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Northeast California

BBB Accredited Business since

Paramount Equity Mortgage, LLC

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Phone: (916) 290-9999 Fax: (916) 290-9992 View Additional Phone Numbers 8781 Sierra College Blvd, Roseville, CA 95661

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BBB Accreditation

A BBB Accredited Business since

BBB has determined that Paramount Equity Mortgage, 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.

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Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised the rating for Paramount Equity Mortgage, LLC include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 14 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.

Customer Complaints Summary Read complaint details

14 complaints closed with BBB in last 3 years | 7 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 5
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 9
Total Closed Complaints 14

Customer Reviews Summary Read customer reviews

3 Customer Reviews on Paramount Equity Mortgage, LLC
Customer Experience Total Customer Reviews
Positive Experience 1
Neutral Experience 0
Negative Experience 2
Total Customer Reviews 3

Additional Information

BBB file opened: February 02, 2004 Business started: 09/03/2003 Business started locally: 09/03/2003 Business incorporated: 08/05/2011 in CA
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:

Department of Business Oversight
1515 K St. Suite 200, Sacramento CA 95814
Phone Number: (866) 275-2677

Type of Entity

Limited Liability Company (LLC)

Business Management
Mr. Steve Taylor, VP of Quality and Compliance Mr. Hayes Barnard, President / Owner Mr. Matt Dawson, VP of Mortgage Operations Mr. David Lippe, Vice President Ms. Michele Magee, Chief Marketing Officer Mr. Narish Parsad, Marketing
Contact Information
Principal: Mr. Steve Taylor, VP of Quality and Compliance
Business Category

Mortgage Brokers Mortgage Lender Real Estate Real Estate Services Loans Real Estate Loans

Service Area
BBB serving northeast California is the HQ BBB for Paramount Equity Mortgage.  Complaints are referred to them for processing. The company is currently doing business in Oregon, Washington, California, Arizona, Virginia and Utah.

Customer Review Rating plus BBB Rating Summary

Paramount Equity Mortgage, LLC 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

  • 3255 Ramos Cir

    Sacramento, CA 95827

  • 8781 Sierra College Blvd

    Roseville, CA 95661



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    San Diego, CA 92108

  • 5885 Meadows Rd Ste 150

    Lake Oswego, OR 97035

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    Bellevue, WA 98004


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Additional Phone Numbers

  • (209) 464-4000(Phone)
  • (877) 290-9991(Phone)
  • (916) 746-7080(Phone)
  • (916) 772-9090(Phone)
  • (916) 789-7538(Phone)
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Complaint Detail(s)

10/14/2014 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: This company has been calling me (on my cell phone) over and over and over; each time insisting that my husband and I completed an application with them to refinance our mortgage. The first several times they called (multiple times a day), I did not answer it and let it go to voice-mail (but they never left a message); then I finally decided to answer to see what they wanted. I told them that we did not submit an application with them and had actually just completed refinancing our home with ***** ***** (who our loan was initially with). They alleged that their system must have been backlogged and they were just calling because they had just gotten to our application. I reiterated to them that we had NEVER submitted an application with their company and requested that my phone number be removed. I was assured this would be done. This was on 09/08/2014.On 09/15/2014, I received another phone call saying they received our application, etc, etc. I told them they have already called and I asked to be removed from their system before and told them to remove my information immediately. I was reassured that this would be done. On 09/25/2014, to no surprise I got another phone call. I told them to stop calling me and to remove my number. He said that he would and I hung up in his face.These repeated phone calls are a nuisance; especially because they are repeatedly calling me while I am at work. They do not listen and keep ignoring my requests for the calls to stop!

Desired Settlement: It's quite simple...STOP CALLING MY PHONE! Remove my phone number from your system!

Business Response: We are in receipt of this complaint, will acknowledge it to Ms. ******, and will respond within the requested timeframe.

Business Response:

Our initial call attempt was made on 9/5/2014, and went to an answering machine.  This call was made in response to a purchased lead that was obtained through an unaffiliated third-party’s telemarketing efforts, who spoke with ****** ******.  On 9/8/2014 we made two call attempts, one in the morning which went to an answering machine, and one in the afternoon that was answered by ******** ******.  It was during this conversation that she notified us that they had recently refinanced their home, and requested to be added to our Internal Do-Not-Call List, which we complied with.  Unfortunately, when this call was dispositioned in our dialer system it was incorrectly set to “answering machine” rather than “recently refinanced,” which resulted in another phone call on 9/15/2014.   During this call we acknowledged that the disposition was correctly set to “recently refinanced.”  However, this disposition was set to trigger another call 10 days later, which occurred on 9/25/2014.  Thanks to this complaint we were able to determine that this call back setting was incorrect, and have since changed it to ensure no further call attempts are made.  In summary, we made a total of 5 calls over a 20 day period, and spoke to ******** 3 times.  We apologize for the frustration and inconvenience that resulted from our incorrect configuration settings. We have attached a copy of our Consumer Do-Not-Call Policy for your reference.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

8/26/2014 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: Paramount Equity Mortgage, LLC have consistently and repeatedly called our home insisting that we have signed and submitted an application for refinancing, when have never submitted an application for any service in connection with this business. I have requested to be removed from their call list, but this business has yet to comply with my request. The last individual I spoke with was ******* ******.

Desired Settlement: I would like to be permanently removed from their call list and no longer receive any calls from this company.

Business Response: After researching Mr. *******'s complaint, it appears that we attempted to call him once per day on 6/20, 6/21, 6/24, 6/26, 7/10, and 7/21.  All of these attempts went to an answering machine.  On 8/5 Mr. ******* spoke with ****** ****** and requested he be added to our Internal Do-Not-Call List.  On the same day, Mr. ******* spoke with ******* ****** and again requested to be added to our Internal Do-No-Call List.  It has been confirmed that his phone number is on our Internal Do-No-Call List as requested by Mr. *******.  A copy of our Consumer Do-Not-Call Policy is attached for further reference.  We believe we have satisfied this complaint.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

5/13/2014 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: I was solicited by **** ******* from paramount equity on October of last year trying to lower my apr he gave my wife and I the royal run around and he was not able to do it then in January of these year I got a call from him he assured that now he would be able to do it do to price increasing I told him he already had my info on file my wife and I have been at our jobs for well over 20 years and our credit score in the mid 850 I was real firm with him not to run my credit and told him more than once two weeks go by he send some numbers to look at and he said he was sure he could get it done in order for him to get a pay off on a loan he does not need to run my credit is the mortgage company who he needed to talk to two more weeks go by then again he assured me it was going to work then he insisted on running credit again I agreed with the condtion that he was going to be able to put the loan docs together then he stopped answering my calls cause he knew I was going to get really upset with him I call the co direct and asked to speak to his supervisor and it was the next day he returned my call he should have not have run my credit since he had just run it three months prior I protect my credit and he could care less I don't appreciate being solicited and have some one pull wool over my eyes I am really angry with him and his tactics I managed a dealership in my home town and we never run credit on any body we let the banks do it or credit union I respect my clients and the need to do the same I am also seeking legal action againt him and his company they are a fraud

Desired Settlement: they need to be exposed for what they are it its againts the law to run credit on any one he lied to me to get me to agreed that is frudulant

Consumer Response: I was lied on the phone when I was assured that everything was going as fallows it was later that I agreed to them pulling my credit when he send me the info on the 15 year loan and also send me a email telling me that I was able to get additional 300 discount because that was the special that they were having that raised a red flag I have my wife as a witness to my conversation with Andrew that I was firm with him no running my credit and the person that called me from there never said that he would get the appraisal mgr to come to my house that is a lie he said he would call another appraisal company I have proof of all of these they are not worthy of my business after sending my complaint to you I went on yelp and they are a lot of similar reviews to same that happened to me

Business Response: Paramount Equity Mortgage takes any complaint or concern on behalf of consumers seriously.  When such a situation arises, we make every effort to ensure a satisfactory resolution for all parties.  Unfortunately, in this situation we have been unable to reach such a resolution despite numerous phone calls and offers to Mr. ******.  As mentioned in our previous response, and contrary to Mr. ******' claims, we pulled credit with both his knowledge and authorization.  A copy of his March 7, 2014 email providing such authorization is attached to this response.  We believe that we have taken every reasonable approach to find a mutual resolution to this complaint.

Consumer Response: I am mailing you all of the emails that I have beginning on sept 2013 when he gave me the royal run around I not that gifted with computer use so I am mailing you the info that I have including when he re solicited me by calling my home I should have known better any questions please call me at ************

Business Response: As mentioned in our previous response of 4/25/2014, it appears that a resolution with Mr. ****** is not possible.  His desired settlement as mentioned in his original complaint was based on his claim that Paramount Equity Mortgage had pulled his credit report without his knowledge and authorization.  Contrary to Mr. ******' claims (and as stated in our previous response) we pulled his credit with both his knowledge and his authorization.  A copy of his March 7, 2014 email providing such authorization was attached to our previous response.  Given that Mr. ******' claims are without merit, we respectfully ask that this complaint be closed.

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

4/6/2014 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: High pressure sales tactics, promises not kept, and violated my privacy and request not to run my credit, then failed to make good as promised. 9/13 a sales rep (******* ******) calls me. I told him that I did not qualify for a loan & why: I'm unemployed & kitchen has been gutted in prep for remodel, w/new cabinets in the living room. He insisted that I could qualify using retirement savings and that the appraisal would be no problem. We had more conversations about it. I kept insisting I should wait until the kitchen was finished and I didn't want credit inquiries prior to that. I told him I had re-fi'd many times and used to sell real estate, and did not believe I would qualify. When his supervisor, ****** ****, confirmed that "the appraiser can look beyond the state of the remodel," and the lender would not care, and that the rules have changed regarding my income, I agree to submit paperwork, but ask they not run credit, because I did not believe they could do it. 9/27/13 & 10/1 ****** and ****** request documentation via e-mail. 10/2 I sent documents via e-mail to both with this notation, "Please do not run a credit report until I decide to go forward." ******* e-mailed to request my birth date, which I sent. They never asked me for my SS# or my permission to run credit, but apparently got the info off my tax return. (My credit report was run on 10/3.) 10/3, I got an e-mail from ****** ****: "Congratulations on prequalifying for your new loan! You are now one step closer to saving money on your mortgage. My name is *** **** and I will be assisting coordinating you with obtaining disclosures and locking your loan rate while they are still at historically low." I believe we talked the same day, or the next day. ****** congratulated me, again, but, still not convinced that I would qualify, I told ****** my concerns, again. ****** agreed with me. Then I realized he had already run my credit. All of the phone conversations were recorded by Paramount. 10/10, an e-mail from ****** ****** made the refusal of a loan official, but in the meantime, I'm making calls to try and get the credit inquiry reversed. At some point in this process, one of them says they'll "have to listen to the tapes" of the conversations. I know I vocalized the desire not to ding my credit, as well as in writing, and I KNEW they "couldn't" run my credit without my permission. I call both ******* and ****** to complain and time passes as nothing happens, but my credit score goes down, reflecting the inquiry. Someone (****** or *****) encourages me to wait 30 days from the date of credit inquiry to see if it drops off. I start to take notes: 10/28 I called ******, again. Left VM. 11/1 I get ******, and he "goes to check" -- giving me the name of ***** ******* and his phone number. My notes say "will take care of it" under his name. 11/19 I called again - my credit score has not improved. The credit was run on 10/3, more than 6 weeks earlier. I have a note that I spoke to **** *****. 11/19 ***** ******* phone-tag. I leave him a message (Tuesday) to call me Thursday. 11/21 I called and left VM. 11/26 I got hold of ***** -- He says he'll put through a request to back out the inquiry and will let me know how and when. 12/2 I've heard nothing. My credit is still impacted. I call *****--"he's going to see if there's something he can do" regarding getting me a loan, despite the kitchen--he seemed to think there might be something. 12/4 He left me a message to call. 12/5 I call him twice: once leaving a VM, and once leaving word with ****. 12/6 I left word with **** 12/9 I left word, saying, "I'm not going to call again." No response as of 12/16. I had already told them that I had looked up their reputation on BBB when I started this process and that this was my recourse if they could not do anything about correcting their error. During these conversations I was told, repeatedly, that someone would be fired for making the claims they made to get me to apply (******* was backed up by his supervisor, which would seem to indicate a bigger problem).

Desired Settlement: There must be a way to correct an erroneous credit inquiry and have it backed out of the system. They need to do so before I go to the credit bureau. Their "hold-music" touts their customer service guarantees--they might consider paying out in this case. Somebody needs to take responsibility.

Business Response: Our SVP of Sales Operations, **** ******* has been in communication with ****** ********* regarding her complaint. He has apologized for the confusion and for her frustrations with Paramount so far. In addition, he has personally taken over her loan file. During the course of the conversation, it became apparent that this is a challenging loan file due to a major remodel she has currently undertaken on her home. She was satisfied with ****'s apology, and after discussing the actual impact on her credit from a single credit pull, she is no longer concerned about the credit inquiry mentioned in her complaint. We will continue to work closely with ****** in seeking a satisfactory completion of her loan

Consumer Response:  
Complaint: *******

I am rejecting this response because:

My complaint to BBB produced a response from a SVP of Sales Operations on 12/19.  He did a great job of apologizing.  However, once again, he wanted to go through the file and see if there was anything he could put together for me, so that I would be happy.  He was reluctant to take the trouble to back out the credit inquiry that was run against my wishes.
A day or so later, he left word for me, I left word for him.  I called him on his cell phone and got him in the car.  We agreed he would call me back the next business day.  On 12/30, not having heard from him in more than a week, I called him.
At his request, I send him photos of the property, so he can try to put the loan through.  He repeats what the salespeople said, which is that they are a "direct lender" and "make their own rules" and can make loans others can't.
On 1/2, he calls to go over numbers, but seems doubtful he can do anything for me, which is exactly what I thought in the first place, only now I've spent even more time and effort to prove it to him.  Meantime the loan interest rates have gone up.  He says he'll look further.
7 days pass.  1/10 He sends an e-mail to say he thinks the best option is to wait until I qualify--my original idea.
So, basically, just like the others at this firm, he wants to please me and holds out a false hope, causing me to invest more time and effort, but ultimately is unable or unwilling to actually fix either problem.  I don't have a loan, and the credit inquiry I did not authorize is still on my credit report.


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

Consumer Response: I'm very disappointed that after 6 months, that credit inquiry is still showing up on my report.  I'd like for Paramount Equity to have them remove it as an error.

Business Response: Please find attached a letter from Cogent Road (the parent company of Funding Suite) acknowledging the removal of the inquiry by Paramount Equity Mortgage on your credit report.  As mentioned this process may take 30 – 45 days for the three credit bureaus to update your credit profile.
I trust this will resolve your remaining concerns.
If you have any questions, please feel free to contact me.

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, which is to say, they did the least they could do.


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

BBB's Final Determination: Consumer accepted resolution offered by the business.

2/4/2014 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: Mortage specialist will not return phone calls or emails to find out the status of our loan Loan has been going on for over 3months. Trying to refinance a Condo in Florida. This has taken over 3 months and still do not have a close date. They continue to ask for more documents and asking more questions. Now i can not get ahold of anyone. I have called multiple times, sent emails and still no response. This process started around 09/24/2013 and still waiting on whats going on. We have received a couple of Good Faith Estimates and the charge points continue to increase. I should be geeting this cheaper for dealing with incompentent people. This is the worst customer service experience i have ever delt with.

Desired Settlement: I need to know if we are going to get this loan or not and what the closing date is or move on to another lendor who wants my business. I need an answer now.

Business Response: Just prior to the borrower signing loan documents, we learned that his property was a condo hotel and that he rented the property on a weekly basis. We were unaware of this information at the time the loan application was taken. Once we learned of this, we were unable to do this loan. We discussed this with **** ********, who is the brother/business partner of our actual loan applicant. While it was not the outcome he had wished for, he understood the reason we were unable to proceed. In fact, he has since referred us another individual seeking financing. We believe this complaint has been resolved to the satisfaction of Mr. ********.

Consumer Response: (The consumer indicated he/she DID NOT accept the response from the business.)
This is false. I did advise them that we rented the condo during ths summer months. Our condo is not a hotel/condo. In talking with the rep i gave them the HOA (Home Owners Association) for the condo and they told them it was not a condo/hotel. This still does not answer the customer service aspect in not returning phone calls or eamils that left me hanging for three months. And i had to keep calling them to find out whats going on with the loan. They kept telling me to pay the mortage for this month and not pay the next month because we should be closing the loan. This went on for 3 months.

Business Response:

Our SVP of Sales Operations, **** *******, spoke with Mr. ******** and confirmed that he received all of his requested documents on January 13, 2014.  He apologized for our lack of response to his phone calls during the back and forth process that occurred during the underwriting of his loan application, and the previously mentioned issues that arose.  Unfortunately, we were unable to complete the loan for Mr. ********.  He indicated that he understood the reasons, and was appreciative for ****’s follow-up and for the return of his documents.


BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/13/2013 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: Representative **** ***** refuses to stop calling, texting regarding a loan with Paramount Equity which I declined. Calls are made on Sundays, nights Several months ago I applied for a rate quote with Paramounth Equity mortgage for a home loan. The rate quote and interest were too high for my liking so I declined their offer. Since then, I have been continually hounded and harassed by **** ***** and other employees of Paramount Equity, who refuse to stop calling, texting, leaving messages on both my home phone and cell phone. I estimate I have received about 40 or more messages and calls from Paramount Equity. I have even threatened to contact the police and report elder abuse and the calls and messages continue without abatement. Evidently, the company thinks they can coerce me into getting a loan by continual harassment and aggressive sales tactics. I have received calls from Paramount agents from the following phone numbers and others: 916=394-5858, 5864,5804,5831,etc.

Desired Settlement: Please have Paramount Equity to quit contacting me, drop further attempts to investigate my credit or make any further loan offers or details by mail, phone, text, or any other method. Leave me alone.

Business Response: Initial Business Response
Our SVP of Sales Operations spoke with ******* ********* on 12/4/2013, at which time he expressed our apologies for her experience, and told her that she have been added to our internal Do-Not-Call list. This conversation was followed up with an email confirming this conversation.

Final Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.) I trust that the company will keep its word and stop contacting me about a home loan. Any further calls, emails or sms messages from them will result in further complaints.

BBB's Final Determination: Consumer accepted resolution offered by the business.

12/2/2013 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: Paramount Equity Mortgage is calling/soliciting consumers in Jax, FL. and is using my co. name and phone number as their caller ID. Paramount Equity Mortgage is calling/soliciting consumers in Jax, FL. They are using my co. name ******** ********* Service) and my phone number (XXX-XXX-XXXX) as their caller ID. I am receiving XX-XXX calls per day from irate consumers stating that my company keeps calling them. After further investigating and asking customer's for more information they state that the person calling say's they are with Paramount Equity Mortgage and are calling because the consumer filled out an application online requesting mortgage information. I called Paramount Equity Mortgage corp. headquarters back in September and informed them of the situation; I was assured that their IT Department would take care of it. It is now November and I am still receiving phone calls from people throughout Jacksonville who are very upset wanting to know why my number keeps calling them. Paramount Equity Mortgage is participating in what is known as Caller ID Spoofing and I am the victim. Paramount Equity Mortgage is deliberately falsifying their telephone number and their name relayed to consumer's caller ID to hide their identity. The number they are using (XXX) XXX-XXXX is my main number and is advertised in multiple yellow page directories; otherwise, I would have it disconnected. My lines and employees are being tied up dealing with irate consumers instead of taking care of my legitimate customers. Not to mention the damage that is being done to my company's name. BOTTOM LINE: PARAMOUNT EQUITY MORTGAGE MUST IMMEDIATELY CEASE FROM USING MY COMPANY NAME AND PHONE NUMBER AS THEIR CALLER ID.


Business Response: Initial Business Response
We have spoken with ******* ********* and explained the events leading up to this situation. Our telephony provider, ******** sold us the same phone number used by *******'s business unbeknown to us at the time. Since becoming aware of this situation as a result of this complaint, we have cancelled the phone number from Paramount's end, and removed it from our phone system so it never again appears in our Caller ID. We have also severed our business relationship with ******** In addition, we have apologized to ******* for this situation and once she is able to provide us with the name of the individual she spoke with initially spoke with in September; we will determine why this was not adequately addressed when she first brought it to our attention, and conduct training as necessary. We will follow up with her again in two weeks to ensure that it has been satisfactorily resolved.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

4/23/2013 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: i want to be removed from mailing list. i've sent written request previously but still get mailings for refinancing.

Desired Settlement: remove my name and address from your mailing list. in your mailings its under my husbands name- ****** *******

Business Response: Business' Initial Response
According to Mrs. ******'s complaint, her husband, ****** ****** had previously requested to be removed from our mailing lists. Paramount maintains a process for ensuring that all requests from consumers, asking to be removed from our mailing lists are forwarded to a single individual who handles these requests. Based on our research, we were unable to locate a record of Mr. ******'s requests. That said, we apologize for any inconvenience that our marketing advertisements may have caused, and have promptly removed Mr. ****** and his mailing address in *** *****, CA from our mailing lists, and have notified our marketing distribution partners as well. We believe this action will satisfy the Mrs. ******'s desired resolution of her complaint.

BBB's Final Determination: Consumer accepted resolution offered by the business.

4/12/2013 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: On two occasions, my wife (****** ****) and I attempted to have our mortgage refinanced through Paramount Equity this past year. We contacted Paramount Equity after hearing one of their radio ads state refinances are available for those even "underwater." While our house is NOT underwater, we were told on both occasions we did not qualify to refinance because although close, we did not have a full 20% equity in our home. This is a far cry from their advertising of refinancing homes "underwater." I sent an email to the company two seeks ago, and have not heard back.

Desired Settlement: 1) Stop false radio advertising or 2) Refinance our house.

Business Response: Business' Initial Response
Based on our discussion with Mr. ******, he was upset due to our inability to assist him a refinance of his home as advertised in our radio ad. The HARP 2 program advertised requires the loan applicant's current mortgage loan to be owned by Fannie Mae or Freddie Mac. Unfortunately, Mr. ******'s current loan is retained by a local bank and thus ineligible for the advertised loan program. After this was explained to Mr. ******, he indicated that he is now thinking of selling his home. He also stated that he was emailing the BBB to acknowledge that his issue had been resolved.

Consumer's Final Response
I spoke to **** at the Lake Oswego, OR Paramount Equity branch who explained that loans CAN be refinanced if underwater but ONLY if they are Fanny or Freddy loans. While I understand this, I still feel Paramount's radio advertising is misleading since their ads do not mention these conditions. **** promised to pass my concerns on to their advertising branch. I am satisfied with this outcome.

BBB's Final Determination: Consumer accepted resolution offered by the business.

10/12/2012 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: Over 4 months for refinance, which is still not completed. Have been charged 5 times for payoff amount from bank plus late fee due to incompetence Began refinance process in ******, told it would take about 1 month, continually asked for additional information (why did they not know what was required as this is their business). Bank, who holds mortgage was contacted at least 5 TIMES for payoff (costing me without my authorization $30.00 each time, additionally I was told that refinance would happen momentarially and therefore not to pay mortgage, costing me a late fee and additional monies. Supervisor told me that I would be refunded the late fee and costs of approximently $110.--, months later I have not received these monies. I am now asked again for additional information, which I have responded to such as; wanting a statement for HOA, I do not receive statements and have paid well in advance which has been told ad naseum, they know how to contact the HOA as they have done so several times to verify information. They have asked for a current tax bill, the county has not issued them, thus I cannot produce one. 5 times to contact B of A for pay-off costing me $30.. each time!!! Now, a processor has contacted me and tells me how difficult it is for her to process loans, and wonders why I am not sympathic. This has been a tedious process staffed by inept persons which has cost me extra high mortgage payments, which is why I am attempting to refinance as well as costs that should only be required once. I own several properties and have never had this problem elsewhere.

Desired Settlement: Refund of costs incurred approximately $260.00 and $350.00 p/m approximate lower moertgage payment for each month beyond reasonable closing time.

Business Response: Business' Initial Response
The issues giving rise to this complaint, resulted from issues with obtaining MI certification; and the borrower purchasing a new primary residence during the processing of her loan with Paramount, resulting in our need for additional documentation which the borrower disputed. We have negotiated with the borrower and will be sending her a check in the amount of $1,244 to cover her out of pocket expenses. The borrower has advised us that she will be withdrawing her complaint.

BBB's Final Determination: Consumer accepted resolution offered by the business.

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