Lending Solutions, Inc. LSI Mortgage Plus Unresponsive, ordered appraisal before ensuring loan was possible, RIPOFF - Duluth, Georgia

I feel I owe it to LSI to post an update based on the efforts of one Daniel I. After posting my initial report I made one last-ditch effort by calling their main number and just telling my story. I was eventually put in touch with Daniel who was very apologetic for my previous experience and he accepted the challenge of making things right.

I won't give specific details of how it was worked out, but suffice to say that they made up for past mistakes. Every assurance I asked for was met. Fast forward a few weeks and I have completed my refi at the original term and rate I was quoted by Marshall.

My impression of LSI has improved greatly due to Daniel's efforts. I know the mortgage process is rarely smooth and mine was rougher than most, but in the end I am completely happy with the outcome. For anyone else out there having issues with LSI, find someone else to talk to over there. Hopefully they have more folks like Daniel who want to do things right.

I finally found a document about loan and financing on HUD web site - http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.1/41551HSGH.pdf - and I think the last date it was updated is in March 1, 2011 (according to the document). The section related to this topic, I believe, is Chapter 4, Section C on Short Sale. (Took me quite a while to search for and read through.)

Now, when "the employee" said the document could be changed during the time this refinancing occurred, it should then be early last year? If it was, your employee should know about it if he was up to date to the rules.

My guess is that he was not up to date or misunderstood that it was 2-year term. Once he found out it was 3-year term, he was trying to drag it out to hit 3-year mark. It was nice of him to offer to pay for the next appraisal, but he may not need to pay out of his pocket! There are rules about FHA appraisal in the same document (no need a new appraisal required within 6 months).

Yes, he needs money for his family and his business practice to solve the problem is somewhat acceptable, but he should have issued the refund if the client does not accept his offer. Then this problem would have been resolved without involving his company. There are reasons why he wanted to drag it out.

PS: I agree with the author that "the employee" needs a better writing. English is not my mother tongue, but I do not neglect the language's grammar and try to get it right. Being ignorance indicates level of education.

LOL @ your grammar and spelling. Oh yeah, your argument holds no water. Those guidelines haven't changed recently and he should have been up to date on them especially since he knew about the short sale up front. Since the appraisal company is also named LSI I doubt there was nothing in it for LSI Mortgage and/or Marshall Parker.

i responded to the possiable solutions to the problem, and your demeaner cleary shows there are two sides of the story, maybe its you thats hard to work with, and there isent one thing that you cannot find on the internet, now days anybody can post a complaint about any company or person about anything they want, that doesent mean they are right, its there opinion, heres what you dont know and maybe didnt take into consideration, maybe at the time of your application it was acceptable to go the route that he was trying to use, but during the process, HUD decided to change the guidelines and now your deal was out of program, this happens all the time. and did you ever think that it does not benefit him to not close your loan??, he probaly has a family he has to take care of too just like you do and because the change in the guideline he does all that work and gets nothing in return??

Even though the rep is not at your company any more, don't you think that it is a bit rude and arrogant reply? Often times, people who do not work in the field do not know where to look for the information or even what to look for. Therefore, they rely on the rep to tell them what they need to know. It is obviously your rep fault not to inform the OP in the first place; therefore, it is a part of your company responsibility for your own (ex) employee. If you come up and apologize about what happen, I would at least feel that it is an appropriate action. However, coming in with this attitude that everyone knows what you know is really deserved to be a rip off.

the rep called out in the complaint apparently is no longer a rep for the company, was this option explored?? see below.  any of these general guidlines are published on fannie mae, freddie mac, huds or the VA's site and are not secrets. you had as much access to them as he did, granted its his duty to know these or research them. but they are there for anyone to be proactive.

Conventional financing
The following waiting period requirements apply:
FNMA o Two years for transactions with a maximum LTV of 80%
o Four-year for transactions with a maximum LTV of 90%
o Seven years for transactions for transactions with an LTV greater than 90%
 
FHLMC o Two years for extenuating circumstance
o Four years for financial management