| 04/02/2021 |
No |
- 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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The entire process of working with XXXX XXXX XXXX Franklin Loan XXXX has been a horrible process. Initially, I contacted Ms XXXX for a loan on a property that needed to completely rehabilitated, describing the condition of the property. I knew that we would not be able to get a regular loan due to the condition of the property. Her only response was that we would have to follow the appraiser 's recommendations to the lender. Thinking that we were applying for a loan to be able to purchase a property in this poor condition, I agreed to move forward.
I applied through her company 's website, providing pdf copies of bank statements and W2s for both me and my wife. Ms. XXXX asked for more statements which I provided. Her email response requested that I send all the requested bank statements. I had but they were in a single pdf document. Ms. XXXX 's response was that she had looked through the entire pdf and that she had twelve files opened.
This was a constant response from Ms. XXXX as the processing of the loan continued. Many of her email responses told me why she was not able to communicate regularly with me due to the l=file load that she had. In one email she complained that she was responding just after putting her children to bed which is why she couldn't provide me with up to date information though I had emailed her during business hours. Another email response came with her explaining that she was boarding a plane and therefore didn't have any information on my file though I had emailed her the day before. I felt I was constantly being chastised for asking for updates on our loan process and being reminded that I was only one of her 8 to 12 loan customers.
XXXX XXXX 's emails criticized me for being from Texas and not form California. She mocked me for being in the real estate business and not knowing how the process of getting a loan took place.
Though I received the Loan Estimate and the Closing Disclosure documents in a timely manner, neither of these critically important documents were reviewed with me or my wife.
When the appraisal came in listing needed repairs, I reminded her that we wanted a loan to be able rehabilitate the property, Ms. XXXX told me that her company didn't do that type of loan. This was three weeks into the loan process. I had to terminate the contract and asked for the costs associated with the process with Franklin Loan XXXX to be refunded to me. In return I received an aggressive email from her blaming me for not understanding the loan process.
XXXX XXXX referred me to her manager who only offered to transfer the appraisal to another lender to complete a conventional conforming loan that the property couldn't qualify for. Instead of any apology for miscommunicating their loan products, I was told how hard they had worked on getting the loan completed.
To my surprise, two weeks later, the seller reached out offering to complete the repairs prior to closing as long as we agreed to increase the price to cover the repairs. Our loan would be more but still only around a 60 % XXXX. Sadly, we had lost the interest rate lock and had to pay a bit higher rate.
Constantly through the process from this point forward I had to request updates from MsXXXX XXXX on where we were on the process of first reaching underwriting and then receiving approval from the underwriter. The communications that I received from her stated that underwriting would be 48 hours and that the loan had been submitted to underwriting only to learn days later that it had not been submitted. This process went on for several weeks.
Through the process my wife and I began to wonder if the loan would ever close. Having no debt and a XXXX XXXX XXXX middle score ) of near XXXX I was amazed at the difficulty of getting approved for the loan. I had to supply and resupply the same documents. Ms. XXXX asked for documents in one file format only for me to learn after I took time to get them to her that she wanted them in a different format.
After 2 1/2 months the loan finally closed and funded. We were done! Or so I thought. After closing and funding, I received an email from Ms. XXXX asking me for current a W2 for my wife and bank statements from the bank account the final wire transfer to the escrow agent came from. She explained that if we didn't supply these documents to her so that her company could sell the loan to an investor that Franklin Loan XXXX would force us to refinance the loan.
I had never heard of such a thing. I called a lender colleague and a real estate attorney asking for advice and help. Both wondered how a lender could unilaterally force someone to refinance when none of the terms of the note have been violated. The attorney encouraged me to reach out to Ms. XXXX asking what document in our loan packet or what state or federal legislation allowed the lender to call the loan if Franklin Loan XXXX could not sell the loan to a specific investor.
With her usual curt response, Ms. XXXX insulted my counsel and me and then went on to champion her own actions in getting the loan sold to the investor. She never responded to my inquiries about how the lender would be able to unilaterally make a decision outside the note and deed of trust agreement to accelerate the note requiring us to refinance.
Thankfully or at least hopefully, this awful incident is now over. I have been afraid to reach out to the CFPB before now in fear of repercussion from MsXXXX XXXX and her company I am sending this complaint to you in hopes that others may learn from my mistake of hoping Franklin Loan XXXX and XXXX XXXX could make this dream of homeownership a pleasant experience.
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| 12/16/2020 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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I am not applying for a mortgage with this company. However, we are selling a house to a buyer who is financing a mortgage through the company. We were supposed to close escrow a week ago. The buyers asked for an extension and we agreed for an extension of 5 days to this past Monday XX/XX/20. I called the loan officer with Franklin Mortgage to check and see if there was anything that might hinder this loan and I was just curious to know overall how everything was going. Of course, I know financial info is confidential and can not be shared but I didnt ask for any information like that. I was just curious to know why they needed more time as we were considering their request to extend closing. XXXX XXXX, the loan officer, advised me it was just a delay with IRS processing time and I can understand the need to extend because of COVID. I thanked him for his time and I hung up and we let the buyers real estate agent know we would extend closing for them. Fast forward to Monday, I call the closing company Monday morning to see if loan docs were with them yet and they had not yet received it. I was told by the loan officer, XXXX, that everything would be done by Friday or over the weekend for a closing on Monday. I texted the buyers agent in the morning and asked him why the closing documents were not send by the lender to the closing company yet because we would not be extending closing again. He replied via text he would call me later. So I texted the same thing to the loan officer and he called me three times. I was pre-occupied and called him 5 mins later.
What he said to me is why I am taking the time to file a report with CFPB and also with California XXXX XXXX XXXX XXXX through NMLS.
XXXX answered the phone and said hey buddy hows it going and I replied with hey not much? Whats going on? And his tone completely changed.
This man said let me be very straight with you. You dont text me that stuff. You call me directly and you say it over the phone. You dont text me threats. If you want to make this messy, I will make this very messy for you. I have emails of you acting like you are a real estate agent in this transaction when you are not a licensed real estate agent which is punishable by up to 6 months in jail or {$20000.00}. If you dont give us another additional week to close this loan then believe me I will make this very messy for you. I can go there. So its up to you, 6 months in jail and {$20000.00}??? And it continued like this for about 2 minutes.
I said nothing during this exchange other than the initial hey whats going on? Because I couldnt believe what he was saying and how he was saying it. It was verbal abuse in my book. I felt very attacked and it left me shaking after I hung up. My jaw was dropped and my mouth was wide open. To me, its definitely a form of blackmail or extortion. All I could think in my head was wow, Loan Officer. I kept thinking of his title in the back of my mind and repeating in my head subconsciously those words, Loan. OFFICER. It felt like a police officer abusing his powers. I was blown away that a licensed loan officer is out there on the field doing loans for people with this kind of unprofessionalism. In my mind, I have dealt with many loan officers many whom are very good friends of mine and we talk mortgage all the time. this XXXX XXXX tarnishes the profession.
My reply was, I dont know what to say.. I will call you back.
And he said dont call me back. From now on, talk to the real estate agent.
I was blown away. This was my second interaction with him ever and I did not expect for it to take this turn of events. He could have easily just said hey listen I thought we had enough time but underwriting took longer to get the clear to close or anything else but threatening me to give him more time or else.
To clarify, we are legally selling a single family home in XXXX XXXX, CA by using a service called, XXXX XXXX, which you can XXXX. We basically pay them to help us post the property for sale on MLS and helps us market it online. But we are actually self represented and even though there is a real estate agent license, name and brokerage listed on the MLS or online postings, it is for advertising purposes only and not for representation of the sale. We do have an agreement with them and also a disclosure that we send out to buyers who are interested. We basically let them know that the XXXX XXXX service is not a part of this transaction and this is a For Sale By Owner. We of course, still pay the 3 % commission for the buyer agent.
So thats basically it.
I just wanted to let you know.
I dont expect the loan officer to get in trouble because I made the mistake of texting and then calling him on his cell phone. I didnt know it was his cell phone. It was in the Pre-Approval letter they sent me. So no recorded line. But I did want to make you aware of this loan officer who should not be allowed to represent any mortgage company. A very bad man. I couldnt believe it.
I did end up calling corporate as soon as I hung up and they did a really good job connecting me to a Senior VP for the region who let me know he would look into and deal with this. He asked me if we were still interested in moving forward with closing because he pulled up the loan file and it looked like they were really close to Funding.
My reply was that I honesty really would have considered it and most likely would have agreed to extend if I hadnt just been verbally attacked by one of their loan officers.
He said he understands and appreciated me for letting them know.
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| 02/27/2018 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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I am a mortgage broker that worked with a home buyer for over a year preparing them to qualify for a home.The borrower found a home and used the listing agent to represent them. The list price for the home was {$280000.00} and the listing agent 's representative, XXXX XXXX XXXX license # XXXX required the buyer to be cross qualified with a XXXX XXXX XXXX XXXX with XXXX XXXX XXXX. The borrower approved me sending a complete loan package, far more than what a traditional cross qual would require. After the buyer was cross qualified, the listing agent then submits to the buyer a counter offer, raising the price $ XXXX higher than what the property was listed for despite there were no other competing offers. I believe this occurred after the MLO saw the buyer could qualify for a higher price. The counter offer also stated in writing that the buyer must go with XXXX XXXX XXXX. The buyer called me to complain saying that the seller is paying nothing towards any of the buyers traditional costs and that the listing agent representative, told him the only way to get this home would be to use XXXX XXXX or the buyer would not get the house. This agent did not in any manner whatsoever, act in a fiduciary responsibility to the buyer and I believe violated real estate fiduciary laws. I also believe the loan officer, the realtor and the seller, who is an investor flipping properties, are in collusion to control the whole transaction and to employ an appraiser that will give the home this inflated value. The house is far above any other price in the neighborhood. I believe the realtor, loan officer and seller/investor are participating in some manner of " steering ''. The buyer not only confirmed with me that he had no choice in choosing his own lender, but also the lender he is being forced to use is charging him a higher rate and fees.
The actual listing agent, XXXX XXXX XXXX # XXXX is also the company broker and I do not believe he at anytime supervised his representative 's actions as required by XXXX.
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| 06/21/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Web |
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When my loan closed with Franklin Loan XXXX in XX/XX/2020, they collected 3 months of hazard insurance {$100.00} x 3 = {$310.00} and 4 months of Property Taxes {$530.00} x 4 = {$2100.00}. which would be a total of {$2400.00}. My loan was sold to XXXX Mortgage in XXXX before the 1st payment was due. When I received the Notice of Servicing Transfer letter from XXXX Mortgage, it indicated my escrow balance was {$1900.00}? therefore, I am owed the difference of what was collected vs what the amount in the escrow account was, amount due to me is {$510.00}. ( See attached settlement stmt ).
At the time of closing {$3200.00} was wired to Franklin Loan XXXX to be held to pay to the 1st half taxes. When XXXX Mortgage paid the 1st, half taxes they used the funds in the impound account, which has now caused an escrow shortage. XXXX Mortgage has indicated they did not receive the {$3200.00} that was being held for the 1st half taxes and it also appears they were shorted the amount that was being held for the impound account.
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| 03/11/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Older American, Servicemember |
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I started a refinance process in on XXXX XXXX and provided all the documents that were requested by this lender Franklin XXXX located at XXXX XXXX XXXX, XXXX XXXX phone # ( XXXX ) XXXX After all the necessary documents were processed and finalized then on XX/XX/2022 a notary was to come out for the final signing. Then it was canceled and rescheduled for XX/XX/XXXX a Monday, Then it was cancelled again and rescheduled for XXXX XXXX. Then it was canceled and rescheduled for Friday XX/XX/XXXX, So today is XX/XX/XXXX and it has been rescheduled to XX/XX/XXXX See the pattern here not only has this process been on going since XXXX and 3 months later still no resolve.
I think this company is either incompetent of discriminatory and just does not want to complete the loan ( ever ), I call and can never get anyone to answer the phone they may respond to my emails a few days later but never an immediate response to my concerns.
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| 06/05/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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- Struggling to pay mortgage
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Web |
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XXXX now owns the mortgage but it started with Franklin Loan Company. In XX/XX/2017 when we were finalizing our mortgage in escrow, XXXX XXXX of Franklin Loans apparently submitted the amount of property taxes that we needed to pay in escrow.
The amount for 7 months of property taxes on a sale price of {$400000.00} was only about {$1200.00}. This amount was very low and has now led to XXXX charging us {$500.00} a month more on our mortgage of {$2500.00}. XXXX also claimed that we need to have a {$1500.00} cushion in escrow, which Franklin Loans did not account for.
I called XXXX XXXX and asked him about the property taxes. He responded that he no longer works for Franklin Loans and suggested filing a complaint with FCPB.
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| 02/10/2017 |
Yes |
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- Application, originator, mortgage broker
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Web |
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XXXX XXXX XXXX California and Franklin Loans continue to violate the law with shared marketing agreements in violation of respa. they continuance to steer borrowers to pefered lender in exchange for compensation, XXXX
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| 11/08/2017 |
No |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Postal mail |
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| 10/14/2014 |
Yes |
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- Application, originator, mortgage broker
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Web |
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