Complaints

This profile includes complaints for LoanStream Mortgage's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  LoanStream Mortgage

  19000 MacArthur Blvd Ste 200 Irvine, CA 92612-1420

  
• 

  LoanStream Mortgage

  1431 Greenway Dr Irving, TX 75038-2448

  

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:09/18/2024

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Purchased a home, using *************** as my original loan processer. Then it was sold to LoanStream to whom I made my first payment of $2442.91,After sending evidence of payment, ****** refused to accept that and are calling to get the September payment.

  

  Business Response

  Date: 02/03/2025

  Veterans United was the Broker in this transaction, and not the Processor as Ms. ******** indicates. *************** is an approved Broker that presented the loan to Loanstream to originate, underwrite, and fund the loan. Loanstream is the Lender, and was able to approve M. ********* loan.  After the funding of Ms. ********* loan, Loanstream conducted interim servicing for a short period of time.  Loanstream then sold the loan, in which ****** was the new loan servicing company. Loanstream forwarded Ms. ********* September payment following the loan transfer, as is standard industry practice. Genway has been in receipt of Ms. ********* payment for quite some time, which Ms. ******** should be aware of. She can call ****** to inquire or she may find the payment posted in her loan history with Genway.     
  

  
  

• Initial Complaint

  Date:06/17/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been trying to contact this company for days now. I've called a total of 15 times this last Friday, June 14, 2024. I was in hold each time, and once for over an hour. I've tried pressing "9" to receive a call back, that never happened. I've emailed 3 times and still no response. I am trying to make a payment and due to this company selling my mortgage, I can't pay online. Now my payment will be considered late because the only way to make a payment is over the phone and it isn't even automated. I don't understand how a company isn't able to answer a single call or just hang up while holding. If you don't have the staff, why not allow a one-time payment online! Unacceptable business practice.

  

  Business Response

  Date: 08/06/2024

  Dear Better Business Bureau,

  We have been attempting to contact Ms. ****** at the phone number she left in her complaint filed. To date, we have not had a return call. Additionally, we have written her at the email address that she provided, and we are hoping to hear back from her. 

  Unfortunately, she did not provide an address or a loan number of social security number to provide positive identification.  There are numerous other customers in our systems who have either the same or similar names, so additional information is needed. 

  We are happy to assist and would seek to find resolution to the issues that Ms. ****** has stated she experienced. Again, we are hoping to hear back from her very soon. 

  Thank you,

  ***************************, Chief ******************** EVP, Regulatory Affairs

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

   
  

   

• Initial Complaint

  Date:11/29/2023

  Type:Delivery Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  need to update address

  

  Business Response

  Date: 07/11/2024

  Dear Better Business Bureau,

  Thank you for contacting our offices by telephone, as we only recently saw this complaint. We did not receive notice prior to your email. We are very happy to assist you with this complaint in any way that we can. 

  We have investigated the matter with the limited information provided and found that we have a similar name in our system, but not the same name. Additionally, we show two different physical addresses in our system, but there is no *********** Box referenced, as provided in this initial complaint. We were also not able to match up a telephone number, because the one provided in the initial complaint does not evidence a complete number.  Federal and State Privacy Laws prohibit our sharing any Non-Public Personal Information of our customer's, so we are unable to provide details on the information in our systems.

  Lastly, it is unclear what the actual issue is. The complaint states, "Delivery Issues" and "Address Change", but there was no indicated of exactly what may be wrong.   

  Unfortunately, because of these significant differences in the information that was provided and what we have in our systems, we are unable to match up information to help this customer.  It is noteworthy to mention that we are a wholesale lender, and oftentimes, when we get inquiries, they turn out to be for the Broker who they initially contacted.  So, it is always a possibility that this may actually be for the Broker, since we just do not have matching information. The Broker is a completely separate business entity from OCMBC, Inc.   

  If there is still an issue, please provide the additional information, and please contact me directly at the number listed below. 

  1.) Customer's Full Name; 2.) Customer's Physical Address; 3.) Customer's Complete Phone Number; 4.) A description of the problem 

  Thank you,

  ***************************, Chief Compliance Officer

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

• Initial Complaint

  Date:11/10/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been trying to make my mortgage payment on my account for three days now. I have sent the last three days on hold with customer service for hours just to be hung up on and no return call received the last three days my whole day this is very unprofessional and unfair for ppl just trying to pay their bill. I have never had access to the customer portal and have called several times to get access with no success. At this point IM not sure if I should escalate my concerns to better business or the governing mortgage body. This situation needs to be resolved today immediately. ********

  

  Business Response

  Date: 07/16/2024

  Dear Better Business Bureau,

  Thank you for contacting us recently, as we were unaware that there were any complaints pending. As you know now, we were not receiving the emails, and we appreciate the phone call that you placed to alert us. 

  With respect to **************** payment, this was all a part of a Loan Servicing Transfer when her loans was sold.  The payment was sent to her new Loan Servicing, and there is a 60-day "Safe Harbor law under the *********** Settlement Procedures Act "RESPA" that allows extra time for payments to be sent to the new servicer without any penalty to the customer.  It appears that is what happened in the case of ****************. 

  OCMBC, **** sent a letter to **************** well in advance of the Servicing Transfer transaction, explaining all facets of the process and the laws that govern it. 

  If **************** has any additional questions at this time, she may contact me directly at the number listed below.

  Thank you.

  ***************************, Chief Compliance Officer

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

   

   

   

   

• Initial Complaint

  Date:09/08/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  WARNING.... 9/8/2023 If you are a borrower or a mortgage broker, stay away from this company. They don't respond to your questions, takes weeks to review your documents and will never close on time. In this day in age when volume is slow they still take weeks to review a document. There communication between there team is horrible, they don't communicate. One person gives you one answer and someone else gives you another. I have lost a lot of money working with this company, just not worth it anymore. They took 6 weeks to review conditions I have sent in and was going back and forth on the approval for income docs. 6 weeks later, they decided to approve the income but was too late, borrower already cancelled on me. If you read this review, please stay away from this lender. If you are going to purchase a property, please don't use LoanStream your loan will never close on time. I have even spoke with management and they just don't help nor do they really care. If you care about your loan or a broker and your money, STAY CLEAR AWAY!

  

  Business Response

  Date: 07/12/2024

  Dear Better Business Bureau,

  Thank you for contacting our offices via email, as your call brought this complaint to our attention. As you know, we did not receive these emails for some time and we were also unable to sign in for some time. It appears these systemic issues have been resolved.   We are sorry to hear of the incident and we appreciate the opportunity to respond. 

  We have conducted an investigation into ******************** complaint and have determined that we have no customer by this name. It appears by the language in this inquiry that he *** have been a Broker or third-party/vendor, who *** have submitted loans to our offices, as we are a wholesale lender. However, we cannot be sure what role **************** was in with respect to the incident, as he did not state any information regarding his position.   

  Unfortunately, with the lack of information provided, we are unable to conduct the full review that our processes outline in order to make any type of determination and/or resolution. We request additional information is needed, such as:   1.) A borrower's name; 2.) A representative that **************** worked with; 3.) A submitted loan application; 4.) A property address; 5.) A date of incident; 6.) A loan number; 7.) The manager he described speaking with; 8.) Or any other additional information that would assist us in understanding what had actually occurred. 

  If there is still an outstanding problem, we urge **************** to please provide the pieces of information described above and listed below. We also request that he would contact me directly at the number listed below.  LoanStream Mortgage is deeply committed to a "best in class" customer and business partner experience, and we apologize for any inconvenience and/or misunderstanding that *** have occurred. We would very much like to review the issue that **************** has described and hope to hear from him soon.      

  Thank you,

  ***************************, Chief Compliance Officer

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