EMBRACE HOME LOANS DARN CROOKS NEW PORT, Rhode Island

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