• Report: #263287

Complaint Review: Residential Finance Corporation - Danielle Weiss

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  • Submitted: Thu, July 26, 2007
  • Updated: Fri, March 02, 2012

  • Reported By:Schwenksville Pennsylvania
Residential Finance Corporation - Danielle Weiss
401 North Front Street Suite 300 Columbus Ohio 43215 Nationwide U.S.A.

Residential Finance Corporation - Danielle Weiss Loan Officer Settllement will be tomorrow oh no never mind its declined ripoff Columbus Ohio

*UPDATE Employee: Residential Finance Corporation

*General Comment: Today's Lending Climate

*UPDATE EX-employee responds: The company is a joke-

*Consumer Comment: Mortgage Lending is not easy.

*Consumer Comment: I believe the consumer side

*Author of original report: WELL !! August 3rd and after 3 months I FINALLY get the turn down letter !!!

*Author of original report: update

*Consumer Comment: Why so long?

*REBUTTAL Owner of company: This report is defamatory and not accurate

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I applied to Lending tree.com and this company contacted me. I was also contacted by 7 other companies for a refinance loan. I trusted Danielle Weiss with Residential Finance Corporation out of Ohio, she knew that we did not have perfect credit and we needed this loan asap.

I recieved several emails and calls (which I saved) promising to make this closing happen. It was pushed back several times and every time I called or emailed her she reassured us "Don't you worry, it's MY job to worry about this, it's in my hands" HA Well after 2 1/2 months her responses were fewer and fewer and her calls were not returned for days.

We got a very suspecious call from someone representing Residential Finance Corporation stating that if we paid off one credit card it would really help our loan to go through. Like fools we paid it. Danielle Weiss was horrified because this person worked for another company NOT Residential Finance!!

We got a call the other night from her stating that they could NOT do the loan!! We were so shocked because every email I saved was positive (ALWAYS saying she is checking on it and it looks good)

Our credit is now ruined. We counted on this loan and had NO clue it would NOT happen. When I called her and emailed her all she kept saying is "I know I promised..sorry" What kind of BUSINESS is this? DO NOT FALL FOR THIS Company!


Bridget's not letting up
Schwenksville, Pennsylvania
U.S.A.

This report was posted on Ripoff Report on 07/26/2007 07:01 AM and is a permanent record located here: http://www.ripoffreport.com/r/Residential-Finance-Corporation-Danielle-Weiss/nationwide/Residential-Finance-Corporation-Danielle-Weiss-Loan-Officer-Settllement-will-be-tomorrow-263287. 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:
0Author 8Consumer 1Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Residential Finance Corporation

AUTHOR: WeCloseLoansFAST - ()

Your post is hilarious. Your mad because you have bad credit. Nobody to blame but yourself. You sound like the type that as soon as they get a loan will not make payments & try doing a LAN mod cause they heard a neighbor did something similar. 

The only problem I see is no one telling you upfront your credit is bad and it's a tough loan to do. At the end of the day this is today's lending environment. Have a problem with that than together a massive group & head to Washington. Otherwise dont kill the messenger who seems was only trying to help you. Also if she told you to pay down your credit card IRS your responsibility. Who charged on your card you or the loan officer.

while your at it write a Blog on dismantling the IRS as more people will be sympathetic.

A mortgage veteran tired of hearing customers whine about their credit or lack thereof.

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#2 General Comment

Today's Lending Climate

AUTHOR: WeCloseLoansFAST - (United States of America)

I to am also not associated with Residential Finance Corp but have been in the mortgage industry for over 10 years and run a sucessful and highly ethical branch. 

The Lending game has changed. We live in an age of loan buy backs that can cripple or BK a company. It's all about risk tolerance and bank overlays. Look Fannie Mae is insolvent, as is Freddie Mac, all the banks I call "Too Big To Fail" are either getting out of the mortgage industry or minimiszing their volume, except one.
The government got so involved & we really dont have anyone running HUD that truly understands the retail origination pproblems. 

If your mad as hell than dont take it out on some poor loan officer who thinks she can help you. And god forbid if this loan was an FHA loan and you have underwriters possibly afraid of losing their DE, so the new mantra is when in doubt - decline the file.

Today's loan officers need to understand guidelines better than an underwriter, so they can challenge them when necessary, and also market themselves non stop like a marketing machine to keep their pipeleines full so they can have a job. Tough business today.

All on top of the Federal Reserve passing a law called RegZ that regulates their income & states a loan officer can only make a predetermined set amount of money. All while being a key force in helping homeowners either refinance to lower their monthly mortgage payments, or to purchase a house and jump start the economy by getting housing moving again.

I think this borrower needs to have accountability to whatever mess they got themselves into and we all need to understand that "Welcome to the new world of mortgage lending". Have a problem then go write your congressman and put some heat on the politicians and not a Blog.








 
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#3 UPDATE EX-employee responds

The company is a joke-

AUTHOR: Andrew - (United States of America)

Bridget I can only imagine how awful of an experience you had with this company. I sadly worked at that hell hole for 6 months. The owners and management are just jokes. I find it hard to believe that they are not shut down by the government. To anyone that reads this, and is looking at doing business with this company, beware. I am sure every company has complaints, and ex-employees that want to trash talk. I won't be that guy.

The company has the highest rates and fees. They believe that because they do direct mail most clients won't shop to see if they are getting a decent loan. Do yourself a favor and call your bank, or check out www.bankrate.com.  Also be sure to find out how many points they are charging you. They won't be upfront with you about anything.
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#4 Consumer Comment

Mortgage Lending is not easy.

AUTHOR: Bill M - (United States of America)

I am a loan officer but don't work for Residential Finance in any way or have any connection to them.  I happened to come across this report and think all of the comments here are unfair.  Some things that average consumers may not know: 

In August most underwriting times were exceeding 30 days at every lender I work with.

There are very few lenders that do FHA loans for under 640 credit scores and the ones that do are terrible and by far slower than other lenders.

Loan officers don't make the decision on funding a loan.  They try their best to help borrowers but can never guarantee a loan is going to close.

Based on what I've seen, I don't think this loan officer could have done anything different to improve the situation.  I also think it is really unfair to put her personal name on a website such as this because she was unsuccessful in trying to help someone with admittedly bad credit get a loan.  I didn't see anywhere with the reason why the loan was turned down but I can think of a dozen reasons why this would happen and it would take at least a couple months to get far enough in the process to find the issue that caused it. 

The guy that says it has never taken more than 5 days to get a loan approved has either never taken out many mortgages or is a liar.  With HVCC you can even get an appraisal let alone a full loan approval in that time.

Getting a mortgage is PRIVILEGE and not a right.  If you need a loan to "save you credit" then it is a loan that shouldn't get approved in the first place.  
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#5 Consumer Comment

I believe the consumer side

AUTHOR: David Tampa FL - (United States of America)

Dear David, @ RFC, I in no way believe all your side right now. I have a very high credit score and your company has drug me around which almost cost me a buy.  Lucky for me I was able to switch brokers and save my contract with seller. I would not even get involved on a forum like this, but your company is holding something that is mine which I paid for. Its my appraisal and there is a request for its release. FHA will take matters as the days drag on. You know how it works?  Prove me wrong and give me back what I paid for.  For now, proof is in the pudding! Your company certainly is dragging me out! I have all the emails. You didn't deliver and said you could! Sounds like your first issue! Lets move on and give me what rightfully mine and stop my delays! Oh, let me add, my other broker not only quickly got my loan commitment letter, they secured a lower rate. I would had easily made original closing date with this company. Where there is smoke there is fire. I'm sorry, I just can't believe you treated this person fairly after the way I have been treated. They needed to hear the truth from your agents. Everone needs to hear the hard truth. Did I mention that your company gave me a social security number of somebody on some docs to sign, with a line through the number and mine wrote in? Yikes, you gave me someones personal information. Lets hope its not a real number that belongs to someone!  It sure looks real to me!  I wish no harm for you or your business, but lets all tell the truth. We all know we will face problems in business. Its how we resolve the problems which makes us different. People deserve to hear the truth and I believe owners like you need the truth to make their business run smoother.  I believe when you treat people fairly it will come back around. You have a person with a credit issue and they complained you drug them out. I'm fortunate to have a high score and you drug me out. Odd, isn't it? We both seem to have the same story of being drug around! You need to hear this! Please help me by releasing my appraisal so we can all move forward.  Prove to me that you are in fact a reputable company. I will galdy update everyone as needed becaue I'm ethical. For now, proof is in the pudding! I'm sure you will have some political corporate answer, but who do you think people will trust in the end? I'm a simple honest working man. Word of mouth will build you up or tear you down my friend.

Thanks,

David
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#6 Author of original report

WELL !! August 3rd and after 3 months I FINALLY get the turn down letter !!!

AUTHOR: Bridget's not letting up - (U.S.A.)

Low and behold in todays mail we finally get out turn down letter ..what a joke.
They stated that one of the reasons for the turn down was Diminished Property Value which I find so funny seeing that we bought the house 6 years ago for $107,000 and just had it appraised for $193,000.
We never so much as got a phone call from this company to try and resolve this. ONLY EMAILS.
I filed a complaint with the Better Business Bureau, HUD, Federal Trade Commision, lending tree just to name a few and I will continue to do so until we get what was promised, or so no other person goes through what we have these past three months. This isn't a business its a "Yes you to death company" Because if there was ANY sign that there was a problem you better believe we would have pulled out of this place in a heart beat. We have applied with three other mortgage lenders and two of them told us that if we had applied in MAY when we applied with RFC and pulled out we would of gotten the loan and closed within a month of applying. What a waste of three long months this has been and now to get this " I AM SORRY" Crap " In our Conversations" HA they didnt even have the courtesy to CALL They're response from BBB. IT just makes me sick.

IF there is anyone involved with a class action suit with this company please contact me.

OR... if there is website or someone else I can write to to file a complaint please let me know. I am NOT giving up and I don't want anyone else going through what we just went through with this company.




We are meeting with an attorney we just hired next Friday I am SURE things will look up !!
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#7 Author of original report

update

AUTHOR: Bridget's not letting up - (U.S.A.)

UPDATE. August 2nd. STILL no turn down letter from Residential Finance.

To the gentleman from NY

Our scores were low. But, this woman promised me up and down that they had a program for this, and when someone is saying EXACTLY what will be paid off within the next week and that settlement WILL be by the end of the month. It does make for promises not kept.

I hate to waste money on a lawyer because things are tight, but thats what we have to do. We listened to every message left and read every email and believe me if you saw these you would have felt SURE that we were going to close SOON. It does trouble me why it took so long as well.

Well I guess we shall see. Glad I kept all the correspondence from this Company !!
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#8 Consumer Comment

Why so long?

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

David, I agree that Residential Finance Corporation did not directly ruin her credit but I have to ask why it took your company so long to finally inform the applicant that the loan was denied?

I'm 53 years old with 2 small companies - I've applied for credit of various types since I was 18 and it never took more than 5 business days to receive a definitive YES or NO to any of my loan/credit applications, private or business.

2 1/2 months, as stated by the report, is an unacceptable (to me) amount of time to process a loan application. I understand that your company may have been trying to "work" the application to get an underwriter to approve a less than "sterling" loan application but 2 1/2 months to decide? I would have withdrawn my application after 2 weeks (assuming I had a low FICO score and was hoping you could work something out to get me a loan.)

As with most of the reports here, there are 3 sides to this story - hers, yours and the wavy line down the middle called the truth.

It's clear to me that she had credit issues before seeking this loan, but I think you can agree, that a more speedy definitive answer from Residential Finance Corporation would have spurred her into seeking other options to her difficulty. And, in fairness to you, she probably shouldn't have placed all of her credit resolution eggs in one basket - the possible loan from you - and had a backup plan to resolve her credit issues without getting another loan.
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#9 REBUTTAL Owner of company

This report is defamatory and not accurate

AUTHOR: David K. Stein - (U.S.A.)

It is unfortunate that this misleading report was filed. Much is said about mortgage companies that make loans to people that should not qualify for a loan, but this case is the opposite. This is a case of a mortgage company that took a conservative approach to established lending guidelines.

Due to federal and state privacy laws, the reasons for this loan application being refused cannot be disclosed publicly. Therefore, all the public is treated to is one side of a story about a company that has a great track record for customer service and ethical guidelines.

No one at Residential Finance "ruined" anyone's credit, as is claimed. Moreover, Residential Finance did not rip anyone off. The only complaint that is made is that this person was declined a loan.

This report is designed to simply put the company is a bad light. Fairness would dictate that the complaint be based in fact, not fantasy. As stated, specific details to rebut the complaining party cannot be revealed, due to the privacy laws, however.

Unfortunately, due to the current mortgage market conditions, it is very difficult to make loans to people who may have qualified in the past. The sound and prudent companies, who wish to stay in business, and not take advantage of consumers, share this approach.
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