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BBB Accredited Business since
Phone: (800) 218-1415 Fax: (866) 375-9742 View Additional Phone Numbers 10951 White Rock Rd Ste 200, Rancho Cordova, CA 95670 View Additional Web Addresses
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A BBB Accredited Business since
BBB has determined that Liberty Home Equity Solutions, 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 the rating for Liberty Home Equity Solutions, Inc. 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
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||3|
|Total Closed Complaints||4|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||1|
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
The number is 6072619.
National Mortgage Licensing System- NMLS
The number is 3133.
Type of Entity
Business ManagementMs. Pamela Rodriguez, Operations Marketing Manager Ms. Melody Craigie, Compliance Team Lead
Mortgage Lender Financial Services Reverse Mortgage
Products & Services
Liberty Home Equity Solutions, Inc. provides reverse mortgage services.
Customer Review Rating plus BBB Rating Summary
BBB Customer Review Rating plus BBB Rating Overview
10951 White Rock Rd Ste 200
Rancho Cordova, CA 95670 (800) 218-1415 Directions
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Additional Phone Numbers
- (916) 384-1825(Phone)
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: in jan 2014 i did a reverse mortage with liberty. at that time i asked **** ***** of liberty what all the fees were. she failed to tell me that with the appraisal of my home they would assess what my home needed for repairs. they had a notary come to my home with a 2 inch stack of documents for me to sign. i never knew of this provision. plus i have to pay for someone to see if i completed the repairs. i did not know of this and they are witholding $3500 of my money. i have received 8k so far, and to get out of this fraud, misrepresentation, and out right lies by this company, they want me to give them 15k plus to get out of this. the interest is supposed to be only on the money i have received which is like 3%. this is outright theft of an at risk adult, and a 2 time cancer survivor. this company preyed on me and my illness. i never got the full cost of this. this is my home and they think they can tell me how to run it. this place is a ripoff and i think they are crooks, they load you up w paperwork and put in stuff they never told me about. they are thieves.
Desired Settlement: they can have their money back but i will not pay 100% interest. i have gotton 8k so far and will refund that, but i will not give them 15k to get out of this. if we can come to an amicable solution, fine. but this is my home and they want to steal it by hidden costs and failure to inform me of all the fees. they are acting like its their home and im a renter and they can tell me what to do. they agreed on 97% on a line of credit when my home wa
this letter is to acknowledge our receipt of the correspondence submitted to you on April 22, 2014 regarding ****** *******' reverse mortgage loan with Liberty Home Equity Solutions, Inc. ("Liberty").
We are looking into the issues Mr. ******* asked us to address and you should expect our reply dated within the next 30 days.
We appreciate your taking the time to provide us with Mr. *******' feedback and we take his concerns seriously.
If you have any additional information relevant to his concerns or have any questions, please feel free to contact me.
Consumer Response: I am rejecting this response because: this whole process is bogus. i was never told about all the fees like the appraiser, unknown to me, also appraised what he thought were need repairs and after i do the repairs they send someone else out to ok the work and they charge me for that inspection. i sent liberty $8100 though i received less than 2k a month for thr 4 months. now they say i still owe them almost another 8k over 4 months i was involved with this. i am willing to call it even and i will pay the appraisers cost if i receive a copy of the appraise** if not i will join a class action suit against liberty or sue them my self. the misrepresented their program and left out all the fees . they have a notary come to my house that knows nothing of the deal and cant explain it to me. and they have a 2 inch stack of documents for me to sign. if i could afford a lawyer to figure all this out, i would not need a reverse mortgage. this is about people, not tricking people to do what they want without full disclosure. liberty said they would give me 70% of my home value, but gave me only 97k when they appraised my home at 215k. this is fraudulent in itself. they take advantage of at risk adults just to make a sale. **** ***** was the agent that continued to call me about this and purposely misled me on the entire dea** i told her my whole situation, a 2 time cancer survivor and how i got swindled out my life savings. she used this info to delude me. she will also be a defendant if this suit as a liberty employee. this is a scam, so if liberty wants to settle this, ok. if not i will go pulic here in denver through the tv news stations, the denver post and westword newspaper. so the ball is in their court. i am prepared to sue them. i worked hard to buy my home and they are trying to scam me out of it. there is no place for this thievery whether they call it legal or not and i will sue hud also for false representation.
This letter is in response to the correspondence you received on April 22, 2014 regarding ****** *******' reverse mortgage loan with Liberty Home Equity Solutions, Inc. ("Liberty"). We review all customer inquiries promptly and we sincerely appreciate you bringing to our attention the concerns related to Mr. ********' loan transaction.
We understand Mr. *******' concerns to be in regards to the required repairs on his home as a condition of the loan. We also understand he has concerns about the closing fees and the interest rate on his loan.
Our review of the file reflects that we provided Mr. ******* with supporting documentation to evidence Liberty's careful compliance with federal lending requirements, including evidence that Liberty properly provided him with all mandatory disclosures regarding the fees, interest rate and loan terms. Under the Real Estate Settlement Procedures Act ("RESPA:"), the loan originator is required to provide the borrower with a Good Faith Estimate ("GFE") within three business of receiving a completed loan application. Mr. *******' application was executed on November 23, 2013 and he acknowledged receipt of the GFE on the same day. The HUD-1 Settlement Statement was executed by him on January 15, 2014, together with other loan documentation, which properly disclosed the closing costs and other charges related to the reverse mortgage loan as required under RESPA. The documentation found in the file reflects that Mr. ******* was provided with all required REPSA information regarding closing costs enabling him to make an informed and educated decision to enter into the HECM loan transaction.
In addition, as a requirement and prerequisite to obtaining a HECM loan, the borrower is required to attend counseling with an independent third party counseling agency approved by HUD. The counseling session is designed to ensure that a prospective borrower fully understands all aspects of the revers mortgage, including loan fees, rates, terms, borrower obligations, qualifications of the home and any required repairs. As indicated by the Certificate of HECM Counseling, Mr. ******* was counseled and on November 21, 2013, by a third party counselor.
The Home Equity Conversion Mortgage ("HECM") guidelines that all appraisals must be performed by a Federal Housing Administration ("FHA") approved appraiser. The appraisal dated December 12, 2013 was performed by ******* ** **** Appraisal Services. Mr. **** is an FHA approved certified residential appraiser whose current license is valid until. In his report, Mr. **** indicated that the appraisal for the subject property is subject to certain repairs being completed. The subject property was Repair Rider on January 15,2014 ($3,050) from the initial Principal Limit under the Loan Agreement to be used for the purpose of bringing the property up to the property standards as required by the Department of Housing and Urban Development ("HUD") by repairing the following: scrape and paint all peeling paint on the exterior of the home and garage. A copy of the executed Repair Rider has been included for your reference.
Mr. *******' loan is currently being serviced by Celink. Once the repairs have been completed, he will need to contact Celink's Borrower Care Department at ###-###-####.
In response to his inquiry regarding the fees charged for the loan, please be advised that the loan origination charge for a HECM loan is prescribed by HUD.
The purpose of this fee is to compensate the lender for processing the loan application and underwriting the borrower's qualifications for the loan. As per the HECM guidelines, the lender can charge 2% of the first two hundred thousand dollars ($200,000) of the home's value plus 1% of the amount over two hundred thousand dollars ($200,000). HECM origination fees are capped at six thousand dollars ($6000). In this case, Mr. *******' home was appraised at two hundred ten thousand dollars ($210,000). Therefore, Mr. ******* was charged on origination charge of four thousand one hundred dollars ($4,100). The remaining ninety five dollars ($95), as reflected on the HUD-1, is the document preparation fee which is a required fee that is paid to a third party vendor.
The mortgage insurance premium ("MIP") provides FHA insurance on the loan as required under the federal HECM program. As such, the MIP is paid directly to HUD and cannot be waived by Liberty. Under the HUD requirements, the borrower is charged an initial MIP of 0.50% of the Maximum Claim Amount when the sum of the borrower's initial disbursement at closing and other required or available disbursements during the first twelve (12) month disbursement period is 60% or less of the Principal limit. The Maximum claim Amount is the lesser of the appraised value of the home, the sale price or the FHA lending limit of six hundred twenty five thousand ($625,000). Since the appraised value of two hundred ten thousand dollars ($210,000) is the lesser amount, the MIP is based on this figure, The HECM program also charges an annual MIP of 1.25% of the loan balance. Although the 1.25% rate is an annual rate, it is calculated and added to the loan balance on a monthly basis. The title charges of one thousand seven hundred thirty six dollars and thirty cents ($1,736,.30) are also third party fees which Mr. ******* can address the title company, Unisource National Lender Services,LLC, as Liberty did not determine nor retain those fees.
Mr. ******* obtained a HECM Monthly LIBOR reverse mortgage which funded on January 21, 2014. This type of loan is based on the LIBOR index(London Interbank Offered Rate), and therefore, the interest rate can vary on a monthly basis over the life of the loan. While the FHA does not require an interest rate cap on monthly adjusted HECM loans, Liberty's guidelines do require that the interest rate cannot increase by more than 10% above the initial rate. The Good Faith Estimate ("GFE") indicates that Mr. ******* wold be charged an initial interest rate of 2.368%. The Total Annual Loan cost Rate Disclosure ("TALC") also references the initial rate of 2.368%. The HECM Disclosure form explains the monthly adjusting variable rate feature of the HECM loan in detai** Mr. ******* signed both the TALC and HECM Disclosure on November 23, 2013.
Upon loan closing, the interest rate dropped from 2.368% to 2.360%. The 2.360% rate can be seen on the Final HUD-1. In addition, the executed Note shows both the interest rate of 2.360% and rate will never increase above 12.360% (initial rate of 2.360% + 10%= 12.360%). Furthermore, Mr. ******* signed the Payment Plan (Exhibit 1) on January 15, 2014, as well as other loan documentation which disclosed sufficient information regarding the interest rate. Based on the documentation found in the file, it appears clear that he was provided with sufficient information regarding the interest rate for his loan.
Mr.*******' Reverse Mortgage Advisor, **** *****, explained to him that all closing costs must be paid at loan closing. His total closing costs came to seven thousand six hundred twenty six dollars and twenty two cents ($7,626.22) and were financed as part of the loan. His closing costs bread down as follows:
Document preparation Fee-$95.00
Mortgage Insurance Premium-$1,050.00
Government Recording Charges-$929.00
At closing, Mr. ******* elected to take a two thousand dollar ($2,000) draw, he elected to receive his loan proceeds as monthly term payments of two thousand dollars ($2,000). Therefore, each month he accrues interest and ongoing MIP on the loan balance, as would be the case with any loan.
HECM guidelines allow the borrower the option to pay off their loan at any time without penalty. As mentioned above, Mr. *******' loan is currently being serviced by Celink. Should he choose to pay off his loan balance in full, he will need to contact Celink directly. Again, he can reach Celink's Borrower Care Department at ###-###-####.
We apologize that Mr. ******* are not completely satisfied with his reverse mortgage transaction. Liberty strives to ensure excellent service and customer satisfaction. We believe that we have adequately addressed all of Mr. *******' concerns. Should he have any new concerns, please do not hesitate to notify us and we will be more than happy to address any new concerns he may have
Consumer Response: I am rejecting this response because: they lie. i was not informed of all the fees involved. **** ***** did not comply to my request for all fees involved. if i would have know all the fees i would not have did a reverse mortgage. they act like i am renting their house and expect me to do unneccessary repairs just so they can charge me more. this is a rip off. i will see them i court. they take advantage of at risk adults. and withold information saying dont worry about it, it will be rolled into your loan and there is no out of pocket cash from you. they want to steal my house. even the hud counselor never told me about all the fees and how they could charge me for anything. they are thieves.
Business Response: This letter is in response to the follow up correspondence you received on May 5, 2014 regarding ****** *******' reverse mortgage loan with Liberty Home Equity Solutions, Inc. ("Liberty"). We review all customer inquiries promptly and we sincerely appreciate you bringing to our attention the concerns related to Mr. *******' loan transaction.
We understand Mr. *******' new concern to be in regards to receiving 70% of his home value.
The amount of proceeds a borrower can receive through a HECM reverse mortgage loan is based on the borrower's age, current interest rates and the lesser of the appraised value of the home, sale price or the maximum lending limit. Our review of the file reflects that the lesser amount in Mr. *******' loan transaction was the appraised value of his home which was determined to be two hundred ten thousand dollars ($210,000). This calculation results in what is known as the principal limit, which is the maximum amount the borrower can receive from the HECM loan. As determined by HECM guidelines, Mr. *******' principal limit was calculated to be on hundred eleven thousand five hundred ten dollars ($111,510).
According to HECM requirements, borrowers may access the greater of 60% of the principal limit amount or all mandatory obligations, plus an additional 10% during the first twelve (12) months after loan closing. The combined total of mandatory obligations plus 10% cannot exceed the principal limit amount established at loan closing. Mr. *******' total mandatory obligations were ten thousand six hundred seventy six dollars and twenty two cents ($10,676.22). His total mandatory obligations break down as follows:
*Initial Mortgage Insurance Premium- $1,050.00
*Other Closing Costs-$6,576.22
Therefore, in Mr. *******' case, the greater amount was 60% of the principal limit. After the fires twelve (12) months from the date of the loan closing, the borrower may access any remaining funds up to the principal limit. Mr. ******* chose to receive equal monthly payments of two thousand dollars ($2,000) for the life of the loan.
Mr. ******* did not send Liberty eight thousand one hundred dollars ($8,100) as he indicated in his correspondence. The only funds that Mr. ******* has paid are the closing costs of seven thousand six hundred twenty six dollars and twenty two cents ($7,626.22) which were financed as part of the loan.
As per Mr. *******' request, a copy of the appraisal report has been included for his reference.
As mentioned in our previous correspondence, Mr. ******* can pay off his reverse mortgage loan balance in ful** HECM guidelines allow the borrower the option to pay off their loan at any time without penalty. Mr. *******' loan is currently being serviced by Celink. Should he choose to pay off his loan, he will need to contact Celink directly. He can reach Celink Borrower Care Department at ###-###-####.
We apologize that Mr. ******* is not completely satisfied with his reverse mortgage transaction. Liberty strives to ensure excellent service and customer satisfaction. We believe that we have adequately addressed all of Mr. *******' concerns. Should he have any new concerns, please do not hesitate to notify us and we will e more that happy to address any new concerns he may have.
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Complaint: GENWORTH DID THINGS WHICH WERE NOT IN MY BEST INTEREST. I WANTED TO ADD MY WIFE TO MY EXISTING REVERSE MORTGAGE. WE CONTACTED AMERICAN TRUST FUNDING MORTGAGE BANKER,LLC AND THEY SAID THAT THEY DID BUSINESS WITH GENWORTH FINANCIAL. WE PROCEEDED WITH FHA CASE NUMBER XXX-XXXXXXX AND THEN GENWORTH ALWAYS WANTED TO MAKE SOME CHANGES AND THAT CAUSED US TO HAVE TO PAY HECM COUNSELERS 2 TIMES BECAUSE GENWORTH WANTED THE APPRAISER TO MAKE CHANGES TO HIS APPRAISAL AND THEN THEY WOULD NOT ACCEPT HIS CHANGES. AFTER ABOUT 10 MONTHS WE WANTED TO TRANSFER THE CASE NUMBER TO ANOTHER COMPANY BECAUSE GENWORTH HAD REDUCED THE APPRAISED VALUE SO LOW THAT I WOULD HAVE TO PAY ABOUT $30.000 DOLLARS TO ADD MY WIFE AND THE OTHER COMPANY SAID THAT THEY MIGHT BE ABLE TO DO BETTER. GENWORTH ENTERED DATA ON SOME TRANSFER PAPERS THAT BLOCKED THE TRANSFER TO THE OTHER COMPANY UNTIL THE FHA CASE NUMBER COULD BE CLOSED OR RETIRED IN ABOUT 6 MONTHS AND WE COULD GET A NEW CASE NUMBER, WITHOUT GENWORTH BEING INVOLVED. THIS PROCESS WITH GENWORTH TOOK ABOUT 10 MONTHS. GENWORTH SENT A FORM THAT WAS CALLED FHA CONNECTION FOR APPRAISAL LOGGING AND THE FORM HAD CONFLICTING APPRAISAL DATES WHICH INDICATED A APPRAISED VALUE BEFORE THE CERTIFIED APPRAISER HAD COMPLETED AND SUBMITTED HIS FINAL APPRAISAL WHEN GENWORTH PUT IN A DATE OF 2-10-2013 AND THE CERTIFIED APPRAISAL IS DATED 2-27-2013 WHICH IS A 17 DAY DIFFERENCE. ARE THE GENWORTH PEOPLE THAT CHANGED OR CAN CHANGE THE APPRAISAL FROM A CERTIFIED AND LICENSED APPRAISER,CERTIFIED AND LICENSED TO DO APPRAISAL THEMSELVES? IF GENWORTH DID NOT WANT TO DO THE REVERSE MORTGAGE,WHY DID THEY NOT JUST DECLINE? GENWORTH CHANGED THEIR NAME TO LIBERTY HOME AFTER WE STARTED THE PROCESS
Desired Settlement: FIX THE PAPER WORK SO THAT WE CAN TRANSFER THE CASE NUMBER OR GET A NEW NUMBER INDEPENDANT OF GENWORTH /LIBERTY HOME.
Business' Initial Response
Problems with Product/Service
Read Complaint Details
Complaint: Started reverse mortgage w/Liberty, decided to transfer to another company. Difficulty getting appraisal transferred even though procedures followed. Case#XXX-XXXXXXX. We started a reverse mortgage with Liberty Home Equity Soluctions, Inc. but decided to change companies. Signed all papers required to do this. Only thing left was for Liberty to release the appraisal. 2/13/13, instructions received for release: cashier's check payable to Liberty in amount of $400 with invoice was to be sent to attention of ***** ******, Liberty Home Equity, Suite 200, Rancho Cordova, CA XXXXX-XXXX. Per instructions, if cashier's check sent to Ms. ******'s attention, appraisal would be released the same day as received. If not sent to her attention check would likely be forwarded to finance dept which could cause a 3-7 business day turn-time. If personal check sent, there is an automatic 5 day hold. 2/14/13, a cashier's check in the amount of $400 along with invoice was sent as instructed to Ms. ******'s attention via UPS overnight delivery. 2/15/13, verification from UPS shows delivered at 9:09 AM, signed by FINE. A letter dated 2/20/13, was sent from Liberty with invoice requesting the $400 payment for the release. This was received 2/23/13 by us. Monday, 2/25/13, an e-mail was sent to Ms. ****** to find out what was going on. That is when it was found that she was out of the office 2/18/13 thru 2/25/13. Tuesday, 2/26/13, Ms. ****** was called and she stated she didn't know where the check was. Yet, she was not out of the office until the 18th per her e-mail. 3/1/13, Liberty states they cannot locate the check, could we please furnish the check number. 3/2/13, via e-mail a copy of the cashier's check, mailing label, and written verification from UPS as to when delivery was received. Realize 3/2/13 was a Saturday but by end of the day today, Monday, 3/4/13, we have heard nothing from Liberty. Since there are only so many days the appraisal is good, we are working on a time schedule. It is necessary this matter be corrected as soon as possible. Per telephone call with our bank today, Monday, 3/4/13, cashier's check #XXXXXX went thru our bank Friday 3/1/13.
Desired Settlement: First would like our appraisal released to the other company immediately. And second,since we followed all instructions to the letter and it is now the 12th work day since they received our cashier's check, we feel they owe us the $61 it took to overnight the check and invoice to Ms. ******** attention.
Business' Initial Response
Problems with Product/Service
Read Complaint Details
Complaint: Failure to obtain reverse mortgage and reasons why. Poor customer service. After answering a internet add for Reverse Mortgage, we were contacted by Mr. Craig Prentice and agreed to meet with him. On July 26, 2012 my wife and I met with a Genworth Financial Advisor,Craig Prentice,in our home.Our first concerns were: can we get a reverse mortgage for our manufactured home? Yes,was the answer. If it is on a our own lot and sitting on a permanent foundation, it is. We then filled out and signed paper work to obtain a reverse mortgage. It was understood that we had no funds to pay for the appraisal fee, that it would be payed through the reverse mortgage proceeds. About three weeks later,no word from the Advisor, Meanwhile,during those three weeks our manufactured home is appraised. I called Mr. Prentice and asked him, how our reverse mortgage paper work is doing, assuming title companies and such were working on it, he tells me he was on vacation and does not know, he will get back to me. A week goes by and he calls back. He tells me our home is too old by 4 years. What? Our home was built in 1992. According to him, Genworth will not do loans on manufactured homes later than 1996. I say,Mr Prentice should have known that his company does not do loans on manufactured homes older than sixteen years old! It's a deal breaker!We would not have gone through all the paper work. The fee for the appraisal was to come out of the loan proceeds, my wife and I have no monies to pay for the appraisal. Mr. Prentice says he will try something else. Weeks go by of trying to get a hold of Mr Prentice by phone and email. He finally sent us a email on Oct. 5,2012. that he cannot do anything because of the appraisal fee. I then sent him an email offering to find someone to loan us the amount for the appraisal fee ,or he should pay it and we would pay him back with the loan proceeds after it goes through. No answer from him to date. WE ARE VERY CONCERNED NOW! I have sent an email to Genworth Financial on Wednesday,October 17,2012 asking their version of what has happened to our reverse mortgage application and telling them about the poor customer service we have received by Mr Prentice. No response yet. Today, is October 20,2012. I asked for a timely response. I am afraid of identity theft here. Have they processed the paper work to HUD or FHA to get my reverse mortgage loan proceeds for themselves ?
Desired Settlement: I want a full explanation of what has happened to our reverse mortgage application and a written apology .We feel that they should not or will not bring legal proceedings against us to pay for the appraisal fee and the HUD counseling fee. Unless ALL original paper work is returned to us, including the formal appraisal paper work and such.
Business' Initial Response