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BBB Accreditation

A BBB Accredited Business since

BBB has determined that Gold Financial Services meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

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Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for Gold Financial Services include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 4 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

4 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 0
Delivery Issues 1
Guarantee/Warranty Issues 0
Problems with Product/Service 3
Total Closed Complaints 4

Customer Reviews Summary Read customer reviews

3 Customer Reviews on Gold Financial Services
Customer Experience Total Customer Reviews
Positive Experience 2
Neutral Experience 1
Negative Experience 0
Total Customer Reviews 3

Additional Information

BBB file opened: January 29, 2010 Business started: 05/26/1998 in TX Business started locally: 05/26/1998 Business incorporated 05/31/2002 in TX
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Texas Department of Savings & Mortgage Lending
2601 N Lamar Blvd # 201, Austin TX 78705
http://www.sml.state.tx.us
Phone Number: (877) 276-5550
rcrochet@sml.state.tx.us

Type of Entity

Partnership

Business Management
Mr. Mike Goldman, Partner Ms. Mandy Stewart, Administrative Assistant
Contact Information
Principal: Mr. Mike Goldman, Partner
Customer Contact: Ms. Mandy Stewart, Administrative Assistant
Business Category

Financial Services Mortgage Brokers Reverse Mortgage Mortgage Lender

Alternate Business Names
Amcap Mortgage Ltd.
Industry Tips
Finding a financial planner Mortgage Choices Risks with reverse mortgages

Customer Review Rating plus BBB Rating Summary

Gold Financial Services has received 0 out of 5 stars based on 0 Customer Reviews and a BBB Rating of A+.

BBB Customer Review Rating plus BBB Rating Overview

Additional Locations

  • 13333 Blanco Rd Ste 314

    San Antonio, TX 78216 (210) 718-0888

  • 2338 N Loop 1604 W Ste 290

    San Antonio, TX 78248 (210) 918-6918

  • 2822 N Loop 1604 W Ste 101

    San Antonio, TX 78248 (210) 366-1070

  • 31007 Interstate 10 W Ste 205

    Boerne, TX 78006 (830) 755-8208

  • 9114 Mcpherson Rd Ste 2520

    Laredo, TX 78045 (956) 727-8400

  • THIS LOCATION IS NOT BBB ACCREDITED

    6000 Uptown Blvd NE Ste 340

    Albuquerque, NM 87110

  • 885 E Collins Blvd STE 110

    Richardson, TX 75081

  • THIS LOCATION IS NOT BBB ACCREDITED

    4757 S Jackson Rd

    Edinburg, TX 78539

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

6/28/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: ***** the senior loan officer, does not have any customer service skills. He never went over any information that was important to first time buyers. He is only concerned for his own self. Does not care about the needs of the customer. He does not go over what loan best fits the need of the customer. He is always out of town working on many loans at a time that you can not get ahold of him in a timely manner. His team does not know what they are doing. The entire office is unorganized. They try to blame the customer knowing it is their fault for anything that happens during the loan. They made me lose my home along with my earnest money which was triple the amount of what I should have put down. At the last minute he would not answer any of my calls and I received a text message that he quit my loan and said to go else where. This was unacceptable. Very unprofessional stay away from this lender nothing but problems!!!!!!!! On the day of closing after business hours they requested an extension, after telling myself and my realtor we were on time and we may even close early. Everything is last minute with this company.

Desired Settlement: I require ***** ****** to finish my loan and if not he will be responsible for giving me my earnest money back which I lost due to them not completing my loan in the amount of time they had. We loved this house and now we lost it. We have no place to go now and we are back at square one having to start over with a new lender.

Business Response:

This  was a complicated 2 loans ( double underwrite) taking almost 2 months to complete dealing with many changes throughout the process. I was not aware of the  potential loss of earnest money until near the end of the transaction from the real estate agent. Our team did care about this transaction closing all the way to the end . In fact, I was notified from client to send all the information to the buyers real estate agent so that they could transfer the file to another lender. The buyers real estate agent, along with ***** *****, came over to our office and spoke with our branch manager about the situation and he re-assured both parties, that with a little help with some documents needed, we would be set to close in about a week.  It did close the next week.

  We never stopped working on this loan,  we were able to get loan closed and funded on 6/14/16.  

We delivered on getting the borrower financing so that ********* ***** can now enjoy her dream home.

6/8/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: In February of 2014, my husband and I started a Construction Loan with ***** **** of Gold Financial. In all of the papers we signed initially and all the discussions we ever had with *****, we were always told that taxes and insurance would be included in our monthly house payment. In September of 2014, our home was close to being completed and ***** started sending us Itemized Fee Worksheets to sign and fax back. In those worksheets, the taxes are listed and the amount for taxes was always $6,870.24 per year. On the day of closing, October 20, 2014, we got a call from ***** saying there had been a mistake in the paperwork and there was a problem with the taxes. He said we had to pay $6,000 to take care of it, or we couldn't close. We paid the $6,000. The big problem, however, is my closing documents were not fixed and I have been only paying $500.63 a month into escrow for taxes, insurance and PMI. Now I realize that is a very low and not at all a "Good Faith Estimate" for taxes on a $340,000 house. In March of 2015, I found out that our 2015 taxes have not been paid. The taxes are now $6,953. So now, in order to put enough money into escrow to cover taxes for 2015 and taxes for 2016, my house payment is going up to $3,864.17. The "Good Faith Estimate" at closing was $2,399 a month for my house payment. This large increase is going to be a huge hardship on my family. I have reached out to ***** **** via e-mail to find out what happened to the $6,000 we brought to closing to supposedly pay taxes and to find out why such a mistake was made on our closing papers. I have yet to hear back from ***** or Gold Financial.

Desired Settlement: I would like an explanation for the very low "Good Faith Estimate" and I would like my $6,000 back so that I can pay my 2015 taxes and lower the monthly payment on my house.

Business Response: Re: ********* BBB Complaint

I received this complaint on May 5th, 2016.  I was deeply troubled with this complaint, due to the fact that we had to overcome a variety of obstacles to close and fund their loan Successfully.  In order to close this loan, we had to overcome a twenty-six point drop in credit mid score, lock extensions and a debt to income ratio issue that was preventing us from getting an automated approval through our underwriting system that is used on all conventional loans in our industry. 

First, in order to qualify and get an automated approval, we had to do a split premium on the mortgage insurance to drop the debt to income ratio below the required 45%.  By doing the split premium, we were able to lower the private mortgage insurance factor from0.89% to 0.47% which shaved $211 off of the monthly payment.  This allowed us to get an automated approval  by lowering the ratio to 44% and therefore we were able to close and fund their loan. The unfortunate part of split premium mortgage insurance is that the upfront premium can not be financed and must be paid for at closing per standard underwriting conditions.  This cost was 1.5% of the loan amount of $355,000, which required the borrower to bring to the closing table a minimum of $5,325.  

Second, the borrower’s increased their debt tremendously when they purchased their appliances prior to closing and caused their DTI to surpass the 45% mark.  This also caused a decrease in credit score by 26 points, which created delays and a higher payoff because of additional interest charges incurred by the delay.  The higher payoff and closing costs pushed their loan over the 90% loan to value, coupled with a decreased credit score, caused their mortgage insurance premium to increase. The purchase of appliances prior to closing created a domino effect, which caused them to no longer qualify. In order to qualify we had to do a split premium for their mortgage insurance, which brought them back down below 45% DTI.  

Finally, the client closed on October 20th, 2014 and brought $5,371.81 to the closing table, which $5,325 of that being required for the split premium. The borrower’s were given an option of bringing roughly $12,000 to the table or close with unimproved taxes.  In October, the tax bills were coming out and closing was requiring 13 months of escrows, which was roughly an additional $7K.  The borrower’s did not want to bring the additional money to the table and agreed to close with unimproved taxes.  

Furthermore, the borrower’s were informed in March 2015 that there was a shortage of escrows and yet there was nothing done about it until January of 2016.  This is something that was explained to them prior to closing as well as at closing by a singed disclosure as part of our closing documents provided to us by our attorney’s.  They were informed that their taxes would dramatically increase from $15/month to roughly $450 to $550/month.  They knew this and enjoyed the benefits of a lower payment from the $15/month they paid in taxes from Oct. 2014 to Jan. 2016. They are requesting $6,000 from us  a year and a half later, which they only brought $5,371.81 out of pocket….$5,325 of that paying their up front mortgage premium which is not allowed to be financed. I empathize with my clients and I understand the hardship of an increased payment…but I believe they were fully aware, reaped the benefits and now are looking for someone to blame other than themselves.  

Consumer Response:

Complaint: ********

I am rejecting this response because:

 

I filed this complaint with the BBB because I was hoping that other borrowers might be warned about what happened to us and do a much better job of reading and understanding the closing papers that they are signing with this company.  My husband and I have always been too trusting.  We are not rich, we have just worked really hard our whole lives and built our dream home. 

I am assuming when the company says we "agreed" to close with unimproved taxes, they are talking about the fact that we signed the closing papers.  Yes, we did sign those papers, however, we were absolutely not told and it was not explained to us that we were bringing $6,000 to closing because of an increase in PMI insurance and a decreased credit score and because of not getting automatic approval.  We were simply told there was a mistake in the paperwork where the taxes were concerned.  And like I said previously, we were told this literally the day of closing, so we didn't question the company like we should have. 

The comapny is saying there was a 26-point drop in our credit score due to purchasing appliances.  Number one, my husband and I have always had good credit and still do today.  Number two, we paid CASH that we had saved for our appliances.  We did not finance anything at all during the year-long process of financing and building our house.  Not one single thing. I will agree that one time the company did tell us we wouldn't get as good an interest rate, but I was told that was because I had missed a car payment and my credit score dropped below 700.  The company and I had a disagreement that day because, although I didn't check my credit score,  I have never been late on a car payment.  

The company is trying to blame us for delays in closing and lock extensions.  We always did everything and provided everything the company asked from us.   I complained repeatedly that the lock kept getting extended and every single time our fees and monthly payments went up and up.  Every time I was given a different excuse as to why that was happening. 

I have no idea why the company would say we were informed in March 2015 that there was a shortage in our escrow.  That is absolutely not true.  This company sold our loan before we even made our first payment.  I am the one that called the new mortgage company that bought our loan and infomed them that our 2015 taxes had never been paid, which I only found out because I started receiving loan requests for our delinquent taxes in March of 2016. 

I absolutely can not believe the company would say we "were fully aware, reaped the benefits and now are looking for someone to blame other than themselves."   That is completely untrue.  I knew when I requested to be paid back our $6,000 that we would never see that money.   I just hope other consumers will learn from the huge mistake we made of trusting this company and its representative. 

Regards,

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

5/18/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: On a mortgage loan I was promised a check for $500 because they failed to reduce the interest rate reduction cost from $1000 to $500 as verbally promised and this was not known until the closing meeting.

Desired Settlement: $500 refund check promised by the Loan Officer on 3/30/2015

Business Response: The consumer who made the complaint in question was issued a refund on May 5, 2015. He was promised said refund by his individual Loan Officer who evidently failed to inform his manager of the agreement and proper protocol for requesting a check was not followed at that time. Upon learning of the complaint to the BBB on April 22, we reached out to the Loan Officer and the Manager to verify the refund was, in fact agreed to. Upon verification, we promptly requested the check and it was issued through accounts payable according to their timelines.

The check was overnighted to the consumer and should have been received by him on May 6th.

If there is any further dispute, please let me know.

Thank you.

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Regards,

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

9/8/2014 Delivery Issues | Complaint Details Unavailable

Customer Review(s)

The customer review(s) below are un-filtered. These positive and negative reviews are not used in the calculation of the BBB Rating. If you wish to file a complaint and request a resolution to your issue please click here. This customer review section is not BBBs complaint resolution system. Customer Reviews are the subjective opinion of the individual who posted the review and not of Better Business Bureau. A customer review is not posted on a business if a BBB complaint on the same issue(s) is also filed. BBB cannot guarantee the accuracy of any customer review and is not responsible for the content of any customer review. Public comments are not customer reviews.

Customer Reviews Summary

3 Customer Reviews on Gold Financial Services
Negative Experience (0 reviews)
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