BBB Business Review

BBB Accredited Business since 09/20/2010

VanDyk Mortgage Corporation

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(616) 940-3000View Additional Phone Numbers2449 Camelot Ct SE, Grand RapidsMI 49546-6001 Send email to VanDyk Mortgage CorporationView Additional Web Addresses



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BBB Accreditation

A BBB Accredited Business since 09/20/2010

BBB has determined that VanDyk Mortgage Corporation 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 affect the rating for VanDyk Mortgage Corporation include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 2 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.

Customer Complaints SummaryRead complaint details

2 complaints closed with BBB in last 3 years | 1 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 Complaints 2

Customer Reviews Summary Read customer reviews

1 Customer Review Customer Reviews on VanDyk Mortgage Corporation

Customer Experience Total Customer Reviews
Positive Experience 1
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 1 Customer Review

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (2)
01/11/2016Problems with Product / Service
10/14/2015Problems with Product / Service | Read Complaint Details
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Complaint
Mortgage company took too long to close on our house causing us to pay more money and have a higher interest rate.
I got preapproved at Vandyk Mortgage for a loan with the recommendation from our realtor. I made an offer on a house in early June and it was accepted the next day. Our realtor told us that we would close no later than July 3. I gave the loan company all the requested paper work within the first week. They told me that the down payment would be between $2,800 and $3,200. July 3rd came and they were not able to close due to an issue with the appraisal. They got the appraisal done and then told us that they couldn't give us a loan because the house was on two lots with different tax ID numbers. They could not combine the lots because the county wouldn't allow it in the middle of tax season. I signed extension papers to lock in my interest rate at 4%. After going back and forth for a few weeks done I finally decided to just buy the lot with the house on it and buy the extra lot privately from the owner. Another appraisal was done and I was finally able to close on the house. There were two appraisals on the house, the first was for $400 and the second for $130. The final closing date on the house was September 4th at which point the company no longer acknowledged the locked in interest rate and it went up to 4.5%. The final down payment was $3,900.

Desired Settlement
I would like the cost of the second appraisal returned to me and I would like the original interest rate of 4% to be applied to my loan.

Business Response
Contact Name and Title: James B****
Contact Phone: ************
Contact Email: *************************
In regards to complaint number ********, ***** *******

There were a number of issues beyond the control of VanDyk Mortgage, which contributed to the delay in closing this loan for Mr. *******.

One of the hurtles encountered during the loan process was that Mr. *******'s payroll from his employer was received via business check, which did not show tax withholdings. With that being said, we had to work diligently with said employer to prove that Mr. ******* was not self-employed.

Secondly, there were many issues that arose after the appraisal was completed:
1. The property was located on 2 parcels and therefore necessitated the borrower to purchase one of the parcels from the seller separate from the mortgage transaction. We informed the borrower and his agent as soon as we were made aware of this issue, as to not delay the process any further.
2. The appraisal required a Manufactured Home Improvement condition on the property, in that a FHA foundation Engineer Certification needed to be obtained to show that the foundation was acceptable and therefore eligible for FHA insured financing. The additional charge to the borrower for $130.00 was for said compliance inspection/report review, there was no 2nd appraisal needed or completed.

Lastly, regarding the interest rate on the loan for Mr. *******. Our lock policy states that it reserves the right to relock at worst case pricing after the 2nd lock. With this loan for Mr. *******, due to the above listed delays out of our control, we actually re-locked the loan 4 times, at which point we were unable to receive another exception from management to not charge worst case pricing.

In summary, due to the issues with proving non-self-employment, the property being on two parcels and the appraisal conditioning for foundation certificate to ensure FHA eligibility, our staff did everything in their power to ensure compliance and expedite the loan process for Mr. *******. Also, please note that a Lender Credit was given to the borrower at closing, in the amount of $656.29 to ensure that Mr. *******'s cash-to-close (which were all gift funds) did not exceed $3,900, our initial estimate to the borrower.


Industry Comparison| Chart

Mortgage Bankers

Additional Information

top
BBB file opened: 06/24/1992Business started: 07/01/1987
Licensing, Bonding or Registration

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

Type of Entity

Corporation

Incorporated: July 1987, MI

Business Management
Principal: Mr. James Beebe (General Counsel)
Contact Information
Mr. Mario Flores (Branch Manager)Mr. Kevin Hilderbrant (Branch Manager)Mr. Thomas VanDyk (President)
Number of Employees

73

Business Category

Mortgage Bankers

Alternate Business Names
VanDyk Mortgage

If you choose to do business with VanDyk Mortgage Corporation, please let them know that you contacted BBB for a Business Review.

Map & Directions

Map & Directions

Address for VanDyk Mortgage Corporation

2449 Camelot Ct SE

Grand Rapids, MI 49546-6001

To | From

LocationsX

3 Locations

  • 2449 Camelot Ct SE 

    Grand Rapids, MI 49546-6001(616) 940-3000
    (888) 482-6395

  • 1820 W Washington St Ste 2 

    Greenville, MI 48838-2630(616) 754-7817

  • 493 W Norton Ave STE 1 

    Norton Shores, MI 49444-3748(231) 332-6500

Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Western Michigan. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*VanDyk Mortgage Corporation is in this range.

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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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Additional Phone Numbers

  • (888) 482-6395
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BBB Complaint Process

Your complaint will be forwarded to the company within two business days. The company will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the company's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

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BBB began including the text of consumer complaints and business responses in BBB Business Reviews as of January 1, 2013. This includes all complaints that meet our reporting guidelines and that are filed electronically. We also report on the resolution of the complaint, as determined by BBB.

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Industry Tips for Mortgage Bankers

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BBB reports on known government actions that are relevant to the business's marketplace dealings with the public.

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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

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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.