1 of 1 images | See All Images >>
BBB Accredited Business since
BBB Business Reviews may not be reproduced for sales or promotional purposes.
This company offers mortgages.
Request a Quote
A BBB Accredited Business since
BBB has determined that Alcova 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.
Reason for Rating
BBB rating is based on 16 factors. Get the details about the factors considered.
Factors that raised the rating for Alcova Mortgage, LLC 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.
- BBB has sufficient background information on this business.
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||2|
|Total Closed Complaints||2|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||0|
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:
State Corporation Commission
P.O. Box 1197, Richmond VA 23218
Phone Number: (804) 371-9733
Fax Number: (804) 371-9211
Roanoke City Business License
Phone Number: (540) 853-2524
Type of Entity
Business ManagementMr. Rob Lindstrom, Owner
MORTGAGE BROKERS CONSUMER FINANCE & LOAN CO.
Industry TipsBBB TIP Finance & Loan Tips
1020 East Stuart Drive
Galax, VA 24333 (276) 236-7777 Directions
133 Salem Avenue
Roanoke, VA 24011 (540) 491-2046 Directions
18281 Forest Road
Lynchburg, VA 24502 (434) 455-0891 Directions
2001 S. Main Street, Suite 103
Blacksburg, VA 24060 (540) 552-7150 Directions
212 Starling Avenue, Suite 103
Martinsville, VA 24112 (276) 632-4444 Directions
223 Valley Street
Abingdon, VA 24210 (276) 591-9489 Directions
2276 Franklin Turnpike, Suite 113
Danville, VA 24540 (434) 836-7777 Directions
305 Market Street, SE
Roanoke, VA 24011 (540) 904-0005 Directions
414 B South Pollard Street
Vinton, VA 24179 (434) 250-6335 Directions
501 East Dolly Ann Drive, Suite B
Covington, VA 24426 (540) 962-7152 Directions
What is a BBB Business Review?
We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.
About BBB Business Review Content & Services:
Some Better Business Bureaus offer additional content & services in BBB Business Reviews.
The additional content & services are typically regional in nature or, in some cases, a new product or service that is being tested prior to a more general release.
Not all enhanced content & services are available at all Better Business Bureaus.
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
- Guarantee or Warranty
We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.
BBB Complaint Process
Your complaint will be forwarded to the business within two business days. The business 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 business's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.
What is BBB Advertising Review?
BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.
What government actions does BBB report on?
BBB reports on known significant government actions involving business' marketplace conduct.
BBB Reporting Policy
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.
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|
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.
BBB Letter Grade Scale
Star Rating scale
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.
Problems with Product/Service
Read Complaint Details
Complaint: After applying with Alcova in Blacksburg , VA (after hearing great reviews with the BBB), midway through the process there was a dramatic change in the loan officer's handling of paperwork and agreements. To begin with, the officer kept handing out small verbal lists of things required to complete the mortgage application, instead of giving a full, up to date, organized list. With every piece of paper we returned to the office, this officer found something wrong with virtually all of it, changing the requirements and making us submit the same things over and over and over again that showed employment, taxes, bank or money transfers. This officer reprimanded me on 'getting my priorities straight' as we were running raggedly back and forth to supply an almost-daily changing list of demands from the officer. I did this while commuting 2 hours to work daily (4 hours round trip). The handling of these documents was sloppy, haphazard, and unorganized. Then we discover the agreed on, set-in-writing closing date was canceled at the last minute after Alcova failed to submit parts of our paperwork, lost it, or ensure certain repairs were made to the home to meet the needs of the law. We were not informed of cancellation until late on. Repairs were outlined and completed, yet Alcova went on to cancel our closing date again and again (3 total) with no clear explanation, except 'some' other repair or piece of law or paperwork had to be done. This forced us to cancel homeowners' insurance repeatedly, which almost barred us from being able to get insurance. Our insurance agent contacted Alcova repeatedly, only to get delayed replies to inquiries/concerns. In the midst of all this, the officer goes on vacation but doesn't tell those working in her absence of the situation, no handoff, report, nothing. Due to that, Alcova tried to raise our locked in, signed and dated interest rate. Our officer often delayed responding to emails or phone calls to either of us homeowners either, or sent only email after being clearly asked, "Please call." Near the end, the officer manager stepped in and got things straightened out, a closing date set and kept, but only after weeks and weeks of delays and run-around from our original loan officer. Her assistant and the office manager were kind, but it's obvious communication in that office is very, very poor, and the way they treat clients is frankly, unethical. Yes, while my spouse and myself know there's a lot of red tape in buying a home, the repetitive delays and neglect to turn in our information so the loan would process as scheduled is ABSURD. Being given the run around is what was given instead. As a mortgage broker, it was Alcova's responsibility to know the law and complete its part of the work on time, to treat clients more ethically than that.
Desired Settlement: Alcova to dramatically improve its communication and handling of client's paperwork and loan processes, and for employees to keep themselves updated on knowledge of what the laws require. If a law changes about buying a home, they should make sure they keep informed of said changes; have it on file on site- like how the OSHA books are required in the workplace. To see this particular office start communicating accurately with clients and each other would be fantastic-both verbally and in writing, to minimize delays and stop confusion. A great outcome to assist homebuyers would be to furnish a written, up to date, full list of ALL requirements, organized and sorted, not little 'here and there' lists that change daily.
Business Response: Management Response: We are very sorry for the frustration over this loan closing. Our company strives to make sure every loan closes on time with anticipated terms. ln this particular case the major issue was the information giving to us upfront about property was inaccurate. Had we known all details the client could have been given a better understanding of what was going to take place. The property being financed was bought less than 90 days before our client signed a contract to buy. The seller purchased the property at a discount and was selling it as a flip (which is when a seller buys a property low and turns around to sell it within a 90 day period). Double-wide financing already being difficult in the current market conditions makes it extremely difficult to get done when a property has been flipped less than 90 days ago. Our office policy is that we do not finance double-wide properties that have been owned less than 90 days before listing. Since we didn't find out until after client signed a contract we agreed to do whatever possible to make the deal work. After finding out after the process already started that the property had been sold 3 months ago we had to get a copy of the home inspection. The home inspection revealed some safety hazards with the home. Due to FHA government restrictions we had to make sure these hazards were fixed in accordance with FHA standards. This took some time to get complete. Also, from the time loan application was taken the borrower elected to get a gift for the down payment. Anytime funds other than borrower's personal funds are being used more documentation is needed. All these items caused delays during the loan process and more documentation from the borrower was required. We are not sure what conversation took place about the rate lock but Alcova never once thought about changing the rate or charging for these delays. The rate did have to be extended twice in which Alcova paid for the rate lock extension fee both times. This was a very difficult case to get closed and Alcova pushed thru anything that came up to make sure the loan closed. We are deeply sorry this caused some frustration from the client and extremely sorry that items were not communicated in a timely matter. As always we never want a client to feel dissatisfied with a transaction. Thank you. Officer Response: Property was a flip less than 90 days which we found out after we started. This caused delays with 2nd appraisal, etc. Preapproved husband only-when they bought more than he qualified for, I had to add her after they were already under contract When she brought in documentat¡on and either it was not what we needed or it triggered need for additional documentation Would leave message and not get response for a long time on items needed from her-he always responded in timely manner I was not rude to her and did not say what she stated in the letter (l believe realtor called her to help get her to respond at one time and might have said I said that because I did tell realtor that she needed to make the loan a higher priority-this was after days of not hearing back from email) Listing Agent Response: To whom it may concern, My name is ***** ******** ***** * in Blacksburg Va. and I was the Listing agent on the sale of the *** ******** **** in Riner Back in January 2014. An lnvestor fixed up the property and resold it. Everything was going great with the loan until the under writer found out that the property was only owned by the investor for 87 days before a contract was written on the property. Certain types of loans, like the loan that the buyers of *** ******** **** got. The property must be owned by the seller for at least 90 days before a contract can be written on it. Neither myself nor the lender Alcova Mortgage had known that the seller had only owned the property for 87 days before the contract was written. So that's where the delay in the closing happened. The Under writer required a second appraisal to be done on the property. The Under writer also requested a copy of the Home lnspection report. Once the under writer looked at the Home lnspection report, they required that my seller make several thousand dollars' worth of additional repairs. This was in the dead of winter when we had the big snow storms. So it took my seller several weeks to complete the under writer required repairs before the Under writer would clear the buyers loan to close. Once we had all of the repairs completed then we were able to close. Alcova Mortgage had no control over the Delay. I have been using Alcova Mortgage for Ten years and I have never had a problem with their service. ln my opinion Alcova Mortgage is one of the top lenders in South West Virginia. Please feel free to contact me if you have any questions, ******************* or call me directly at###-###-#### Thank you
Problems with Product/Service
Read Complaint Details
Complaint: In March 2012, I sought the help of **** ********* of Alcova Mortgage to help me secure a mortgage loan on the property located at **** ********** ****, Bedford, VA. He had been recommended to us by a local resident. We were new to the area and decided to try this man's recommendation. The sales contract was established in February 2012. **** ********* tried to obtain two different types of loans; an FHA loan through First Mortgage Company in March and a VA loan processed in May 2012. FHA turned down the loan based on the fact we lived near a cell tower (which was here before the home we were trying to buy). Mr. ********* could provide no reason why the cell tower was a problem with the FHA but proceeded to recommend we try the VA. He assured us numerous times there was no problem at all with our credit. We own a home in ***** ******** currently and have never experienced a problem. Mr. ********* apparently received word in June or July that the VA was turning the loan down for the same reason FHA did; the cell tower. But he failed to call us with this news and I had to seek the help of a manager in the Richmond office to track down the results of the VA application. I could go on about the lack of Mr. *********'s professionalism and the stress he has caused us. He was impossible to try to communicate with. He told us numerous lies and strung us along endlessly. But my real complaint is today is the 20th of August and I still do not have the refusal letter, or any documentation explaining 1) the loan was turned down by the VA and 2) for what reasons. The selling/listing agent has tried to assist us by requesting the letter for her file. As you can guess these people are also waiting anxiously for this letter so they will know how to proceed. We made our move here from ***** ******** on April 1st on the word of Mr. ********* the loan would close in April. I have had to pay five months of rent which is wasted money that could have been applied to the mortgage. I can't get this company to respond.
Desired Settlement: I would like the BBB to try to get us a copy of the denial letter given to Alcova Mortgage from the VA. I would like this to serve as a formal complaint against Alcova Mortgage and **** *********. I feel he owes us money for the second appraisal we paid for when **** said it was required again. We gave **** 500.00 for each of the appraisals. **** told us this 500.00 for the second appraisal would be credited back to us at the closing of the loan.
Business Response: I am writing in response to the complaint filed by ****** ******. Mr. and Mrs. ****** were attempting to purchase a Manufactured Home that was adjacent to a Cell Tower. ALCOVA Mortgage does not lend funds on Manufactured homes so we had to attempt to find a wholesale broker outlet that would be able to underwrite and approve the loan. Though Mr. and Mrs. ****** were able to get Credit Approved for an FHA mortgage—the wholesale company that we sent the loan to for underwriting—***** ******** Mortgage Corporation declined the loan due to the homes proximity to the cell tower. It is the lenders responsibility to mail out a denial letter to the ******’s and in this case that was sent from ***** ******** and I have attached a copy of that denial letter. Upon this loan being denied our loan officer—**** ********* rather than giving up on the loan attempted to find another avenue for Mr. and Mrs. ****** but was unable to find another wholesale lender that would we could send the loan to since it was a manufactured home. There was never another VA appraisal ordered because it would have required additional funds from the ******’s to do so and without a suitable lender that was willing to do the loan this would be a waste of money for Mr. and Mrs. ******. **** did continue searching and looking for ways and new lenders that could do the loan, but his search was unsuccessful. Though we tried very hard to get the ******’s financing it does appear that our communication to them could have been better about the search and the lack of success we were having in finding a lender to be able to do this loan. I have gone over this with our team and Mr. ********* and are willing to refund the clients their appraisal costs. I have left a message for Mr. and Mrs. ****** and will go over this with them when they call me back. We wish that we would have been able to find the ******’s the financing they were searching for. They are very credit worthy individuals, but in this case the property type (manufactured) and its proximity to a Cell Tower were issues that we were never able to overcome. Thanks ***** ****** –(Owner)Direct: ###-###-####Mobile: ###-###-####
Consumer Response: Alcova Mortgage knew from the beginning that we were purchasing a Manufactured Home. **** ****, our Realtor, informed Mr. ********* that it was a doublewide. Mr. ********* never informed us that his company did not lend on manufactured homes. If he had been up front with us, we would have applied elsewhere. We were constantly told, as was our real estate agent, that there was no problem with the first loan-- that everything was a "go." We were moving to the Bedford area from South Carolina. We were scheduled to close the last Friday in March 2012. We were driving to Bedford and were told the loan had been delayed but "most likely" would close on the coming Monday or Tuesday, no later than Wednesday. The Seller was gracious enough to allow us to move in since Mr. ********* continued to indicate there were no problems, that closing was imminent. After waiting months, we were told the loan had been denied due to the fact a cell tower was on the adjacent lot. At that time, we thought it best to seek financing elsewhere, but since Mr. ********* had all of our paperwork and insisted he could make it work, we thought he could get the loan through quicker this time. We applied for a VA Loan and paid for a SECOND APPRAISAL of which we have a copy. (so Mr. ******'s reply about us not paying for a 2nd appraisal is not true.) We were told again by Mr. *********, "no problem, we are going VA." We kept waiting to hear from Mr. ********* about the status of our loan. When we could not get him to contact us, we called the Alcova Richmond office. We were told by the manager that VA had denied our loan. Our Realtor called Mr. ********* and asked for a copy of the denial letter to forward to the Seller and to give one to us. She has made numerous requests, as we have, and has not received any denial letter nor response (other than to say he will email it). According to Mr.******'s email, the 2nd appraisal was never sent to VA. We are very confused by this as we were lead to believe that Mr ********* was working with VA all along on the second attempt to secure financing. Are they saying they lied about that and they never applied to the VA? If you need a copy of both appraisals, I can provide you copies of them. Our real estate agent contacted the VA office in Roanoke to ask about their policy on cell towers. She was told that as long as it was not on the property being purchased, VA did not care. He told her he needed the denial letter and he would investigate as to why it was turned down. The VA spokesman stated that in no way was the loan denied because of the cell tower being on another property. We do expect full reimbursement from both appraisals, a copy of any denial letter, and an explanation about whether our loan was actually submitted to VA or not. We feel we have been poorly represented and do not plan to let this drop until we know the answer to our questions and receive the payment for both appraisal fees. In closing I would like to add that the message this "owner" claimed to have left on our phones with this offer of reimbursement of fees was never left on our phones as indicated. Regards, ****** ******
Consumer Response: The original appraisal copy is attached. The cost of this appraisal was $525.00 and was paid for in advance. There was also a foundation inspection conducted at the cost of $360.00 and was conducted by ********** ********** ********. The original date of the sales contract was 2/19/2012. The second appraisal was paid for in advance also at the cost of $500.00. I took the copy of the second appraisal to the real estate agent for the sellers so she could have it as proof of denial. She has this document and has been in touch with the VA regarding the appraisal and they claim the number assigned is an FHA number and not a VA loan number. This makes me think they did get the second appraisal but sent it to the FHA instead of the VA? I have called her this morning and I have asked her to scan it and forward me back a copy so I can forward it on to you. She was out in the field showing a property and I'm sure she will do that as soon as possible. When I get it, I will forward it to you. Thank you for your assistance. ****** ** ******
Business Response: Additionally, I would like to add to my comments below that I am always sorry when we can not find a loan for out clients and though we were looking for a solution to this problem with the property we should have communicated more thoroughly and that is why I authorized a check to be cut and sent to the ******’s residence yesterday. If the ******’s would like to call me to follow on anything related to this loan they are more than welcome to do so at the contact information listed belo. Thanks, ***** ****** I apologize for any confusion. Our first attempt at the FHA financing required a second review appraisal to be ordered due to the property type. There was never a VA appraisal ordered since we were not able to locate a lender that could do the loan.We have already mailed out the check for our clients for the cost of the second full appraisal since we felt that was a fair compromise since the second one was ordered after the wholesale lender we were using required it. There was no way for us to know there would be any issues with out receiving the first appraisal back. Appraisal fees are third party costs and ALCOVA is willing to absorb the cost of the second appraisal to help these clients out.Thanks ***** ******
Consumer Response: I am attaching a copy of the second appraisal for your review. I'd like to be clear that this agent implied as well as the Richmond Office Manager that it was the VA who turned us down the second time and for the reason of the cell tower. I have paid a total of $3150.00 in rental expense I should not have had to pay. I have spent over a thousand dollars trying to purchase this property by paying what this mortgage broker required me to pay. The way I see it, this appears to be the most unscrupulous mortgage broker I have ever dealt with. They told us blatant lies and we trusted Mr. ********* and believed he was truly telling us the truth. Now, we have to start all over from the beginning with another mortgage company who processes VA loans. The resolution ideally would be to be reimbursed for our expenses. Short of that, I would like the public to be warned about this company. We are not mean or vindictive people. We truly felt we were taken advantage of. By now, we are aware they lied about the VA and they never applied to them. But I have attached the appraisal they claimed was used for the "VA loan". Regards, ****** ******