• Report: #649924

Complaint Review: Reliance First Capital LLC

  • Submitted: Tue, October 12, 2010
  • Updated: Tue, May 10, 2011

  • Reported By: TNT — Bowling Green Kentucky United States of America
Reliance First Capital LLC
810 Crescent Centre Drive Suite 220 Franklin, Tennessee United States of America

Reliance First Capital Verified REVIEW: Reliance First Capital commitment to customer satisfaction. Reliance First Capital continues to provide a superior level of customer service to homeowners looking for mortgage solutions.
*UPDATE: Reliance First Capital LLC (NMLS # 58775) enrolls in the Ripoff Report Corporate Advocacy, Business Remediation and Customer Satisfaction Program. A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. Reliance First Capital is recognized by Ripoff Report Verified

*Consumer Suggestion: 20% equity stake not required

*General Comment: You were denied refinancing because you lacked 20% equity

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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 LLC  Facing Foreclosure & Soon to be Homeless, Franklin, Tennessee

In late July of 2010, we were solicited by phone to refinance our home.  Fred Scott with Reliance First Capital contacted us & stated that he could get us an FHA loan with the APR fixed & at least 2% cheaper than our current mortgage loan with escrow included, also we would have equity left over to pay off some other bills we had & we would close this loan within approximately 2 weeks, this would of course be before our next loan payment would be late, which was by the 15th of August.  We were told we would not have to make another house payment on our current loan, instead all we had to do was pay for an appraisal, up front of course. 

 On July 29 our checking account was debited for $400, the appraiser arrived on August 4 @ 11:00 AM.  The appraisal company was C & M Appraisals was represented by Dann Cann of Leitchfield, KY.  Actually getting the appraisal completed & availabe for review ran past our August 15th deadline.  Our house was built in April of 2008 & the construction loan was for $120,000, appraised value was more than we paid to build.  Property taxes are valued still @ $120,000.  Per Fred Scott our current appraisal was $104,000 & there were problems with what the appraiser found that needed to be addressed before we could proceed with the loan.  The ground underneath our house was damp, & we had to buy an industrial fan to dry any moisture.  Of course this was Fred's suggestion & cost us an additional $275, which we did not have.

It was then mid September,our loan would not go through unless we then paid an additional $175 to the appraiser.  We paid this fee & the recertification was done on September 27, which by way got us nowhere.  I have spoke to Fred Scott repeatedly only to be put off yet again.

It is now October 12 & we are now in default on our mortgage due to paying these additional expenses.  Our foreclosure letter has arrived & we have been given until the end of October to come up with 2 house paments now total due $1,450, which we do not have. 

Our stupidity has cost us $850, which of course is nonrefundable.  I can't even get a copy of this so called low appraisal either, per the appraiser it belongs to Reliance even though I have already paid for it.  Soon to be Homeless & at the end of my rope.  All complaints you see about this company are true,  STAY AWAY!!!!!!!


This report was posted on Ripoff Report on 10/12/2010 07:28 AM and is a permanent record located here: http://www.ripoffreport.com/r/Reliance-First-Capital-LLC/Franklin-Tennessee-37067/Reliance-First-Capital-Verified-REVIEW-Reliance-First-Capital-commitment-to-customer-sati-649924. 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 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

20% equity stake not required

AUTHOR: mtgvet - (United States of America)

To the rebuttal saying 20% stake is required. This is completely false! FHA allows for refinances up to 97.75% of appraised value (depending on the nature of the refinance) for (FHA defined) rate/term refiances. It is limited to 85% of appraised value for cash out refinances. It appears that the individual that posted the rebuttal is from Texas, which has additional state law limitations on the loan to value on primary residences. Regardless, to the original post from Kentucky, it appears your loan officer wasn't the most experienced or forthcoming on it. He should have never advised you not to pay the payments while the process was going. The mortgage company didn't handle it as well as it should have been, but the mortgage payments need to always be paid throughout the process. The other problem you have caused yourself is that you now have at least 1 60 day late on your mortgage & that eliminates you from the ability to switch mortgage companies to get the refinance done. Also, what did you do with the $ that would have been used to pay those missed payments? I know one of them went to the costs such as appraisal/recertification/industrial fan, but you should still have the other one to help make up for the missed payments.
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#2 General Comment

You were denied refinancing because you lacked 20% equity

AUTHOR: IamGood - (USA)

Dude:

You were denied refinancing because your equity stake in the house is negative.  You must have at least 20% equity in your home before you are allowed to refinance.

You should not have stopped paying on your home.  That is your fault for stopping.  I dont care what they told you.  They assumed that you would have had equity in the house, but you did not. 

I saw where you were thinking because your property was valued at 120,000 by the taxing authority, that ment you had equity.  The actual market value of your house was 104,000. 

It sucks I know, the housing market bubble burst, and everybody is hurting.  I guess I dont understand though why you were refinancing.  your monthly payments were only 725.00 a month.  That is cheap for a 120,000 home. (did that include escrow?)

Anyway, perhaps you can take out a car title loan and pay the 1425.00.  You may lose your car to the title loan company later, but would you rather lose a house, and end up living in your car?

 

 

 

 

 

 

 

 

 

 

 

 

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