Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #676303

Complaint Review: Pleasant Valley Home Mortgage Company - Moorestown New Jersey

  • Submitted:
  • Updated:
  • Reported By: Abused Client — Somerset New Jersey United States of America
  • Author Not Confirmed What's this?
  • Why?
  • Pleasant Valley Home Mortgage Company 305 Harper Drive, Suite 3, Moorestown, New Jersey United States of America

Pleasant Valley Home Mortgage Company  Do Not Do Business With This Company. Great rate to start then bait and switch! Moorestown, New Jersey

*UPDATE Employee: Robert and Kimberly Loan Application - Rebuttal

Show customers why they should trust your business over your competitors...

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Pleasant Valley Home Mortgage Company offered the most competitive rate on a 30 yr. fixed mortgage. We locked at the bottom at 4.375% in October. We paid $400 upfront for a home appraisal (red flag) and believed we were moving forward. As rates began to move up PVHM became less and less responsive, and created obstacles towards our closing. They blamed our current lender for the delay when in fact it took PVHM several weeks to request the information needed to close. When our rate lock expiration approached we became frantic because PVHM would not give us a close date. They offered us a rate extension at an additional cost to us of $100/day. We begrudgingly accepted because rates had move up 50bps. We continued to request a closing.  Many calls to PVHM went unreturned. They even sent us important documents password protected so we could not open them, then ignored our inquiries as to if they were important.  They lead us to believe the only thing needed to close was information from our current lender. PVHM made half-hearted attempts to get the necessary document timely. We had to provide them with contacts at the lender. When we finally received confirmation that the document was received PVHM notified us that a name was spelled incorrectly and that our rate was due to expire that day, a fact disclosed in the password protected document we inquired about but were told "everything was in place to close". Ultimately, PVHM told us that there was not enough time to close and our rate would expire. They would not offer another extension but did offer another loan at current market rates (100 bps. above our lock). Bottom line, PVHM did not want our loan because the rate became unattractive. They became unresponsive, withheld important information, and dragged their feet so the rate would expire. We lost $400 for home appraisal and the opportunity to refinance at low rates with a reputable lender which will cost us over $500 per month for the life of our loan. 

This report was posted on Ripoff Report on 12/29/2010 08:50 AM and is a permanent record located here: https://www.ripoffreport.com/reports/pleasant-valley-home-mortgage-company/moorestown-new-jersey-08057/pleasant-valley-home-mortgage-companynbsp-do-not-do-business-with-this-company-great-ra-676303. 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. READ: Foreign websites steal our content

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Updates & Rebuttals

REBUTTALS & REPLIES:
0Author
1Consumer
0Employee/Owner

#1 UPDATE Employee

Robert and Kimberly Loan Application - Rebuttal

AUTHOR: John Baldino, VP of HR/Sales - (United States of America)

POSTED: Monday, January 03, 2011

The file in question was not locked on October 25th as stated, but rather on November 3, 2010. The file had been created on October 12, 2010, but Robert wanted to hold off on locking the loan. He signed a mortgage rate lock agreement on October 18, 2010, but specifically marked the application to be floated for a rate lock until he gave approval to do so. Kimberly signed disclosures on October 24, 2010 (6 days after Robert signed his disclosures).

Part of the approval was based upon a subordination of their second mortgage/home equity line with Charles Schwab. Charles Schwab uses a third party, PHH Mortgage, to handle the servicing of their loans.

An appraisal was ordered and paid for by the on October 18, 2010. As was explained by the loan officer, this is a requirement for collateral evaluation. The fee of $400 was paid to an appraisal management company in keeping with the Home Valuation Code of Conduct; no monies were given to Pleasant Valley Home Mortgage at any point. All of the work done to date has been done free of charge, and now without a closed loan, at a loss.

The initial application was going to be done using just Roberts job information, but upon underwriter review on November 14, 2010, it was determined to be non-approved. Kimberlys job and income had to be added to the application. At this point, the information for the subordination had to be updated since the Uniform Residential Loan Application was going to be changed to reflect Kimberlys job information. Once the newly approved file was completed, an updated mortgage commitment was available for Charles Schwab/PHH on November 29, 2010.

On December 6, 2010, Charles Schwab faxed a request to Pleasant Valley Home Mortgage for a bit more information to approve the subordination. PHH faxed this to another company in error and not to Pleasant Valley Home Mortgage. The error was caught on December 10, 2010, and PHH sent the request to the right number. However, Pleasant Valley Home Mortgage already knew some of what Charles Schwab/PHH would need and overnighted it on December 8, 2010.


Robert and Kimberly were kept aware of the situation throughout. There are emails from November 29, 2010 outlining what was still outstanding on this loan transaction, including the wait on Charles Schwab for an approved subordination agreement.



On December 8, 2010, Robert spoke to the Team Leader, Jack Hoban, to get an understanding of the market rates, knowing that his rate would expire soon. After the conversation, Mr. accepted the extension idea and knew that it was a much better situation than to let the rate expire.



On December 13, 2010, Charles Schwab sent the subordination agreement. Unfortunately, Charles Schwab/PHH spelled the last name wrong of their clients (they left out the n in the last name). The title company could not record a misspelled agreement as it did not match the names on title. Robert and Kimberly were called to update and then sent updated disclosures, in the same manner as all other responded-to correspondence, to extend the rate while waiting for Charles Schwab/PHH to correct the file. On December 28, 2010, the Stankoshs responded to try to extend. By this point, the rate had expired and a new lock had to be issued, unfortunately using current market pricing which was higher than the original rate.

The preference of Pleasant Valley Home Mortgage would have been to close the loan for Robert and Kimberly. We still would like to, but again, it would have to be at current rates.

Furthermore, on December 30, 2010, Charles Schwab/PHH sent over the corrected subordination agreement; it took two weeks just to add an n.

Respond to this report!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now