• Report: #932712

Complaint Review: EMBRACE HOME LOANS

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  • Submitted: Sun, August 26, 2012
  • Updated: Mon, August 27, 2012

  • Reported By: KEN — POTTS CAMP Mississippi United States of America
25 ENTERPRISE CENTER NEW PORT, Rhode Island United States of America


*UPDATE Employee: Embrace's processing of the application was both prudent and professional throughout.

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This bunch is a bunch of crooks I know from my encounter with them. They will get your money for the appresial and then even if the home appraises above like mine they will still not get the loan approved. If it was ever was one they. They have you faxing all kind of stuff and emailing you for a little while about a week and then they will stop. Then they tell you that the under writer has your loan papers in my case they did that for 3 weeks. Then they keep telling you that you are pre approved and you are just waiting on the under writer to finish. then they will say that there is a problem and just will not try to help you fix it. 

The funny thing in my case is that i was working on another loan after the 2nd week and had the loan approved with no problems and there requirements are a little higher.

 I hope this will help someone and save them the $395.00 that they cheat people out of.

This report was posted on Ripoff Report on 08/26/2012 06:14 AM and is a permanent record located here: http://www.ripoffreport.com/r/EMBRACE-HOME-LOANS/NEW-PORT-Rhode-Island-/EMBRACE-HOME-LOANS-DARN-CROOKS-NEW-PORT-Rhode-Island-932712. 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.

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Updates & Rebuttals

#1 UPDATE Employee

Embrace's processing of the application was both prudent and professional throughout.

AUTHOR: ChipLeakasEmbraceHomeLoans - (United States of America)

From: complaints@our-bbb.com [mailto:complaints@our-bbb.com]
Sent: Tuesday, June 26, 2012 11:23 AM
To: Peter Microulis
Subject: Copy of Response for BBB Complaint #9100625
Embrace Home Loans is in receipt of a notice that Mr. **** has filed a Consumer Complaint with the Better Business Bureau, and we have reviewed his application file to determine the factors that contributed to the credit decision on his file.

The application was accepted in April at which time a credit report was obtained, and it referenced a history of credit, and credit scores, that seemed to satisfy the requirements of our loan programs.  Embrace made the appropriate disclosures to the applicant, and obtained a fee to pay for an appraisal of his home, which was completed shortly thereafter.  The appraisal demonstrated a sufficient level of equity to proceed with the application, and Embrace continued to process and underwrite Mr. ****'s credit request.

During the routine process of underwriting his application to establish creditworthiness, it is a standard process to revisit the consumer's credit report immediately prior to the closing of the loan in order to determine if any new or different information has been reported.  Mr. **** appears to have become delinquent on his existing mortgage loan about the time the application was received, and the loan has remained delinquent since then, according to the credit update we received.

This new mortgage delinquency led Embrace to observe that it was not able to grant final approval to his request.  Prior to this credit update, it appeared that the application was on track to be approved, and ready to close.

Embrace is certainly disappointed that it was not able to approve Mr. ****'s request, however the reason was due to changes to his credit history that occurred after we had received the application for credit.  It appears that Embrace's processing of the application was both prudent and professional throughout.

If you have any questions or concerns, please feel free to contact me at your convenience.
Peter Microulis, VPEmbrace Home Loans, Inc. 401-846-3100
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