Complaint 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 complaint 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.
Complaint Verified. Part of complaint 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 complaint, 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 usacomplaints.com (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 consumer complaints 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, consumer complaints 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 complaint'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 complaint 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 complaint 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, complaint 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 Misrepresentation of Contract Melville, New York
On 5/16, evening at approximately 6:00 P.M., I received a phone call from Reliance First Capital, LLC regarding a new refinancing program for underwater home owners. I said I was interested and was transferred to a Reliance First Capital mortgage analyst named Carl Jamison. Carl explained that Reliance First Capital had a new refinance program called Refi, which allowed a loan-to-value mortgage of up to 125%. I asked Carl how that was possible and he stated that it was part of the Presidents HARP (Home Affordability Refinance Program).
I told Carl I was interested and he started entering in my current mortgage information and quoted me the amount the refinance would be able to save. I don't recall the exact amount but it was approximately $300 a month. I asked Carl how was it possible that they could save so much (since the refinanced interest rate only dropped 1.5%). Carl stated that we wouldn't have to pay mortgage insurance anymore (this was later confirmed by Steve Govia, Carl's boss) because we would do lender paid mortgage insurance. After hearing all this, I told Carl I was interested and he sent over a package for me to sign (by e-mail). I also authorized Carl to have an appraisal on the house done. The next day, 5/17, Carl called me because I hadn't yet finished the paper work. I told him I would finish but also expressed some concerns about the appraisal coming in too low. Carl again stated that since we are doing a 125% loan-to-value mortgage, as long as the appraisal didn't come in at $130,000 or less, we would be fine. Carl also told me I would get a full refund for the appraisal if by some chance we were unable to refinance.in addition, Carl stated that we could get the loan closed out by 6/1. A few days later the appraiser came to my house and performed an appraisal. After a few more days, I called Carl Jamison to verify that the appraisal was in, but I couldn't get a hold of him. I called Steve Govia, Carl's boss, but couldn't get a hold of him either. I finally called the Reliance First Capital operator and was told that Carl Jamison was on disability leave. I asked who would then be handling my loan. The operator stated that R. K Wilson, Carl's Team Manager, would be handling my loan. On 6/2, R. K Wilson called me about the appraisal. He stated Carl no longer worked at Reliance. He also stated that the appraisal came in at $149,000, which is $18,000 less than what we owed on the mortgage and we would have to come to closing with that amount to close the refinance. I told R. K that Carl had us on the 125% loan to value refi program. R. K stated that, while Reliance has a Refi program, it only goes to 105% loan to value. I told him that is not what Carl Jamison sold me over the phone. Unsure why Carl would offer a loan they don't have, R. Kl said he would call me back. After not hearing from R. K for 6 days (and multiple phone calls) I e-mailed R. K asking for a refund that Carl had promised and if I didn't hear anything soon I would report this to BBB. I received a phone call that day. R. K stated he wasn't authorized to give refunds and would turn my file over to Steve Govia, a Manger at Reliance First Capital. After several days of trying to reach Steve, I finally got a hold of him the first week of July. As Steve was looking over my file I asked him why Carl offered me a 125% loan to value mortgage if Reliance does not offer it. Steve stated that they do offer a 125% loan to value (contrary to what R. K Wilson had stated) but I didn't qualify because I currently have mortgage insurance. I told him Carl knew I had mortgage insurance when he first called me on 5/16. I reminded Steve that not having mortgage insurance anymore was one of the cost savings mentioned on 5/16. I also reminded Steve that he was the other person who called on the evening of 5/16 and touted the lender paid mortgage insurance (Reliance has another mortgage analyst call to ensure the client has multiple contacts, in my case, it was Steve that called). Of course he didn't remember stating it but it was clearly in my notes from that night. After almost a month of trying to resolve the refund, I finally got a hold of Steve again in late July. He stated that the legal department was going to issue a refund and would be calling me that day. The phone call never came. I gave Reliance a week to call me. They never called. After another week, I called Steve again and got a phone message, this time it was different. Steve was no longer the manager; someone named Ron Tobin had taken over for Steve. I left a message for Ron. Ron called back the next day and looked in my file and told me why I was disqualified from refinancing under HARP (due to the mortgage insurance this time, not the appraisal).
I told him I understood but explained how on 5/16, one of their mortgage analysts (Carl Jamison) offered me a 125% loan to value refinance and that I wouldn't have to pay mortgage insurance anymore. I told him that was a misrepresentation of contract (offering a product they don't have to get me to sign a contract). Ron apparently agreed and stated he would call me back after he spoke with the legal department. He never called back. After a week of trying, I finally got a hold of Ron and he told me I should get a call from the legal department that day. The call never came. After two more weeks and 8 messages later, I finally got a hold of Ron again on 8/31 at approximately 2:30 MST. Ron acted surprised that no one had called me. He assured me someone would call me within 45 mins. It is now 3:45 MST, and no one has called. This company cost me $475 in an appraisal and then declined to offer the original refinance program offered on 5/16 by Reliance First Capital, LLC mortgage analysts Carl Jamison and Steve Govia.
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