Prospect Financial Group

First of all, we would like to thank Mr [redacted] for bringing this matter to our attentionWe are always looking for new ways to improve our business practices, and we truly regret that Mr [redacted] was dissatisfied with the service he received from Prospect Financial Group After speaking with [redacted] and [redacted] and after reviewing the complaint submitted to the Revdex.com by Mr [redacted] , we would like to formally respond as follows: Like any broker, we must request specific documentation to determine whether a borrower meets specific eligibility criteriaIn this case, we were working with [redacted] to complete the qualification process and determine whether the loan could be funded Every borrower's personal financial situation is different, and some loans require more documentation and time than othersBut we strive to work with our borrowers to process loans as quickly as possibleMr [redacted] ’s file had multiple conditions that had to be cleared before his loan could be approved, and unfortunately this part of the process can take some additional time However, [redacted] insists that at no point during the underwriting process did he tell the borrower that the rate was “locked.” [redacted] is a seasoned loan officer and knows better than to use that word or phrasing when we do not in fact have a lockBecause all communication was via email, we do invite Mr [redacted] to provide any documentation contrary to thisWe, for our part, have found nothing to suggest that [redacted] indicated Mr [redacted] had a rate locked To refinance any home loan, the home must be appraised, so that was indeed one of the final steps in the processThere is always an appraisal fee associated with this, which was made clear upfront We were waiting for final approval from [redacted] after the appraisal, when Mr [redacted] began contacting our main office asking for the President, [redacted] [redacted] was out of the state on business at this time and entrusted a loan officer who was in the office that day ( [redacted] ) to handle the situation in his absenceUnfortunately, the market had taken a downturn during the underwriting period and [redacted] did have to alert Mr [redacted] that rates had gone up at that time To try to make up for the processing delays and any miscommunication, [redacted] did offer to compensate Mr [redacted] as indicated in Mr [redacted] ’s statement This is something we usually do not do, as we cannot control what documents are requested by the bank and we always do the best we can on our end to ensure the process is as fast as possible We do apologize for any misunderstanding or miscommunication regarding the rate being lockedWe will ensure we review our communication procedures and policies so that this type of issue won’t happen again in the futureWe also understand how frustrating it is when the initial processing and underwriting is more onerous than expected, but we do have to adhere to the bank’s requests --- there is simply no way around this We are happy to continue with this loan and help Mr [redacted] complete his refinance, but we cannot change the current market rates

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below [Thank you for your reply.I still do not understand why it cannot refund to me I do need detailed reason of why no refund The change from no cost to cost was not communicated by [redacted] ; I did not make a mistake If no proof of communication is found, I should receive a refund, just like other customers had received through Revdex.com.] Regards, [redacted]

Revdex.com: I have reviewed the? response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint.? For your reference, details of the offer I reviewed appear below I have detailed my replies in the attachment.? In short, Prospects response was simply an attempt to discredit us as clients.? However, the majority of their statements are incorrect, and I have documented this in the attachment Regards, [redacted] To Whom It May Concern,? Thank you as well for taking the time to respond to my complaint, however, much of what you have stated is incorrect or seems to have been modified to put the blame on us for this failed refinance As I have emails documenting most of what occurred during the attempted refinance, I will be happy to forward them to you to back up my responses to your reply.Re: The second lien on my home ?" Though I did not disclose this when I initially completed your application (4/10), Ms [redacted] was actually aware of the second on 4/(not 4/12) and by 4/12, had already modified our loan to accommodate the 2nd and had requested a letter from us explaining why we needed the cash out to pay off our HELOCOn the 15th was when Ms [redacted] sent me an email stating that she was unaware that I wanted to pay off my 2nd, and I sent her a reply stating that I thought we had resolved this on the 12th So, stating Prospect was unaware of my 2nd because I didn’t initially disclose it is completely as Ms [redacted] knew within 24hrs of my completing your paperwork, that I had another mortgage.Re: My application which was referenced for my credit score and home valuation ?" Let me clearly state that I NEVER filled out an application for Prospect or signed off on any of the information Ms [redacted] supplied as my ‘application’ Your company purchased 3rd party information ?" which I was already aware of as Ms [redacted] ’s first email to me didn’t even have my name, from a source which asks that users fill out a form in order to view current mortgage rates which is what I was doing When I spoke to Ms [redacted] , I actually tried to provide more accurate information ?" which obviously was not used on this application And, as has already been stated, you had my credit report and most of my financials by April 12th Which was also the first time Ms [redacted] informed us that we were approved? Re: My Subordination Check ?" Again, this is another statement that I assume has been made to make it appear that we caused the delay in our closing Here are the facts Ms [redacted] confirmed (again) that we were approved, our appraisal ordered and the need for the subordination check, all on 4/On 4/20, I purchased the check ?" I will be happy to show you my receipt as confirmation The delay in sending the check came when Ms [redacted] accidentally sent me an email, intended for someone else (an [redacted] ), stating that my appraisal had returned lower than expected ?" this was actually when I discovered the appraisal amount had been set for 515K After questioning her about this, we waited a week (until 4/27) for your company to provide us new options/rates, then another few days (until 5/3) ?" as Ms [redacted] had stated that you would be able to roll in our second, and then my wife and I took another week to determine whether we still felt comfortable moving forward with your company On 5/11, I sent Ms [redacted] an email stating that I had already sent the check Re: My 401K ?" I am not sure how you arrived at this number (11K), but that is definitely not the amount of the 401K I sent Ms [redacted] Again I have the email and documents to verify this.Re: My Taxes ?" Once again, you have provided the wrong amount (the taxes were 7.6K) and neglected the fact that in order to close, you then asked that we also pay 2.7K in Lender fees ?" despite your initial promise of “$fees out of pocket and $fees rolled into the loan.” Also, again, you have tried to put the onus on us, by commenting that our taxes were not disclosed, yet there is no clear option to disclose this information in any of the documents we did sign for you Why is there the expectation that the client know what information to provide, when you the Mortgage company doesn’t know what questions to ask? As I am sure you’re aware, tax information is public knowledge so, we obviously were not trying to be secretive about this.I believe I have addressed all of your comments, but, as I have stated several times, I will be happy to provide you, the Revdex.com and whomever else, a list of emails and documents to verify everything I have stated in this reply.It is frustrating to us that Prospect, a company which claims to have won many accolades for its customer service, would rather go through a lengthy process of trying to discredit us as potential clients, than accept that there were errors in their vetting and refinance processes We never reached out to your company for a refinance, but gave them the benefit of the doubt based on the promises they made promises, which were not kept

Hello, The complaint has been resolved between Prospect Financial Group, Incand [redacted] Please see email from borrower belowRevdex.comDispute CenterViewridge AveSuite 200San Diego, California Dear Sir: I am writing in reference to my complaint ID [redacted] filed on 10/4/16, against Prospect Financial Group Inc, (PFG), located at Garnet Ave., San Diego, California In this respect, I want to inform you that we have arrived at an amicable settlement with PFG, whereby the company has agreed to pay me the $amount which I had filed in the complaintIn summary, I ask you to please withdraw my complaint immediately, as I have no further claims against PFGPlease acknowledge this message that my claim has been settledAlso please inform PFG attention Mr [redacted] , Manager, of this situationThank you for taking care of this request [redacted]

I have just closed my refinance process with your companyGenerally speaking, the process was more positive than I had expectedI had avoided this process for years because it felt like such a daunting taskI started my process with another company in September, but I did not feel “respected”I stated that I would like to be contacted via e-mail, but they still called me numerous timesThey did not disclose any additional costs along the wayI did get a decent rate towards the end, but when I asked them if there was anything else they could do for me, the agent told me that it was the final offer, I could take it or leave itSo I left itYour company was more transparent along the wayMy rate is decent and the costs were reasonable (I think)I definitely felt that my requests were respected