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Consumer Complaints

BBB Accredited Business since 03/06/2009

MiLend, Inc.

Phone: (770) 817-1550Fax: (678) 348-1888

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Customer Complaints Summary

4 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues1
Problems with Product / Service3
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints4

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (4)BBB Closure Definitions
03/10/2015Problems with Product / Service | Read Complaint Details
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Complaint
This company contacted me and offered to refinance my home and during the process which took close to 8 months ended in a denial of credit.
During the process I was contacted by the lender a couple of times to provide more information in which I did as this all started in May of 2014 and in November of last year I was notified that since the IRS had not posted my amended returns on their website my loan would have to be resubmitted and would have to order another appraisal in which I agreed to pay for again, in January of 2015 I received an email saying my load had been conditionally approved and was sent to under writing after several attempts to find out the status of the loan I received an email telling me there was an error in submitting my load to underwriting and that my load could not be approved at this time due to a error from my mortgage company not reporting my late payment of 2 times in 2014 even though I have had this loan for 8 years never been late or missed a payment, they had my statements from the mortgage company for the last six months and all the information was there for them to see the late payment fees but yet they said they did not know I had been late making 2 payments.

Desired Settlement
I would like to be refunded for the money I spent is having my home appraised 2 times 950.00 and for having to spend 500.00 to have an accountant do my P&L to submit to Milend as this was money spent that I feel was a waste of time and energy 8 months with the end result being denied a loan for a very poor reason.

Business Response
Contact Name and Title: **** ********
Contact Phone: **********
Contact Email:****************
Jeremy *******, a licensed loan officer, took an ad call from Mr. ***** ******** on 6/9/2014. On 6-18-14 the first appraisal was completed at a cost to the customer of $450 to a third party appraisal company. After receiving the appraisal, the file was submitted to processing, which is standard protocol. The processor, Ms. ***** Daniels, reviewed the tax returns and noticed that they didn't match 4506T. We order a 4506T transcript, as required by underwriting guidelines, on every file. The numbers were off by ten of thousands of dollars for 2013 and 2012. In order to continue the refinance, he had to send in amendments to the IRS for each one to reflect the actual money he made that matched the transcripts. Months had passed before the IRS completed this process. Due to current underwriting guidelines from the **** ***** ***, we were forced to deny the file.

Mr. ******** notified us that the tax returns were amended and accurate. We again started the file for Mr. ********. Due to the time frame between the last appraisal, we notified Mr. ******** that a new appraisal would have to be performed at his cost. He agreed and we proceeded with the file again. The next FHA appraisal was done on 11/05/2014 at which time we waited on ***** to send in the corrected Tax Returns and P&L items needed for his trucking business, which took some time. Mr. ******* pulled a new credit report as well which reflected an old bankruptcy.

Again, we submitted his file to processing. While in processing, there are many documents ordered ranging from verification of employment, verification of mortgage, 4506T, SSA, SS89, HOI updates, etc. The verification of mortgage took a while to get in, when received, it reflected several late payments on his mortgage subsequent to his bankruptcy.

We continued underwriting and set secondary on the task of finding any lender that would service the loan. None was found. At this point, the file was declined. We are still searching for an answer as to when he can refi, if at all at this point.

Our company has incurred well over $5,000 in man hours associated with Mr. ******** loan. Mr. ******** incurred $500 to get his taxes done accurately. I would suggest he speak to the accountant that did his tax return incorrectly.

As stated previously, the appraisal were ordered at the customers behest to third party appraisal companies.

As we always strive to do, we work hard to close every persons loan that engages to do business with Milend. Unfortunately, every loan doesn't close. It would our company to refund appraisal fees for every appraisal that doesn't come in at the value needed or for every file that doesn't close. In particular, we spent a lot of time working for Mr. ********, with no income on our end.

Should Mr. ******** wish to chat about it, he can call me during business hours.

**** ********
President Milend Inc.
*************


submitted this to processing on 12/23/2014 at which the file was delayed in getting a response due to holiday and processor being out sick. Once the file finally got submitted to underwriting on 1/30/2015, they ordered a payment history since the mortgage was showing up now on a BK and it showed he was late and behind on mortgage payment for half of 2014 before he came to us looking for a refinance. The credit report never showed this nor did the desktop originator. After we updated Mr. ******* about the denial, the borrower mentioned he knew he was late all those months, but never cared to share this with us. Since the credit report didn't show this, we had no way of knowing. The numerous 30 day lates from 12/2013 to 6/2014 were the reason of his denial.




02/24/2015Problems with Product / Service | Read Complaint Details
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Complaint
I was promised 2 months with no mortgage payment, but after being told numerous times I would get my last payment refunded, it never was.
My mortgage refinance was very tedious and drawn out. I was told it would be done before December 1, 2014 but it went on for 3 more weeks. I didn't want my credit messed up so I paid the December payment. When we closed, I was told my first payment with the new company would be Feb 1, 2015 and that my December payment would be refunded within a month. I waited...I called...over and over. On Jan 29, I was told by the "old" mortgage company that there would be no check because the payoff was for the end of December. I called my agent at Milend, Brian Norton (who kept telling me over and over I would be getting that check) and told him I was NOT getting that money back. Opps! Sorry!! The processing girl got another payoff after the first one so now that I look at your file I see you will NOT be getting that $1000 check we have been promising you'd get! Nothing anyone can do....SORRY!

Desired Settlement
I had planned to use that $1000 to pay off a credit card...I spent $7000 with these people to refinance and was told over and over I would not have to pay my mortgage for TWO months. I am trying very hard to dig myself out of debt after being unemployed for nearly 2 years. Now I am stuck with an additional $7000 on my mortgage and do not have the $1000 I was promised. I have been told over and over that check would be coming by someone who would not take the time to look at my file close enough to tell me what had actually happened.

Business Response
Contact Name and Title: **** ******** president
Contact Phone: ************
Contact Email: ****@milend.com
To whom it may concern,

We completed mrs ******* towards the end of December. The loan we performed was a HARP loan (home affordable refinance program). Under this program no appraisal was necessary. The loan had total closing cost of $5,833, this number included a small discount to get a better rate, saving the customer more money. The customer loan payment was initially $1,017 and was reduced to $708. The remaining cost were escrows which the customer got back.

This means the borrower would recoup their closing costs within 18 months. The customer will yield an overall savings of over $100,000 over the life of the loan.

Reviewing the file reveals that the file had several challenges, most arising due to an extreme high debt to income ratio. We understand that given the tight budget of the customer, that every dollar matters. We at Milend to our best to close on time. On this particular case, the closing was getting close to the end of the month. This can cause problems when it comes to payoffs. The customer was informed that they didn't have to make the last payment. She stated that she would feel better making it. At that point, the loan officer stated that she would "likely" get a portion of that back depending on where the payoffs came in. The reality is the payoff higher than anticipated. The customer would have had to bring the $1,000 to the table without the past payment being made.

She called her mortgage company and they informed her that the payoff was accurate and there wasn't any funds due. She called ***** ***** regarding the last payment and he explained he would look into it. He reviewed all the payoffs and noted that the numbers were accurate and that no additional monies were due the customer.

This is unfortunately part of the refinance business. We go our best to estimate the final numbers, but is almost impossible to get a definite number.

If the customer would like to discuss the issue with me, I am
Always available.

MiLEND maintains it has done nothing other than to provide a valuable service for mrs ******* as well as our other customers. We look forward to chatting with the customer yo clear the air.

Respectfully,

**** ********.

President, MiLend, inc.

************


07/18/2013Problems with Product / Service | Read Complaint Details
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Complaint
Received letter cleverly disguised to look like an official government communication. Envelope had no company name or return address. Letter contained only a return address at the top with a boldly printed salutation of **PUBLIC NOTICE**. The body of the letter starts with the language "Our records indicate that you have not yet called to discuss your eligibility as a homeowner aged 62 or older for your property at XXXXXXXXX. It is important that you call us toll free at X-XXX-XXX-XXXX. *(Last sentence underlined). No where in the body of the letter does it give the name of the company sending the letter- rather you have to read the small type disclosure at the bottom of the letter to figure out that this is not a governmental communication. To the contrary the body of the letter invokes the name " Department of Federal Housing &Urban Development--The Federal Housing Administration , and Federal Government. " The letter is clearly a deceptive attempt to target seniors into believing that it came from some governmental body and that is urgent that the recipient call this company. While I'm sure the letter is "legal" it is without question both deceptive , unethical, and designed to lure unsophisticated seniors to this company out of fear that there is a governmental problem with their most precious asset-- their home.

Desired Settlement
This company should be investigated by the appropriate authority ( Banking Commission, Secretary of State etc.) and have lending license revoked.

Business' Initial Response
Contact Name and Title: **** ********* *********
Contact Phone: XXX-XXX-XXXX
Contact Email: ********************
This advertisement is delivered in a plain envelope with the address of the customer only. In no way is it to be construed as anything other than a generic piece of mail. Our mail is standard postage which means that MiLEND does not get undeliverable mail returned.
The letter indicates that you need to call to find out if they qualify for the loan program. Other options would include going to our website. As we generally utilize the phone for these sorts of transactions, we indicate that a phone call is necessary. The loans options are complicated and need to be discussed in a typical 20-30 minute conversation.
The name of our company is cited three times in bold print at the bottom of the letter and our address at the top and bottom of the letter.
As you will also see in the 2nd paragraph of the letter we note that the product is an FHA backed loan, which is accurate.
The customer is entitled to their opinion and he is correct in that the letter is legal and has been scrutinized for compliance. To that end, we have changed a couple of items on the letter to remove any misconceptions. We have removed Public Notice and included MiLEND, Inc. at the top of the letter as well.
MiLEND, Inc. has been in business for 15 years and has a spotless reputation verified through continuous audits from various state and federal agencies. We are always looking for ways to improve our customer service and welcome Mr. *********** opinions. Suggestions like Mr. *******'s only help us to improve as a company. We adhere to the highest professional standards and take Mr. *******'s complaint seriously. This is why we have altered the advertisement to reflect those changes.
Should he wish to discuss, I would love to chat about the letter, and who knows, maybe his eligibility for a HECM loan.

Sincerely,
**** ********
*********
MiLEND, Inc

Consumer's Final Response
(The consumer indicated he/she ACCEPTED the response from the business.)

04/25/2013Advertising / Sales Issues

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Mortgage Lender, Loan Originator, Real Estate Loans, Loans

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