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Consumer Complaints

BBB Accredited Business since 12/11/2008

R P Funding, Inc.

Phone: (321) 397-4420Fax: (321) 397-4431

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Customer Complaints Summary

7 complaints closed with BBB in last 3 years | 3 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues3
Billing / Collection Issues2
Problems with Product / Service2
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints7

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (7)
04/01/2016Advertising / Sales Issues | Read Complaint Details
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Complaint
Company offers a $1000 guarantee if they cannot beat other lender's offers. They could not and will not pay the $1000.00.
I was in the market for a mortgage for a home I was trying to purchase. My mother, *************, had seen a TV ad by Mr. Robert Palmer, owner of RP Funding. On Dec. 30, 2015 she contacted RP Funding to obtain their mortgage rates. She spoke with Ms. Nadyne P********* who advised her of their $1,000.00 guarantee if they cannot beat another lender's mortgage rates.
On December 31, 2015 I received an e-mail from RP Funding's Customer Service Department checking on the service I had received so far and looking forward to working with me.
On January 11, 2016, we received an e-mail from Nadyne explaining that to beat another estimate we needed to provide a current written estimate from the other lender. I sent a number of estimates to Nadyne .
On January 18, 2016, Nadyne inquired as to the status of my offer to purchase a home. I told her things looked very good and I advised her that another lender, ***************, offered a 3.25% rate. I supplied her with the estimate.
On January 19, 2016, Nadyne e-mailed that the best she can do is 3.375% with no fee and encouraged me to get an official loan estimate from ***************. I advised her that I did get an official quote and it was the same as the estimate I had already supplied to her.
Nadyne advised that if they could not beat another lender's estimate, we were to wait until after the property closing and then provide the closing documents in order to collect the $1,000 guarantee.
On January 28, 2016 Nadyne e-mailed asking if everything was set with *************** because she had been out of the office for a week. She stated, "They did seem to have the best rate with no cost."
On March 3, 2016 I closed on my new home. That evening my mother spoke with Nadyne who told her to send the HUD Settlement Statement and the Lock-in Agreement from the loan to RP Funding with regard to the $1,000.00 guarantee. Then, Nadyne e-mailed saying that "per this procedure, we also need the NOTE from the closing" and provided the "Request for $1,000 Best Deal Guarantee" form.
On March 8, 2016, my mother e-mailed some documents to pricematch@rpfunding.com. She called Nadyne to see if the documents arrived. Nadyne said that one of the forms came through. A short time later we received an e-mail from Nadyne stating that she was not part of this process.
On March 9, 2016, we sent ALL required documents to ************************* We then received an e-mail from Mr. Elton J******* VP of Sales, saying "I am not sure why you are submitting these documents. Mr. ******* did not make formal application with RP Funding and is not eligible for the Guarantee." My mother called Mr. S*** and advised that at no time either verbally or thru e-mails were we ever notified that any other document needed to be completed. We had been working with Ms. P********* for a few months as she was trying to beat the other rates. Ms. P********* had provided quotes, advice, and then directions as to how to obtain the $1,000.00 guarantee. Mr. S*** asked to have me call him. I called twice leaving messages and never received a call back.
It seems as though part of Ms. P*********'s job is to avoid having prospective customers fill out the required form so that if they could not beat another lender's quote, they could deny paying the $1,000 guarantee. This entire matter appears to be fraudulent. I can only imagine what would have happened if I did end up doing business with this company.

Desired Settlement
I would like the $1,000.00 which I am entitled per the company's $1,000 Best Deal Guarantee

Business Response
After completing the review of this loan file, I have noted that per the documentation in the file as well as supporting emails, the borrower was offered a rate of 3.125 with 1100 in discount points, no lender fees. RPF does not charge lender fees, including but not limited to credit report, processing, underwriting, application, etc. The discount points quoted were strictly for the actual discount of the rate to 3.125%. The loan package at the rate of 3.125% was sent out to the borrower 01/18/2016. We did receive 2 documents via correspondence with the borrower from*********** that appear to be actual borrower specific quotes. We did offer a better rate than both of these quotes on the documentation stated above 01/18/16. Quotes from*********** were 3.25% with UW fees of $749 vs RPF 3.125% with $1100 DP, and 3.125% with UW fee of $749 and $434 discount = $1183 lender fees vs RPF 3.125 with $1100 DP)

As per the documentation received by the borrower from their closing with *************** on 03/03/2016, the borrower's loan closed with a rate of 3.25% with an application fee of $150 and other unspecified lender fees of $1040, totally $1190. This rate and the total fees were higher than our proposed rate of 3.125% with $1000 DP.

I am unable to locate any correspondence and/or documentation from the borrower in relation to the company in which they actually closed their loan prior to their closing documentation (***************) which would have given us any opportunity to discuss why the rate we offered was a better deal, or match and further beat the 3.25% rate vs rate and fees vs fees.

All in all, upon the conclusion of my review, the assertion that the borrower was not considered applicable for the guarantee based on lack of a "formal application" is inaccurate. The reason the borrower was not being considered applicable for the guarantee was based on the rate we offered was considered to be a better offer, 3.125% with $1100 DP versus the actual closed rate of 3.25% with $1190 lender fees.



Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Mr. ***************:
Please be advised that I will be sending a copy of this letter, together with the Exhibits, via faximile later today. Thank you. **************.

I have reviewed the response from RP Funding and would like to provide supporting documents pertaining to this matter.
To begin, please find two e-mails dated March 8, 2016 and March 9, 2016 received from RP Funding (Exhibit #1 & Exhibit #2) indicating that the reason for the original denial was due to never making "an official application." Now that it has been confirmed that an "official application" was not the reason for the denial, I will continue.
RP Funding's response states that they were "unable to locate any correspondence and/or documentation in relation to ***************, prior to my closing on March 3, 2016. Please find an E-mail dated January 18, 2016 (Exhibit #3) which confirms that RP Funding's representative, Ms. Nadyne P*********, was very aware of ***************'s offer approximately six weeks prior to my closing.
In addition, On January 19, 2016, I received an e-mail from Ms. P********* (Exhibit #4) stating that "THE BEST SHE COULD DO WAS 3.375% WITH NO FEES." She was aware that I would be receiving a lender credit for the lender fees from ***************. SHE APPARENTLY BELIEVED THAT RP FUNDING COULD NOT BEAT THE RATE OF ***************.
Again, on January 28, 2016 (a month prior to my closing), I received an e-mail from Ms. P********* (Exhibit #5) checking to see if everything was set with ***************. She stated, "THEY (***************) DID SEEM TO HAVE THE BEST RATE WITH NO COST." AGAIN, MS. P********* BELIEVED THAT RP FUNDING COULD NOT BEAT THE RATE OF ***************.
After my closing on March 3, 2016, Ms. P********* forwarded information, including a Request for $1,000 Best Deal Guarantee (Exhibit #6) to assist with collecting the $1,000. SHE STILL BELIEVED THAT RP FUNDING COULD NOT BEAT THE RATE OF ***************.
On March 8, 2016, Ms. P********* (who had been very helpful) suddenly sent an e-mail (Exhibit #7) stating that she was "not part of this process." A short time later I received the 1st e-mail (Exhibit #1) from Mr. Elton *******, VP of Sales, and the following day received the2nd e-mail (Exhibit #2) from Mr. S***. Both e-mails stated that I had not made an official application so I was not entitled to the Guarantee of $1,000.
My loan closed on March 3, 2016, with ***************, with a 3.25% interest rate. Please see the **** Settlement Statement (Exhibit #8), which was previously provided to RP Funding. As you can see there is a LENDER CREDIT in the amount of $1,122.48.
In addition, please find the Closing Disclosure (Exhibit #9). The last line on Page 2 also indicates the LENDER CREDIT in the amount of $1,122.48. Ms. P********* was aware, as stated in her e-mail of January 19, 2016 (Exhibit #4), that I would be receiving a Lender Credit for the Lender Fee.
Ms. P********* said she was not able to match *************** as the best she could do was 3.375%.
Since the representative of RP Funding, Ms. Nadyne P*********, stated that she could not match or beat my deal with ***************, I am again requesting the $1,000 guarantee. I sincerely hope this matter can be resolved with the help of the Better Business Bureau and does not have to go any further.


Final Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
I am very happy with this outcome and would like to thank RP Funding and especially the BBB for their help in resolving this matter.

Final Business Response
After receiving the consumer's updated response and corresponding documentation, I have noted that per the documentation in the file and received from the consumer, the documentation requirements for the $1,000 Mortgage Challenge / Guarantee was not provided in full. Specifically in regards to the following found on the R P Funding, Inc.: "Borrower must provide Loan Estimate Disclosure to RP Funding from competing lender on the same day the competitor's terms were offered. RP Funding must have an opportunity to beat the terms." The previous comment in question regarding the consumer not taking application was in direct reference to "opportunity to beat the terms." Since we did not have an application on the consumer, we would not be able to determine if we would be able to beat a specific rate. More importantly, the consumer did not provide a loan estimate disclosure from the competing lender. What was provided was an online calculation printout - which is not binding and clearly states at the top "Your actual rate, payment, and closing cost could be higher. Get an official Loan Estimate before choosing a loan."
That being said, although R P Funding, Inc. was not given an opportunity to actually compete with the proposed offer, it does appear that the consumer felt as though we would not be able to beat the rate and therefore did not continue pursuing a loan with us. For this reason, we would like to offer the consumer a customer satisfaction amount of $1,000 as it is clear that he was unsatisfied with his experience with us. Customer service is of the utmost importance here at R P Funding, and it is unfortunate that Mr. ******* felt as though we did not meet his expectations.

01/05/2016Advertising / Sales Issues | Read Complaint Details
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Complaint
I was lied to about the nature of the service and was robbed of $350 for a refinance that never happened.
I was told that I would get the best rate available which RP Funding states clearly on their website. So, I pursued a refinance through RP Funding in November of 2015. the salesman Alan S***** assured me that I was receiving the best rate possible for my loan which was 3.89%, after he had origionally quoted 3.65% in writing. He said rates were raising by the second and I had to act fast to lock in this rate. But in order to lock in this rate before it goes up I had to pay $350 for the appraisal. Approx. a month later I received an email giving me a closing date of 12/23/15 at 3:30pm. So I asked when I would be receiving the final closing documents for my review, as it is my right to have the final documents in writing 3 days before closing. I never heard back, I wrote back 3 more times after that with no response and have yet to hear any response. They essentially robbed me of $350 for a refinance that never materialized and completely stopped all communication with me.

Desired Settlement
I demand a full refund and an apology for wasting my valuable time.

Business Response
After reviewing this matter, RPF takes responsibility for any miscommunication and/or misunderstanding that caused Mr. **********'s distress. We value our customers and appreciate the feedback given so that we could intervene and resolve the issue. According to my files, this loan has progressed and has in fact successfully closed. According to the closing documentation, Mr. ********** was provided a full credit of the appraisal fees paid. We hope Mr. ********** finds himself satisfied and ask that he feel free to reach out to us again if he is not.

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


07/24/2015Problems with Product / Service | Read Complaint Details
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Complaint
They are the most unorganized company I have ever dealt with. Poor communication skills. Misleading. Their mistake after mistake costed us $1500.
-Preapproval for conventional loan, no issues. Sent doc's promptly. Hubby got promotion and raise in pay but wasnt paid salary, paid hourly +overtime, same amount yearly, boss said he would change to salary if necessary. I asked if that was problem, no comment was made so we did not change it.
-Found house, sent contract over, signed all loan docs and disclosures.
-Sent to underwriting - they said problem with way hubby paid, wont count overtime pay since hasnt had it for 2 years. Said to take my name off loan and that would change our DTI ratio and itd be fine. We consented.
-Sent to underwriting - Problem - they just now see that both our names are on our current home loan and removing my name does nothing to change our ratio. They ask us to get a letter from employer stating his pay is hourly+overtime. Promptly sent letter back.
-Sent to underwriting - Problem - letter wont work. *We are 1 week prior to closing* they propose to switch from conventional to FHA because the DTI ratio limits are more forgiving with FHA. We consent, sign new loan applications/disclosures, and return back same day. Keep getting reassurance from loan officer *** ******* that everythign was, as far as he knows, in good order to close on time.
-Sent to underwriting. Still being told everything was on track.
-DAY BEFORE CLOSING, at 4:58 pm, my real estate agent gets call from Steve D******* to ask for 2 week extension due to new issues. No one bothers to call me until I e-mail them to ask them what was going on. They just now discovered our current home is an FHA home and are now requiring it to be appraised. Our home must meet 25% equity or we would not qualify for new fha loan. Steve says it will be a rush order appraisal and would be done on Monday 7/20/15 and RP funding would pay for it. This phone call happened Wednesday 7/15, our closing date was supposed to be Thursday 7/16. Thursday we hear nothing. Friday I email them to check on appraisal status. Several hours later I'm told they wont pay for appraisal until everything else is in order. *** asked me for documents which had been sent 2 weeks prior. Claimed he didnt have them, but while I was ont he phone with him, he located them in his email. Monday's here, and nothing from them. My agent emails them in the morning. By afternoon, I hadn't heard anything so I e-mail *** and Steve about an update. I am todl that they just now discovered that our DTI was still off and we needed to pay off $3000 in bills in order for them to pay for an appraisal on our home.
We have paid for inspections, survey, and appraisal. We have spent over $1500 on this home. We have lost it due to their delays and their neglect. They were no where near ready to close on our loan and kept misleading us. They should have spoke up in the beginning of this process that husbands pay needed changed. Because if that was correct in the beginning, none of this would have gone wrong and we would have our house right now. Instead, we get to start all over again with house hunting, paying for all the costs again for a new house. RP Funding should be responsible for part, if not all, the expenses we lost due to their ignorance. If we had known our DTI was still off the week before closing, we would not have spent $500 on a survey. They should have known all these issues long before closing date.

Desired Settlement
I believe they are ultimately responsible for the amount we had spent on this home. If they would have responded when I asked if my husband's pay method was an issue, then it would have gone through without an issue. Because of their oversight, we got tossed around like a ragdoll between different solutions and none of them worked. We spent over $1500 on this home. $500 of that was spent in the week leading up to closing when we kept being re-assured that everything was in order to close on time. If we had known we would have to spend $3000 more on top of our down payment and closing costs, in order to get this deal to close, then we would not have proceeded with the survey and would have stopped the process then. We now have to start all over again with a new home and will have to pay the $1500 in expenses again in a different home. I don't feel this is fair given this whole thing could have been avoided if they would have told us upfront that his pay method needed changed.

Final Consumer Response
**This matter has been addressed.** the chief operating officer contacted me after I wrote this complaint and offered her apologies. She did state it was their fault and stated that she would honor the initial loan agreement we had and would buy out the pmi. However, we already cancelled our contract with the house since the last thing we heard was that we had to pay off our debts. So, due to this, she offered us a $1000 check to serve as a refund for the survey and appraisal. I accepted her apology and consider this matter CLOSED.

06/29/2015Billing / Collection Issues | Read Complaint Details
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Complaint
Unauthorized withdrawal from my checking account
I authorized RP Funding to automatic withdraw from my checking account to pay the mortgage of $1200.00 on the first (1st) of every month. Upon checking my account on June 1, 2015, I noticed that a withdrawal of $1,257.00 was taken out by RP Funding without my authorization. I immediately emailed them to correct the problem and they in turn emailed me that it would take normally thirty (30) to respond. I feel that's a bit extravagant to answer an email concerning monies withdrawn without authorization.

Desired Settlement
I want my $57.00 returned to my account.

Business Response
After completing the review of this case and servicing file, I have noted that the borrower signed up for automatic withdrawal of his PITI with an additional amount of $90.46 each month going towards a principal reduction payment. However, in April of 2015, the annual escrow analysis of the borrower's account was due. Upon the review, the borrower's monthly PITI increase from $1109.54 to $1166.69 due to changes in taxes and/or insurance. The applicable notification / letter went out to the borrower notifying them of the change and the reason for the change. The original calculation by the borrower for his requested automatic withdrawal was PITI of $1109.54 + $90.46 towards additional principal totaling $1200.00. However, with the increase in the PITI to $1166.69, the new debit was calculated utilizing the amount of the PITI $1166.69 + the additional principal payment of $90.46 totaling $1257.15. The authorization was valid as it was approved as PITI plus the additional set amount of $90.46. It is the increase in the taxes and/or insurance that caused the difference. After discussing this situation with the co-borrower, I do understand that the borrowers did not anticipate this change as of 06/01/15. It is for this reason why we have processed a one-time refund to the borrowers in the amount of $57.15 covering the difference and because of their inconvenience. I have advised the co-borrower that their current PITI remains at $1166.69, and that this amount will be due and payable moving forward, until their next escrow analysis takes place. She acknowledged and stated that she understood. They have decided to remove their account from the automatic withdrawal program at this time. The refund check was processed, check #****, on 06/12/2015 and was mailed to the borrowers on 06/12/2015.

Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
The original amount of the mortgage payment was $1,109.54 with my discretion of paying the additional principle of $90.46 for a total of $1,200.00. Never did I authorize any withdrawal over $1,200.00. They should have withdrawn the $1,200.00 as authorized and placed the amount of $33.31 additional principle for a total of $1,200.00 which was the authorized amount of withdrawal, not just take it upon themselves to increase the amount of withdrawal. They have returned the overage but I am still not happy that this happened.

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


Final Business Response
We apologize that the borrowers feel unhappy due to this event. We have reimbursed the borrowers' funds as requested and future withdrawals have been cancelled. The borrowers have my direct contact information to resolve any future issues.

06/05/2014Advertising / Sales Issues | Read Complaint Details
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Complaint
Did not offered even average loan rate at time of closing. Extended closing past original closing date costing me $1000 in rent charges. Harassment.
In late Jan 2014 I contacted RP Funding *** ****** to see if I would qualify for a mortgage of approximately $100,000. I would be putting my home on the market for $192,000 and owed $76,000. I had a credit score in the 800s My income was not enough to qualify, but had IRAs to help with payments. after sending information and application I was told I would qualify for $100,000 with a scheduled deduction from my IRA. I asked when to start deductions and was told they would let me know. On Feb. 23 I received an offer on my home and on Feb 26th made an offer on a new home. March 3rd: disclosures sent, and lock in rate given for 4.625, and money authorized for appraisal (which was $9000 above purchase price). March 31, 2014 set as closing date. Account turned over to *** ****** on 3/7/2014, who put it in a suspended file. This is when everything started to fall apart. The title company could not get them to communicate with them, and every time I called they wanted a new copy of something. On Fri 3-28 I was informed they still didn't have approval and I could not close on 3-31. Consequently I had to pay the seller $1000 rent and was given an extension of 11 days. At this point I was calling every day hoping they wouldn't take all 11 days. And this is when the harassment started. They told me new laws said the distribution from my IRA needed to be for two months and they didn't know that; even though *** had mentioned that initially, but then said March would be fine. Then the amount of the distribution went down and was told not to have tax taken out of it. Then the distribution went down another $50. They would not accept any forms that were posted from Vanguard, my investment company and on my secure account via the internet. They wanted a letter from Vanguard which they said they would only mail. Each changed required a new letter which Vanguard never sent. They kept saying everything is sent through my online account. At my wits end I called and hysterically begged for them to send a letter to RP Funding directly, and they overnighted one to them. At this point the lock in had expired and the average rate was down to 4.125, but they never reduced it. I had sent them 140 documentations and they kept indicating I didn't have enough money, and that was the hold up on the approval. On April 11th in the AM (the last day of my $1000 rent fee) they called and said they were ready to close. At 7PM we were at the title company waiting for their documents. There on the HUD was my mortgage for $113,000 not $100,000 never at anytime was I told of this increase. If I couldn't qualify for $100,000 on March 31, how did I qualify for $113,000 on April 11th? This was the most stressful situation I have ever encountered. Today I received a notice from Wells Fargo stating they had bought my mortgage, but no notice from RP Funding that they had sold it. That's just how they communicated all along.

Desired Settlement
I feel they owe me the $1000 rent it cost me due to their negligence. I had complied with every request they made immediately. I had $89,112 sitting at a title company's office. I had a credit rating of 809, and I was charged a higher interest rate than the average of 4.125 which they guarantee they never do. And offer a $1000 guarantee to back that up. I also would like people to beware, that guy smiling on their TV adds is giving false promises.

Business Response
On May 9, 2014 we received Mrs. *********'s complaint. Out of our tens of thousands of customers we receive very few complaints, so our Chief Operating Officer, ****** ******, immediately reached out to Mrs. ********* and informed our CEO, ****** ******. Mrs. ****** determined that while the documentation being requested from Mrs. ********* was in fact required under the **** ***** Act's Ability To Repay rule, the employees who were assigned to the file did not do a thorough job of communicating and explaining to Mrs. ********* which items were needed to complete her loan file. Mrs. ****** felt that the level of service Mrs. ********* received from these employees did not meet the high standards of customer service we set here at R P Funding. Mrs. ****** made the decision at that time to reimburse Mrs. ********* for the $1,000 in penalties incurred due to the delay in closing. Mrs. ****** also notified the employees' direct supervisors of the concerns regarding the miscommunication with the borrower, and immediately recommended additional training for these staff members.
As per the subsequent comments received from Mrs. *********, it does appear that she agrees she received the best rate available at the time of her rate lock at initial application. However, it should be considered that the rate lock is essentially a contractual obligation between the borrower and the lender, both agreeing to abide by the terms of that rate lock. (i.e. if the rates are to increase or decrease the borrower remains at the same rate.) In the rare event of the rate lock term expiring, it is our policy (and industry standard policy) that the initial interest rate lock is not reduced to current market. This policy prevents borrowers from causing delays in an attempt to take advantage of an improving market. We extended Mrs. *********'s original lock term to her closing date, this extension is usually done subject to a lock extension fee, however, in the case of Mrs. *********, R P Funding waived this fee.
Please note that our best deal guarantee is based on actual offerings for a similar loan program, term and loan amount from another mortgage lender. Many times the interest rates actually offered on a loan program are much different than what is advertised on sites such as Bankrate.com as the "average" or as heard on advertising campaigns even when contacting the lender listed on these sites. These sites and advertisements are typically based on a very narrow set of loan terms, with loan restrictions and very high loan amounts. As an example of these differences, for the week when Mrs. *********'s rate lock was extended the ******* *** Primary Mortgage Survey showed a national average rate of 4.41% with $1,988 in lender fees for the national average loan amount of $284,000 - not the lower rates reflected on Bankrate.com. Mrs. *********'s loan amount is also close to 2/3rds below the national average loan amount which creates a considerable difference in interest rates. Additionally, Mrs. ********* was not charged any Lender Fees in accordance with R P Funding policies while the national average interest rates reflect considerable lender fees.
Here at R P Funding, it is our goal to not only meet, but to exceed the expectations of our borrowers while also providing the best mortgage deal possible. As a company, we hold ourselves to a very high customer service standard. As with any customer based business, there will be times when a customer/borrower feels they have a comment or complaint that warrants vocalization, recognition, and resolution. We take these issues very seriously, and have implemented processes and procedures to make sure each is dealt with in an efficient and timely manner. We encourage our borrowers to freely express these issues before, during, or after the loan process and/or closing. We appreciate all borrower feedback, and have found that by continuing to receive input, positive and negative, that we are able to continually improve our processes and the overall experience for our borrowers.


Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
I appreciate Mrs. ********* quick response to my complaint and that my expenses were refunded to me. I can't even think about the daily stress I endured when they couldn't meet the promised closing date. So I will just say thank you to the BBB for what you do.





03/23/2016Billing / Collection Issues | Read Complaint Details
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Complaint
Auto Draft Payments
I brought in the paperwork they gave me to the Maitland Branch for the automatic payment program to be processed. I brought it in a month before along with my payment for the next months payment and asked if I could submit the auto draft paperwork with them at the Maitland office. They assured me it would taken care of. I just wanted to check to make sure it was handled and No one could tell me yes or no, I went to my bank *********** and they have no way of checking until the first payment is made. So I wasted 3 hours and still didn't get my answer, So I called corp. customer service and got transferred to a manager who was no help at a all. I called the Maitland branch and they said it wasn't done. I leave for 3 weeks for work and have no idea if it is set up. I don't want to make a double mortgage payment because that payment would be over $4,000 and I just bought the house in November and funds are tight.

Desired Settlement
Set up my auto draft.

Business Response
After completing the review of this case and servicing file, I have noted that the borrower completed the ACH form which was forwarded to the applicable department for processing. However, upon their review they noted that the borrower did not included a voided check to accompany the completed form. Therefore, they were unable to complete his request for registration. The borrower has been contacted and advised of the issue and is aware that we are unable to proceed with registration until the voided check has been received for processing.



Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
RP Funding Did not request a voided check at the time I went in to start the auto pay and has 2 checks when I started my loan. They never asked for a voided check until I contacted the BBB.

Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
I was making a payment at the Maitland office when I tried to set up the auto draft, I had my checkbook with me and was not informed they needed a voided check at that time. I would not have found out that the auto draft was not set up until I had a late payment if I didn't follow up myself.

Final Business Response
Good afternoon Mr. *******, it is my understanding that you have spoken with our servicing department regarding this issue both before and after the corporate office received notification of this complaint. I apologize if that information is inaccurate. According to the ACH (APP) form I have attached, it states that a voided check is required on the form itself. I understand that you have made previous payments and wish to use the same account for the ACH (APP), but we are required to have a clearly marked voided check to process the ACH (APP) in the paper form. We are not allowed to alter any previous checks. Additionally, please note that we do have the availability for you to set up your Automatic Monthly Payment (ACH) online through the portal located at**************************** You will only need to register your account, if you have not yet done so, and the process should be much easier. I apologize for any misunderstanding that has taken place but again, we are unable to process your request with the documentation we received without the voided check.

06/15/2015Problems with Product / Service | Read Complaint Details
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Complaint
I was declined a release for a property appraisal I paid for, so I couldn't use it for a new loan I was approved for, creating a $400 loss to me.
I was initially approved for a home loan in March 2015 through RP Funding. I paid for an appraisal to be performed on the subject property. RP Funding subsequently declined the loan. I obtained financing on the same property through *********************. The new Lender is willing to use the original appraisal. The appraiser **** ****** of ********************** is willing to reassign the appraisal to the *********************. The management at RP Funding refuses to release the appraisal so that*********************** can reassign it to the *********************. This is resulting in me having to pay for another appraisal at a cost of $400. I want RP Funding to quit denying me access to the use of an appraisal that I paid for immediatly and release it to ************ for reasignment to *********************.

Desired Settlement
I want RP Funding to quit denying me access to the use of an appraisal that I paid for immediatly and release it to ************ for reasignment to *********************.

Business Response
I have completed a diligent review of this case. During the time this complaint was received, RPF QC appraisal team was actively working with the appraiser and new lender to resolve the transfer request received from the borrower. In the case of a conventional loan, the appraisal is considered "released" in lieu of "transfered" as there is not anything that would be in need of a physical transfer but rather released by the initial lender so the appraiser has the freedom to discuss the appraisal with a new lender as applicable. It is the policy of RPF, to release the appraisal once verifying the borrower's request to do so. On all RPF loan transactions, the borrower is provided with a .pdf color copy of the appraisal and is welcome to provide that appraisal to whomever they see fit. On this loan, the appraiser requested an executed letter of release from RPF which was in fact provided. In addition, because of the inconvenience this has caused the borrower, RPF has issued a full refund of the funds the borrower paid for the appraisal.

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Mortgage Lender, Financial Services, Real Estate Loans, Consumer Finance & Loan Companies, Loans

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