Loanpal Reviews (2038)
View Photos
Loanpal Rating
Address: 8781 Sierra College Blvd, Roseville, California, United States, 95661-5920
Phone: |
Show more...
|
Fax: |
+1 (916) 290-9992 |
Web: |
|
E-mails: |
Sign in to see
|
Add contact information for Loanpal
Add new contacts
ADVERTISEMENT
I was looking for information on loans and made the mistake of putting in my actual phone number and it wasn't even for LoanPal, it was a general loan information site. I even selected a contact preference of email only! Now I get this company calling me multiple times a day, day after day, it's ridiculous! They don't honor the Do Not Call list and there is no way on their website to get off their call list. I wanted information sent to me, to engage at my convenience - not this crazy never ending hourly call schedule! You will never get my business if I consider you to be harassing me! Send an email with your number and I'll contact you if I like what you have to offer, but this non stop calling during business hours while I'm at work is unacceptable! You absolutely lost my business with this approach, and I will absolutely share with anyone I know looking for loans to beware of contacting LoanPal at all!
Thank you Mrs. for providing us with this information. We take customer care and request very seriously. We have taking your concern and addressed it by placing you on our DNC list for all forms of communication.
RETIRED TEACHER’S HOME AT RISK OF BEING LOST!Those of you that have had delays with this company say “YEA & ...RUN and consider yourself lucky. In 2015, yes 2015 I refinanced with this company before I transitioned into my Social Security days (fixed income)from Teaching. I had a 5.25 rate with a bank that didn’t require me to buy astronomically expensive windstorm insurance in Florida. BEFORE I accepted a 4.25 rate with Paramount ( with a SENIOR loan officer) I asked if Paramount would require Windstorm Insurance. I told them if they did, that would be a deal breaker as I was trying to LOWER my expenses. Upon checking, the SENIOR loan advisor assured me I would not be required to have Windstorm Insurance. We closed. Fast forward now to April , 2018. The bank is imposing a FORCED PAY $7,000 policy *** on my home ( which only protects their interest in my home, roughly25% of the home market value unless I purchase the insurance AND ALSO back dated insurance( which by the way was found illegal in 2013 with a GMAC class action law suit. ) They have RUINED my retirement planning. Not only did I extend my prior loan to 30 years, pay thousands in closing costs , and now I risk losing my home due to what I consider fraud by this bait and switch scheme. Very upset with this company which has further aggravated my heart and GI health.
UPDATE, TODAY, June 16th,2018, I received a letter saying that indeed Loanpal has charged me for a $7,000 policy they have FORCE PLACED. Further, they backdated it to March. How could I have purchased something that I was never told I needed. Why would the bank hav clos d 2.5 years ago and said I did not need this policy. I will go to President Trump if that’s what it takes. This is wrong to do to a senior citizen on a fixed income or ANYONE. We had an agreement and midstream you changed it. Besides the fact that you ARE BREAKING OUR ORIGINAL AGREEMENT , it hardly s end reasonable to send a letter that I RECEIVE 9 days LATER than your stamped date AND is written AFTER the date you are enforcing it. I would have NEVER refinanced with this company if I had known They would do this. All the savings from my last lender ( who DID NOT) require windstorm protection @ 5.1% in effect is cheaper than what they have done to me.
All force-placed ins action has been cancelled as her loan was transferred 7/2/18 to *** as part of our MSR sale.Attached is the formal letter issued to the borr by *** thus Loanpal is advised to formally address with *** as you can see we did instead of reaching out to the borrower directly. In addition, borrower decided on own to obtained her own wind ins coverage; copy of policy attached for legal record and reference.
I was looking for information on loans and made the mistake of putting in my actual phone number and it wasn't even for LoanPal, it was a general loan information site. I even selected a contact preference of email only! Now I get this company calling me multiple times a day, day after day, it's ridiculous! They don't honor the Do Not Call list and there is no way on their website to get off their call list. I wanted information sent to me, to engage at my convenience - not this crazy never ending hourly call schedule! You will never get my business if I consider you to be harassing me! Send an email with your number and I'll contact you if I like what you have to offer, but this non stop calling during business hours while I'm at work is unacceptable! You absolutely lost my business with this approach, and I will absolutely share with anyone I know looking for loans to beware of contacting LoanPal at all!
Thank you Mrs. for providing us with this information. We take customer care and request very seriously. We have taking your concern and addressed it by placing you on our DNC list for all forms of communication.
RETIRED TEACHER’S HOME AT RISK OF BEING LOST!Those of you that have had delays with this company say “YEA & ...RUN and consider yourself lucky. In 2015, yes 2015 I refinanced with this company before I transitioned into my Social Security days (fixed income)from Teaching. I had a 5.25 rate with a bank that didn’t require me to buy astronomically expensive windstorm insurance in Florida. BEFORE I accepted a 4.25 rate with Paramount ( with a SENIOR loan officer) I asked if Paramount would require Windstorm Insurance. I told them if they did, that would be a deal breaker as I was trying to LOWER my expenses. Upon checking, the SENIOR loan advisor assured me I would not be required to have Windstorm Insurance. We closed. Fast forward now to April , 2018. The bank is imposing a FORCED PAY $7,000 policy *** on my home ( which only protects their interest in my home, roughly25% of the home market value unless I purchase the insurance AND ALSO back dated insurance( which by the way was found illegal in 2013 with a GMAC class action law suit. ) They have RUINED my retirement planning. Not only did I extend my prior loan to 30 years, pay thousands in closing costs , and now I risk losing my home due to what I consider fraud by this bait and switch scheme. Very upset with this company which has further aggravated my heart and GI health.
UPDATE, TODAY, June 16th,2018, I received a letter saying that indeed Loanpal has charged me for a $7,000 policy they have FORCE PLACED. Further, they backdated it to March. How could I have purchased something that I was never told I needed. Why would the bank hav clos d 2.5 years ago and said I did not need this policy. I will go to President Trump if that’s what it takes. This is wrong to do to a senior citizen on a fixed income or ANYONE. We had an agreement and midstream you changed it. Besides the fact that you ARE BREAKING OUR ORIGINAL AGREEMENT , it hardly s end reasonable to send a letter that I RECEIVE 9 days LATER than your stamped date AND is written AFTER the date you are enforcing it. I would have NEVER refinanced with this company if I had known They would do this. All the savings from my last lender ( who DID NOT) require windstorm protection @ 5.1% in effect is cheaper than what they have done to me.
All force-placed ins action has been cancelled as her loan was transferred 7/2/18 to *** as part of our MSR sale.Attached is the formal letter issued to the borr by *** thus Loanpal is advised to formally address with *** as you can see we did instead of reaching out to the borrower directly. In addition, borrower decided on own to obtained her own wind ins coverage; copy of policy attached for legal record and reference.
I was looking for information on loans and made the mistake of putting in my actual phone number and it wasn't even for LoanPal, it was a general loan information site. I even selected a contact preference of email only! Now I get this company calling me multiple times a day, day after day, it's ridiculous! They don't honor the Do Not Call list and there is no way on their website to get off their call list. I wanted information sent to me, to engage at my convenience - not this crazy never ending hourly call schedule! You will never get my business if I consider you to be harassing me! Send an email with your number and I'll contact you if I like what you have to offer, but this non stop calling during business hours while I'm at work is unacceptable! You absolutely lost my business with this approach, and I will absolutely share with anyone I know looking for loans to beware of contacting LoanPal at all!
Thank you Mrs. for providing us with this information. We take customer care and request very seriously. We have taking your concern and addressed it by placing you on our DNC list for all forms of communication.
RETIRED TEACHER’S HOME AT RISK OF BEING LOST!Those of you that have had delays with this company say “YEA & ...RUN and consider yourself lucky. In 2015, yes 2015 I refinanced with this company before I transitioned into my Social Security days (fixed income)from Teaching. I had a 5.25 rate with a bank that didn’t require me to buy astronomically expensive windstorm insurance in Florida. BEFORE I accepted a 4.25 rate with Paramount ( with a SENIOR loan officer) I asked if Paramount would require Windstorm Insurance. I told them if they did, that would be a deal breaker as I was trying to LOWER my expenses. Upon checking, the SENIOR loan advisor assured me I would not be required to have Windstorm Insurance. We closed. Fast forward now to April , 2018. The bank is imposing a FORCED PAY $7,000 policy *** on my home ( which only protects their interest in my home, roughly25% of the home market value unless I purchase the insurance AND ALSO back dated insurance( which by the way was found illegal in 2013 with a GMAC class action law suit. ) They have RUINED my retirement planning. Not only did I extend my prior loan to 30 years, pay thousands in closing costs , and now I risk losing my home due to what I consider fraud by this bait and switch scheme. Very upset with this company which has further aggravated my heart and GI health.
UPDATE, TODAY, June 16th,2018, I received a letter saying that indeed Loanpal has charged me for a $7,000 policy they have FORCE PLACED. Further, they backdated it to March. How could I have purchased something that I was never told I needed. Why would the bank hav clos d 2.5 years ago and said I did not need this policy. I will go to President Trump if that’s what it takes. This is wrong to do to a senior citizen on a fixed income or ANYONE. We had an agreement and midstream you changed it. Besides the fact that you ARE BREAKING OUR ORIGINAL AGREEMENT , it hardly s end reasonable to send a letter that I RECEIVE 9 days LATER than your stamped date AND is written AFTER the date you are enforcing it. I would have NEVER refinanced with this company if I had known They would do this. All the savings from my last lender ( who DID NOT) require windstorm protection @ 5.1% in effect is cheaper than what they have done to me.
All force-placed ins action has been cancelled as her loan was transferred 7/2/18 to *** as part of our MSR sale.Attached is the formal letter issued to the borr by *** thus Loanpal is advised to formally address with *** as you can see we did instead of reaching out to the borrower directly. In addition, borrower decided on own to obtained her own wind ins coverage; copy of policy attached for legal record and reference.
Loan pal gave horrible service and I'm sure lied about possible loan. Over 3 months of this loan was done deal. Most of time didn't get any response for weeks and always same story. My loan was a challenge but don't lie. Took credit report 4 times even after 2nd do stop. Will be consulting my real estate attorney friend and see if this is legal. Don't use loan pal.
Loan pal gave horrible service and I'm sure lied about possible loan. Over 3 months of this loan was done deal. Most of time didn't get any response for weeks and always same story. My loan was a challenge but don't lie. Took credit report 4 times even after 2nd do stop. Will be consulting my real estate attorney friend and see if this is legal. Don't use loan pal.
Loan pal gave horrible service and I'm sure lied about possible loan. Over 3 months of this loan was done deal. Most of time didn't get any response for weeks and always same story. My loan was a challenge but don't lie. Took credit report 4 times even after 2nd do stop. Will be consulting my real estate attorney friend and see if this is legal. Don't use loan pal.
Loan pal gave horrible service and I'm sure lied about possible loan. Over 3 months of this loan was done deal. Most of time didn't get any response for weeks and always same story. My loan was a challenge but don't lie. Took credit report 4 times even after 2nd do stop. Will be consulting my real estate attorney friend and see if this is legal. Don't use loan pal.
I refinanced with Paramount Equity in April 2016. Let me start off by saying I didn't need to refinance. I was not going through financial hardships. I happened to fill out a form on the internet to unlock a current interest rate when I was sought out by Paramount. I was a first time home buyer so had very little knowledge about refinancing etc. The loan officer I was assigned, ***, provided false information on several occasions that did not come to light until after the fact. I filed a complaint with the Revdex.com 2 years ago and ***'s boss, *** helped resolve my issue so I retracted my first complaint. Back in 2016, *** convinced me to change from a conventional loan to an FHA loan because he said it was better. Lower rate. My PMI would come off sooner than the conventional loan and the lists goes on. I was very uneasy about all of this so much that I made sure I got all of this information in writing. *** provided diagrams and confirmed on a few occasions that my PMI would come off at "80% LTV or 5 years" whichever came first so based on this fact I proceeded with the refinance. Fast forward to May 2018, I came across an article that said I can get my PMI removed sooner if I get my house re-appraised so based on the current market value there was a potential to get my PMI off this year instead of a few years. I contacted *** (bank Paramount sold my loan to) and they advised me that the PMI would never come off my loan as it was an FHA. I was completely shocked & upset because *** told me my PMI would come off at 80% LTV and now I'm being told it will never come off. I trusted his "expertise" in his field. That is an extra $50,000 that I will have to pay over the course of my loan. I have excellent credit and a good, steady job so I did not need to switch to an FHA loan but *** assured me it was a great deal. So to resolve this issue & find out my options, I contacted ***'s manager, *** since he helped resolve the previous issue I had with ***. I wrote him a long email and he called me back a few hours later. He admitted that *** gave me false information and that he was inexperienced at the time. He then said he would find out what my options were and would get back to me in a day or 2. That was on May 2nd, 2018. I have followed up with Mr. 3 times since then and have not heard back from him. I am extremely hurt and disappointed about this whole situation. Refinancing with this company has been a complete, never-ending nightmare. They are putting inexperienced people on their front lines who are steering people in the wrong direction costing them thousands of dollars. No matter, this is going cost me thousands of dollars. A. stay with the FHA loan and be out $50,000 or B. refinance back to a conventional and lose my 3.5% interest rate which it will likely never get that long again and pay more interest in the long run. This is all because I relied on a "reputable" mortgage company's advise and expertise. This is the definition of an E&O!
Our Record indications both the DSM on file, *** and Loan officer, *** have emailed and phone this client 10+ times to meet a solution in this complaint.. Each time they speak, the team makes clear what happened in the process: We made her whole on the upfront MI she thought she got back and there is nothing we can do about the monthly MI. The team has ask the borrower several times what she wanted me to do and she wanted her MI paid for so I told her I would refinance to a conventional loan then she said the rate would go up and didn’t want to do that. Further after advising with our VP of sales, here is our formalized, final response: I can accept that there can be miscommunication and misunderstanding sometimes which is one of the reasons why we sent the borrower $4,000 after completing the loan for her two and a half years ago. At the same time though it is also important to consider that we had formal loan documents signed in the presence of a notary for this borrower and this specific transaction. The loan documents included the promissory note, the payment schedule including the mortgage insurance in question and when it will or will not change and a three day Right to cancel. the borrower is given a set of the loan documents and three additional business days to review everything that was presented in writing to her. If she didn’t understand the loan documents or didn’t agree to the terms associated w. the loan we completed for her she was given ample time to cancel the loan before we funded and completed the refinance for her.
There should be some weight and merit the actual loan documents that the borrower signed. Mortgage loan documents are pretty standard and are used in every real estate transaction that includes financing. In addition to asking questions a consumer should also consider the loan documents and reference, read, etc.
From the management side of things I truly believe we resolved the clients issues two and a half years ago when we issued a check to the client months after the loan had been completed. We were not required to make any accommodations there but we did send the borrower $4,000 after the loan was completed to resolve her concerns. I was certainly surprised to see the same borrower and the same issue surface again two and a half years later requesting $50,000.
I don’t believe there is any solution that we or the borrower can accept. We paid her $4,000 two and a half years ago to satisfy the issue and we are now getting another Revdex.com complaint for the same issue that we remedied years ago.
Here are the responses to these complaints.
I am rejecting this response because:
They clearly did not read my complaint. I am not talking about the issue from 2 years ago. The $4,000 that was paid to me was for an FHA application fee that *** reassured me that I did not have to pay. That issue was resolved.
They did not address the issue in "question". I am not questioning having an MI payment. I'm questioning the fact that my loan officer convinced me to change from a conventional loan to an FHA loan advising me that my MI payment would be removed at 80% LTV the same as my conventional loan. I have this in writing from ***. I found out later on that my MI would NEVER be able to be removed with an FHA loan. This was incorrect information given to me by *** that will end up costing me $50,000 extra dollars over the life of my loan. This was very a huge mistake on ***'s part. He clearly did not know what he was doing and now I have to suffer because of it. It is not right. I'm attaching those emails.
I spoke to *** ONE time on 5/2/2018 concerning this issue. He advised me that he would be able to refinance my loan back to conventional and cover my closing costs but there was nothing he could about the interest rate. However in that same conversation, he advised that he would look further into it and get back to me and let me know what my options were. I have not heard from him since despite multiple email follow ups.
The borrower provided an email chain from March of 2016 that does support and suggest in March of 2016 the loan officer did suggest the FHA mortgage insurance would/could be removed after 5 years. It should also be noted that this email chain was from March of 2016. A month after this email chain is when the actual loan documents were signed in the presence of the notary. The final and formal loan documents included among other things the attached amortization schedule. This amortization was signed by both husband and wife in the presence of the notary when the formal and final loan documents were executed. The amortization schedule clearly breaks down the duration of the mortgage insurance in addition to corresponding monthly amount.
I understand there was some confusion or misunderstanding regarding the mortgage insurance that is represented in an email that occurred a month prior to the execution of the formal loan documents. There should be some consideration and merit given to the legal and binding contractual loan documents that were signed by both husband and wife. The loan documents also included a three day right to cancel. This is a standard form that is included with all primary residence refinances in the United States and was included w. the borrowers loan documents. The loan documents were signed on April 23,2016 and the borrower had until midnight of April 27,2016 to cancel the loan. After signing the loan documents the borrower had another three full business days to review everything and if they weren’t comfortable w. the terms they could have easily executed their right to cancel the transaction.
The homeowners claim is that the MI costs them 50K over the life of the loan. this is not an accurate or true number. the mortgage insurance decreases every year and the actual amount is $32,483.64. admittedly the borrower isn’t questioning the mortgage insurance over the first 5 years, that isn’t disputed. The borrower pays $8,766.72 during the 1st 5 years of the loan. When you adjust the calculation to account for the mortgage insurance over the first 5 years the amount that clearly isn’t in question the amount of mortgage insurance the borrower will pay over the life of the loan is $23,716.92 and not even close to the $50,000 figure represented in the Revdex.com complaint. This figure also isn’t included the $4,000 concession we made to the homeowner two years to satisfy a different Revdex.com complaint regarding the mortgage insurance on this loan.
We already paid this homeowner $4,000 to satisfy their mortgage insurance concerns two years ago. There really should be some consideration to the formal and final loan documents that the borrower signed a month after receiving the referenced email.
I am rejecting this response because:
Again, the $4,000 was for an application fee that *** said I did not have to pay. Has nothing to do with this issue.
Please refer to the attached email where he again reassures me the FHA is the way to go and that PMI would drop off my loan. Everything that I signed was based on this information given to me by your loan officer.
This was the worst mistake I ever made. You're hiring entry level kids and pawn them off as experts and professionals instead of training them properly. Regardless, I will be stuck paying a PMI for the life of my loan when I would be getting off now if I have my home re-appraised with my former loan. I also found out I can not even get approved for another mortgage should I want to sell my house.
I'm still waiting for the options you can offer me for your incompetence but I assume I will not getting that anytime soon.
I will definitely be telling everyone what kind of company you are and I will not be closing my complaint.
I refinanced with Paramount Equity in April 2016. Let me start off by saying I didn't need to refinance. I was not going through financial hardships. I happened to fill out a form on the internet to unlock a current interest rate when I was sought out by Paramount. I was a first time home buyer so had very little knowledge about refinancing etc. The loan officer I was assigned, ***, provided false information on several occasions that did not come to light until after the fact. I filed a complaint with the Revdex.com 2 years ago and ***'s boss, *** helped resolve my issue so I retracted my first complaint. Back in 2016, *** convinced me to change from a conventional loan to an FHA loan because he said it was better. Lower rate. My PMI would come off sooner than the conventional loan and the lists goes on. I was very uneasy about all of this so much that I made sure I got all of this information in writing. *** provided diagrams and confirmed on a few occasions that my PMI would come off at "80% LTV or 5 years" whichever came first so based on this fact I proceeded with the refinance. Fast forward to May 2018, I came across an article that said I can get my PMI removed sooner if I get my house re-appraised so based on the current market value there was a potential to get my PMI off this year instead of a few years. I contacted *** (bank Paramount sold my loan to) and they advised me that the PMI would never come off my loan as it was an FHA. I was completely shocked & upset because *** told me my PMI would come off at 80% LTV and now I'm being told it will never come off. I trusted his "expertise" in his field. That is an extra $50,000 that I will have to pay over the course of my loan. I have excellent credit and a good, steady job so I did not need to switch to an FHA loan but *** assured me it was a great deal. So to resolve this issue & find out my options, I contacted ***'s manager, *** since he helped resolve the previous issue I had with ***. I wrote him a long email and he called me back a few hours later. He admitted that *** gave me false information and that he was inexperienced at the time. He then said he would find out what my options were and would get back to me in a day or 2. That was on May 2nd, 2018. I have followed up with Mr. 3 times since then and have not heard back from him. I am extremely hurt and disappointed about this whole situation. Refinancing with this company has been a complete, never-ending nightmare. They are putting inexperienced people on their front lines who are steering people in the wrong direction costing them thousands of dollars. No matter, this is going cost me thousands of dollars. A. stay with the FHA loan and be out $50,000 or B. refinance back to a conventional and lose my 3.5% interest rate which it will likely never get that long again and pay more interest in the long run. This is all because I relied on a "reputable" mortgage company's advise and expertise. This is the definition of an E&O!
Our Record indications both the DSM on file, *** and Loan officer, *** have emailed and phone this client 10+ times to meet a solution in this complaint.. Each time they speak, the team makes clear what happened in the process: We made her whole on the upfront MI she thought she got back and there is nothing we can do about the monthly MI. The team has ask the borrower several times what she wanted me to do and she wanted her MI paid for so I told her I would refinance to a conventional loan then she said the rate would go up and didn’t want to do that. Further after advising with our VP of sales, here is our formalized, final response: I can accept that there can be miscommunication and misunderstanding sometimes which is one of the reasons why we sent the borrower $4,000 after completing the loan for her two and a half years ago. At the same time though it is also important to consider that we had formal loan documents signed in the presence of a notary for this borrower and this specific transaction. The loan documents included the promissory note, the payment schedule including the mortgage insurance in question and when it will or will not change and a three day Right to cancel. the borrower is given a set of the loan documents and three additional business days to review everything that was presented in writing to her. If she didn’t understand the loan documents or didn’t agree to the terms associated w. the loan we completed for her she was given ample time to cancel the loan before we funded and completed the refinance for her.
There should be some weight and merit the actual loan documents that the borrower signed. Mortgage loan documents are pretty standard and are used in every real estate transaction that includes financing. In addition to asking questions a consumer should also consider the loan documents and reference, read, etc.
From the management side of things I truly believe we resolved the clients issues two and a half years ago when we issued a check to the client months after the loan had been completed. We were not required to make any accommodations there but we did send the borrower $4,000 after the loan was completed to resolve her concerns. I was certainly surprised to see the same borrower and the same issue surface again two and a half years later requesting $50,000.
I don’t believe there is any solution that we or the borrower can accept. We paid her $4,000 two and a half years ago to satisfy the issue and we are now getting another Revdex.com complaint for the same issue that we remedied years ago.
Here are the responses to these complaints.
I am rejecting this response because:
They clearly did not read my complaint. I am not talking about the issue from 2 years ago. The $4,000 that was paid to me was for an FHA application fee that *** reassured me that I did not have to pay. That issue was resolved.
They did not address the issue in "question". I am not questioning having an MI payment. I'm questioning the fact that my loan officer convinced me to change from a conventional loan to an FHA loan advising me that my MI payment would be removed at 80% LTV the same as my conventional loan. I have this in writing from ***. I found out later on that my MI would NEVER be able to be removed with an FHA loan. This was incorrect information given to me by *** that will end up costing me $50,000 extra dollars over the life of my loan. This was very a huge mistake on ***'s part. He clearly did not know what he was doing and now I have to suffer because of it. It is not right. I'm attaching those emails.
I spoke to *** ONE time on 5/2/2018 concerning this issue. He advised me that he would be able to refinance my loan back to conventional and cover my closing costs but there was nothing he could about the interest rate. However in that same conversation, he advised that he would look further into it and get back to me and let me know what my options were. I have not heard from him since despite multiple email follow ups.
The borrower provided an email chain from March of 2016 that does support and suggest in March of 2016 the loan officer did suggest the FHA mortgage insurance would/could be removed after 5 years. It should also be noted that this email chain was from March of 2016. A month after this email chain is when the actual loan documents were signed in the presence of the notary. The final and formal loan documents included among other things the attached amortization schedule. This amortization was signed by both husband and wife in the presence of the notary when the formal and final loan documents were executed. The amortization schedule clearly breaks down the duration of the mortgage insurance in addition to corresponding monthly amount.
I understand there was some confusion or misunderstanding regarding the mortgage insurance that is represented in an email that occurred a month prior to the execution of the formal loan documents. There should be some consideration and merit given to the legal and binding contractual loan documents that were signed by both husband and wife. The loan documents also included a three day right to cancel. This is a standard form that is included with all primary residence refinances in the United States and was included w. the borrowers loan documents. The loan documents were signed on April 23,2016 and the borrower had until midnight of April 27,2016 to cancel the loan. After signing the loan documents the borrower had another three full business days to review everything and if they weren’t comfortable w. the terms they could have easily executed their right to cancel the transaction.
The homeowners claim is that the MI costs them 50K over the life of the loan. this is not an accurate or true number. the mortgage insurance decreases every year and the actual amount is $32,483.64. admittedly the borrower isn’t questioning the mortgage insurance over the first 5 years, that isn’t disputed. The borrower pays $8,766.72 during the 1st 5 years of the loan. When you adjust the calculation to account for the mortgage insurance over the first 5 years the amount that clearly isn’t in question the amount of mortgage insurance the borrower will pay over the life of the loan is $23,716.92 and not even close to the $50,000 figure represented in the Revdex.com complaint. This figure also isn’t included the $4,000 concession we made to the homeowner two years to satisfy a different Revdex.com complaint regarding the mortgage insurance on this loan.
We already paid this homeowner $4,000 to satisfy their mortgage insurance concerns two years ago. There really should be some consideration to the formal and final loan documents that the borrower signed a month after receiving the referenced email.
I am rejecting this response because:
Again, the $4,000 was for an application fee that *** said I did not have to pay. Has nothing to do with this issue.
Please refer to the attached email where he again reassures me the FHA is the way to go and that PMI would drop off my loan. Everything that I signed was based on this information given to me by your loan officer.
This was the worst mistake I ever made. You're hiring entry level kids and pawn them off as experts and professionals instead of training them properly. Regardless, I will be stuck paying a PMI for the life of my loan when I would be getting off now if I have my home re-appraised with my former loan. I also found out I can not even get approved for another mortgage should I want to sell my house.
I'm still waiting for the options you can offer me for your incompetence but I assume I will not getting that anytime soon.
I will definitely be telling everyone what kind of company you are and I will not be closing my complaint.
I refinanced with Paramount Equity in April 2016. Let me start off by saying I didn't need to refinance. I was not going through financial hardships. I happened to fill out a form on the internet to unlock a current interest rate when I was sought out by Paramount. I was a first time home buyer so had very little knowledge about refinancing etc. The loan officer I was assigned, ***, provided false information on several occasions that did not come to light until after the fact. I filed a complaint with the Revdex.com 2 years ago and ***'s boss, *** helped resolve my issue so I retracted my first complaint. Back in 2016, *** convinced me to change from a conventional loan to an FHA loan because he said it was better. Lower rate. My PMI would come off sooner than the conventional loan and the lists goes on. I was very uneasy about all of this so much that I made sure I got all of this information in writing. *** provided diagrams and confirmed on a few occasions that my PMI would come off at "80% LTV or 5 years" whichever came first so based on this fact I proceeded with the refinance. Fast forward to May 2018, I came across an article that said I can get my PMI removed sooner if I get my house re-appraised so based on the current market value there was a potential to get my PMI off this year instead of a few years. I contacted *** (bank Paramount sold my loan to) and they advised me that the PMI would never come off my loan as it was an FHA. I was completely shocked & upset because *** told me my PMI would come off at 80% LTV and now I'm being told it will never come off. I trusted his "expertise" in his field. That is an extra $50,000 that I will have to pay over the course of my loan. I have excellent credit and a good, steady job so I did not need to switch to an FHA loan but *** assured me it was a great deal. So to resolve this issue & find out my options, I contacted ***'s manager, *** since he helped resolve the previous issue I had with ***. I wrote him a long email and he called me back a few hours later. He admitted that *** gave me false information and that he was inexperienced at the time. He then said he would find out what my options were and would get back to me in a day or 2. That was on May 2nd, 2018. I have followed up with Mr. 3 times since then and have not heard back from him. I am extremely hurt and disappointed about this whole situation. Refinancing with this company has been a complete, never-ending nightmare. They are putting inexperienced people on their front lines who are steering people in the wrong direction costing them thousands of dollars. No matter, this is going cost me thousands of dollars. A. stay with the FHA loan and be out $50,000 or B. refinance back to a conventional and lose my 3.5% interest rate which it will likely never get that long again and pay more interest in the long run. This is all because I relied on a "reputable" mortgage company's advise and expertise. This is the definition of an E&O!
Our Record indications both the DSM on file, *** and Loan officer, *** have emailed and phone this client 10+ times to meet a solution in this complaint.. Each time they speak, the team makes clear what happened in the process: We made her whole on the upfront MI she thought she got back and there is nothing we can do about the monthly MI. The team has ask the borrower several times what she wanted me to do and she wanted her MI paid for so I told her I would refinance to a conventional loan then she said the rate would go up and didn’t want to do that. Further after advising with our VP of sales, here is our formalized, final response: I can accept that there can be miscommunication and misunderstanding sometimes which is one of the reasons why we sent the borrower $4,000 after completing the loan for her two and a half years ago. At the same time though it is also important to consider that we had formal loan documents signed in the presence of a notary for this borrower and this specific transaction. The loan documents included the promissory note, the payment schedule including the mortgage insurance in question and when it will or will not change and a three day Right to cancel. the borrower is given a set of the loan documents and three additional business days to review everything that was presented in writing to her. If she didn’t understand the loan documents or didn’t agree to the terms associated w. the loan we completed for her she was given ample time to cancel the loan before we funded and completed the refinance for her.
There should be some weight and merit the actual loan documents that the borrower signed. Mortgage loan documents are pretty standard and are used in every real estate transaction that includes financing. In addition to asking questions a consumer should also consider the loan documents and reference, read, etc.
From the management side of things I truly believe we resolved the clients issues two and a half years ago when we issued a check to the client months after the loan had been completed. We were not required to make any accommodations there but we did send the borrower $4,000 after the loan was completed to resolve her concerns. I was certainly surprised to see the same borrower and the same issue surface again two and a half years later requesting $50,000.
I don’t believe there is any solution that we or the borrower can accept. We paid her $4,000 two and a half years ago to satisfy the issue and we are now getting another Revdex.com complaint for the same issue that we remedied years ago.
Here are the responses to these complaints.
I am rejecting this response because:
They clearly did not read my complaint. I am not talking about the issue from 2 years ago. The $4,000 that was paid to me was for an FHA application fee that *** reassured me that I did not have to pay. That issue was resolved.
They did not address the issue in "question". I am not questioning having an MI payment. I'm questioning the fact that my loan officer convinced me to change from a conventional loan to an FHA loan advising me that my MI payment would be removed at 80% LTV the same as my conventional loan. I have this in writing from ***. I found out later on that my MI would NEVER be able to be removed with an FHA loan. This was incorrect information given to me by *** that will end up costing me $50,000 extra dollars over the life of my loan. This was very a huge mistake on ***'s part. He clearly did not know what he was doing and now I have to suffer because of it. It is not right. I'm attaching those emails.
I spoke to *** ONE time on 5/2/2018 concerning this issue. He advised me that he would be able to refinance my loan back to conventional and cover my closing costs but there was nothing he could about the interest rate. However in that same conversation, he advised that he would look further into it and get back to me and let me know what my options were. I have not heard from him since despite multiple email follow ups.
The borrower provided an email chain from March of 2016 that does support and suggest in March of 2016 the loan officer did suggest the FHA mortgage insurance would/could be removed after 5 years. It should also be noted that this email chain was from March of 2016. A month after this email chain is when the actual loan documents were signed in the presence of the notary. The final and formal loan documents included among other things the attached amortization schedule. This amortization was signed by both husband and wife in the presence of the notary when the formal and final loan documents were executed. The amortization schedule clearly breaks down the duration of the mortgage insurance in addition to corresponding monthly amount.
I understand there was some confusion or misunderstanding regarding the mortgage insurance that is represented in an email that occurred a month prior to the execution of the formal loan documents. There should be some consideration and merit given to the legal and binding contractual loan documents that were signed by both husband and wife. The loan documents also included a three day right to cancel. This is a standard form that is included with all primary residence refinances in the United States and was included w. the borrowers loan documents. The loan documents were signed on April 23,2016 and the borrower had until midnight of April 27,2016 to cancel the loan. After signing the loan documents the borrower had another three full business days to review everything and if they weren’t comfortable w. the terms they could have easily executed their right to cancel the transaction.
The homeowners claim is that the MI costs them 50K over the life of the loan. this is not an accurate or true number. the mortgage insurance decreases every year and the actual amount is $32,483.64. admittedly the borrower isn’t questioning the mortgage insurance over the first 5 years, that isn’t disputed. The borrower pays $8,766.72 during the 1st 5 years of the loan. When you adjust the calculation to account for the mortgage insurance over the first 5 years the amount that clearly isn’t in question the amount of mortgage insurance the borrower will pay over the life of the loan is $23,716.92 and not even close to the $50,000 figure represented in the Revdex.com complaint. This figure also isn’t included the $4,000 concession we made to the homeowner two years to satisfy a different Revdex.com complaint regarding the mortgage insurance on this loan.
We already paid this homeowner $4,000 to satisfy their mortgage insurance concerns two years ago. There really should be some consideration to the formal and final loan documents that the borrower signed a month after receiving the referenced email.
I am rejecting this response because:
Again, the $4,000 was for an application fee that *** said I did not have to pay. Has nothing to do with this issue.
Please refer to the attached email where he again reassures me the FHA is the way to go and that PMI would drop off my loan. Everything that I signed was based on this information given to me by your loan officer.
This was the worst mistake I ever made. You're hiring entry level kids and pawn them off as experts and professionals instead of training them properly. Regardless, I will be stuck paying a PMI for the life of my loan when I would be getting off now if I have my home re-appraised with my former loan. I also found out I can not even get approved for another mortgage should I want to sell my house.
I'm still waiting for the options you can offer me for your incompetence but I assume I will not getting that anytime soon.
I will definitely be telling everyone what kind of company you are and I will not be closing my complaint.
I refinanced with Paramount Equity in April 2016. Let me start off by saying I didn't need to refinance. I was not going through financial hardships. I happened to fill out a form on the internet to unlock a current interest rate when I was sought out by Paramount. I was a first time home buyer so had very little knowledge about refinancing etc. The loan officer I was assigned, ***, provided false information on several occasions that did not come to light until after the fact. I filed a complaint with the Revdex.com 2 years ago and ***'s boss, *** helped resolve my issue so I retracted my first complaint. Back in 2016, *** convinced me to change from a conventional loan to an FHA loan because he said it was better. Lower rate. My PMI would come off sooner than the conventional loan and the lists goes on. I was very uneasy about all of this so much that I made sure I got all of this information in writing. *** provided diagrams and confirmed on a few occasions that my PMI would come off at "80% LTV or 5 years" whichever came first so based on this fact I proceeded with the refinance. Fast forward to May 2018, I came across an article that said I can get my PMI removed sooner if I get my house re-appraised so based on the current market value there was a potential to get my PMI off this year instead of a few years. I contacted *** (bank Paramount sold my loan to) and they advised me that the PMI would never come off my loan as it was an FHA. I was completely shocked & upset because *** told me my PMI would come off at 80% LTV and now I'm being told it will never come off. I trusted his "expertise" in his field. That is an extra $50,000 that I will have to pay over the course of my loan. I have excellent credit and a good, steady job so I did not need to switch to an FHA loan but *** assured me it was a great deal. So to resolve this issue & find out my options, I contacted ***'s manager, *** since he helped resolve the previous issue I had with ***. I wrote him a long email and he called me back a few hours later. He admitted that *** gave me false information and that he was inexperienced at the time. He then said he would find out what my options were and would get back to me in a day or 2. That was on May 2nd, 2018. I have followed up with Mr. 3 times since then and have not heard back from him. I am extremely hurt and disappointed about this whole situation. Refinancing with this company has been a complete, never-ending nightmare. They are putting inexperienced people on their front lines who are steering people in the wrong direction costing them thousands of dollars. No matter, this is going cost me thousands of dollars. A. stay with the FHA loan and be out $50,000 or B. refinance back to a conventional and lose my 3.5% interest rate which it will likely never get that long again and pay more interest in the long run. This is all because I relied on a "reputable" mortgage company's advise and expertise. This is the definition of an E&O!
Our Record indications both the DSM on file, *** and Loan officer, *** have emailed and phone this client 10+ times to meet a solution in this complaint.. Each time they speak, the team makes clear what happened in the process: We made her whole on the upfront MI she thought she got back and there is nothing we can do about the monthly MI. The team has ask the borrower several times what she wanted me to do and she wanted her MI paid for so I told her I would refinance to a conventional loan then she said the rate would go up and didn’t want to do that. Further after advising with our VP of sales, here is our formalized, final response: I can accept that there can be miscommunication and misunderstanding sometimes which is one of the reasons why we sent the borrower $4,000 after completing the loan for her two and a half years ago. At the same time though it is also important to consider that we had formal loan documents signed in the presence of a notary for this borrower and this specific transaction. The loan documents included the promissory note, the payment schedule including the mortgage insurance in question and when it will or will not change and a three day Right to cancel. the borrower is given a set of the loan documents and three additional business days to review everything that was presented in writing to her. If she didn’t understand the loan documents or didn’t agree to the terms associated w. the loan we completed for her she was given ample time to cancel the loan before we funded and completed the refinance for her.
There should be some weight and merit the actual loan documents that the borrower signed. Mortgage loan documents are pretty standard and are used in every real estate transaction that includes financing. In addition to asking questions a consumer should also consider the loan documents and reference, read, etc.
From the management side of things I truly believe we resolved the clients issues two and a half years ago when we issued a check to the client months after the loan had been completed. We were not required to make any accommodations there but we did send the borrower $4,000 after the loan was completed to resolve her concerns. I was certainly surprised to see the same borrower and the same issue surface again two and a half years later requesting $50,000.
I don’t believe there is any solution that we or the borrower can accept. We paid her $4,000 two and a half years ago to satisfy the issue and we are now getting another Revdex.com complaint for the same issue that we remedied years ago.
Here are the responses to these complaints.
I am rejecting this response because:
They clearly did not read my complaint. I am not talking about the issue from 2 years ago. The $4,000 that was paid to me was for an FHA application fee that *** reassured me that I did not have to pay. That issue was resolved.
They did not address the issue in "question". I am not questioning having an MI payment. I'm questioning the fact that my loan officer convinced me to change from a conventional loan to an FHA loan advising me that my MI payment would be removed at 80% LTV the same as my conventional loan. I have this in writing from ***. I found out later on that my MI would NEVER be able to be removed with an FHA loan. This was incorrect information given to me by *** that will end up costing me $50,000 extra dollars over the life of my loan. This was very a huge mistake on ***'s part. He clearly did not know what he was doing and now I have to suffer because of it. It is not right. I'm attaching those emails.
I spoke to *** ONE time on 5/2/2018 concerning this issue. He advised me that he would be able to refinance my loan back to conventional and cover my closing costs but there was nothing he could about the interest rate. However in that same conversation, he advised that he would look further into it and get back to me and let me know what my options were. I have not heard from him since despite multiple email follow ups.
The borrower provided an email chain from March of 2016 that does support and suggest in March of 2016 the loan officer did suggest the FHA mortgage insurance would/could be removed after 5 years. It should also be noted that this email chain was from March of 2016. A month after this email chain is when the actual loan documents were signed in the presence of the notary. The final and formal loan documents included among other things the attached amortization schedule. This amortization was signed by both husband and wife in the presence of the notary when the formal and final loan documents were executed. The amortization schedule clearly breaks down the duration of the mortgage insurance in addition to corresponding monthly amount.
I understand there was some confusion or misunderstanding regarding the mortgage insurance that is represented in an email that occurred a month prior to the execution of the formal loan documents. There should be some consideration and merit given to the legal and binding contractual loan documents that were signed by both husband and wife. The loan documents also included a three day right to cancel. This is a standard form that is included with all primary residence refinances in the United States and was included w. the borrowers loan documents. The loan documents were signed on April 23,2016 and the borrower had until midnight of April 27,2016 to cancel the loan. After signing the loan documents the borrower had another three full business days to review everything and if they weren’t comfortable w. the terms they could have easily executed their right to cancel the transaction.
The homeowners claim is that the MI costs them 50K over the life of the loan. this is not an accurate or true number. the mortgage insurance decreases every year and the actual amount is $32,483.64. admittedly the borrower isn’t questioning the mortgage insurance over the first 5 years, that isn’t disputed. The borrower pays $8,766.72 during the 1st 5 years of the loan. When you adjust the calculation to account for the mortgage insurance over the first 5 years the amount that clearly isn’t in question the amount of mortgage insurance the borrower will pay over the life of the loan is $23,716.92 and not even close to the $50,000 figure represented in the Revdex.com complaint. This figure also isn’t included the $4,000 concession we made to the homeowner two years to satisfy a different Revdex.com complaint regarding the mortgage insurance on this loan.
We already paid this homeowner $4,000 to satisfy their mortgage insurance concerns two years ago. There really should be some consideration to the formal and final loan documents that the borrower signed a month after receiving the referenced email.
I am rejecting this response because:
Again, the $4,000 was for an application fee that *** said I did not have to pay. Has nothing to do with this issue.
Please refer to the attached email where he again reassures me the FHA is the way to go and that PMI would drop off my loan. Everything that I signed was based on this information given to me by your loan officer.
This was the worst mistake I ever made. You're hiring entry level kids and pawn them off as experts and professionals instead of training them properly. Regardless, I will be stuck paying a PMI for the life of my loan when I would be getting off now if I have my home re-appraised with my former loan. I also found out I can not even get approved for another mortgage should I want to sell my house.
I'm still waiting for the options you can offer me for your incompetence but I assume I will not getting that anytime soon.
I will definitely be telling everyone what kind of company you are and I will not be closing my complaint.
This is the worst company to ever do business with. Their employees are rude and do not take responsibility for their own actions. They have customers still signing documents after the closing date of their homes and trying to back date them to months earlier. Everyone from my agent to the sellers agent to the tilting company I used stated that this is the worst experience they had ever seen in over 29 years of business. None of the employees or the managers did anything on time as they said they would and each blamed each other for the mistakes. They can’t even get my interest rate correct after closing nor my 5k in Ernest money back to me. They bought my rate down without ever asking me and played with money that never existed to them and was expressed multiple times over and over.
This is the worst company to ever do business with. Their employees are rude and do not take responsibility for their own actions. They have customers still signing documents after the closing date of their homes and trying to back date them to months earlier. Everyone from my agent to the sellers agent to the tilting company I used stated that this is the worst experience they had ever seen in over 29 years of business. None of the employees or the managers did anything on time as they said they would and each blamed each other for the mistakes. They can’t even get my interest rate correct after closing nor my 5k in Ernest money back to me. They bought my rate down without ever asking me and played with money that never existed to them and was expressed multiple times over and over.
This is the worst company to ever do business with. Their employees are rude and do not take responsibility for their own actions. They have customers still signing documents after the closing date of their homes and trying to back date them to months earlier. Everyone from my agent to the sellers agent to the tilting company I used stated that this is the worst experience they had ever seen in over 29 years of business. None of the employees or the managers did anything on time as they said they would and each blamed each other for the mistakes. They can’t even get my interest rate correct after closing nor my 5k in Ernest money back to me. They bought my rate down without ever asking me and played with money that never existed to them and was expressed multiple times over and over.
This is the worst company to ever do business with. Their employees are rude and do not take responsibility for their own actions. They have customers still signing documents after the closing date of their homes and trying to back date them to months earlier. Everyone from my agent to the sellers agent to the tilting company I used stated that this is the worst experience they had ever seen in over 29 years of business. None of the employees or the managers did anything on time as they said they would and each blamed each other for the mistakes. They can’t even get my interest rate correct after closing nor my 5k in Ernest money back to me. They bought my rate down without ever asking me and played with money that never existed to them and was expressed multiple times over and over.
I was contacted by LoanPal Specialist *** about refinancing my house. Mr. service itself was impeccable, but I cannot say the same about the practices of his employer.
Beginning early this year, Mr. walked us through a process for refinancing our home, and everything went well, until it came time for the appraisal. LoanPal based the amount we qualified for (which they volunteered from the beginning, we never asked for a specific amount) on the values of other similar properties in our neighborhood.
The appraiser valued our house to be worth about $20,000 less than LoanPal estimated, which in turn would have increased our monthly payments, not reduced them. We politely declined to refinance, and Mr. understood.
A few days later, we received a letter from LoanPal, stating our "loan application was denied because of insufficient collateral".
We have received your complaint and our reviewing with sales management as we speak. Please allow 2-3 business days for resolution.
We have attempted to make contact via email and phone with the borrower and have not received a reply. Until they are willing to take the call we are at a standstill with rectifying desired solution.
I was contacted by LoanPal Specialist *** about refinancing my house. Mr. service itself was impeccable, but I cannot say the same about the practices of his employer.
Beginning early this year, Mr. walked us through a process for refinancing our home, and everything went well, until it came time for the appraisal. LoanPal based the amount we qualified for (which they volunteered from the beginning, we never asked for a specific amount) on the values of other similar properties in our neighborhood.
The appraiser valued our house to be worth about $20,000 less than LoanPal estimated, which in turn would have increased our monthly payments, not reduced them. We politely declined to refinance, and Mr. understood.
A few days later, we received a letter from LoanPal, stating our "loan application was denied because of insufficient collateral".
We have received your complaint and our reviewing with sales management as we speak. Please allow 2-3 business days for resolution.
We have attempted to make contact via email and phone with the borrower and have not received a reply. Until they are willing to take the call we are at a standstill with rectifying desired solution.