- Report: #838420
Complaint Review: Lending Solutions, Inc.
Related Reports
Featured Ripoff Reports
Ripoff Reports
Ripoff Report on CBS 19
Ripoff Report on CBS 19 - Global Marketing Alliance
Ripoff Report on ABC 15 - Smart Shopper
Ripoff Report - Girls Gone Wild
Ripoff Report on Fox 11 - Car Repair
Special Features
-
Doctored Reviews is designed to help patients, doctors, and websites understand the problems created by Medical Justice, a company trying to restrict online patient reviews, and to offer some ways that let patients freely talk about their healthcare experiences. -
The government should serve voters, not corporate special interests. Public Citizen works to empower ordinary citizens, reduce the influence of big corporations on government, open the government to public scrutiny, and hold public officials accountable for their misdeeds. -
WHAT YOU NEED TO KNOW ABOUT THE BBB: NOT a government agency as listed in your local phone book. Instead the BBB is a private non-profit / franchise operation. 20/20 exposes the BBB, Hamas Terror Group Gets 'A' Rating - BBB is running a "pay for play" scheme.
| Lending Solutions, Inc. 6470 E Johns Crossing
Duluth, Georgia United States of America |
|
Lending Solutions, Inc. LSI Mortgage Plus Unresponsive, ordered appraisal before ensuring loan was possible, RIPOFF - Duluth, Georgia
*Author of original report: Refi completed!!
*Consumer Comment: HUD document
*Author of original report: Haha
*UPDATE Employee: short sale wait period
*Consumer Comment: To the employee
*UPDATE Employee: short sale wait period
Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™
I began dealing with Marshall Parker of LSI Mortgage Plus (Duluth, GA) after submitting my information to the LendingTree website. I expressed interest in refinancing my home and Mr. Parker and I were in touch shortly thereafter. He explained he has been in the industry for 17-18 years and knows it very well. He offered competitive rates and promised a very speedy closing (same story others at LSI have given before ripping other folks off, based on the reports I've since found online). My fault for not researching them thoroughly, but I naively thought I could trust lenders who work on LendingTree referrals.
In my unique case, I was looking to refinance a home I'd been in less than 3 years since completing a short-sale on my last house. Mr. Parker explained that we would need to do an FHA loan since a conventional loan is not possible in that situation. I verbally agreed to the new terms and Mr. Parker ordered the appraisal of my house... from an "independent" appraisal company called LSI Appraisal. The appraisal was completed, my credit card was charged $445.00 and I was led to believe by Mr. Parker that we were on the verge of wrapping up the loan details.
It was around this time that Mr. Parker stopped responding to emails. Previously he had been extremely responsive. He had also advised me to not make my upcoming mortgage payment since we'd be closing soon. As we got closer to the late-fee date from my current lender, I went ahead and made the payment. In the couple of interactions we had, he explained that he just needed to work with the underwriting group, and then one time he asked for more details on the short-sale.
I finally heard from Mr. Parker and he confirmed what I suspected, that his underwriting department wouldn't approve the loan. I had no idea why, mind you, but based on how he had been stringing me along I could tell something was very wrong. When we finally spoke he explained that the FHA will not approve a loan of greater than 80% LTV (loan to value) if the mortgagee has a short-sale less than 3 years prior. Where was this info previously?? Mr. Parker, who has spent so many years in the industry, strung me along, cost me $445 and then left me hanging.
Mr. Parker suggested that I wait until I reach the 3-year mark (time since my short-sale) and then he would write the loan for me and he would cover the new appraisal cost out of his own pocket (he told me this verbally). I followed up with him via email to let him know I am not happy with this arrangement (since I have no reason to trust him). Plus, as I told him, he may not have a competitive rate and I should still have the freedom to choose any lender I wish. I have since contacted him several more times via email as well as contacted the company through their website and I have not received a response. He has also not answered my calls.
My credit card company has offered no protection since LSI Appraisal claims to be an unaffiliated company (no relation to LSI Mortgage Plus). Therefore, I am out $445 due to Marshall Parker and his company, LSI Mortgage Plus. He should have informed me up front that the FHA has very specific restrictions on new loans to mortgagees with a short-sale history, and his neglect to research this and properly serve my interests cost me hundreds of dollars. I believe some restitution is in order.
In my unique case, I was looking to refinance a home I'd been in less than 3 years since completing a short-sale on my last house. Mr. Parker explained that we would need to do an FHA loan since a conventional loan is not possible in that situation. I verbally agreed to the new terms and Mr. Parker ordered the appraisal of my house... from an "independent" appraisal company called LSI Appraisal. The appraisal was completed, my credit card was charged $445.00 and I was led to believe by Mr. Parker that we were on the verge of wrapping up the loan details.
It was around this time that Mr. Parker stopped responding to emails. Previously he had been extremely responsive. He had also advised me to not make my upcoming mortgage payment since we'd be closing soon. As we got closer to the late-fee date from my current lender, I went ahead and made the payment. In the couple of interactions we had, he explained that he just needed to work with the underwriting group, and then one time he asked for more details on the short-sale.
I finally heard from Mr. Parker and he confirmed what I suspected, that his underwriting department wouldn't approve the loan. I had no idea why, mind you, but based on how he had been stringing me along I could tell something was very wrong. When we finally spoke he explained that the FHA will not approve a loan of greater than 80% LTV (loan to value) if the mortgagee has a short-sale less than 3 years prior. Where was this info previously?? Mr. Parker, who has spent so many years in the industry, strung me along, cost me $445 and then left me hanging.
Mr. Parker suggested that I wait until I reach the 3-year mark (time since my short-sale) and then he would write the loan for me and he would cover the new appraisal cost out of his own pocket (he told me this verbally). I followed up with him via email to let him know I am not happy with this arrangement (since I have no reason to trust him). Plus, as I told him, he may not have a competitive rate and I should still have the freedom to choose any lender I wish. I have since contacted him several more times via email as well as contacted the company through their website and I have not received a response. He has also not answered my calls.
My credit card company has offered no protection since LSI Appraisal claims to be an unaffiliated company (no relation to LSI Mortgage Plus). Therefore, I am out $445 due to Marshall Parker and his company, LSI Mortgage Plus. He should have informed me up front that the FHA has very specific restrictions on new loans to mortgagees with a short-sale history, and his neglect to research this and properly serve my interests cost me hundreds of dollars. I believe some restitution is in order.
This report was posted on Ripoff Report on 02/13/2012 12:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/Lending-Solutions-Inc/Duluth-Georgia-30097/Lending-Solutions-Inc-LSI-Mortgage-Plus-Unresponsive-ordered-appraisal-before-ensuring-838420. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
Click Here to read other Ripoff Reports on Lending Solutions, Inc.
Search for additional reports
If you would like to see more Rip-off Reports on this company/individual, search here:
Search Tips#1 Author of original report
Refi completed!!
AUTHOR: Anthony P. - (United States of America)
SUBMITTED: Tuesday, March 27, 2012
I feel I owe it to LSI to post an update based on the efforts of one Daniel I. After posting my initial report I made one last-ditch effort by calling their main number and just telling my story. I was eventually put in touch with Daniel who was very apologetic for my previous experience and he accepted the challenge of making things right.
I won't give specific details of how it was worked out, but suffice to say that they made up for past mistakes. Every assurance I asked for was met. Fast forward a few weeks and I have completed my refi at the original term and rate I was quoted by Marshall.
My impression of LSI has improved greatly due to Daniel's efforts. I know the mortgage process is rarely smooth and mine was rougher than most, but in the end I am completely happy with the outcome. For anyone else out there having issues with LSI, find someone else to talk to over there. Hopefully they have more folks like Daniel who want to do things right.
I won't give specific details of how it was worked out, but suffice to say that they made up for past mistakes. Every assurance I asked for was met. Fast forward a few weeks and I have completed my refi at the original term and rate I was quoted by Marshall.
My impression of LSI has improved greatly due to Daniel's efforts. I know the mortgage process is rarely smooth and mine was rougher than most, but in the end I am completely happy with the outcome. For anyone else out there having issues with LSI, find someone else to talk to over there. Hopefully they have more folks like Daniel who want to do things right.
Respond to this report!
What's this? #2 Consumer Comment
HUD document
AUTHOR: MochaG - (United States of America)
SUBMITTED: Friday, March 02, 2012
I finally found a document about loan and financing on HUD web site - http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.1/41551HSGH.pdf - and I think the last date it was updated is in March 1, 2011 (according to the document). The section related to this topic, I believe, is Chapter 4, Section C on Short Sale. (Took me quite a while to search for and read through.)
Now, when "the employee" said the document could be changed during the time this refinancing occurred, it should then be early last year? If it was, your employee should know about it if he was up to date to the rules.
My guess is that he was not up to date or misunderstood that it was 2-year term. Once he found out it was 3-year term, he was trying to drag it out to hit 3-year mark. It was nice of him to offer to pay for the next appraisal, but he may not need to pay out of his pocket! There are rules about FHA appraisal in the same document (no need a new appraisal required within 6 months).
Yes, he needs money for his family and his business practice to solve the problem is somewhat acceptable, but he should have issued the refund if the client does not accept his offer. Then this problem would have been resolved without involving his company. There are reasons why he wanted to drag it out.
PS: I agree with the author that "the employee" needs a better writing. English is not my mother tongue, but I do not neglect the language's grammar and try to get it right. Being ignorance indicates level of education.
Now, when "the employee" said the document could be changed during the time this refinancing occurred, it should then be early last year? If it was, your employee should know about it if he was up to date to the rules.
My guess is that he was not up to date or misunderstood that it was 2-year term. Once he found out it was 3-year term, he was trying to drag it out to hit 3-year mark. It was nice of him to offer to pay for the next appraisal, but he may not need to pay out of his pocket! There are rules about FHA appraisal in the same document (no need a new appraisal required within 6 months).
Yes, he needs money for his family and his business practice to solve the problem is somewhat acceptable, but he should have issued the refund if the client does not accept his offer. Then this problem would have been resolved without involving his company. There are reasons why he wanted to drag it out.
PS: I agree with the author that "the employee" needs a better writing. English is not my mother tongue, but I do not neglect the language's grammar and try to get it right. Being ignorance indicates level of education.
Respond to this report!
What's this? #3 Author of original report
Haha
AUTHOR: Anthony P. - (United States of America)
SUBMITTED: Wednesday, February 29, 2012
LOL @ your grammar and spelling. Oh yeah, your argument holds no water. Those guidelines haven't changed recently and he should have been up to date on them especially since he knew about the short sale up front. Since the appraisal company is also named LSI I doubt there was nothing in it for LSI Mortgage and/or Marshall Parker.
Respond to this report!
What's this? #4 UPDATE Employee
short sale wait period
AUTHOR: pissedconsumer - (USA)
SUBMITTED: Wednesday, February 29, 2012
i responded to the possiable solutions to the problem, and your demeaner cleary shows there are two sides of the story, maybe its you thats hard to work with, and there isent one thing that you cannot find on the internet, now days anybody can post a complaint about any company or person about anything they want, that doesent mean they are right, its there opinion, heres what you dont know and maybe didnt take into consideration, maybe at the time of your application it was acceptable to go the route that he was trying to use, but during the process, HUD decided to change the guidelines and now your deal was out of program, this happens all the time. and did you ever think that it does not benefit him to not close your loan??, he probaly has a family he has to take care of too just like you do and because the change in the guideline he does all that work and gets nothing in return??
Respond to this report!
What's this? #5 Consumer Comment
To the employee
AUTHOR: MochaG - (United States of America)
SUBMITTED: Wednesday, February 29, 2012
Even though the rep is not at your company any more, don't you think that it is a bit rude and arrogant reply? Often times, people who do not work in the field do not know where to look for the information or even what to look for. Therefore, they rely on the rep to tell them what they need to know. It is obviously your rep fault not to inform the OP in the first place; therefore, it is a part of your company responsibility for your own (ex) employee. If you come up and apologize about what happen, I would at least feel that it is an appropriate action. However, coming in with this attitude that everyone knows what you know is really deserved to be a rip off.
Respond to this report!
What's this? #6 UPDATE Employee
short sale wait period
AUTHOR: pissedconsumer - (USA)
SUBMITTED: Tuesday, February 28, 2012
the rep called out in the complaint apparently is no longer a rep for the company, was this option explored?? see below. any of these general guidlines are published on fannie mae, freddie mac, huds or the VA's site and are not secrets. you had as much access to them as he did, granted its his duty to know these or research them. but they are there for anyone to be proactive.
Conventional financing
The following waiting period requirements apply:
FNMA o Two years for transactions with a maximum LTV of 80%
o Four-year for transactions with a maximum LTV of 90%
o Seven years for transactions for transactions with an LTV greater than 90%
FHLMC o Two years for extenuating circumstance
o Four years for financial management
Conventional financing
The following waiting period requirements apply:
FNMA o Two years for transactions with a maximum LTV of 80%
o Four-year for transactions with a maximum LTV of 90%
o Seven years for transactions for transactions with an LTV greater than 90%
FHLMC o Two years for extenuating circumstance
o Four years for financial management
Respond to this report!
What's this? 
