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MLoan Financial

Phone: (888) 771-7714

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Customer Complaints Summary

2 complaints closed with BBB in last 3 years | 0 closed in last 12 months
Complaint TypeTotal Closed Complaints
Problems with Product / Service2
Advertising / Sales Issues0
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints2

Complaint Breakdown by Resolution

Complaint Resolution Log (2)
10/09/2014Problems with Product / Service | Read Complaint Details
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Complaint
Refinance Communication Problems
In March of 2014 I tried to obtain an FHA using MLOAN. Mr. ****** **** assured me it would be able to go through, when it didn't I had him try again. This time he was about 90% sure. At this time $500 was paid in appraisal fees. Unfortunatley becuase of my studen loans, My **** said the loan would not go through. Next we tried a refiance with my Father, who owns the home. Again $500 was paid for the appraisal. Initially it was approved, but more a paperwork was required. After submitting the paperwork, I found out my dad had a $10,000 loan he took out. Still Mr. **** said he would close. Mr. **** would make promises get the loan to close and always said they are close. Everytime the promise was made my family got our hopes up and then I would try to e-mail him and not hear back for a few days. He still has not responed to the phone call. This is my father's home which I am trying to keep in the family and he seems to be taking his time getting back to us.

Desired Settlement
Communication on to when closing will occur and not make promises he can't keep. It's been 6 months and nothing to show for it. I am asking to close asap. At this point I don't think Mloan can get the job done.

Business Response
This borrower had a very difficult loan and did not qualify due to his excessive debt. We spent a lot of time trying to make it work. Eventually we did close this loan removing the borrower and getting the loan with his fathers income. The borrower is happy with the final outcome and has removed the complaints

Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
The issue was resolved quickly. I was attempting to withdraw my complaint, but I was unsuccessful. Mloan provided excellent follow up service and I am pleased I chose them to handle my fathers refinance.

05/28/2015Problems with Product / Service | Read Complaint Details
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Complaint
It has been over 4 weeks since completing all of the required paper work for a reverse mortgage. Now they will not answer or return my calls.
We started the process of securing a reverse mortgage the early part of September with ****** H. ****, the senior loan officer at MLoan. All the required paper work was signed and returned to him that month. Since then he has not answered or retuned any of my many calls pertaining to the progress of the loan.

Desired Settlement
To be informed as to the status of the loan.

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As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.