BBB Business Review

BBB Accredited Business since 09/17/2012

Fox Funding, Inc.

Phone: (214) 256-3115Fax: (972) 395-7010View Additional Phone Numbers3010 LBJ FWY STE 1200, DallasTX 75234-2710 Send email to Fox Funding, Inc.

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BBB Accreditation

A BBB Accredited Business since 09/17/2012

BBB has determined that Fox Funding, Inc. 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.

Reason for Rating

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

Factors that raised Fox Funding, Inc.'s rating include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 3 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.

Customer Complaints SummaryRead complaint details

3 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues1
Problems with Product / Service2
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints 3

Customer Reviews Summary Read customer reviews

1 Customer Review Customer Reviews on Fox Funding, Inc.

Customer Experience Total Customer Reviews
Positive Experience 1
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 1 Customer Review

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (3)
07/12/2013Problems with Product / Service | Read Complaint Details
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Complaint
Fox Funding initiated a refinance, ordered an appraisal for $425. I paid and then never heard from Fox Funding again after many attempts.
I contacted Fox Funding at the beginning of June 2013 to initiate a re-finance. Provided all requested detail in a timely manner. Fred Owen at Fox ordered an appraisal for which I paid $425. After that, I never heard back from Fox Funding. I have made repeated attempts to contact this company. I would like them to reimburse the $425.

Desired Settlement
Reimburse the $425 spent for a recent home appraisal.

09/17/2015Problems with Product / Service | Read Complaint Details
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Complaint
Failed to provide services advertised,took credit card info for an appraisal, and promised not to do a credit check until we knew appraisal results.
Fox Lending sent me several brochures that I was pre approved to refinance at 2.99%, easy approval process, and close in 21 days. We applied and gave Fred **** at Fox a credit card number to order an appraisal as well as SS numbers and he promised not to do a credit check until we were informed of the appraisal results. The appraisal took place on Nov. 4 near dark. The appraiser said we should hear something by the following Wednesday. We heard nothing. After more than 3 weeks we contacted Fred **** who said that he doesn't know anything and that Flagstar Bank ordered it. Our credit card was charged $500 on Oct. 29 and another $140 on Nov. 14 for appraisal. Fred called on Dec. 27 that our application was rejected. In Jan. we got a letter from Flagstar giving bad appraisal and something on one credit report as reasons. This proves that Fred **** lied to us about not doing the credit check until results of appraisal were provided to us.

Desired Settlement
Since we were misled by Fox Lending and Fred ****, we would like to receive a refund for the money charged to our credit card for the appraisal. The cost of the appraisal totaled $640, $500 on Oct. 29 and another $140 on Nov.14. This process was long and mysterious. We had spoken to Fred **** several times about the progress of the appraisal. He is the one given permission for an appraisal. We did not know about the involvement of Flagstar Bank.
We sent a letter to Fox Lending on Feb. 11,2015 and it got returned to us. We hold Fred **** at Fox Lending responsible for the loss of our money.

Business Response
***Document Attached***
Sorry for the delay in responding to this complaint. This transaction is nearly 10 months old and Ms. ******'s file had to be pulled from our archives.

I apologize for Ms. Fowlers experience, this is not the norm. I'm a little confused on not pulling a credit report. We did not have Ms. ******'s SS # prior to her contact. The only way for us to pull a credit report is if Ms. ******'s offered her SS# and date of birth and other pertinent information which would allow us to be able to pull a credit report. So again I'm confused on Ms. ****** gave this information to the loan officer but instructed him not to pull a credit report?

Ms. ******'s loan application was not turned down because of her credit rating. Her Loan application was turned down for 2 reason's.

The primary reason is that Ms. ****** has a guest quarters conversion on her property. Please See attached report page 13 were there is a statement from Mr. Daniel ******* of the City of Kingsville Planning and Zoning Department who indicates that Ms. ******'s zoning is for single family residents and that her guest quarters were ever destroyed by a natural disaster or storm the City of Kingsville will not permit her to rebuild said guest quarters due to zoning laws.

The secondary reason Ms. ******'s property was turned down was that she has an empty non operational pool. This is a safety hazard and high liability. In the event Ms. ******'s insurance carrier were to discover this empty pool via renewal inspection or via claim filed her homeowners will cancel her coverage due to the safety and liability surrounding this hazard.

Again I apologize for Ms. ******'s experience yet her loan was turned down due to zoning and safety concerns. Ms. ******'s file was also reviewed by our regulator this past Jan. in our annual audit and deemed to be in compliance. I've also forwarded Ms. ******'s compliant and file to our State regulator explaining the circumstances surrounding her transaction as we strive for transparency.

If you have any further questions or concerns, feel free to contact me.

Sincerely,

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


Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Fred **** did promise not to run credit check until results of appraisal were provided to us. We trusted him not knowing that Flagstar Bank was even involved in the loan process. We thought we were dealing only with Fox Lending, that we were pre approved for a loan to close in 21 days as stated on the brochures I received by mail. By the way I received another very similar brochure a couple of weeks ago. We were betrayed by false advertisement. The personal information we gave Fred **** was given to Flagstar Bank without our knowledge and consent. Flagstar did deny us a mortgage. Eventually Flagstar Bank provided us with the information stated by Jeff ******** in his response to our complaint. His delay in responding just proves that Fox Lending needed time to gather that appraisal information. The main complaint we have here is the fact that we were misled to thinking that Fox Lending was the mortgage company. Our credit card was charged $500 for an appraisal and another $140 for the appraisal. We don't understand why there were two different charges. We want our money back because we have been scammed. We certainly hope that this experience is not the norm for people dealing with Fox Lending. If it is not, we cannot understand why fox Lending will not be nice enough to refund our money.

Final Business Response
Again I apologize for your experience. It is not our intention to mislead anyone in our dealings and we pride ourselves on complete transparency. At the bottom of the brochure it clearly states that we our mortgage brokers and licensed as such. Like an insurance agent places policies at various companies we do the same with mortgages by placing them at various banks to obtain the best possible outcome and rate. In addition our regulator and legal counsel have both reviewed and approve all of our advertisements being sent out to the general public.

Also, the reason why there were 2 separate charges is that the majority of appraisers in Texas charge $500.00. Your particular appraiser demanded an addition $140.00 as a complexity fee for him to complete your report because of the addition research he claimed had to be done to complete your report.

With this being said I believe that you may have miss-understood us as being a bank versus mortgage brokers and explicitly not finding you nor ourselves at fault. Yet because of your trouble and experience with your application I'm issuing a 640.00 refund from our financial institution which you should receive by Mon. Sept 14th. (I've uploaded a confirmation) Again I apologize and please let us know if there's anything else I can assist you with.

Sincerely,

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

08/10/2015Advertising / Sales Issues | Read Complaint Details
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Complaint
The appraiser, Mr. Mark E. ******* (license #TXXXXXXXX G), was hired by Fox Lending for our home refinance. On his appraisal report on 4/3/2015, he wrote, "The borrower would not grand access to the interior of the detached garage or storage area; therefore, no photos can be provided." This result as "per the lender's request, value conclusion changed form as is to subject to inspection of detached garage and storage shed."Mr. Verrett did have the access to the garage, and he took a picture of the Harley Davidson motorcycles parked in the garage. Furthermore, before he left, he was asked, "is there anything else I can show you?" He replied, "no." Due to his report, the loan did not go thru due to the delay. The loan officer emailed me on 4/4/2015 stating there was a "big issue." We tried to contact Mr. Verrett over 10 times, and he never reply our request to come back and take the photos that he claimed he did not get to take. We had to hire another appraiser to take the photos. The loan did not go thru because the time delay and Fox landing raised the interest rate and points to a point that refinancing is not making any sense any more.

Desired Settlement
I respectfully request Mr. ******* or Acorn Appraisal Associates to refund us $500 that he charged on my credit card. Thank you. ***** ******

Business Response
Contact Name and Title: **** *********
Contact Phone: XXXXXXXXXX
Contact Email: ****@foxfunding.net
I'm confused on Why a complaint is filed against Fox Funding? We did not hire the appraiser. Its against federal law for a lender or borrower to choose an appraiser and it must go through an appraisal management company for selection. I agree Ms ****** may not have had adequate service with her appraiser yet Ms *****'s delay in her loan was from a home equity lien attached to her property that she failed to disclose to us. State Law prohibits more that 1 home equity lien attached to the property at any given time. Hence she had to get the existing equity lien released prior to taking a new one from us. That process took approx. 4-6 weeks.

When we originally locked Ms ****** she was locked at 2.75% rate when the discovery of an existing lein was apparent this took an addition 45 day extentions which placed her at 3.125%. Ms ****** did not want to pay a rate above 3%. I've attached all 33 emails between Ms ****** and myself communicating the difficulties surrounding her transaction and to be compliant with the law. Also, I've attached a statement from the appraiser indicating he was not granted access to the garage and shed.

In addition, I've forwarded Ms ****** file and all emails and communication to our Regulator in Austin for transparency and review that her loan was processed and handled within Federal and State guidelines.

If Ms ****** is upset with the appraiser then she should file a compliant against the appraisal company with the link provided below:

https://www.talcb.texas.gov/public/filing-complaint

I'll consider this matter closed at this time.

Industry Comparison| Chart

Mortgage Brokers, Escrow Service, Mortgage Processing

Additional Information

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BBB file opened: 01/27/2009Business started: 11/01/1999
Licensing, Bonding or Registration

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. 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 and Mortgage Lending
2601 North Lamar, Suite 201
Austin, TX 78705
(877) 276-5550
http://www.sml.texas.gov/

Type of Entity

Corporation

Incorporated: August 2000, TX

Contact Information
Principal: Mr. Jeff Gonzalez (Owner) Fred Owen (Branch Manager)
Business Category

Mortgage Brokers, Escrow Service, Mortgage Processing

Alternate Business Names
Fox Lending
Industry Tips
Mortgage Broker

Map & Directions

Map & Directions

Address for Fox Funding, Inc.

3010 LBJ FWY STE 1200

Dallas, TX 75234-2710

To | From

LocationsX

1 Locations

  • 3010 LBJ FWY STE 1200 

    Dallas, TX 75234-2710Fax: (972) 395-7010

Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Dallas and Northeast Texas. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*Fox Funding, Inc. is in this range.

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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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Additional Phone Numbers

  • (210) 290-9129
  • (972) 395-7000
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BBB Complaint Process

Your complaint will be forwarded to the company within two business days. The company will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the company's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

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BBB began including the text of consumer complaints and business responses in BBB Business Reviews on 07/01/2013 for complaints filed on 01/01/2013 and thereafter. This includes all complaints that meet our reporting guidelines and that are filed electronically. We also report on the resolution of the complaint, as determined by BBB.

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Industry Tips for Mortgage Brokers

Mortgage Broker
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BBB Customer Review Rating plus BBB Rating Overview


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

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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

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