Pawley
annapolis,#2Author of original report
Tue, May 06, 2008
I read your rebuttle and as with the loan you twist information. I have filed complaints with Kentucky and South Carolina consumer affairs ,they have hard copy of Mr. Colliers emails stating the fees were regulated by FHA and it was federal law.
Customer Care
Louisville,#3UPDATE Employee
Tue, May 06, 2008
Paul, I have reviewed the email correspondence and have spoken with the people involved on your loan. I have broken out each of your complaints for easy reading and responded with our findings. We are sorry to hear that you were not satisfied, but feel we communicated the terms of the loan and circumstances of the loan process as best we could. Complaint: No upfront fees Response: Upfront fees are considered out of pocket expenses charged before the closing of the loan. Customers are asked to pay fees to the mortgage company to process their application before they even have an approval. These upfront fees are often referred to as application fees and rate lock fees. SurePoint Lending does not charge upfront fees. There are closing costs associated with the loan that are paid at the time of closing. We never suggested there would be no closing costs with the loan. Complaint: Loan amount $35k higher than needed with an origination fee. Response: Customer requested some debt to be paid. Also included room for closing costs, escrow set up and possible pre-payment penalty payoff. The loan amount is adjusted through the process as we receive documentation and confirm numbers. There was a 1% origination fee, but that is a fee the company charges to originate the loan, not something required by FHA. The cost charged to the borrower because of credit score is addressed next. Complaint: Worked for two weeks getting close to closing, got a new good faith with loan discount. Response: We did have to work for a couple of weeks with the loan before re-disclosing. There were issues on the credit report that we were working to clear for the customer, at no charge. We also had to clarify and confirm the property use. The customer was buying in one state, claiming that as a primary residence, but was living and working in another state. There was a discount fee charged. There is a fee charged by investors, based on credit score. We did not know that fee until the credit report was updated. As mentioned above, we were working to improve the credit report to offer more beneficial terms to the customer. Again, we did this at no charge. Complaint: Emails stating fees charged were regulated by FHA and a federal law. Response: I have reviewed the emails. Never did we state rates or fees were federal laws or regulated by FHA. We discussed FHA underwriting guidelines as well as our investor guidelines, and stated that we had to follow those. We stated In the email that FHA loans were difficult, and charges and fees were set forth in our pricing guidelines. Thanks, Please contact me if you would like to discuss further Customer Care 866-249-9385