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Drake Equity is a full service mortgage broker providing residential mortgage loans. Committed to excellent service and low interest rates. Currently lending in MN, WI, CO, WA and OR.
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A BBB Accredited Business since
BBB has determined that Drake Equity, LLC 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 the rating for Drake Equity, LLC include:
- Length of time business has been operating
- Complaint volume filed with BBB for business of this size
- Response to 1 complaint(s) filed against business
- Resolution of complaint(s) filed against business
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||1|
|Total Closed Complaints||1|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||6|
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:
Minnesota Secretary of State
180 State Office Bldg, 100 Rev. Dr. Martin Luther King Jr. Blvd., Saint Paul MN 55155
Phone Number: (651) 296-2803
Business ManagementJohn H. Beckfeld, President Bryce Richard Plocharz, Owner/Manager
Mortgage Brokers Mortgage Lender
Products & Services
According to the information provided by Drake Equity, this company offers home mortgages, refinance, home equity lines of credit, second mortgage and debt consolidation.
Customer Review Rating plus BBB Rating Summary
BBB Customer Review Rating plus BBB Rating Overview
8000 W 78th St STE 330
Edina, MN 55439 Directions
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Complaint Trends - Last 3 Years
Customer Review Trends
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|
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Problems with Product/Service
Read Complaint Details
Complaint: Drake Equity promised a refinance of my home. They drug the process out for 3 months, overcharged me for an appraisal and then denied the loan Contacted Drake Equity for a refinance on July 17th with a 3 week promise to close. Sent all the documentation required some in duplicate. All discrepancies in my file were addressed with concrete documentation. I even had to pay for a title search. They promised multiple close dates over the last 3 months, even sent closing paperwork, only for something else to come up. Finally the agent said they were ready. They charged me $490 for an appraisal that only costs $350 as shown on the appraisal. This was 4 weeks ago and now today, Oct 14th, the agent sent an email requesting that I contact them next year 2015 after I file taxes to continue the process that started on July 17th. As this is totally unreasonable since they have all the necessary documentation, I would have to believe that I am being discriminated against possibly because of my race or some other reason. My income is more than sufficient to cover this loan. I don't see other applicants being treated the way that I was based on other reviews that I read on this company. At the least, since I have gotten nothing from this process but a total waste of time, I should receive a refund for the overpriced appraisal which should have been apart of the loan. But they required this money up front.
Desired Settlement: I am requesting a refund of the appraisal fee where I was charged $490 for an appraisal that they were never planning to use.. In addiition, it only costs $350 as is documented on the appraisal.
Business Response: Initial Business Response /* (1000, 5, 2014/10/24) */ This letter is in response to Consumer Complaints # XXXXXXXX Our client applied for a mortgage refinance on 7/14/2014. We pre-approved our client based on preliminary information provided to us. After submitting the loan to multiple lenders, multiple issues were discovered and has since been turned down by 3 investors. The first issue was that she was claiming income and taking advantage of losses on the schedule E for a property on her tax returns that, by her own admission via letter from her stating she does own the property. After some discovery in the underwriting process it was found through title searches she does not own the property in question, and based on the searches- she never owned the property at that address. This information has lead all the investors to the same underwriting conclusion, which was to calculate the losses against her qualifying income resulting in un-qualifying debt to income ratios. Second issue was a loss in the schedule E that was explained by her in a letter as business attempt that "didn't pan out" and resulted in a onetime loss. We were unable to obtain satisfactory documentation that this business is no longer in business and will not result in further losses. This resulted in additional losses counted against her un-qualifying income. Our clinet also mentioned Drake has over charged any appraisal, charging her $490 which on the appraisal the cost was listed as $350. I did contact ******* via the phone and explained to her that as a mortgage broker, we are highly regulated and will be in serious violation of up charging any fee. This increase was the charge from the appraisal management company that (by law) we must order appraisals via bona fide AMC. These Appraisal Management companies are used to comply with regulations so that there is appraiser independence and no appraiser can be influenced to obtain a certain value on a property. Drake Equity did not charge or upcharge our client, nor have we received any money from our client. We take serious pride in our customer satisfaction. I have been in contact with our client prior to receiving this complaint and I have researched all possible options with the currents facts of the situation. Right now, our only option is wait for 2014 returns to be filed. These returns will depict true and accurate income gains and losses for requalification. Initial Consumer Rebuttal /* (3000, 7, 2014/10/30) */ (The consumer indicated he/she DID NOT accept the response from the business.) This response is not acceptable. The tax returns were submitted in July and this property in question was not brought up as an issue. If it had been as described in the company's response, then this process should have ended then. Instead I was subjected to requests for a different piece of information every other week. First it was income verification after I sent in pay stubs. Then it was an explanation of my commission structure. Then it was providing actual mortgage notes on every property I own. Then it was property they state that I never owned. Yet I have a written summons from the State where the property resides to pay taxes on it. And then as a contradiction, the company states that they are taking the losses from a property that I supposedly never owned against my income. The company also states that they can not verify that a business that is no longer in operation is not still functioning. Yet I provided current State tax fillings to prove this. Instead they are basing this conclusion on outdated information randomly pulled from the internet at an address where I have not been since 2006. Having all this information, an appraisal was ordered at my expense, after dragging the process out for 3 months knowing based on their own comments, that the loan was not going to be approved. All of the information in question but especially what the company is citing is a deal breaker was available to them in July. Because of this, even if the appraisal costs followed regulations, Ishould be reimbursed for the $490 cost I incurred. If they truly are concerned about customer service and the trust I put in them for 3 months, this is the only acceptable resolution for me. Final Business Response /* (1000, 16, 2014/12/03) */ We have a deep appreciation for anyone that gives us the opportunity to work with them, as I have told ************* myself. I personally worked hard to find lending options for her, however without success at this time. We believe that the filing of 2014s tax returns will solve our problems, that is up to her if she would like to work with us at that point. We stand by our statements that the documents provided were not supporting the statements we were told, however our dispute over the facts is something that not worth arguing and I am glad to refund the appraisal fee to her. I am emailing her now, and thanking her for the opportunity. Will mail the $490 today Sincerely, *************
Customer Reviews Summary