| 07/09/2023 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
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Web |
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In XXXX of XXXX we entered into a home equity sharing agreement with a company called Unison. Unison 's business model is to provide a loan in exchange for a percentage of the home 's equity. In the disclosure information Unison makes little mention of there being any potential issues with refinancing your property once you have entered into an agreement with them.
In XXXX of XXXX we secured a refinance loan of our ARM with XXXX XXXX. Our loan was set to adjust in XXXX and interest rates were just beginning to creep up. So we secured and were approved for a refinance at a fixed rate of 3.25 %.
At the final stage of the new loan being recored we were informed by XXXX XXXX that they could not process our new loan because of our relationship with Unison. We have subsequently learned that very few lenders will refinance a property if the homeowner has taken an equity share loan with Unison. This includes all major lenders ( such as XXXX XXXX XXXX, XXXX XXXX, XXXX XXXX, XXXX, etc... ) and any bank affiliated with XXXX XXXX and XXXX XXXX.
In response to our loan being rejected, Unison provided a list of their " approved lenders. '' Upon contacting the top three lenders on their list, all three flatly denied that they would lend to a property that has Unison on title. A Unison representative then setup a meeting with a lender he claimed loaned to Unison homeowners in the past. Not only did this lender state that they never lent to a Unison property in the past, they said they never would in the future, either.
Unison is aware that they misrepresent and downplay the very real fact that the vast majority of lenders will not work with homeowner that have taken an equity sharing loan with Unison. Unison employees have blatantly stated that the company should do a better job of being transparent and honest with potential customers about this fact, and that their contracts distort the truth.
Unison 's legal department is aware of the problem and XXXX XXXX XXXX, Unison Corporate Counsel, has yet to remedy the situation. Unison 's CEO, XXXX XXXX XXXX, is also aware of the issue and has acknowledge knowing about this lack of truth in lending in both the marketing and promotional materials the company distributes, and it their contracts. Thus far XXXX XXXX has taken no corrective action.
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| 03/07/2023 |
Yes |
- Mortgage
- Reverse mortgage
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- Trouble during payment process
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Web |
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I JUST DISCOVERED TODAY THAT ITS NOT ONLY UNISON VIOLATING EVERY POSSIBLE CONSUMER PROTECTION LAW, BUT ON THEIR PAYOFF THE INVESTOR XXXX XXXX XXXX I, XXXX AS WELL ( ATTACHED ) This company marketed themselves as a Heloc alternative, they had me complete an application, they pulled my credit, had me provide income documentation and then right before funding the loan that they claim isnt a loan their sales reps told me that I would need to dismiss my XXXX XXXX bankruptcy that I had been involved in for two years and provide proof that it had been done. ( attached a couple of these emails in a quick search through my email ). A simple XXXX search has shown several pending lawsuits, including TILA lawsuits and their XXXX site is full of similar complaints. I am sure you will find many more on PACER then my XXXX search below.
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX They claim to not be a lender in order to avoid adhering to TILA, but take all of the same steps as a lender would. Even the funding of loan and repayment. The reason I am looking to get help is that I closed on this loan 13 months ago for XXXX, I am now over a week past my closing date and they sent me a payoff based off of an appraisal that they never shared with me, instead of the actual purchase price which is XXXX higher then what the actual sales price is. What they are doing is wrong and likely a TILA violation, predatory, and I am sure in my case violates bankruptcy law.
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| 12/03/2023 |
Yes |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
- Confusing or misleading advertising or marketing
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Web |
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I applied for the unison program and was approved. The program is misleading, and the rep provided inaccurate information, added additional funds at the closing of the loan, and increased the share percentage without approval.
Additionally, I was told I needed to pay off the loan and send a separate check provided by Unison to XXXX XXXX and if I did this, I will be able to refi. Unison has the cancelled check from XXXX.
When I sent in a request to Unison for the paperwork needed for a rate term refi in 2021, I was told my loan balance was above the required limit for refinance and denied. Additionally, I was the only borrower on the application require to review the terms of the program, Unison says the have an educational document I signed, however the title in in both mine and my wife name. Unison did not provide any information or educational information to the other owner of the property and would not agree to any terms.
I am requesting Unison to cancel the program and release me and my wife for the contract. Im attaching the emails and sending the same request to the FTC, DOJ, SEC and CFPB for review.
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| 12/03/2022 |
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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on XX/XX/2022 I applied for home equity sharing with Unison. I provided all the documents requested. for more than 3 weeks I waited for the next step which was getting the appraisal done. On XX/XX/2022 I was informed by the file processor that the title was clear and I can get my own appraisal as the company facing some delays. On XX/XX/2022 I provided the appraisal to the company after paying {$450.00} so the application can move forward. On XX/XX/2022 the company rep informed me that the analyst feels the appraisal over estimated the house and the company wants to do its own appraisal. After a discussion with a supervisor to understand why would we need a 2nd appraisal, the company went ahead and ordered their own appraisal this time. When their own appraisal came back with almost same value like the one I did, the rep emailed me on XX/XX/2022 to advise that their analysts still feel the value was high and they couldn't move forward with the application. This was a misleading experience that wasted time and money for me. This company should be held accountable for the way they conduct business.
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| 01/04/2024 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
- Trying to communicate with the company to fix an issue while managing or servicing your loan
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Phone |
Older American |
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| 11/30/2023 |
Yes |
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- Trouble during payment process
- Trying to communicate with the company to fix an issue while managing or servicing your loan
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Phone |
Servicemember |
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