BBB Business Review

Text Sizesmall medium large

This business is not BBB accredited.

Residential Credit Solutions, Inc.

Additional Locations

Phone: (800) 737-1192 Fax: (877) 415-5051 View Additional Phone Numbers 4708 Mercantile Dr, Fort Worth, TX 76137 http://www.residentialcredit.com ! There is an alert on Residential Credit Solutions, Inc. !


BBB Business Reviews may not be reproduced for sales or promotional purposes.

Description

According to the company website, the company is a mortgage servicing company providing services including payment counseling, assisting consumers who are delinquent on payments or facing foreclosure, loan modifications, and the Home Affordable Modification Program.


BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.


Reason for Rating

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

Factors that lowered the rating for Residential Credit Solutions, Inc. include:

  • Government action(s) against the business

Factors that raised the rating for Residential Credit Solutions, Inc. include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 160 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

160 complaints closed with BBB in last 3 years | 27 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 4
Billing/Collection Issues 83
Delivery Issues 4
Guarantee/Warranty Issues 1
Problems with Product/Service 68
Total Closed Complaints 160

Additional Complaint Information

Complaints processed on this company by the BBB primarily concern Credit/Billing, Service, and Customer Service issues.  Specifically, consumers repeatedly make the following complaints about RCS: forced escrow payments, non-payment of property taxes, poor record keeping, erroneous fees assessed, failure to honor prior lender’s loan modification agreements, poor customer service, inability to get documents to the proper department for processing, delays in obtaining loan payoff information, and harassing collection calls.

A more detailed explanation of complaints follows.

Credit/Billing Issues:
    
Complainants report having a home mortgage with another lender and then having that mortgage sold to Residential Credit Solutions (RCS) for servicing.  Consumers report almost immediate problems once RCS assumes the loan.  These problems include forced escrow accounts despite consumers providing documentation that insurance and taxes have already been paid.  Consumers also allege fees and charges being added erroneously when the company assumes the loan.  In response, the company states that modifications were denied because the required documents were not received, refunding or waiving fees when they were assessed in error but without explaining why the error was made.

Service Issues:
    
Complainants report problems with the company paying property taxes despite the money being in escrow, reporting payments late or incorrectly, and problems with loan modifications.  In response the company pays the taxes and any penalty fees, blames online phone payment limitations and systematic posting errors for the issues consumers experience, and admitting errors causing documents to be loaded for incorrect loans.  For loan modification problems, the company states that it was unable to assist consumers due to net present value results, but that it will attempt to resolve the issue via short sale or deed in lieu of foreclosure.

Contract Issues:

Complainants allege the company fails to honor contracts made with the original mortgage company despite consumers providing requested documentation or modifying a loan to a payment exceeding the original loan payment amount.  In response, the company claims that gross income is sufficient to support the higher payment or that the consumer failed to supply documents to support their claims and the investor again denied the request to lower payments.

Customer Service Issues:
    
Complainants allege they are unable to speak to supervisors to resolve complaints, telephone messages go unanswered and unreturned, representatives fail to resolve issues in a timely fashion, documents are lost multiple times or do not reach the correct department, customers do not receive loan payoff information in a timely manner, and customers receive frequent harassing collection calls even during payment grace periods.  In response, the company states that foreclosures will be cancelled if the consumer successfully completes the modification plan.

The BBB has noted an increasing volume of complaints being received on this company.  The company is scheduled to meet with the BBB in April 2011 to discuss the pattern and volume of their complaints.

Customer Reviews Summary Read customer reviews

10 Customer Reviews on Residential Credit Solutions, Inc.
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 10
Total Customer Reviews 10

Additional Information

BBB file opened: February 16, 2010 Business started: 12/04/2006 in DE Business started locally: 01/31/2007 Business incorporated 12/04/2006 in DE
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 Savings & Loan Department - 877-276-5550

www.sml.state.tx.us
Phone Number: (512) 475-1350

Type of Entity

Corporation

Business Management
Mr. Dennis Stowe, CEO Ms. Christy Allen, Resolution Specialist Ms. Kim Brouse, VP Loan Admin
Contact Information
Customer Contact: Ms. Kim Brouse, VP Loan Admin
Principal: Mr. Dennis Stowe, CEO
Business Category

Mortgage Brokers

Alternate Business Names
RCS Residential Credit Solutions Trust, Inc.
Industry Tips
**** Mortgage Brokers **** Mortgage Loans, What You Should Know Foreclosure Rescue/Prevention

Customer Review Rating plus BBB Rating Summary

Residential Credit Solutions, Inc. has received 3.83 out of 5 stars based on 10 Customer Reviews and a BBB Rating of A-.

BBB Customer Review Rating plus BBB Rating Overview
X

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.