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BBB Accredited Business since

Impac Mortgage Corp

Phone: (949) 475-3600 View Additional Phone Numbers 19500 Jamboree Rd, Irvine, CA 92612 http://www.impacmortgage.com View Additional Web Addresses


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Description

This company offers mortgage lending services.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Impac Mortgage Corp 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 Impac Mortgage Corp 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


Customer Complaints Summary Read complaint details

14 complaints closed with BBB in last 3 years | 8 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 1
Delivery Issues 2
Guarantee/Warranty Issues 0
Problems with Product/Service 11
Total Closed Complaints 14

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Impac Mortgage Corp
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: Business started: 02/07/1996 in CA Business incorporated 07/28/2008 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:

California Bureau of Real Estate
1651 Exposition Blvd, Sacramento CA 95815
http://bre.ca.gov/
Phone Number: 1 (877) 373-4542
Fax Number: (916) 263-8641
The number is 01851347.

Department of Business Oversight (DBO)
7575 Metropolitan Dr #108, San Diego CA 92108
http://www.dbo.ca.gov/
Phone Number: (866) 275-2677
Fax Number: (619) 682-7217
The number is 4131083.

Nationwide Mortgage Licensing System

http://mortgage.nationwidelicensingsystem.org
Phone Number: (240) 386-4444
The number is 128231.

Type of Entity

Corporation

Business Management
Mr. Steve Wichmann, Principal/General Counsel
Contact Information
Principal: Mr. Steve Wichmann, Principal/General Counsel
Number of Employees

293

Business Category

Mortgage Brokers

Alternate Business Names
CashCall Mortgage
Referral Assistance

The following Government Agency(s) or Association(s) may be able to provide you additional information:

Consumer Financial Protection Bureau P.O. Box 4503, Iowa City IA 52244 Phone Number: 855-411-2372 Fax Number: 855-237-2392 http://www.consumerfinance.gov info@consumerfinance.gov

Industry Tips
Financial Industry

Additional Locations

  • 19500 Jamboree Rd

    Irvine, CA 92612 (877) 605-9531 (949) 475-3600 (949) 260-4549

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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.

Complaint Detail(s)

3/28/2015 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I refinanced our home loan and it was sold by a broker to Impact Mortgage. In the two and a half months I have been with this company, I have called 16 times and filed seven tickets to create an escrow account for property tax and homeowners insurance. The company has failed to complete this very basic request and now, my property taxes are due and my homeowners insurance is no longer in effect. Each and every time I contact Impac Mortgage, I am on hold for greater than 30 minutes and usually longer than 60 minutes. There are no employees in the "Escrow Department" who are willing to talk directly to customers, so they request email or US mail communication instead. Due to this, it has now been two and a half months and they still have not created the escrow account. No one can tell me the status, no one can tell me when this will be complete and no one has followed-up with me via phone as they have promised. Overall, I cannot express my displeasure enough. I wish my loan was never sold to this terrible, deceiving company. I plan to take legal action to bring my mortgage back to a reputable company who is familiar with servicing a loan. Impac Mortgage is not.

Desired Settlement: My desired outcome is for them to simply create the escrow account they promised two and a half months ago. All I want are for my property taxes and homeowners insurance to be taken out of my monthly bill. I have requested this over and over and there has been zero progress. If this cannot be accomplished, I would like my loan to be serviced by someone else.

Business Response:

Please see email correspondence from Mr. ***** to Mr. ******** where he considers the matter closed. Please advise if you need anything else.

If you have any further questions or concerns, please contact me.

Regards,

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

Legal Department

Impac Mortgage Corp.

2/18/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Impac sends letters out to quailfy for loan modifcation. We have contacted them several times. Sent finacinal information to them, and spoke to supervisors, still can't get them to call us to see if we quailfy

Business Response:

Mr. ********:

Thank you for contacting us.  Unfortunately, Mr. ******* who was your contact person in 2012, left Impac and did not keep a record of any documents you submitted.  Another Impac representative, Mr. ********, spoke with you in August 2014, relayed that unfortunate situation to you, and asked that you resubmit your supporting documents if you wanted to continue.  We expected your docuents to come in, however, we have not received anything from you and did not hear anything further from you until now.  Unfortunately, there may have been a miscommunication and we will have Kelly Wallace call you to make sure we're all on the same page.  We're sorry if there was any confusion.

Sincerely,

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

11/26/2014 Problems with Product/Service
11/5/2014 Delivery Issues | Read Complaint Details
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Additional Notes

Complaint: The mortgage company failed to perform. Loan documents were not delivered in time for the purchase of our home to close on the contracted close date. Assurances were given for days that the docs were coming...even after we, th borrowers, jumped through every imaginable hoop they put in front of us. More than 40+ boxes were gone through in my RV size storage unit to meet their unreasonable and unnecessary pre-doc condition of supplying an "expired business license." This was after letters had been written that established my new employment and fully and completely explained the closure of my prior business. The straw that broke the camel's back though was having to drive all the way to the regional IRS office to obtain tax transcripts for my taxes that they had had for weeks! I am a recent cancer patient and I had less stress and agony going through chemo and radiation than I did working with IMPAC Mortgage. I will never recommend this lender and I will tell my story to anyone considering submitting their info to this company for a loan. The Wholesale Operations Manager who met me in the lobby two days after we were supposed to be closed didn't even have the decency to listen to my story...her news was that they're doc draw system was down and she had no idea when she could get he docs done. Reprehensible customer service!!!

Desired Settlement: Besides an immediate and sincere apology, I am seeking compensation. I spent a half of a day buried I my storage unit looking for a a condition that had no bearing on my ability to repay this loan at all. It was a box the underwriter had to check off. In addition...I spent another full day waiting at the IRS for something the lender should have been able to handle. I turned off and on my utilities, I had to have appliance deliveries rescheduled and re-routed. I had to move twice because I had already given a 30 day notice to my landlord. Those were just some of the inconveniences. I am seeking $5,000 for my time and the sheer hell this company put me through.

Business Response:

Dear Ms. *******,

Impac Mortgage Corp. received your recent complaint to the Better Business Bureau on October 16, 2014. Thank you for bringing this matter to our attention and allowing us the opportunity to address your concerns. We comprehensively reviewed the issues you raised and respectfully respond as follows:

Our underwriting department received your FHA file on September 25, 2014 and notified your broker of several conditions that needed to be satisfied prior to Impac being able to fund your loan.

We worked with your broker to try and satisfy all the conditions, even on the date your loan was scheduled to close, however, your broker was unable to satisfy all the conditions and provide us with the information and documents we needed to fund your loan on the day it was initially scheduled to close.  Unfortunately, we cannot fund a loan until all the conditions have been satisfied and, for many of these conditions, we have to rely on third parties, such as your broker, to provide the information and documents we need.

We understand you believe it was unreasonable and unnecessary for us to request your expired business license. Please know we needed this information because your 2012 1040 showed your business incurred a loss and we would have had to include this loss in our calculation of your debt to income ratio, unless we received evidence that your business had been sold. Our underwriter and underwriting manager exhausted every possible option to document the sale of your business outside of you providing the license. Had any of those other options worked, the issue of going to your storage unit may have been avoided.  Unfortunately, they did not.

We also understand you had an issue with documents that were needed to validate your income. The reason we needed these documents was that you had only been with your current employer for two months. When someone has only been with their employer for a short time, additional documents are necessary to verify you will have a reasonable ability to repay the loan over its term.  Please know that the underwriter and underwriting manager working on your file were trying their best to make your loan work so that you could obtain your dream of buying a home.

We also understand your frustration with the processing of your loan documents. We worked as diligently as possible to have your closing documents ready and allow your loan to close promptly.  

Ms. *******, Impac Mortgage Corp. takes customer service very seriously and we can appreciate the hardships you have endured. We believe that each Impac employee involved with your loan did their best to fund your loan as quickly as possible and allow you to complete the purchase of your home.

We hope this letter provides you with sufficient insight into what happened with your loan and adequately addresses your concerns.

 

9/12/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Someone has applied for a home loan, in my name, with IMPAC Mortgage. I am trying to get to the bottom of this issue. I have made 5 phone calls to two different phone numbers and have yet to have anyone return my calls. This mortgage inquiry was recorded on my credit report.

Desired Settlement: Inquiry removed from my credit report.

Business Response:

We had recently communicated with Mr. ****** that, on August 13, 2014, a credit report was mistakenly requested under his name and Social Security number.

A petition for the removal of the credit inquiry was submitted to each of the three repositories – Equifax, Experian and Trans Union on August 28, 2014.  It will take up to 30 days for the credit bureaus to process the request.  Unfortunately, the credit bureaus do not inform Impac Mortgage Corp. or the consumer of the completion.  The only way to determine if the inquiry has been removed would be through a future credit pull.  Please feel free to use this letter as a reference should you need to prove the invalidity of the inquiry.

We apologize for any convenience Mr. ****** may have experienced. Please contact me at 949-475-3675 if I can be of further assistance.

8/4/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: 3yr. Battle w/ B.A.C. Has lead me to deal with investor of my loan who is offering me one option to lower my rate from a whopping 7.8 to a 4.5 percent interest only $6000 down on delinquent payments because B.A.C. Refused to take anymore payments since 2011. I am being punished for B.A.C. Mistake since my loan was taken from Countrywide. I have over50 percent. Equity in my home & had a perfect record of payments for 15years as a single mom who suffers from******** ********* x 14years. My home is equipped to meet all of my needs, and I don't see how this offer will help me. The fear of loosing my home is devastating to my family, and Impact investor said it was my only option . It is my belief that everything is negotiable, and they are making it impossible to resolve this issue fairly.after all they are the ones benefiting a 7.8 percent interest rate. Please help me if you can, I'm simply out of options This issue has taken over the last 3 yrs. of my life.

Desired Settlement: A 4.5 percent for 15 yrs., so I can catch up on delinquency and not just rent my home from Impac. I have 25 thousand dollars to put towards my arrears. I'm not understanding what the issue is, doesn't my equity even count? My loan amount is $ 215,000 & my house is appraised @ $625,000.

Business Response:

Ms. ***** initially disputed the escrow account and had stated that she stopped making the mortgage payments because she did not agree with the escrow figures.  She had also mentioned that she has saved all the monies since she stopped paying to bring the loan current.  Currently, Ms. *****’s loan is due for the February 1, 2012 installment and is approximately $62,000 in arrears, which include escrow advances and fees associated with the delinquency.

In light of Ms. *****’s situation and in an effort to assist Ms. ***** with her home retention, Impac has approved a loan modification in accordance with our established underwriting guidelines.  The terms of the loan modification were based on the financial information provided and her current ability to repay.  Please see the attached letter, dated June 13, 2014, outlining the approval of the only loan modification program that is available to Ms. ***** at this time.  Ms. ***** has the ultimate right of refusal; however, it is recommended that she follow the instructions specified in the letter should she decide to pursue the modification. 

Impac Mortgage Corp. takes customer services very seriously and appreciates the opportunity to respond to your inquiry.   We trust this letter adequately addresses the concerns raised and helps further explain the loan modification program available to Ms. *****.

7/19/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: This is a complaint against IMPAC Funding Corporation. IMPAC is the original investor for a mortgage loan of mine that is currently being serviced by Ocwen Loan Servicing LLC. IMPAC sold servicing to GMAC and then GMAC sold servicing to Ocwen in January of 2012. Ocwen had many errors on my loan and I was not able to come to a resolution with them. So, I turned to IMPAC (the original investor) for help as I remembered getting a call from them a few years ago and was told at that time to "call them should there ever be any issues on my loan." That call was from ****** *****, Portfolio Manager with IMAC who could be reached at ###-###-####. So, I proceeded to contact ****** around May of 2012 for help to help straighten out the mess that Ocwen created. ****** was always very helpful and we kept in close touch from around May of 2012 through the end of December 2012. Our goal was to "re-write" the loan through the process of a loan modification. My intent was always to keep the property, however, my payment had jumped significantly when Ocwen took over servicing. Also, Ocwen had that the loan was far past due (when it was not) and I was not able to pay the arrearage they were asking. I had a prior bankruptcy discharged over 3 years ago, so there were some things that ****** asked me to do before they could consider me for a loan modification. I did what he requested and applied again and after a couple of months, was told I was declined. A few days later, ****** said "they would consider me if I ordered a BPO or appraisal that showed a value lower than the current balance of $380,000. So, I did just that--I ordered a BPO from an appraiser and ordered an appraisal from a different appraiser. Both the BPO and appraisal came in under $300,000 and stated the "poor" condition of the property. I then emailed those over to ****** at IMPAC for consideration. A couple days later, I received a call from ****** and was told that my "modification had finally been approved." He also told me that there was a $1195 modification processing fee that had to be paid right away. Later that day of October 29th 2012, I received an email that had the modification approval letter attached--there was verbiage on the letter that stated: " Official Approval, Congratulations you have been approved and Guaranteed Modification Terms." So, I filled out the credit card form and sent it to ****** the same day to pay their required fee. A couple of days later on October 31st, 2012, I received an email with "Loan Modification Final Instructions and Processing Fee Receipt." The email stated that Ocwen would be notified within 5-7 business days and that I would have the Modification Agreement by FEDEX within 6-10 weeks--none of these events ever happened! While I was waiting for these events to occur, I contacted ****** for status and was told "this process takes some time" and I need to be patient. However, around the end of December 2012, I received an email from ****** to call him. I did and was told by him that they denied my Loan Modification. He stated the reason was that Ocwen intervened and said there was something in their servicing agreement that didnt allow this. ****** claimed this was another "cram-down" of the loan balance and that they did that before and it was allowed again. I notified ****** by email that there never was a prior "cram-down" and that this modification was only to reduce my payment and get the loan back to "current status" again., however, I never heard back from ****** again. Ocwen continues to threaten foreclosure and I am faced to lose my home that I have owned for over 12 years now! IMPAC kept my processing fee and turned down the modification even though I have a letter stating a Guaranteed Approval!

Desired Settlement: IMPAC Funding Corporation should honor the Official and Guaranteed Loan Modification per their letter dated October 29, 2013. This will bring the payment to an affordable amount of $1250 and re-write the account current so I can continue to pay. I am not asking for a loan balance reduction as they suggested I wanted. I just want the terms on the approval to be honored so I can keep my home and move forward. This property needs a lot of work done to bring it to average condition and so should there be a foreclosure, everyone would lose out here as the lender would get far less than the balance owed. I have good intentions to keep the property and improve the Bank's asset over the next couple of years. I did everything IMPAC asked of me (and more) and I paid my fee and was Guaranteed the Loan Modification in writing. Therefore, IMPAC should allow this to go through and we move forward.

Business Response:

As an accommodation, a refund in the amount of $1,195.00, which represented the modification processing fees, was issued and sent to the address on file. The borrower was informed of this refund via an email sent on June 16, 2014.

The consumer's loan servicer, GMAC was unable to finalize the terms of the previously-approved modification because of the conditions surrounding the filing of his bankruptcy chapter 11.  At this time, we have received clarification from his loan servicer that they can proceed with the loan modification, under the court-ordered terms and conditions.  The consumer may contact ***** ***, AVP Portfolio Management directly at ###-###-#### to resume the process.

 

Thank you.

6/18/2014 Problems with Product/Service | Complaint Details Unavailable
4/24/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: This mortgage company is supposed to be paying my taxes and home owners insurance with my escrow account. The have failed to pay my taxes which has rendered me in default and my house placed up for auction. They have also failed to pay my home owners insurance which I just received a notice of cancellation. I have called and spoken to many people, the last being a Mr. *******. Each of their service reps tell me they are going to escalate the issue and forward it to the tax department. This has been ongoing since November with no solution. Now I am potentially losing my house and have been completely embarrassed by my property being listed in my local newspaper with my name as in default of my property taxes.

Desired Settlement: Pay my taxes and home owners insurance with the money I pay every month for that purpose.

Business Response:

Dear ******** ********:

Our records show that your hazard insurance has expired, and we do not have evidence that you have
obtained new coverage. Because hazard insurance is required on your property, we plan to buy
insurance for your property.
You must pay us for any period during which the insurance we buy is in
effect for which you do not have insurance of your own.

You should immediately provide us with your insurance information. All you need to do is ask your
insurance agent to include the loan number and property address above on a copy of your new/renewal
policy or notice of reinstatement and fax it with a Mortgagee Clause/ Lender's Loss Payable Endorsement
as soon as possible to: 1-843-413-7127. You/your agent can mail the documents to:

IMPAC MORTGAGE, C/0 LOANCARE
***** * *****
PO BOX 202049
FLORENCE, SC 29502-2049

Or, you may update your hazard insurance coverage information online at www.MVCoveragelnfo.com,
referendng PIN ******

The insurance we buy:

May be more expensive than the insurance you can buy yourself.
May not provide as much coverage as an insurance policy you buy yourself.

If you have any questions, please contact us at 1-866-822-0890.

Please review the additional important information contained on the following pages of this transmittal.

The following information is being provided as a supplement to the Notice on page 1 of this document; it
includes important information about the insurance on your mortgaged property.

• PURCHASING YOUR OWN INSURANCE:

You have the right to independently purchase acceptable insurance from the insurance agent
or company of your choice and we urge you to do so.
Acceptable insurance is insurance that is
equal to 100% of the estimated replacement cost to rebuild your home and other improvements
on your property.

If you have been refused coverage, ask your agent or your state's insurance department whether
your state has a Fair Access to Insurance Requirements (FAIR) plan, so that you can try to get the
coverage you need.

• ESCROWING FOR INSURANCE:

Applicable to Non-Escrow Only
Per our records, you have elected to pay your insurance directly, rather than having it paid for
you through an escrow account. If you are currently unable to pay your hazard insurance
premium, please call us as soon as possible and ask us to set up an escrow account and advance
the insurance premium for you. If you choose this option, you would repay us for the advance in
your future monthly payments. We will need the contact information for your insurance agent or
company as well as the amount of the premium currently due. Insurance companies allow a very
short time to reinstate polides that have expired and it is important that you call us immediately
if you need our assistance. We cannot pay your voluntary hazard insurance premium without your
cooperation.

If you do not elect to establish an escrow account pursuant to the above paragraph for the
continuation of your insurance policy, we will establish one in conjunction with the insurance we
obtain and that escrow account will be charged for the premiums that we pay. As a result, your
monthly mortgage payments will be increased to include the cost of this policy.

Applicable to Escrow
If we purchase this insurance, your escrow account will be charged for the premiums that we
pay. Please be advised that your monthly mortgage payments will be increased to include the
cost of this policy.

THE INSURANCE WE OBTAIN:

• The insurance we obtain will remain in effect until you provide us with evidence of acceptable
coverage, at which time the policy we obtained will be cancelled, and you will receive a refund
of any unearned premium.

Even if you obtain coverage that is acceptable to us, please be aware that if there is a gap
between the cancellation of your insurance and the effective date of your new coverage, you will
be charged for the coverage that we purchased to cover that gap period.

• The cost of the insurance we obtain is likely to be much higher than the cost of coverage you
could obtain on your own.
This is because the insurance we purchase is issued automatically
without evaluating the risk of insuring your property.

The hazard insurance we obtain will not cover any amount you feel your home is worth in
excess of the amount of dwelling coverage that you previously obtained and we entered on
our records.
If you have information to verify that the amount of coverage should be different
please let us know, in writing, at the address in this notice. If we did not know the last amount of
insurance coverage you obtained, we will purchase coverage in the amount of the unpaid
principal balance of your loan on the date we request the insurance coverage begin. Although
such coverage does not meet our property insurance requirements, we will purchase it as a
default in the absence of information allowing for acceptable coverage for your property. The
cost of this insurance will be charged to you, by us. This does not in any way relieve you of your
obligation to provide coverage acceptable to us.

The hazard insurance we obtain will cover only the structure of your home (e.g. the building,
walls, floors, roof and permanent attachments).

• It will not cover your furniture or any of your other personal belongings.
• It will not cover the cost of temporarily living outside of your home because it was damaged
and is being repaired.
• It will not cover any liability incurred by you personally to someone who is injured while on
your property.

• IMPAC MORTGAGE, C/0 LOANCARE will be an insured on the policy and may be the named
insured. The insurance we obtain may provide benefits to you but is primarily for the benefit
of IMPAC MORTGAGE, C/O LOANCARE.
If you incur property damage or loss, you may not have
adequate coverage for any damages that you suffer because IMPAC MORTGAGE, C/0 LOANCARE
will be paid first.

• The policy we obtain will supersede any lender coverage remaining in effect under your previous
policy.

If we purchase insurance for you, an affiliate of IMPAC MORTGAGE, C/0 LOANCARE may
benefit.
We may incur expenses in pladng this insurance policy. Such expenses are recoverable
by us as stated in your mortgage documents and/or Deed of Trust. The insurance company may
reimburse us for these expenses in conjunction with the placement of this hazard insurance, and
may factor such reimbursement into the rate charged for the coverage.

IMPORTANT BANKRUPTCY INFORMATION:

• If you or your account is subject to pending bankruptcy proceedings, or if you received a
bankruptcy discharge, this letter is for informational purposes only and is not an attempt to
collect a debt.

FAIR DEBT COLLECTION PRACTICES ACT DISCLOSURE:

• IMPAC MORTGAGE, C/0 LOANCARE is required by the Fair Debt Collection Practices Act to inform
you that, as your loan servicer, we are attempting to collect a debt, and any information
obtained will be used for that purpose. However, if you have received a discharge from
bankruptcy, and the loan was not reaffirmed in the bankruptcy case, IMPAC MORTGAGE, C/0
LOANCARE will only exerdse its rights against the property and is not attempting any act to
collect the discharged debt from you personally.

• With respect to those loans located in the State of California, the state Rosenthal Fair Debt
Collection Practices Act and the federal Fair Debt Collection Practices Act require that except
under unusual circumstances, collectors may not contact you before 8 a.m. or after 9 p.m. They
may not harass you by using threats of violence or arrest or by using obscene language. Collectors
may not use false or misleading statements or call you at work if they know or have reason to
know that you may not receive personal calls at work. For the most part, collectors may not tell
another person, other than your attorney or spouse, about your debt. Collectors may contact
another person to confirm your location or enforce a judgment. For more information about debt
collection activities, you may contact the Federal Trade Commission at 1-877-fTC-HELP or
www.ftc.gov.

• IMPORTANT STATE INFORMATION:

• Your state may offer a FAIR plan which may offer coverage on your property at a lower cost.
Contact your state FAIR Plan association or Department of Insurance for additional details on
FAIR plan coverage.

• Please be advised that lender-placed carrier providing the coverage referenced above may be
staffing our customer service telephone lines.

WE HOPE YOU"LL AGREE THAT OBTAINING YOUR OWN INSURANCE IS IN YOUR BEST INTEREST.

3/10/2014 Delivery Issues | Read Complaint Details
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Additional Notes

Complaint: The Impac Companies failed to deliver to me what they guaranteed in writing to me they would if I paid them $1,995, which I did pay them.

Desired Settlement: 1. the 7 years Impac Mortgage promised and guaranteed verbally and in writing for what I paid Impac Mortgage for,2. $23,625 and the rest of the settlement I sent to The Impac Companies.

Business Response:

The issues raised have previously been addressed numerous times to both the borrower and her attorney.  We have been in communication with the borrower's attorney and are in the process of providing some additional documentation requested.  

Please feel free to contact us if you have any questions regarding this matter.

Thank you

2/24/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: My experience with Impact Mortgage started out well and I was initially encouraged that I had found the right company to help me close on my home. My loan officer ****** ****, my realtor and I communicated via telephone ocassionally. As the process moved forward Mr. **** stopped returning my calls until I called his manager and then he communicated only by email. Late in the process Mr. ****** also stopped returning my calls. My closing date was delayed again and again costing me extra monies and stress.Not only was the lack of communication frustrating and extremely unprofessional, but the estimated funds to close went from $3,109.45 to $5,732.31 over the course of 3 months. I am a flight attendant and changed my work schedule multiple times so that I would be in town and available to close quickly. I paid market rent for 3 weeks. I rented a non-refundable storage unit just hours before Mr. **** texted/emailed me that I could close on the next business day which happened to be a Monday. On Monday September 9th I showed up for closing and when everything was said and done, I did not get my keys because Impac did not send the attorney enough money. I Had to be out of my apartment by noon on the 10th so I had the movers pack up my things and then I waited 3 more hours to get my keys. The total amount I think Impac Mortgage owes in reimbursement is $2,332.I contacted the company headquarters after closing and spoke with Sean McDowell and then was handed off to **** ******. Mr. ****** took my information and said he would be in touch within a week. Three weeks later I called to find out what was going on and he said Mr. **** no longer worked for the company and that's why it took him so long to get back to me. His final comment, was that "we feel we communicated with you appropriately throughout the process and can only offer an apology for your experience." Impac Mortgage caused me tremendous and avoidable monetary hardship and treated my transaction as if it was important. UNACCEPTABLE!!!!!

Desired Settlement: Reimbursement of the following$700 in lost wages$120 non-refundable storage unit rental$500 for an extra 4 hours of moving expenses$700 of market rent from August 24th - September 10th

Business Response: This is in response to your letter dated December 11, 2014, regarding the above referenced borrower.

Ms. ***** expressed her dissatisfaction with the loan process and requested a reimbursement of $2,332.31
to offset additional costs incurred as a result of the delay in closing. Please be advised that these same
concerns had already been addressed in November 2013.

Ms. ***** claimed that "the estimated funds to close went from $3,109.45 to $5,732.31 over the course of 3
months." lmpac is unable to find any documentation in the loan file to substantiate the amounts mentioned.
Contrarily, the estimated cash-to-close amounts decreased from $8,260.92 (shown on the initial Uniform
Residential Loan Application ("URLA"), executed on July 8, 2013) to $5,745.68 (shown on the final URLA,
executed on September 9, 2013).

As stipulated in the loan approval, there were several conditions that needed to be met prior to closing. The
outstanding conditions, which were regularly communicated to the involved parties, were not satisfied until
September 5, 2013. The wire was set up and loan documents were drawn on Friday, September 6, 2013 in
preparation for the closing scheduled on Monday, September 9, 2013.

lmpac received communication from the closing attorney, ** ** ******, Inc., notifying us that there was a
shortage of cash to close. In addition to the pricing concession of $1,374.00 and a lender credit of $475.26
already given during the course of the loan, as an accommodation, lmpac agreed to give another lender credit
in the amount of $632.31 to offset the shortage in order for the loan to close. Moreover, lmpac was advised by
the closing attorney that there were $133.44 remaining, after the funds for closing costs were properly
allocated. A refund check# ********* in the amount of$133.44, issued to Ms. ***** on September 9, 2013,
was cashed on September 11, 2013.

For the reasons stated above, we respectfully decline Ms. *****'s request for a reimbursement of $2,332.31.
We stand by our previous response communicated to Ms. ***** and consider this matter closed.

lmpac trusts that the foregoing is a satisfactory response to your inquiry. If you have any questions regarding
this matter, please do not hesitate to call the undersigned directly at ###-###-####.

Sincerely,

******** ** ***
Compliance Analyst

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 
 
Impac's response is unacceptable and insulting. They claim that they're unable to "find" documentation to support that estimated funds to close went from $3,109.45 to $5,732.31. I am sure that this is because the representative that I worked with (****** ****) left the company not long after I "closed".  Not even he wanted to stay around. I have attached the fees worksheets sent to me by Mr. **** showing the drastic change in estimated funds to close. I've also attached a copy of the Public Storage rental agreement I signed on September 6th because no one at Impact was communicating any closing timeframes. Hours after signing this non-refundable agreement an impersonal text message was sent telling me I could close on the 9th and I should contact the underwriter and builder. I felt dismissed.

Impact also states that outstanding conditions were not met until September 5th, implying I did not do my part when in actuality they were unorganized and kept asking for more information piece by piece and in dribs and drabs. Also, there was not a  shortage of cash to close, Impac was supposed to offer a lender credit and did not do so until after my realtor and I arrived at the attorney's office and my realtor pointed out the error. The $133.44 check I cashed was overage after the correct lender credit was applied.
 
In Impac's response there is no mention of the fact I "closed" on September 9th, but did not get my keys until after 2 PM on September 10th because they did not wire enough money to the attorney's office. My moving fees were absolutely ridiculous because of this.
 
The response from Impac that this matter is closed is laughable. Working with Impac was the absolute worst customer service experience of my life, and the fact that they are OK with how I was treated says a lot about the company. In the end it seems to be all about the money for them, I hope they don't get away with wasting other customer's time and money, then insulting them and moving on as if the transactions were for a couple of dollars. This entire experience really caused me great hardship and sadly I'll never forget it. Impac is unorganized, inconsiderate and unimpressive organization.

I'm not sure how the BBB identifies companies that do not meet their obligations, but I want BBB Impac's file noted negatively.
 
Regards,

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



Business Response:

February 10, 2014

Better Business Bureau

Servicing San Diego and Imperial Counties

4747 Viewridge Ave., #200

San Diego, CA  92123-1688

RE:       BBB Complaint ID: ******* (********)

            Impac Loan#: ********

Borrower:  ******* *****

            Property: **** ******* ****** ***** ***** **  *****

Dear Ms. *****:

This is in response to your email inquiry sent on February 3, 2014 in reply to my January 2, 2014 correspondence. 

Please be advised that the concerns raised in Ms. *****’s recent correspondence had already been addressed in November 2013 and again in January 2014.

We will further attempt to clarify that, as previously addressed, the estimated cash-to-close amounts decreased from $8,260.92 to $5,745.68 (per the Uniform Residential Loan Application (“URLA”), executed on July 8, 2013 and September 9, 2013). In addition, as evidenced in the Good Faith Estimates, the fees and costs associated with the transaction, resulting in the estimated settlement charges of $7,090.55, $7,090.55, and $7,044.75, were fully disclosed on 06/29/13, 07/11/13, and 09/04/13, respectively.

On September 9, 2013, upon receipt of confirmation from the closing attorney that the Lenders Instructions were reviewed and HUD-1 approved, we authorized the funds to close. Impac had no control over the distribution of the keys.  We suggest you contact the closing attorney to get clarification.

Please refer to our correspondence dated January 2, 20014 for the explanation to other issues raised. We stand by our response previously communicated to both Ms. ***** and the Better Business Bureau.  

Impac trusts that the foregoing is a satisfactory response to your inquiry.  If you have any questions regarding this matter, please do not hesitate to call the undersigned directly at ###-###-####.

Sincerely,

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

Compliance Analyst

11/11/2013 Problems with Product/Service
7/2/2013 Problems with Product/Service
6/27/2013 Problems with Product/Service