanpal does not care. They claim that the payoff notice comes from Paramount Equity Mortgage and they have no way to contact them, and I am at their mercy.
Shame on you LOANPAL. Terrible company
A Loanpal representative has been in contact with the customer and the payoff statement has been provided.
I am rejecting this response because
The company did respond back and finally send my statement to me. The representative that called me from Loanpal could not help with the issue that caused me to lose my new interest rate lock because of the large delay in getting the payoff nor did she have any interest in fixing the problem. There are many other consumers having the same issue I had getting the payoff.
CONSUMER BEWARE!!!!LOANPAL/PARAMOUNT EQUITY does not care about there consumers and refuse to look at their business practices and make any changes.
My loan was processed and closed in August of 2018. I am now trying to pay off the loan with a *** because the interest is too high. My new mortgage company has requested a payoff from Loanpal. Loanpal has not provided the payoff though it was requested 10 days ago. They say that they will put another request in and it will take another 7-10 days. I could be waiting months. My new interest rate lock is going to expire and Loanpal does not care. They claim that the payoff notice comes from Paramount Equity Mortgage and they have no way to contact them, and I am at their mercy.
Shame on you LOANPAL. Terrible company
A Loanpal representative has been in contact with the customer and the payoff statement has been provided.
I am rejecting this response because
The company did respond back and finally send my statement to me. The representative that called me from Loanpal could not help with the issue that caused me to lose my new interest rate lock because of the large delay in getting the payoff nor did she have any interest in fixing the problem. There are many other consumers having the same issue I had getting the payoff.
CONSUMER BEWARE!!!!LOANPAL/PARAMOUNT EQUITY does not care about there consumers and refuse to look at their business practices and make any changes.
My loan was processed and closed in August of 2018. I am now trying to pay off the loan with a *** because the interest is too high. My new mortgage company has requested a payoff from Loanpal. Loanpal has not provided the payoff though it was requested 10 days ago. They say that they will put another request in and it will take another 7-10 days. I could be waiting months. My new interest rate lock is going to expire and Loanpal does not care. They claim that the payoff notice comes from Paramount Equity Mortgage and they have no way to contact them, and I am at their mercy.
Shame on you LOANPAL. Terrible company
A Loanpal representative has been in contact with the customer and the payoff statement has been provided.
I am rejecting this response because
The company did respond back and finally send my statement to me. The representative that called me from Loanpal could not help with the issue that caused me to lose my new interest rate lock because of the large delay in getting the payoff nor did she have any interest in fixing the problem. There are many other consumers having the same issue I had getting the payoff.
CONSUMER BEWARE!!!!LOANPAL/PARAMOUNT EQUITY does not care about there consumers and refuse to look at their business practices and make any changes.
My loan was processed and closed in August of 2018. I am now trying to pay off the loan with a *** because the interest is too high. My new mortgage company has requested a payoff from Loanpal. Loanpal has not provided the payoff though it was requested 10 days ago. They say that they will put another request in and it will take another 7-10 days. I could be waiting months. My new interest rate lock is going to expire and Loanpal does not care. They claim that the payoff notice comes from Paramount Equity Mortgage and they have no way to contact them, and I am at their mercy.
Shame on you LOANPAL. Terrible company
A Loanpal representative has been in contact with the customer and the payoff statement has been provided.
I am rejecting this response because
The company did respond back and finally send my statement to me. The representative that called me from Loanpal could not help with the issue that caused me to lose my new interest rate lock because of the large delay in getting the payoff nor did she have any interest in fixing the problem. There are many other consumers having the same issue I had getting the payoff.
CONSUMER BEWARE!!!!LOANPAL/PARAMOUNT EQUITY does not care about there consumers and refuse to look at their business practices and make any changes.
Thank you for this informationWe have provided the details of this complaint to our servicing team, someone will be reaching out to you shortlyIn addition, you can reach someone right away by emailing, l [redacted]
My Wife and I have called twice and emailed once to receive a Payoff for a loan that we got into via purchasing Solar and still haven't received one.
We would like to payoff this loan because we feel it is a little deceiving. We have made three payments and now owe more on this loan than the original amount. When we noticed the first payment went to interest only we called Loanpal to find out how we can work on the principal. The answer was to make separate payments that would work on the principal. We made an additional payment and received a statement showing that it was applied to principal. However, on the next statement, it was taken away and applied to interest only. We called Loanpal and their explanation was that the payment was mistakenly applied to principal and is now just an interest payment. In the meantime the next payment was sent in and was also applied to interest only. So, we immediately asked for a payoff.
The first request for a payoff was ignored by ***, but was noted on the account, this was confirmed the second time we called and spoke with ***. *** couldn't offer a reasonable explanation why *** couldn't have done the request for payoff, but could note it on the account. *** explained that she would take care of sending us a payoff. We have waited patiently for both payoffs and still have not received them. We have also requested a payoff via email and have not received any correspondence.
The process of using an unfamiliar lender wrapped up under a Solar installation has us feeling a little duped. Chasing down this process has led us to believe this may have the undertone of predatory lending.
We have reached out to the borrower, reviewed their concerns and have made the adjustments agreed upon with the customer. Should the borrower have any additional questions, please reach back out to us.
While a payoff statement was mailed to Mr., the way in which the loan works and how payments were applied were explained via a phone conversation with Mr.. Because of this, no additional information was sent to him. We will have this information sent to him today to show how interest accrues on the loan from day 1 of the loan and how the 2 months of deferred payments work.
I am rejecting this response because: I am not Mr.. This business didn't take the complaint serious enough to even email the *** accurate information. I did receive the pay off information and we paid this loan off. We are still looking for the return of our funds that were not credited and was taken as a part of interest ($50). Pay off was good thru 29 November 19 and they received the payment 12 November 2019, there should be a return of interest from the pay off as well.
My Wife and I have called twice and emailed once to receive a Payoff for a loan that we got into via purchasing Solar and still haven't received one.
We would like to payoff this loan because we feel it is a little deceiving. We have made three payments and now owe more on this loan than the original amount. When we noticed the first payment went to interest only we called Loanpal to find out how we can work on the principal. The answer was to make separate payments that would work on the principal. We made an additional payment and received a statement showing that it was applied to principal. However, on the next statement, it was taken away and applied to interest only. We called Loanpal and their explanation was that the payment was mistakenly applied to principal and is now just an interest payment. In the meantime the next payment was sent in and was also applied to interest only. So, we immediately asked for a payoff.
The first request for a payoff was ignored by ***, but was noted on the account, this was confirmed the second time we called and spoke with ***. *** couldn't offer a reasonable explanation why *** couldn't have done the request for payoff, but could note it on the account. *** explained that she would take care of sending us a payoff. We have waited patiently for both payoffs and still have not received them. We have also requested a payoff via email and have not received any correspondence.
The process of using an unfamiliar lender wrapped up under a Solar installation has us feeling a little duped. Chasing down this process has led us to believe this may have the undertone of predatory lending.
We have reached out to the borrower, reviewed their concerns and have made the adjustments agreed upon with the customer. Should the borrower have any additional questions, please reach back out to us.
While a payoff statement was mailed to Mr., the way in which the loan works and how payments were applied were explained via a phone conversation with Mr.. Because of this, no additional information was sent to him. We will have this information sent to him today to show how interest accrues on the loan from day 1 of the loan and how the 2 months of deferred payments work.
I am rejecting this response because: I am not Mr.. This business didn't take the complaint serious enough to even email the *** accurate information. I did receive the pay off information and we paid this loan off. We are still looking for the return of our funds that were not credited and was taken as a part of interest ($50). Pay off was good thru 29 November 19 and they received the payment 12 November 2019, there should be a return of interest from the pay off as well.
My Wife and I have called twice and emailed once to receive a Payoff for a loan that we got into via purchasing Solar and still haven't received one.
We would like to payoff this loan because we feel it is a little deceiving. We have made three payments and now owe more on this loan than the original amount. When we noticed the first payment went to interest only we called Loanpal to find out how we can work on the principal. The answer was to make separate payments that would work on the principal. We made an additional payment and received a statement showing that it was applied to principal. However, on the next statement, it was taken away and applied to interest only. We called Loanpal and their explanation was that the payment was mistakenly applied to principal and is now just an interest payment. In the meantime the next payment was sent in and was also applied to interest only. So, we immediately asked for a payoff.
The first request for a payoff was ignored by ***, but was noted on the account, this was confirmed the second time we called and spoke with ***. *** couldn't offer a reasonable explanation why *** couldn't have done the request for payoff, but could note it on the account. *** explained that she would take care of sending us a payoff. We have waited patiently for both payoffs and still have not received them. We have also requested a payoff via email and have not received any correspondence.
The process of using an unfamiliar lender wrapped up under a Solar installation has us feeling a little duped. Chasing down this process has led us to believe this may have the undertone of predatory lending.
We have reached out to the borrower, reviewed their concerns and have made the adjustments agreed upon with the customer. Should the borrower have any additional questions, please reach back out to us.
While a payoff statement was mailed to Mr., the way in which the loan works and how payments were applied were explained via a phone conversation with Mr.. Because of this, no additional information was sent to him. We will have this information sent to him today to show how interest accrues on the loan from day 1 of the loan and how the 2 months of deferred payments work.
I am rejecting this response because: I am not Mr.. This business didn't take the complaint serious enough to even email the *** accurate information. I did receive the pay off information and we paid this loan off. We are still looking for the return of our funds that were not credited and was taken as a part of interest ($50). Pay off was good thru 29 November 19 and they received the payment 12 November 2019, there should be a return of interest from the pay off as well.
Ms***, we are deeply sorry to hear of this news, thank you for providing us this informationWe have added your contact information to the DNC list on our end
My Wife and I have called twice and emailed once to receive a Payoff for a loan that we got into via purchasing Solar and still haven't received one.
We would like to payoff this loan because we feel it is a little deceiving. We have made three payments and now owe more on this loan than the original amount. When we noticed the first payment went to interest only we called Loanpal to find out how we can work on the principal. The answer was to make separate payments that would work on the principal. We made an additional payment and received a statement showing that it was applied to principal. However, on the next statement, it was taken away and applied to interest only. We called Loanpal and their explanation was that the payment was mistakenly applied to principal and is now just an interest payment. In the meantime the next payment was sent in and was also applied to interest only. So, we immediately asked for a payoff.
The first request for a payoff was ignored by ***, but was noted on the account, this was confirmed the second time we called and spoke with ***. *** couldn't offer a reasonable explanation why *** couldn't have done the request for payoff, but could note it on the account. *** explained that she would take care of sending us a payoff. We have waited patiently for both payoffs and still have not received them. We have also requested a payoff via email and have not received any correspondence.
The process of using an unfamiliar lender wrapped up under a Solar installation has us feeling a little duped. Chasing down this process has led us to believe this may have the undertone of predatory lending.
We have reached out to the borrower, reviewed their concerns and have made the adjustments agreed upon with the customer. Should the borrower have any additional questions, please reach back out to us.
While a payoff statement was mailed to Mr., the way in which the loan works and how payments were applied were explained via a phone conversation with Mr.. Because of this, no additional information was sent to him. We will have this information sent to him today to show how interest accrues on the loan from day 1 of the loan and how the 2 months of deferred payments work.
I am rejecting this response because: I am not Mr.. This business didn't take the complaint serious enough to even email the *** accurate information. I did receive the pay off information and we paid this loan off. We are still looking for the return of our funds that were not credited and was taken as a part of interest ($50). Pay off was good thru 29 November 19 and they received the payment 12 November 2019, there should be a return of interest from the pay off as well.
I worked with this company for FOUR months to change my conventional loan to an FHA loan. I was told over and over how it was going to go through. They ran my credit numerous times, they sent me closing disclosure paperwork, and then they did not approve the loan. In the meantime, I was told not to pay my current debts because they would e paid off with the new loan. My score has now dropped over 100 points for nothing. ***, my loan officer, was nice, but I feel as though he was not forthcoming and convinced me everything was on the up and up when it actually was not. Many tears and stressful days worrying later, I would NEVER use this company. EVER
A Loanpal manager has been in contact with the customer to better understand the issues. Loanpal will be refunding the appraisal fee for the customer. I am told this has satisfied the customers complaint. Thanks
I worked with this company for FOUR months to change my conventional loan to an FHA loan. I was told over and over how it was going to go through. They ran my credit numerous times, they sent me closing disclosure paperwork, and then they did not approve the loan. In the meantime, I was told not to pay my current debts because they would be paid off with the new loan. My score has now dropped over 100 points for nothing. Phillips, my loan officer, was nice, but I feel as though he was not forthcoming and convinced me everything was on the up and up when it actually was not. Many tears and stressful days worrying later, I would NEVER use this company. EVER
I worked with this company for FOUR months to change my conventional loan to an FHA loan. I was told over and over how it was going to go through. They ran my credit numerous times, they sent me closing disclosure paperwork, and then they did not approve the loan. In the meantime, I was told not to pay my current debts because they would be paid off with the new loan. My score has now dropped over 100 points for nothing. Phillips, my loan officer, was nice, but I feel as though he was not forthcoming and convinced me everything was on the up and up when it actually was not. Many tears and stressful days worrying later, I would NEVER use this company. EVER
I worked with this company for FOUR months to change my conventional loan to an FHA loan. I was told over and over how it was going to go through. They ran my credit numerous times, they sent me closing disclosure paperwork, and then they did not approve the loan. In the meantime, I was told not to pay my current debts because they would be paid off with the new loan. My score has now dropped over 100 points for nothing. Phillips, my loan officer, was nice, but I feel as though he was not forthcoming and convinced me everything was on the up and up when it actually was not. Many tears and stressful days worrying later, I would NEVER use this company. EVER