• Report: #977982
Complaint Review:

Franklin Mortgage Solutions LLC

  • Submitted: Tue, December 04, 2012
  • Updated: Thu, December 06, 2012

  • Reported By: Donna — Louisville Kentucky United States of America
Franklin Mortgage Solutions LLC
West Central Avenue Internet United States of America

Franklin Mortgage Solutions LLC Buyers Beware Jackup the Fees, keeps you hanging, intimidating then refuses to cooperate Internet

*REBUTTAL Owner of company: franklin mortgage solutions rebuttal to "Donna"

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Sought this company out to refinance my mortgage after they sent me a postcard stating I was preapproved, could lower my interest rate to 3.5%.  Immediately then sent me paperwork showing my refi was going to increase my loan amount, drop my interest and payment around $100 and provide me with cash flow, no payments for two months. 

I proceeded to engage in business with them, paying $450 for an appraisal, which I didn't need had they went with the Streamline Loan like I requested, he stated that would cost me more money (which it woulnd't have) I requested a refund on the appraisale which they refused and I just received that this week, nearly three months after. 

When I asked about my closing dates, couldn't make it by the end of the month, then mid-September 2012 still no closing, so I contacted other companies and was provided a GFE (good faith estimate) of their fees and found FMS was overcharging me by nearly $8,000 more just in fees than the other companies I contacted.  I chose to work with the new mortgage company and cancelled with FMS two days before they called to close the end of September.  They then withheld my FHA case information, so the new company had to have me sign and request from FHA directly the case which then caused me to not be able to close by end of October, but beginning of November.  This resulted in another month of PMI fees $2400, plus another mortgage payment and a month of interest.  Do not work with Steve Ellis and team unless you want to pay $7-8K more increasing your mortgage payments.  I filed a complaint with BBB and got nothing, I filed with ConsumerFinance... so HUD is investigating them now.  Received an email from the President of the company advising me they are only a Broker, not a lender.  Request for a refund from the Appraiser Vendor company they used since it took so long since they did nothing wrong. 

This report was posted on Ripoff Report on 12/04/2012 03:05 PM and is a permanent record located here: http://www.ripoffreport.com/reports/franklin-mortgage-solutions-llc/internet/franklin-mortgage-solutions-llc-buyers-beware-jackup-the-fees-keeps-you-hanging-intimid-977982. 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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#1 REBUTTAL Owner of company

franklin mortgage solutions rebuttal to "Donna"

AUTHOR: Franklinmtg - (United States of America)

Donna was given exactly what was properly disclosed to her.   Unless a current lender agrees to change the terms of the current mortgage, the balance of loans on a refinance always goes up.   This again was properly disclosed numerous times to Donna prior to having ever had her pay for an appraisal. 

Donna was advised by a title company that we never use that she was paying too much and she should use another mortgage company that they had a business relationship with.  

This other company provided her with a Fees Worksheet instead of a Good Faith Estimate which is not proper disclosure.   We were provided the Fees Worksheet and once the items that the other company decided not to disclose were added to it Donna was paying more with them.   We advised Donna of this and she still decided to go with the other company.  

We told Donna that we could not release the FHA case number due to us not being the lender.  

Lenders are now required to order all case numbers.   We informed Donna that her new lender would contact the lender showing on the case number assignment and get a transfer.  We deal with things like this for customers every day.  

Donna did ask for a refund on the appraisal.   We did not collect any money from Donna for this so we can not refund her any money.  

All appraisals are ordered through an approved and supervised Appraisal Management Company(AMC).   This is a third party that is not affiliated with FMS in any way.  The appraisal can and should be used by her new lender.   The appraisal can be
transferred.   The appraisal was delivered to Donna via regular mail and email on several occasions. 

We cannot comment on the another month of PMI fees $2400 as stated by Donna due to not knowing what she is talking about.    She does not pay $2400 a month in PMI.   As for the another mortgage payment, all of our borrowers are expected to continue to pay their current mortgage as required until their new loan is complete.  

With the huge amounts of new regulations put on brokers and lenders this has put a huge slow down on the process of completing a new loan.  FMS only incurs costs until the new loan is complete.   We do not make a penny until the loan is complete so we have every incentive and intention to complete the loan as fast as the lenders will allow.

FMS strives to be as good as we can possibly be with customer service.   We want every consumer to feel well taken care of by FMS and feel good about referring us to others.   Steve Ellis is a very good loan officer who has very good feedback from his clients.   We wish Donna good luck with her new lender and hopes she receives what she is looking for from them.

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