AlexV
burbank,#2REBUTTAL Individual responds
Thu, October 08, 2009
Although Safe Capital Lending is no longer in business as the former operations manager I do feel that I should clear this issue up after seeing this report. Safe Capital Lending helped this customer. We were honest and up front about everything we were doing for them and even helped them sort through the overload of information out there. The payment went up on this loan. This is because we refinanced the client out of a bad loan. We explained to them why their loan was bad and hurting them in the long run. At the time the 6.25 rate was a great rate and much lower then anything else offered to them. There were closing costs associated with the loan which the borrowers paid. We explained to them that the interest rate is 6.25 if they were willing to take impounds. We do are not the lender. We just let them know what the lender is offering. If they didn't want the impounds the rate would have been higher. This was truely the best deal for the borrower at the time. This higher amount that they are paying because of impounds doesn't go to us. We don't profit in any way shape or form from it. It is just the lender making it easier for them by collecting their hazard insurance and property tax payments for the borrower so they don't have to make a lump sum payment when it comes due. The seven thousand dollars that was paid at the time of closing didn't benefit anybody except the borrower. It went to paying their property tax and hazard insurance payment which was due anyways and had to be paid and the remainder went into an account with the lender which I am sure the borrower got back a long time ago. Safe Capital Lending helped refinance this borrower from a very bad loan into a great loan and great payment. The only confusion here is about an impound account which we did not profit from and was on the loan only to lower the interest rate for the borrower to give them a much better long term loan.