• Report: #666686

Complaint Review: Reliance First Capital in Pennsylvania

  • Submitted: Tue, November 30, 2010
  • Updated: Thu, June 14, 2012

  • Reported By: Rene — Elk Grove California United States of America
Reliance First Capital in Pennsylvania
501 Holiday bldg 4 suite 200 pittsburgh, Pennsylvania United States of America

Reliance First Capital REVIEW: Reliance First Capital customers feel safe, confident & secure when doing business with Reliance First Capital. Reliance First Capital is committed to customer satisfaction by providing a superior level of customer service. Commitment to Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction & confidence when doing business.
*UPDATE: Reliance First Capital LLC (NMLS # 58775) is recognized by Ripoff Report as a Verified Safe business.

*Consumer Comment: Appraisals are to be paid up-front

*Author of original report: response to complaint

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EDitors UPDATE: A positive rating and recognition has been given to Reliance First Capital, LLC (NMLS # 58775) for its commitment to excellence in customer service. As a direct-to-consumer mortgage lending firm, they know that their customers are their number one priority so providing great customer service is always their focus. Their dedication to superior customer service is fortified by continuous employee training on many levels. Furthermore, I think its important to point out that their Mortgage Analysts go through rigorous testing and background checks by the Federal Government, State Governments and by the organization itself. Also, every one of their Mortgage Analysts is registered with the National Mortgage Licensing System & Registry (NMLS) as is the company (NMLS ID: 58775). All of this should give you, the consumer, a strong level of comfort when dealing with both their company and their Mortgage Analysts.

Most of the information provided in this report is based on comments made by Larry Karpen during an on-site inspection held by a third party verification company with no biases toward Reliance First Capital.

Reliance First Capital handles millions of phone calls per year, works with hundreds of thousands homeowners and has closed billions of dollars in loans. The Company has thousand of satisfied customers across the nation who have obtained their financial goals and improved their lives because of the dedicated mortgage specialists at Reliance First Capital who provided excellent customer service.

Larry Karpen, a Vice President at Reliance First Capital, has spoken with Ripoff Report and he further confirmed their Companys commitment to customer service. As a direct-to-consumer lending firm and we never forget that we are here to serve our customers, explained Karpen. So much so, that after a loan is funded, we ask all of our customer to complete a survey and rate their experience. We showcase the results on our website for all to see as well as comments/testimonials that our customers have authorized us to provide. That is just one way how we continue to ensure that our dedication to superior customer service is maintained.
Reliance First Capitall is Rip-off Report Verified
Ripoff Report Verified .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..

At Reliance First Capital, the entire process begins and ends with our experienced Mortgage Analysts, continued Karpen. And, as stated previously, theyve been put through rigorous testing and background checks by the Federal Government, State Governments and by our organization. Also, every one of our mortgage analysts are registered with the National Mortgage Licensing System and Registry (NMLS). In addition, consumers can be comforted to know that any information collected by our Mortgage Analysts is entered into and kept in our secure password-protected proprietary loan origination system, so you can be sure your information is safe. The safety and confidentiality of personal information is, and will always remain, of paramount importance to Reliance First Capital. Headquartered in Melville, NY, the Company has helped thousands of homeowners realize their financial goals by refinancing a current mortgage or procuring a new home mortgage. With over $1.5 billion dollars in loans originated, the Company has six origination centers located in Tennessee, Pennsylvania, New York, Ohio and North Carolina. The Company serves homeowners in 25 states across the nation and has recently been voted a TOP TEN company by customers on LendingTree.com. The Company offers a wide range of loan programs including FHA, conventional, VA, Jumbo, USDA and more, and works with consumers with all types of credit history.

The typical standard mortgage transaction starts when the consumer contacts Reliance. The client is then assigned an analyst to discuss the desired goals. Once a product is chosen, permission is obtained to run the clients credit. Upon favorable review of the credit report an appraisal is ordered for the client property. If the appraisal is in accord with the loan requested a customized loan program is formulated, client documents are obtained, and a loan package is put together and then forwarded to the underwriting department. The underwriters can approve, deny or request additional stipulations from the client. If all the paperwork is approved a title search is conducted. The final step in the process is to set the closing date and to fund the loan.

Leads are generated through internet services such as LendingTree.com or LowerMyBills.com or they are received through telemarketing. Once a lead is generated a sales call is made to discuss the consumers needs and goals where a customized loan program can be established.

The companys standard practice for follow up is that a manager will call all new clients to ensure that their goals are being met and to explain any items that are not understood. The manager also provides a second point of contact with the client. Follow-up is also done when the customer surveys are received. If the customer expressed any issues or concerns a manager will call them to discuss the problems and to find ways on how to improve.

Furthermore, Reliance First Capital is working to enhance current processes by holding weekly staff meetings with personnel. Discussions include what is working well and how they can correct items that need improvement. Employees receive ongoing training and education while employed with the company.

The most common complaint the company receives is that the consumer was not happy with or did not agree with the appraisal report. When this scenario occurs the consumer occasionally demands their money back. Because appraisals are conducted by a 3rd party which is in no way affiliated with Reliance First Capital, the company has no control over which appraisal company is chosen. The work was completed making it that the appraiser is entitled to payment even if the client is not happy. This is explained to the client both before and after the appraisal is done. There have been instances where Reliance has refunded the client out of their own pocket. A standard practice that Reliance uses is to generate a survey after every deal is completed. An example of this is Reliance recently had a client who felt that the appraisal report was not correct. Reliance reviewed the report and even though they found no errors or wrongdoing they refunded the client the cost of the appraisal. The customer was satisfied with the outcome and sent an email thanking Reliance First Capital.

Reliance First Capital ensures that there is a clear and constant communication with their clients. Any customer concerns or issues that arise are handled promptly and efficiently by the customer service department. Since Ripoff Report, every complaint received is now personally addressed by the customer support supervisor via telephone. This occurs usually within the first 24 hours that the complaint is generated. Reliance First Capital has also enrolled in the Corporate Advocacy Business Remediation and Customer Satisfaction Program.

The company feels that it is a benefit to be associated with the Corporate Advocacy Business Remediation and Customer Satisfaction Program. By being a part of the program it shows existing, as well as potential clients that Reliance First Capital has concern for and cares about their clients. It highlights that even great companies get complaints from time to time, and part of a measure of a company is how it handles those complaints.

Reliance First Capital recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. They realize, if handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Reports review, Reliance First Capital has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience.

In summary, after our investigation, which included discussions with Reliance First Capital, Rip-off Report is convinced that the company is committed to quality delivery of services resulting in total client satisfaction.

Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, its a long name for a program that does a lot for both consumers and businesses alike.

Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,.. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer ..



Reliance First Capital in Pennsylvania Laverne Hays and Michael Flowers My $500 helped someone have a nice shopping trip pittsburgh, Pennsylvania

When Michael Flowers of Reliance First Capital contacted me a few months ago to help refinance my home, I should have gone with the feeling in my stomach and known what he offered was too good to be true because it was.

This company made a lot of promises it could not keep.  They asked me right up front for $400.00 for an appraisal.  That is when I got that funny feeling.....but I went ahead and paid it anyway.  This man made it seem like my refinance was a sure thing and that we were approved.  When the appraisal initially came back they made it seem like everything was okay and we were a shoo in for a loan.  We felt a little apprehensive because we had done a refinance before and Michael was not asking us right away for documents that a "Senior Mortgage Analyst" would ask for right away.  Also this person encouraged me not to pay my mortgage for the next two months because of the refinance.  Thank god I have some sense and did not listen to him on that advice.  Initially, this man called us constantly even at work.

All of the sudden I didn't hear from him for awhile, and he would not return my phone calls and when I finally did get him all of a sudden there was a problem.....they didn't know we had a second on our house which was not true we were very up front about that.  He than asked for another $100.00 to try to get my credit union to do some type of report but for sure we would get that back also.  We never did and I never spoke to that man again.

I ended up being in contact with his boss, Laverne Hays who was a little better.  Not sure how much of an honest person she was though.  She ends up telling me another story about how my appraisal did not come back like they thought it would.  When I complained about Mr. Flowers being unprofessional she said he no longer worked there.  Well I called his number on and off for the next few weeks just to check and his voice still came on voice mail.  I've read other reports on this company and these people are just disgusting.  They rip off innocent people like us.  Five hundred dollars is a lot of money for us and good god what if we listened and didn't pay our mortgage?  When I spoke to another refinance agency that is legitimate he said someone should never ask you ahead of time for an appraisal fee.  That is what I thought.  Please if you  have any sense do not ever deal with these so called human beings.


This report was posted on Ripoff Report on 11/30/2010 01:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/Reliance-First-Capital-in-Pennsylvania/pittsburgh-Pennsylvania-15220/Reliance-First-Capital-REVIEW-Reliance-First-Capital-customers-feel-safe-confident-sec-666686. 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.

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#1 Consumer Comment

Appraisals are to be paid up-front

AUTHOR: Steve - (U.S.A.)

Just so you are aware; for the last several years most lenders are now required to order their appraisals from an appraisal management company. Since the management companies are a third party, they require the fee up front. If anyone tells your different that me that are simply paying the appraisal for you and fleecing you in different ways.
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#2 Author of original report

response to complaint

AUTHOR: Rene - (United States of America)

Just a note to say after this report was filed the company called me from New York and agreed to refund my $400.00. So in that aspect I was satisfied.
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