Complaint Review: Direct Lender

On 07/12/06 we were informed by Mr. David Ellis, (loan officer) that we would be able to receive funding within the paramaters we needed and we were provided with a pre-approval "letter of commitment" signed by Cole David. With this information we proceeded to bid on a house in August and were successful. Immediately we informed Mr. Ellis of our purchase agreement and began the process necessary to fulfill the loan requirements. Mr. Ellis always gave positive feedback regarding the loan - leading us to believe that we would even be getting a return at the closing of the loan and the closing costs were all included in the loan package.

After 5 weeks of faxing necessary items and having new appraisals and such we received a message from Mr. Ellis stating that by 9/25 he would have an ETA of funding. On 9/27 we received a denial instead.


At this point within a day the Manager, Mr. Cole David called to say that he had stepped in and that it was still all in process. At this point we were facing the time limit of 60 days to close, we had no concrete evidence that we would get anything accomplished and also found out that the lender was going to require additional money to close - rather than receiving money - they wanted us to spend more money! It was also stated that the president of the Company had become involved, but we have never spoken with him.

On the 56th day, with a limit of 60 days to close, was the first time Mr. David told me outright that there would still be money due on closing. We had NEVER been informed of this earlier and we were quite shocked. We expressed our EXTREME dissatisfaction. During the final conversation between Mr. David and myself - he hung up on me. I thought that was very professional.

Shannon
Holland, Michigan
U.S.A.