| 07/12/2018 |
No |
- Mortgage
- Conventional home mortgage
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Web |
|
|
At the beginning of XX/XX/2018, my mother and I applied for a new home mortgage loan with XXXX XXXX. XXXX confirmed we could do a 25 day close and assured our broker there are programs we could utilize to cut down the costs because we were first time homebuyers. After we input our application with a Broker we were contacted by XXXX XXXX XXXX for income documentation needed. Per his request, we sent over the documents ( paystubs, bank statements, tax returns, etc. ) The process of going back and fourth between documents requested and documents sent went well over a month because XXXX misplaced a few of our items. My mother and I visited the office in XXXX to ensure the documents were received in person.
We were never given any information regarding the loan. Initially when we went into the application, we disclosed we wanted an FHA loan and we wanted to use the first time homebuyer programs to assist us in covering the costs. On XX/XX/XXXX we noticed the cost of the loan seemed a bit higher than expected and the loan was Conventional without our knowledge. We asked the Regional Manager XXXX XXXX if he included any first time homebuyer programs on our loan and his response was " Hello XXXX and XXXX, in large, why you had your offer accepted was because we offered a 25 day close. Which would require a normal conventional loan. As I'm sure XXXX, your realtor explained this to you. If you wanted to switch loan programs it would, at minimum, add 2 weeks to your contract. Furthermore the XXXX is a garbage loan, compared to the XXXX, I would know, we offer both and I have done both multiple times. Which tells me whoever recommended the XXXX, does not offer XXXX, and I would kindly ask them to not step into the middle of our transaction. So please have a discussion with your realtor and any future correspondence like this, feel free to contact me by phone as I do not like writing lengthy emails, when it can be a 5 minute conversation. '' At this point we knew XXXX XXXX did not have our best interest at heart. However, he did take advantage of our situation because the rental home we were living in was being sold and we had to move in a very short time period. Our offer was accepted in XXXX and we did not close until XXXX due to XXXX 's inability to process our loan without any issues. We attempted to reach out to both XXXX and XXXX multiple times with questions about our loan and rarely did they answer our phone calls or text messages. It came to a point where XXXX would call us minutes prior to " market close '' and would force us to accept the rate for that day because " rates will be increasing tomorrow ''. This happened many times.
We locked in a rate at 5.125 % and this was our final rate until we received our closing disclosure the day before closing. Our closing documents showed 5.50 % and when we asked XXXX about it his response was " sorry bud '' .The documents attached showed our rate lock through XX/XX/XXXX but they had us sign another disclosure with a higher rate on XX/XX/XXXX. We have our Realtor and Broker to attest to the inconsistencies and dishonesty shown by this mortgage company.
When we qualified for the mortgage, XXXX and XXXX saw the balances in our accounts we saved up for the loan. To our understanding, we were qualified based on the dollar amount we had available. Once we reached the end of the loan process, XXXX and XXXX let us know we were short of cash. Mind you we still had the same account balances when we pre-qualified. Per XXXX, our ONLY option was to borrow the funds from someone and pay them back or else we were unable to get the loan. My friend was able to gift us the funds, but when we sent the gift letter to XXXX he sent an email requiring us to change her title from friend to " fiance '' in order to be approved and he would send us the letter already filled out to sign. Unfortunately, we had to sign his letter because our time in the rental property was coming to an end. Everything about this situation was all wrong and we knew they weren't doing something right.
Both my mother and I have credit scores well over 700, great employment history and income. Both XXXX and XXXX discriminated against us because we were XXXX American loan applicants and they knew we never been through this process before. Because we were considered " uneducated borrowers '' they took advantage of it by placing us into a higher priced mortgage, not answering our questions directly, pressuring us to sign documents we did not understand, and did not assist in helping us receive any grants even though we were well qualified for their product. Now we have no money left in our accounts and we are in a worse financial situation than when we started.
|
| 02/06/2020 |
Yes |
- Mortgage
- Conventional home mortgage
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Web |
|
|
I have already opened a case with the CFPB regarding this matter. ( Complaint number XXXX ). I am trying to leave " feedback '' regarding the lender 's response which was filled with lies. The feedback button is broken and nothing opens when I click it. I have attached a timeline, which you can clearly see contradicts with their timeline. The denial letter stated a completely different reason from the one that they provided in their response ( gift funds and VOR is stated in their response and our denial letter stated " inadequate collateral ''. ) We provided a VOR and rent checks earlier in XXXX. As you can see in my timeline, I also noted emails, dates as well as points of contact. I personally contacted LoanStream multiple times to check the status during the process and they never mentioned anything about waiting for the broker. I was never told that things were " missing '' I was always told that it was " In Docs '' and would be finalized " that night '' which clearly never happened.
After I left the initial complaint with CFPB, I was contacted by the COO at LoanStream, but he just seemed dead set on getting the timeline so that he could create his response and try to make them coordinate. Loanstream ruined the relationship between the borrower ( us ) and the seller. The seller refused to give us back our deposit of {$10000.00} and it took us weeks to negotiate. I lost {$2000.00} to the seller as well as the costs mentioned in my original complaint.
In closing, the response that LoanStream left is filled with lies. We were not " unresponsive '' to their calls. We answered and sent the attached document directly to XXXX XXXX who called us back that night with a team of people on the phone. In fact, the attached document was created specifically for Mr. XXXX. Unfortunately, their main goal was to simply get us to put the additional money down and purchase the house that the seller refused to sell to us. ( Note : the seller 's broker also left a negative review for Loanstream and refuses to work with them so it was a dead end. ) To further prove that Loanstream is a crooked company, once I left my negative ( yet 100 % accurate ) review, they did their best to " bury '' it with fake positive reviews. Some are from actual employees of the company.
|
| 01/02/2020 |
No |
- Mortgage
- Conventional home mortgage
|
|
|
Web |
|
|
We received a pre-approval from loanstream in XXXX and went into contract to purchase a property. We submitted every piece of information that we could possibly give. Our initial closing was slated to be XX/XX/XXXX. On the Sunday before, they requested information ( at XXXX ). We worked diligently to provide this information and submitted it all on the XXXX ( Monday ) in the morning ( est ). We heard nothing. The closing was delayed until the XXXX. Right before the XXXX, they came back asking for more " information '' ( aka conditions ). The issue is that they were requesting things which we had already provided. The closing was delayed again. Fast forward several days, our contact with the seller expired. We are at risk of losing our deposit for the property. LoanStream continued to blame the broker, however, it was determined through personal phone calls which I made, Loanstream dropped the ball repeatedly. Every time that I called, they told me that the loan was being " finalized '' and in " docs ''. They pulled a bait and switch on the very last day of their contract ( we received their " counter '' on the XXXX and THEIR portion of the contract expired on XX/XX/XXXX ) upping the deposit and interest rate. The reason that they gave to us on the XXXX was " can't verify rent ''. They sent a denial letter stating " inaccurate collateral '' which is absolute lie because the property appraisal ( which they received weeks ago ) was {$400000.00} and we were purchasing the property for {$380000.00}. The denial mentioned nothing about the " rent issue '' that they claimed when they tried to raise the down payment and the interest rate. Because of Loanstream, we are out thousands of dollars and have been under constant financial stress and headache for the past 60 days. I have documents to back up my statements, a timeline of events to prove they are at fault as well as the testimony of the real estate professionals and broker.
They also pulled my credit 3 times in a 60 day span and charged me {$30.00} every time as well as risked my credit score.
|
| 07/24/2023 |
No |
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Web |
|
|
I am the seller of a property in XXXX. The buyer 's appraisal came in about 23 % lower than the market rate. I reviewed the appraisal and found a number of discrepancies which orchestrated a lower valuation.
The issues were : - - a comp on the next block and exact replica was not used - other comps .1 and .4 miles away were not used but one .8 miles away was - the appraiser noted a 2 % /month valuation increase but justified not assigning it to a comp which was 1 year old and adjacent to the subject property - negative adjustments were used and positive ignored - the market rate for the immediate neighborhood is XXXX XXXX XXXX XXXX XXXX but 2 comps that sold at around XXXX XXXX XXXX were used - the appraiser quoted incorrect square footage data for 3 comps. It made the ( 2 ) $ XXXX XXXX comps appear to be XXXX XXXX XXXX XXXX. It made the comp in closest proximity to appear to have sold for XXXX XXXX XXXX but with the right square footage would indicate it sold for XXXX XXXX XXXX - during the appraisal the appraiser ripped a shutter off the wall, took down a rail and dislodged a thermostat. He acknowledged this occurred during his visit. He then listed these as repair items Result The sale contract was for {$290000.00}, less than a {$300000.00} comp 335 feet away ( he did not use this ). My property is in better condition. However, the appraiser value came in at {$230000.00}. Please note he did assert a 2 % /month valuation increase.
This low valuation meant the sale would not go through, unless the lender rectifies this. Being a FHA appraisal it will be associated with the property for 6 months and limit the pool of future buyers.
Action Taken I wrote a letter and requested it be forwarded to the loan officer highlighting the issues.
No feedback was received so far.
|
| 06/03/2020 |
Yes |
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Web |
|
|
To Loan Stream XXXX, I am requesting information on my loan status, I have signed loan docs, deposited all monies needed to close my escrow. I understand with loan connection there needs to be a correction to my debt ratio from the previous home loan I applied for. I have also provided proof of assets to close the transaction.
I spoke with HUD on XXXX and they advised me the current DE underwriter with loan stream is the only person that can update the loan connection regarding my debt ratio to reflect my current debt ratio to purchase XXXX XXXX XXXX XXXX unit XXXX XXXX XXXX ca XXXX.
I have completed all paperwork necessary with the Loan Broker XXXX XXXX at XXXX XXXX and meet Hud guidelines to purchase this home.
I would appreciate your immediate attention to resolve this issue so I can purchase my home for myself and my family. I understand that the loan was moved to another level in Loan Stream, I really need to know the decision, So I can move fonvard with my financial plans ' Thank You XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : XXXX -- -- - Forwarded Message -- -- - From : DoNotReplyFHA XXXX To : XXXX XXXX XXXX Sent : Thursday, XX/XX/2020, XXXX XXXX XXXX Subject : credit alert sanction Hi XXXX XXXX XXXX XXXX XXXX, you must address your concerns and/or questions to your Lender XXXX XXXX Underwriter for guidance and interpretation of guidelines. The XXXX underwriter is empowered with the delegated authority and responsibility of reviewing the file in total and rendering the appropriate decision based on HB 4000.1 and/or any other relevant guidance.
|
| 09/24/2023 |
No |
- Mortgage
- Conventional home mortgage
|
- Trouble during payment process
- Payment process
|
|
Web |
|
|
On XX/XX/2023 I paid my mortgage payment to OCMBC through my banks online bill payment system. This was for my XX/XX/XXXX payment. On XX/XX/XXXX a new mortgage servicing company took over my loan. On XX/XX/XXXX the check my bank issued to OCMBC was cashed. XXXX XXXX I received a phone call from XXXX, my new mortgage servicing company, informing me I was past due on my mortgage. This was when I found out the loan had been sold as I had not received notification yet. I was not willing to give out personal information to someone over the phone that I knew nothing about. I received notification in the mail my home loan was sold. On XX/XX/XXXX, I called XXXX. They called OCMBC with me on a 3 way call. We spoke with XXXX who confirmed they had in fact received my mortgage payment. She said they would send it over to XXXX and the process could take up to 10 business days. On XX/XX/XXXX, XXXX still had not received my payment. I called OCMBC again and spoke to XXXX who said they are processing that over to XXXX. Due to the excessive time this was taking, I asked for a supervisor. XXXX laughed and disconnected the call. On XX/XX/XXXX I called OCMBC again and left a voicemail for the supervisor. On XX/XX/XXXX, XXXX still has not received my payment. They recommended me filing a complaint with CFPB.
|
| 10/12/2022 |
Yes |
|
- Trouble during payment process
|
|
Web |
Older American, Servicemember |
|
Loanstream Mortgage services my mortgage. They have been in control of it for 3 payments. This is the fourth payment.
I have to call every month to make a payment. No one is ever available to take my payment. They say they will take my number and they will call back. They dont call me back. They refuse to send me a mortgage statement. None to date. I dont know how they are applying my payment.
I have paid additional amounts and who knows what they did with that. Every month its the same thing. No one there can help. One person that answers their phone there can only say uh, uh, uh did you try online payment? Could not answer any question. This company is highly unprofessional. They have a fiduciary responsibility. At this point Im having to mail a check at last minute!
|
| 07/20/2022 |
Yes |
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Web |
|
|
Loanstream has acted negligently with respect to a new FHA mortgage. Property was supposed to close early XXXX. For weeks the lender has delayed, provided no communication, has failed to diligently or reasonably respond to inquiries. Has provided false or misleading information to the borrower, seller, and mortgage broker. Has not assigned a designated point of contact and has not acted with appropriate due care in the processing of the loan. It is unacceptable and has cost the buyer, seller, realtors and title company thousands of dollars in damages.
Company contact information : ( XXXX ) XXXX XXXX LoanStream Mortgage XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, CA XXXX
|
| 01/13/2018 |
Yes |
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Web |
|
|
I received a solicitation for a VA loan that looked like a bill, marked " Final Notice. '' First, I 'm not a veteran and not elligible for a VA loan, nor do I have a VA loan, yet this was on the letter : " As a VA loan holder, the XXXX XXXX XXXX XXXX XXXX XXXX allows you to combine your mortrgage and other debt PLUS get an additional {$32000.00} cash in hand for a new principal and interest payment of {$150.00} per month.
We 've done our homework. You already have what it takes to qualify. '' etc etc ...
This came from XXXX XXXX OCMBC , Inc. Licensed in CA XXXX, CA Mortgage Lender XXXX and NMLS XXXX XXXX
|
| 09/01/2020 |
Yes |
- Mortgage
- Conventional home mortgage
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Web |
|
|
XXXX Loan Application submitted with all required documentation XXXX Loan disclosures by the lender signed by us XXXX Closing disclosures signed. More documentation required after Closing Disclosures already signed XXXX Interest rate lock of 2.875 % expired XXXX 95+days after I submitted my application.. .my loan was 'still pending '. Due to inaction and endless/duplicate documentation request by XXXX XXXX XXXX and OCMBC, the lender, I terminated our loan application by email.
|
| 12/21/2023 |
No |
- Mortgage
- Conventional home mortgage
|
- Trouble during payment process
- Payment process
|
|
Web |
|
|
|
| 07/27/2023 |
No |
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Web |
|
|
|
| 01/12/2023 |
No |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
|
- Improper use of your report
- Reporting company used your report improperly
|
|
Web |
Older American |
|
|
| 01/03/2023 |
Yes |
- Mortgage
- Conventional home mortgage
|
- Struggling to pay mortgage
|
|
Web |
|
|
|
| 12/29/2022 |
No |
- Mortgage
- Conventional home mortgage
|
- Trouble during payment process
|
|
Phone |
|
|
|
| 11/16/2021 |
Yes |
|
|
|
Web |
|
|
|
| 10/07/2020 |
Yes |
|
- Trouble during payment process
|
|
Web |
|
|
|
| 08/11/2020 |
Yes |
- Mortgage
- Conventional home mortgage
|
- Trouble during payment process
|
|
Phone |
|
|
|
| 02/26/2020 |
Yes |
- Mortgage
- Conventional home mortgage
|
- Applying for a mortgage or refinancing an existing mortgage
|
|
Phone |
|
|
|