| 05/03/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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I applied for a cash out refinance With XXXX XXXX, a division of Ethos Lending LLC. on XX/XX/XXXX. I was provided with a disclosure package that included the mortgage application and Loan estimate ( LE ) along with several other required disclosures. It was clearly stated on page 1 section 2 of loan application that the loan applied for was a cash out refinance. The loan estimate that was provided and agreed to shows a term of 20 years fixed, a loan amount of {$430000.00} and an estimated property value of {$720000.00}. The loan estimate showed the rate of 3.875 % and locked thru XX/XX/XXXX. The LE showed a lender credit of {$3800.00} on the bottom of page 1 as well as on page 2 secton J. These were the terms and conditions that i applied for and signed disclosures for. On XX/XX/XXXX i submittted all of the requested documentation. 10 days had past before i heard anything from the loan officer or the processor. On XX/XX/XXXX i received an introduction email from a closing specialist named XXXX XXXX requesting 4 additional documents as well as introducing me to the processor XXXX XXXX XXXX. Later that night i received a 2nd email Ethos Lending explaining that new documents were available to review. When i opened the file, i noticed they had changed the lender credit from {$3800.00} to {$2200.00} without any explanation. I immediately called and left a message for the loan officer XXXX XXXX as well as sent an email to XXXX, XXXX and XXXX requesting an explanation of why there was a change in the lender credit, as there were no changes in the loan terms and no change of Circumstance listed. On XX/XX/XXXX i received an email from XXXX ( the loan officer ) stating that the lock desk made a mistake on the pricing and locked the loan as a rate and term refi and not a cash out refi and this caused the lender credit to change. In addition, he informed me that due to the county i live in and the size of my home, my appraisal fee was being increased from {$430.00} to {$510.00}. My reply to XXXX was that I had applied for, been sent and signed a mortgage application and disclosure package on XX/XX/XXXX for a cash out refinance. If he or his lock in department made a mistake on the pricing and locked it in the wrong way, and then disclosed that loan to me, they have to honor it. This to me felt like a classic example of a bait and switch tactic. I then requested to speak with an operations manager. On XX/XX/XXXX i received a call from a XXXX XXXX who introduced himself to me as a VP at XXXX XXXX. He tried to explain to me that there was a valid change in circumstance because the loan changed from a rate and term refi to a cash out refi. When i explained to him that the loan was never disclosed or requested as a rate and term and that all disclosure paperwork sent to me clearly indicated a cash out refi, he asked if he could call me back after review. He called back the following day and informed me that he reviewed all documents with his compliance officer and they all agreed that this was a valid change. When i pressed him on how they came to that conclusion as all of my initial application paperwork was clearly marked as a cash out refi, he tried to argue that the lock in agreement didn't specify that it was a cash out. When i informed him that a consumer lock in agreement wouldn't specify a cash out or rate and term, he got frustrated and said, I stand by my statement that this is a valid change, you can choose to take what we are offering or cancel the transaction. i pressed further and he agreed to reduce their origination fee from {$1600.00} to {$850.00}. To me this concession was an admission of guilt and still not acceptable, but at this point in the transaction i had already dedicated time and money ( {$510.00}, the cost of appraisal ) and didn't want the threat of losing the rate that they had offered due to rising rate environment, so i decided to keep going knowing that they had violated fair lending practices. After a couple of weeks of requesting an updated status on my file with very little response, i was finally informed the loan was ready to close and they sent me a Closing disclosure statement ( CD ) on XX/XX/XXXX. To my surprise, without any explanation, the lender credit had once again been reduced, this time to {$1100.00} and the promised reduction in loan origination fee was not there, it was still showing {$1600.00}.
When I replied to XXXX and XXXX that there was once again a problem, they informed me that the decrease was due to lock extension cost and that there was never an agreement of a reduced fee. I asked him to have his VP call me to disuss. Why this extension fee would be on me is anyone 's guess, as i had been contacting them every few days for status updates and asking if anything was needed on my part. This loan closing was not delayed for anything that i had caused. XXXX did reply and said they were working to cover the extension costs. XXXX, ( the VP ) called me and informed me that we never had a conversation regarding reducing the origination fee and claimed he could go back an listen to the recorded call as proof. I told him to send me a copy of the recorded call so that i could hear for myself that nothing was promised. Within an hour, i received another call from him acknowledging he had made a mistake and i was right, he had offered to reduce the fee. The loan finally closed on Monday XX/XX/XXXX with a funding date of XX/XX/XXXX. When i called the title company on Friday XX/XX/XXXX to follow up on the funding wire, they informed me that they had not received it. I then contacted XXXX to find out what was going on and her reply was she was checking on it. When i followed up again towards the end of the business day, she replied the closer was working on sending the wire. The wire was never sent on Friday. I then sent emails to their closing agent on Friday night, Saturday and Monday morning. I never got a response. I sent another email Monday afternoon to XXXX and the closer requesting an answer. At this point XXXX Monday afternoon, the title company informed me there still was no funding wire. Finally at XXXX, i received an email back from XXXX that a wire was sent. It was Confirmed by the title Company on Tuesday morning that they had recieved shortly after XXXX on Monday. I then requested from the closer if i would be receiving a refund ( {$130.00} ) for the 3 days of interested that i paid on the new loan from Friday XX/XX/XXXX thru Sunday XX/XX/XXXX since they never sent a wire. I requested this information 3 times and never got a response. Needless to say, this was a terrible experience and this company clearly violated lending practices in my opinion.
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| 06/16/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Application, originator, mortgage broker
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Web |
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Non-performance of a lender ( missed deadlines, failed commitments, failure to provide closing documents, failure to respond to inquiries, failure to fund timely ) : We recently purchased a home, and our mortgage broker sent us through Ethos lending. What an ordeal! After a series of delays ( due to staffing, backlogs, etc ) they finally gave us a date for which we could sign closing documents. When we went to the title company on XXXX XXXX ( as they indicated we should ), no documents arrived. At this point we were out of contract with our sellers, and every day 's delay cost us $ XXXX in penalties - all because Ethos could n't deliver as promised. Our broker was finally able to contact them, only by masking his cell phone to appear as if it was coming from within their building. Where before he had called, and called, and left voicemails and emails with no response, when they thought it was an internal call they picked right up. He was able to get a commitment to have documents ready for us the next day. We signed on Wednesday, hit XXXX snag with seller documents, and all indications were this was a " rush '' and we would fund on Friday, XXXX XXXX. Friday came, and went - no funding. Sellers were irate ( as were we ), as our apartment would not let us stay any longer because the unit had already been rented, based on Ethos ' timetable for finishing this deal. Ethos guaranteed funding Monday, XXXX XXXX by XXXX XXXX. At XXXX, still no funding. There was a " system outage '' that prevented sending funds. Finally funds arrived to XXXX title company, but too late for them to send it to the sellers. At this point, I had stalled my apartment to let us stay through Monday, and the drop-dead time arrived. I had to pay my movers to move everything to a storage unit, and find a place for my family and pregnant wife to go that night ( thanks Ethos ). At this point, Ethos has cost me XXXX days of lost work ( since I had to take time off work each time to sign, and then arrange movers, cancel movers, rearrange everything each time they failed to perform ), as well as over {$500.00} in penalties to the sellers, doubled my moving costs, and stress on a pregnant mother. I have worked in XXXX for XXXX years and never have I seen such an unresponsive, uncommunicative, ineffecient and non-performing lender. We had serious doubts as to their solvency, and whether or not they were even legitimate. Through all of this, we bore all the burden of the inconvenciences - all because of Ethos ' inability to deliver on contracted lending services. I ca n't tell you how many times my XXXX wife was in tears because of this lender - XXXX is a MAJOR concern during XXXX and this lender has absolutely no concern for their customer - zero.
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| 11/01/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Loan servicing, payments, escrow account
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Web |
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We have completed refinancing with Ethos Lending and made our first mortgage payment ( {$3000.00} ) to Ethos Lending on XXXX/XXXX/2016, prior to the due date on XXXX/XXXX/2016. After making our first payment on XXXX/XXXX/2016, we received a letter saying the loan has been transferred to a new lender, XXXX XXXX XXXX, and we should make the payment directly to XXXX XXXX XXXX for the mortgage payment that is due on XXXX/XXXX/2016. However, we already made the payment to Ethos Lending on XXXX/XXXX/2016. Obviously, the new owner of our loan failed to notify us within 30 days of the effective date of transfer. Between XXXX/XXXX/2016 and today XXXX/XXXX/2016, XXXX XXXX XXXX keeps calling me via my personal phone and work phone and asks for payment many times, despite I told them repeatedly that I already made the payment to Ethos Lending on XXXX/XXXX/2016. Yet, Ethos Lending keeps delaying my payment to XXXX XXXX XXXX, despite Ethos Lending previously agreed in its e-mail to forward my payment prior to XXXX/XXXX/2016. XXXX XXXX XXXX continues to make harassing phone calls and severely bothers my daily lives. On XXXX/XXXX/2016, I arranged a conference call between myself, XXXX XXXX XXXX, and Ethos Lending. During the phone conference, XXXX XXXX agreed to forward the payment by XXXX/XXXX/2016, and XXXX XXXX XXXX agreed not to make harassing phone calls to me. However, after the conference call, I continue to receive phone calls from XXXX XXXX XXXX about the late payment. Those phone calls stressed me out. XXXX XXXX XXXX threatens me about how my late payment will affect my credit, and they told me I should keep pushing Ethos Lending to forward the payment.
Beginning XXXX/XXXX/2016, my loan will once again transfer from XXXX XXXX XXXX to XXXX XXXX. My initial payment of {$3000.00} does not reflect on XXXX XXXX statement. XXXX XXXX XXXX continues to call me about the late payment. Ethos Lending does not pick up or return my calls. What can I do? Please help.
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| 01/19/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Credit decision / Underwriting
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Web |
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My wife and I were purchasing a new home and the loan was going through Ethos Lending in XXXX XXXX CA. An issue came up with our tax returns for 2014 where it turns out our accountant forgot to inform us that our Fed returns were rejected and sent back to him. It was not until Ethos asked about it that we contacted our accountant to find out the issue. At that point, he resubmitted the returns electronically and they were accepted. Ethos demanded that my wife or I go to the XXXX for a receipt confirming this. My wife spent 3 hours waiting in line at the XXXX to be told that since our accountant refiled electronically they were not able to confirm the receipt until the returns were reprocessed. This could take weeks or months to happen. We told this to Ethos and they would not accept what we were saying. We told them numerous times and even gave them the name of the XXXX person and our accountant 's information to confirm. It seemed like Ethos was dragging their feet with this non-issue and since we were days from the lock expiring it was even more obvious. The best part was that just after they charged us to extend the lock, this condition was signed off on. This was only XXXX of many issues we had with this lender. They almost costed us the home. The seller was going to pull out in a matter of days. To top it all off, our loan officer had conversations with Ethos 's sales rep and he told our loan officer that the charge would be refunded back to us after the loan went through. He forgot to tell us that he was leaving the company before this happened. Conveniently his boss had no knowledge of him saying the money would be refunded and they are not going to do anything about it.
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| 11/03/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
Older American |
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I started a loan with with Ethos Lending ( XXXX XXXX, Ca ) on XX/XX/18 and had given them all of the information they requested and my credit scores were excellent that they used from a credit report done XXXX. Then two days before my signing date on XX/XX/XXXX, ( on XX/XX/XXXX ) they told me I would be charged a 1.099 % fee because my credit scores had dropped ( three credit agencies ) from XXXX to XXXX. I told them it was a mistake and when I called the credit agencies they told me it was because of a XXXX $ XXXX XXXXXXXX XXXX bill that was unpaid. So I called XXXX XXXXXXXX XXXX and found out it was not my primary bill, but a secondary bill from another property and they had sent it to the wrong address, not my current address they send my other bills. XXXX XXXXXXXX sent a letter out ( which they never do ) to all three credit agencies to negate this late report. Within 15 days my credit scores all rose 80 points to back over 740. Well I signed the paperwork in the mean time and when I went back to Ethos they said they wouldn't rebate me the fees..
First I think when they first ran my report to see the excellent scores and approved my loan they shouldn't be able to change that and charge me {$4900.00} two days before I sign the paperwork, just to hit me up with another charge.
And secondly when I show they the low ratings were wrong ( shown by the letter from XXXX saying to delete this report to all three credit agencies ) and then two weeks later all three scores rose to their normally high scores they should refund me the {$4900.00} charge because the ratings were false reports ... ..
Ethos said they would explore this but just said well tough..
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| 01/11/2016 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Settlement process and costs
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Web |
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The lender Ethos Lending charged lock extension fee unnecessarily when they had required conditions in house for 10 days or more. Lender kept insisting on stamped received tax return when the return was already e-filed by tax preparer. We explained many times to the underwriter that the IRS will not re-stamp a e-filed tax return because it would require a new confirmation number and that it would confuse the IRS system. The Underwriter did not believe us until they charged us the {$650.00} lock extension. Then all of a sudden it was a non issue. The borrower was a XXXX and I had promised him a no fee loan. I as the broker had to reimburse him for the {$650.00} after the loan closed or he would have cancelled the loan. I repeatedly had asked XXXX XXXX the Sales Manager to refund me on this matter, however most of the time he did not return my phone calls or e-mails only to say that he would look into the matter.
I think this is a way for them to make more money on their loans by having the lock period expire and then charging the broker for a lock extension. Their administrative side is also lacking because you could not talk to a underwriter directly. Only by email and most of the time you did not get a reply. Their former XXXX XXXX XXXX will testify that this is the truth as he agreed with me that it was the lenders fault for letting the lock period expire unnecessarily. I have enclosed a letter from the sales manager stating that he totally agrees with my argument and will go higher up for a solution, however nothing has been done to this date
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| 06/15/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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I am an XXXX XXXX and often have problems with the loan originators in the closing process. At some point an insurance agent issued a wrong document and now the lending institution thinks that is what they should get. There are several problems with this ( I am happy to go over, but do not think there is enough room here ). The main issue is they have no insurable interest, they do not have this until after the loan has recorded. There fore the only document they are entitled to is a binder. In order to get a binder, I need a binder request.
This company ( XXXX XXXX a division of Ethos Lending LLC XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, CA XXXX L # XXXX ) The contact which has been contacting me from this company is XXXX XXXX ( XXXX ) ( she has copied XXXX XXXX ) The correspondence started with her emailing, asking me to replace the current lender with them and send a copy of the policy and the replacement cost guide. I replied asking if they were the lender and have closed the loan. She advised no, I replied we can not put them on the policy as they have no interest. We went back and forth on that. I continued to tell her to send me a binder request and appraisal in order to move forward. She eventually went over to me to my company ( XXXX ) and had them make this change. My company reached out to me to discover that XXXX was not recorded on the loan.
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| 11/22/2016 |
Yes |
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- Application, originator, mortgage broker
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Web |
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I started the process of refining my 30 year mortgage into a 15 year fixed on XX/XX/2016. I understand I am self-employed and a jumbo loan so as originally stated it would be rushed to close in the normal 45 day timeline but the lender felts they could make this happen. Since then I have been asked for at least XXXX different items from my CPA. I did sign docs on XXXX/XXXX/16. They took my escrow payment. A few days later I was told I had to sign new docs but was not given a reason. An hour before the XXXX signing appointment I was told they had to start the whole process over and they found a new investor but it would be XXXX weeks tops. Here it is XX/XX/2016 and I still have not had my refi completed and they keep asking me to get more data from my CPA. I feel like they do n't believe a female self-employed single person could make the money I do. ( My partner passed away XX/XX/2016 ) and I feel discriminated against. They refuse to tell me why the first loan was not funded and will not answer me on why it is taking months to close, I have more cash in savings then the loan, I have over an XXXX credit score and I make a very high income. I would like the XX/XX/2016 loan to be funded and have the loan adjusted for the lower rate for all these months.
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| 12/01/2015 |
No |
- Mortgage
- Conventional fixed mortgage
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- Credit decision / Underwriting
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Web |
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We applied for a refinance loan and met all loan criteria, income, ratios, etc. We also paid for an independent appraisal that Ethos Lending chose for us. The appraisal came in at $ XXXX for our home. For whatever reason Ethos chose to get a " desk review '' of the appraisal. The reviewer did nothing more than look at comps, no visit, nothing but challenged the valuation by the appraiser. The reviewer 's work was shoddy and even Ethos said he was out of line. The first appraisal was in line with other sales in our HOA development and we provided proof of this. But in spite of this, Ethos wanted us to pay to obtain a second appraisal. In the meantime Ethos changed the Good Faith Estimate twice on us from their original amount due to their delays. They are completely out of line to deny us the loan and the truth is they have completely left us hanging and gave us NO written reply as to what was going on. They could have at least said we will approve you for a lessor loan amount. Nothing. No response.
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| 03/07/2019 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Web |
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| 07/12/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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| 06/15/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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Phone |
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| 05/08/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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Referral |
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| 08/28/2017 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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| 03/17/2015 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Loan servicing, payments, escrow account
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Web |
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