| 02/03/2022 |
Yes |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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In the third week of XX/XX/XXXX, I applied for an Equity Investment Agreement loan with Point Digital Finance Inc. I was provided an Option Agreement Estimate based on the company 's Original Agreed Value of my property at {$370000.00} with a equity pay out amount of {$88000.00} prior to closing costs pending an appraisal. Point 's automated valuation models ( AVM ) listed an Appraised Value of {$450000.00}. The property was appraised XX/XX/XXXX. After multiple attempts to inquire on the delay of the appraisal results, the appraisal was submitted to Point on XX/XX/XXXX. The appraisal came back considerably lower than the initial valuation at {$360000.00}. I was informed by Point representative, XXXX XXXX, via email that Point offered the appraiser ( 7 ) seven additional comparable properties in my area for inclusion to the appraisal report to increase my property valuation. The Point representative, XXXX XXXX, informed me the appraiser rejected Point 's request and therefore my application was declined. I acquired another third party appraisal because the initial one was so delayed. I inquired why they did not acquire a second appraisal? I was given no reply. I felt, based on comments by the Point appointed appraiser when on our property, that she may have a XXXX bias and submit a lowball appraisal of our property. I desired to have a comparison valuation to see if my suspicions were valid. A complete and comprehensive appraisal completed XX/XX/XXXX by XXXX XXXX XXXX showed our property value assessed via AVM at {$480000.00}. And that was based on the County Assessor 's square footage of 1215 and not the full 1882 square foot as specified in the Point appraiser 's calculations. A XXXX representative, XXXX XXXX, also performed a detailed onsite inspection and confirmed the property 's value was easily near XXXX XXXX in value. The appraisal completed by the Point contracted XXXX excluded 2 comparable home sales directly across the street from our property whose sales took place within the last 6-7 months. I informed XXXX XXXX of Point of this. I feel the appraiser concentrated her comparable properties to areas that reflect lower sales prices and a XXXX and XXXX demographic as opposed to including properties within a 1-3 mile radius of our property that reflect a higher XXXX demographic and much higher home values/sales. I also feel the Point 's appraiser 's use of the Cost Approach and the replacement value did not reflect the current market rates for construction materials, construction fees, etc. and was severely under valued and a poor reflection of our property and the improvements made therein. I also hold Point culpable, since they refused to perform a second appraisal and denied my application even though they obviously disagreed with the results of the appraisal report they originally contracted for.
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| 12/14/2021 |
Yes |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Older American |
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By letter dated XXXX XXXXXXXX XXXX, Point Digital Finance , Inc., XXXX XXXX XXXXXXXX XXXX XXXX XXXXXXXX XXXX, CA XXXX, ( XXXX ) XXXX, rejected my loan application for {$55000.00} stating that " we are unable to approve your application... for the following reason : Value or type of collateral not sufficient '' ( copy attached ) I have contacted Point by e-mail on XXXX XXXXXXXX XXXX to request a full explanation of their adverse credit decision. copy below : ******************** Gentlemen, The 7 word explanation for your adverse action rejecting my application is incomprehensible, and I request a full explanation.
Your notice dated XXXX XXXX, 2021 said : " Value or type of collateral not sufficient '' The " type of collateral '' is a single family residence ( XXXX sq. ft on XXXX acres ) constructed in XXXX which has been in my family since construction. My late wife and I purchased this property from my parents in XXXX when they moved to their FL retirement residence. Please explain how this " type '' is " not sufficient? '' As to " value ... of collateral not sufficient '' did you do your homework of this neighborhood? My recent ( XXXX XXXXXXXX XXXX ) XXXX research indicates that this property has a median property value of nearly {$380000.00}. Other nearby similar properties are listed in XXXX with values from $ XXXX to $ XXXX. Some have less square footage than XXXX XXXX, and some have more. Note : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
As disclosed in my application documents sent via the internet to Point Digital Finance, I have a first mortgage ( 15 year term ) on this property with current balance of just over $ XXXX ; I make monthly payments of nearly {$2000.00}. Thus my equity is about {$180000.00} XXXX XXXX XXXX XXXX XXXX XXXX XXXX. I requested an XXXX amount of {$55000.00}. So what is the " value... not sufficient '' issue?
FYI : I am reviewing the Fair Credit Reporting Act, the Consumer Credit Protection Act, and related federal statutes and regulations to determine if I should file a red lining or similar complaint in connection with your adverse action on my application.
XXXX XXXX XXXX
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| 09/19/2022 |
Yes |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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In 2019 as I was looking for a way to tap my home equity for needed house improvements I did not qualify for typical home equity products as my debt to income ratio was too high to qualify due to having student loans, despite an excellent credit score and stable income and a salary. I found Point Digital Finance on a social media site and inquired about tapping my home equity. I was told that I could have an option and get a loan as long as I shared a " capped " amount of equity for the duration of the loan that was gained on my property. This seemed like a reasonable deal on the face of it and I agreed and borrowed XXXX of my equity understanding that I would share 22.7 % of the appreciation the house gained when the loan was to be paid back. We went through closing and I signed papers and I was given the XXXX. Now, I want to pay back the XXXX and expected to pay the 22.7 % shared appreciation for the term of the loan. Upon requesting a payoff price from Point Digital Finance I was told that the " cap '' was not a " cap '' but compound interest and that they " risk-adjusted '' my property for 18 % giving my property an 18 % decrease in value at the time the loan was taken out. Furthermore, they valued my property according to their own appraisal which is XXXX more than what XXXX or other online property valuation tools say. So adding the undervalued ( 18 % risk-adjusted amount to the overvalued appraisal amount it seems that my loan of XXXX, XXXX is now at the very least up to XXXX approximately resulting in way over 100 % interest charged on the original loan amount. The language of a " cap '' on the amount for me to be paid was false advertising as there seems to be no cap. Furthermore, there is a lien on the title which I was told there would not be as it is a share of equity and I still own my home. This company is absolutely predatory and taking advantage of legal loopholes in their fine print to dupe innocent homeowners into a loan shark scenario. This should be illegal and Point Digital Finance is guilty of false advertising, predatory lending, and violating consumer protection laws.
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| 09/14/2020 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
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Web |
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I closed with The Point ( a shared equity loan company ) in XX/XX/2020 and the amount I owe them depends on my home value and the length of timne I have my loan. I am trying to pay them off now to get the amount to a minimum but no one will take my calls or answer my questions for two months. In XXXX I emailed their company asking for a payoff amount. No one contacted me back. In XXXX and XXXX I emailed also. No one contacted me. I am refinancing my home with my current lender to pay off the point and it is now XXXX and we are closing this month but they need the pay off amount and info. I called the Point 6 days ago and was told " that dept is unavailable and they will call you back ''. No one ever called me. I emailed that dept directly with my appraisal report but never heard back. I emailed the president of the company today and havent heard back. I called the customer service for the point today and was transfered to a voicemail where I left a message. Still haven't heard back. Since the more time that goes on increases the amount I have to pay, I feel that they are ignoring my requests for a payout in order for me to owe more money. I need the government to step in and help please.
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| 04/26/2023 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
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Web |
Older American |
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On XX/XX/XXXX I enetered into an agreement with Point.com for a second mortgage which was supposed to be based on future equity.
The original loan amount was for XXXX. The loan was based on an appraisal that was for XXXX and I would be able to payoff loan in 10 years or less.
In XXXX of XXXX I again got appraised for a value of XXXX which I thought would the mean I owed this company 67 % of the difference in the apparaised value plus the original loan meaning I owed them XXXX.
When I spoke to them they said that the total owed at the time was over XXXX and now to date it is over XXXX.
I have consulted an attorney and they have looked at this as predatory lending.
I have discussed with them at length and they do not accept appraisals except for the numbers they use that they say are national averages.
If this continues they will eventually be able to charge me double the loan amount in % years.
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| 05/31/2022 |
Yes |
- Mortgage
- Other type of mortgage
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Web |
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Original application was submitted XXXX XXXXNo communication on what is needed for next steps causing important documents we are sending in to expire and having us reapply and resubmit the same documents. It has been a little over three weeks with all final Task being completed and we were advised to wait for next steps. Reached out today and was advised by the rep once again my documents have expired and needed to reapply to be considered.Have asked multiple reps within the past month to escalate my matter with a manager or someone higher up and still have not received any communication.
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| 10/28/2023 |
Yes |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
- Loan estimate or other related disclosures
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Web |
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When I requested the investment in my home they undervalued my property so that they will have a greater share of the value of my home later. I believe their was XXXX involved when my home was appraised.
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| 12/27/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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- Trouble during payment process
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Phone |
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| 10/31/2022 |
Yes |
- Mortgage
- Home equity loan or line of credit (HELOC)
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Referral |
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| 07/26/2022 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Improper use of your report
- Credit inquiries on your report that you don't recognize
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Web |
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| 05/19/2022 |
Yes |
- Mortgage
- Conventional home mortgage
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Referral |
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| 12/29/2021 |
Yes |
- Payday loan, title loan, or personal loan
- Personal line of credit
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- Problem with cash advance
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Referral |
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