Complaint Category: Failure to provide promised assistance or support for products or services
Complaint: Used VanKeef for a refinance on our home. Was mislead in the refinance process.
We used VanKeef to refinance our home. We chose to refinance for three main reasons- to pull equity out to finish remodeling it, to get PMI insurance off of payment and to get reimbursed the PMI insurance that was paid up front. VanKeef lead us to believe that we would get all of the above accomplished so we went with them on the refi. Turns out the loan we got from VanKeef did not give us back the reimbursed PMI insurance which cost us almost $3,000!! According to HUD guidelines we had to go with another FHA loan to get PMI back which as supposed experts in the mortgage business, VanKeef should of known this. I believe they told us this just to get the loan.
Initial Business Response
Dear Mr and Mrs ******,
I am sorry to hear that you are so displeased with our service. VanKeef Financial has never had one compliant with the BBB, the National Mortgage Licensing Registry, or the state of Florida. We also strive ourselves on providing great service.
In regards to your concerns with HUD and the FHA refunds for a refinance for FHA MIP premiums, we do not make the rules from HUD or the changes they make. After reviewing the phone records and notes on your successful loan closing, we did not discover any discussing in which we promised a refund or stated that we would pay a refund. The mortgage loan officer, ******* *********, did state that HUD can refund the MIP premium if they deemed it appropriate to your loan. We of course cannot speak for HUD on the refund they may or may not refund.
Thank you so much for the opportunity to serve you. We look forward to helping in the future.
Final Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
Final Business Response
We reviewed the HUD ruling on the upfront MIP refunds and it was amended last year. At times, HUD has changed their guidelines on a monthly basis due to the ever changing housing market after the 2009 economic crash. I did reach out to our legal department to see what could be done from VanKeef Financial position since we were only a Mortgage broker on the transaction and are not servicing the loan. Per our governing guidelines called RESPA, we cannot refund you any compensation that we received directly for our work since it would be considered consumer steering. This would be considered illegal and would jeopardize our licensing with the state of Florida, which VanKeef will not do. We are however able to refund or pay for, on behalf of the borrower, third party fees such as appraisals and credit reports. Therefore, VanKeef would be willing to refund the appraisal fee of $385 and the credit report fee of $11.91.Please let us know if this is acceptable and we will refund you immediately. VanKeef's intention was never to mislead or to "simply get the loan." Mortgage companies are not allowed to refinance consumers after 2010 without a tangible benefit. In your case, you were able to fix your interest rate in for 30 years from an annual adjusting FHA ARM. Thank you again for working with VanKeef Financial and we look forward to serving you in the future.
Complaint Resolution: Company resolved the complaint issues. The consumer acknowledged acceptance to BBB.