• Report: #742957

Complaint Review: Reliance First Capital

  • Submitted: Mon, June 20, 2011
  • Updated: Wed, June 22, 2011

  • Reported By: Chris — new freedom Pennsylvania United States of America
Reliance First Capital
1777 Sentry Park West, Ste 201 Blue Bell, Pennsylvania United States of America

Reliance First Capital Verified REVIEW: Customer Satisfaction Commitment: Reliance First Capital remains committed to customer satisfaction. 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.
*UPDATE: Recognized by Ripoff Report Corporate Advocacy Program as a safe business service Reliance First Capital, feel safe, confident & secure when doing business with Reliance First Capital. Ripoff Report Verified

*UPDATE Employee: From Reliance First Capital

*UPDATE Employee: From Reliance First Capital

*Author of original report: Rebuttal/Update

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Ripoff Report Verified REVIEW:

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 ..

======= NOW TO THE ORIGINAL REPORT THAT WAS FILED

======= Reliance First Capital RK Wilson Reliance First Capital- great at selling, terrible at follow through Blue Bell, Pennsylvania

Reliance First Capital is great at taking your money-
$400 for appriasal fees, and even better at stringing things out- began process in March 2011, now end of June come to find out they can't do what they said they could.

Promised a refi of 1st loan, while keeping second in place. Now told- almost 2 months after appraisals were ordered.

Now they refuse to refund fees.


This report was posted on Ripoff Report on 06/20/2011 09:59 AM and is a permanent record located here: http://www.ripoffreport.com/r/Reliance-First-Capital/Blue-Bell-Pennsylvania-19422/Reliance-First-Capital-Verified-REVIEW-Customer-Satisfaction-Commitment-Reliance-First-C-742957. 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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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

From Reliance First Capital

AUTHOR: Larry Karpen - (United States of America)

Chris,
 
Thank you for taking the time to speak with me the other day and for posting an update.  I am glad we were able to discuss your situation.
 
I would like to take this opportunity to post the following for other consumers who take the time to view this posting:
 

While I have refrained from posting a response to previous postings (as I let the customers themselves post an update), I believe it will behoove many homeowners if I highlight a recurring misconception.   Let me clarify that Reliance First Capital does not perform property appraisals nor does our company receive any part of any appraisal fee.  Appraisal fees are paid entirely to an unaffiliated third-party appraisal company.  Furthermore, Reliance First Capital has no control over the appraised value of a home.   Our companys sole purpose is to provide loans that deliver a net tangible benefit to our customers.  If an application for a loan does not close for any reason, Reliance First Capital receives no financial benefit whatsoever. 
 
I understand the value of this website and the right for any consumer to post their complaint.  But I also believe that consumers may sometimes be a bit too quick these days to jump to the web with their complaint before properly seeking out a resolution.  Posting negative comments on the web does not automatically equate to receiving a resolution, and may in some circumstances be counterproductive.   In addition, the negative comments posted in haste and frustration end up having an impact on many good, hardworking people.  In my discussions with consumers, some have regretted their posting and wish they could remove it.but once the posting is up, it cant be removed.  So I ask that consumers pause and reflect before making a posting.
 
We strive to achieve complete customer satisfaction, and thus if one of our customers has any issues regarding their experience with our firm, I encourage them to reach out to one of our Branch Managers/Team Leaders whose contact information is always provided at the outset and continually provided through correspondence.  In addition, anyone can call our Toll-Free HQ number (866-735-9004..which is listed on almost every page of our website) and speak with our Customer Relations department.  Providing superior customer service is of the utmost importance to everyone within our organization.  We are a direct-to-consumer mortgage banking firm and we never forget that our customers are our first focus.
 
Please note that while our company has spoken with hundreds of thousands of homeowners and closed thousands of loans, there are only a few complaints against our firm posted on this site..and all of them have been resolved or we attempted to resolve them.  As the owners of this website themselves say, every company receives complaints, but how they handle those complaints separates good business from bad business."   In addition, we have hundreds of actual customer testimonials which can be found on our website (http://www.reliancefirstcapital.com/testimonials.html), as well as results from our customer surveys.  I hope everyone keeps these facts and statistics in mind when judging our firm.
 
Sincerely,
 
Larry Karpen
Vice President, Marketing
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#2 UPDATE Employee

From Reliance First Capital

AUTHOR: Larry Karpen - (United States of America)

Chris,
 
Thank you for taking the time to speak with me the other day and for posting an update.  I am glad we were able to discuss your situation.
 
I would like to take this opportunity to post the following for other consumers who take the time to view this posting:
 

While I have refrained from posting a response to previous postings (as I let the customers themselves post an update), I believe it will behoove many homeowners if I highlight a recurring misconception.   Let me clarify that Reliance First Capital does not perform property appraisals nor does our company receive any part of any appraisal fee.  Appraisal fees are paid entirely to an unaffiliated third-party appraisal company.  Furthermore, Reliance First Capital has no control over the appraised value of a home.   Our companys sole purpose is to provide loans that deliver a net tangible benefit to our customers.  If an application for a loan does not close for any reason, Reliance First Capital receives no financial benefit whatsoever. 
 
I understand the value of this website and the right for any consumer to post their complaint.  But I also believe that consumers may sometimes be a bit too quick these days to jump to the web with their complaint before properly seeking out a resolution.  Posting negative comments on the web does not automatically equate to receiving a resolution, and may in some circumstances be counterproductive.   In addition, the negative comments posted in haste and frustration end up having an impact on many good, hardworking people.  In my discussions with consumers, some have regretted their posting and wish they could remove it.but once the posting is up, it cant be removed.  So I ask that consumers pause and reflect before making a posting.
 
We strive to achieve complete customer satisfaction, and thus if one of our customers has any issues regarding their experience with our firm, I encourage them to reach out to one of our Branch Managers/Team Leaders whose contact information is always provided at the outset and continually provided through correspondence.  In addition, anyone can call our Toll-Free HQ number (866-735-9004..which is listed on almost every page of our website) and speak with our Customer Relations department.  Providing superior customer service is of the utmost importance to everyone within our organization.  We are a direct-to-consumer mortgage banking firm and we never forget that our customers are our first focus.
 
In conclusion, please note that while our company has spoken with hundreds of thousands of homeowners and closed thousands of loans, there are only a few complaints against our firm posted on this site..and all of them have been resolved or we attempted to resolve them.  As the owners of this website themselves say, every company receives complaints, but how they handle those complaints separates good business from bad business."   In addition, please note that we have hundreds of actual customer testimonials which can be found on our website (http://www.reliancefirstcapital.com/testimonials.html), as well as results from our customer surveys.  I hope everyone keeps these facts and statistics in mind when judging our firm.
 
Sincerely,
 
Larry Karpen
Vice President, Marketing
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#3 Author of original report

Rebuttal/Update

AUTHOR: Chris - (United States of America)

Spoke with VP of Marketing last evening. Assured me that things were on the up and up and that reasons for slow follow through were on the end of a 3rd party. Mr. Wilson is doing his job correctly, just not always with the fun, jovial attitude of all the co-workers.
Apparently all monies paid for appraisal go direct to appraisal company and none go to Reliance. Will have to take that up with Appraisal company.

Reliance sought to make things right after emails were sent and this report filed.
This is more than I can say for some other companies who would not take any corrective action.

Therefore I would say that Reliance is doing what they said they would and backing it up.
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