Complaints

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

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  Spring EQ LLC

  1 W Elm St Ste 450 Conshohocken, PA 19428-4152

  
• 

  Spring EQ LLC

  100 W Matsonford Rd Bldg 5 Ste 100 Radnor, PA 19087-4559

  

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:06/19/2025

  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.

  This company calls and texts at least 4 times a day, even during the federal holiday, trying the get me to apply for a home equity loan. I do not want a loan and this is harassment. I need them to stop.

  

  Business Response

  Date: 07/09/2025

  Mr. **************************************************************************************************** have received your correspondence submitted to the Better Business Bureau (BBB) on June 19th, 2025 regarding recent communication received from Spring EQ, LLC., which you have expressed a desire to terminate.
  
                Records indicate you had engaged with LendingTree on or about June 17, 2025,regarding an inquiry for a possible home equity loan. During this interaction,you consented to receive communications from up to 5 lenders, including Spring EQ, LLC, to discuss loan products. An option to opt out of communication was provided in these and in subsequent communications.
  
  At this time, the phone number and email address associated with this complaint have now been placed on our Do Not Contact (DNC) list. You will receive no further solicitation from Spring EQ, LLC at this number and address.
  
  Thank you for your consideration and feedback. Please contact Spring EQ, LLC at ************ with any additional questions or concerns. Thank you.

• Initial Complaint

  Date:04/16/2025

  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.

  We were referred to Spring EQ by another loan officer whose clients never had an issue with before. We went through the initial application process, and was made to believe everything was fine even with me explaining that income is a base salary and commission. Through text messages it appeared that we were approved as the loan officer for Spring EQ stated that once the application was out of underwriting, they would gather remaining balances and that's exactly what they did. My wife submitted those, then proceeded to try to contact the loan officer for three days, and only received two vague text messages. Finally, my wife received a call at 8:06 pm eastern and returned the call around 8:30 to be told the loan was not approved because there is a debt-to-income ratio they cannot use. That ratio was off by $400 because they would not use my monthly commission and bonus which would increase my salary approximately 48%.After the severe lack of communication, and the stringing along after being made to believe we were approved because no one would respond and giving them every personal financial detail, it is very disappointing that the loan was not approved because of a mere $400 when there is considerably more available income.

  Customer Answer

  Date: 04/16/2025

  I did forget to mention in my original complaint that Spring EQ was paying off most of our debts with the loan we were taking out, the only other thing was a low credit card and a vehicle payment. The vehicle that would have been left over was going to be sold back to the dealer with the remaining cash from the loan. In order to do this and because everything appeared to be approved and alright, I cancelled the warranty and service plan on my vehicle to bring the principle down so there wouldn't be as much negative equity to pay, lowering our debt to income. Even in the first conversation my wife had with the loan officer, she asked the loan officer if they could just pay the negative equity so we could sell the vehicle to lower our overall debt which was the entire point of the loan, without hesitation he said no. We are now left without our warranty and having to come out of pocket for our services that were covered with our service plan. 

  

  Business Response

  Date: 04/23/2025

  Mr. ******************************************************************************************************** have received your correspondence submitted to the Better Business Bureau (BBB) on April 16th, 2025, regarding concerns with loan application number *********, which was submitted to Spring EQ, LLC on April 8th,2025. This application requested a 20-year closed-end lien in the amount of $38,000.00, secured by real property located at ******************************************************************************
  
                You express dissatisfaction with the level of customer service received and outcome of this loan application, which was not approved as the debt-to-income ratio (DTI) exceeded the maximum permitted by Spring EQ, LLC underwriting and qualification guidelines.
  
                This application was initially submitted stating $8,333.33 in gross monthly income from your primary employer, as well as $400.00 in monthly child support / alimony income.
  
                Review of income documentation confirms a monthly base income in line with the stated amount; however, it was discovered that child support / alimony could not be used as it is a verbal agreement and not ordered by the court or present within a valid legal document, i.e., a separation agreement or divorce decree.Similarly, we do not have the requisite two-year history of variable income in this case commission and bonus necessary to include these in qualification. These requirements for supporting income documentation are in accordance with Spring EQ, LLC underwriting guidelines, and are standard in the mortgage industry. Unfortunately, we are unable to proceed with the loan application as was previously stated.
  
                We understand your frustration regarding communication efforts and response content and timing. Spring EQ, LLC greatly values the customer experience and will incorporate this feedback into future training.
  
                Please contact Spring EQ, LLC at ************ with any additional questions or concerns, thank you.
  
  Regards,
  
  ***** *****
  Compliance Director
  Spring EQ, LLC

• Initial Complaint

  Date:04/09/2025

  Type:Service or Repair Issues
  Status:

  ResolvedMore 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.

  Was charged 589 dollars for an appraisal. The appraiser did not complete her job. She did a poor job. Spent barely any time at the residence. Didn't open doors or review the residence as she was supposed to. The report was missing several integral components. Comps listed on the appraisal were not local or recent nor did they compare to our home in size, location or upgrades. She valued our home 120k less than a recent appraisal that was just completed. The one with the higher value was a clear difference in appraisal and appropriate work completed. When reached out to Loan officer received poor support on the matter. We will be seeking a reversal with our credit card company on this charge as the loan officer quickly took the payment and did not comply with federal regulations to properly assist on the *** regs despite me requesting and going through the appropriate channels to request such.

  

  Business Response

  Date: 04/23/2025

  Mr. ****************************************************************************************************** have received your correspondence submitted to the Better Business Bureau (BBB) on April 9th, 2025, regarding concerns with loan application number **********, which was submitted to Spring EQ, LLC on April 2nd,2025. This application requested a 20-year closed-end second lien in the amount of $260,000.00, secured by real property located at **************************************
  
                You express dissatisfaction with a valuation completed on the subject property,which you feel is inadequate.
  
  The application was initially submitted with an estimated value of $835,000.00, and a full appraisal report was ordered. The fee for this report was $585.00, which was collected from you on April 2nd, 2025.
  
    This report assessed a property value of $650,000.00. You felt this was insufficient, citing a valuation you had completed in April of 2024 which resulted in a higher figure.A subsequent reconsideration of value submitted to the appraiser with additional comparable sales returned an updated value of $675,000.00 due to revisions in property condition and living area adjustments. The comparable sales provided were determined to be dissimilar due to property style and location and were unable to be considered.
  
  Because of this change,adjustments in rate and pricing occurred as the loan to value ratio (LTV) and combined loan to value ratio (CLTV) increased from the original values.
  
  All valuations obtained by Spring EQ, LLC are facilitated via an independent appraisal management company.Appraisers engaged are verified to be actively licensed and reports adhere to Appraisal Independence Requirements (AIR) and Uniform Standards of Professional Appraisal Practice (USPAP). Review of the revised report shows comparable sales selected meet appraisal standards for distance, marketing time, location,condition, and characteristics.
  
  Spring EQ, LLC has determined the report provided is in line with industry standard practices for valuation and does not find any material defect. Nonetheless, we understand your frustration and highly value the customer experience. Because of this, we will be issuing a refund of your appraisal fee in the amount of $585.00. This will be sent as a check via ****. You should be in receipt of these funds within two weeks of the date of this response.
  
  Thank you for your consideration and feedback. Please contact Spring EQ, LLC at ************ with any additional questions or concerns. Thank you.
  
  Regards,
  
  ***** *****
  Compliance Director
  Spring EQ, LLC

  Customer Answer

  Date: 04/24/2025

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ***** *******
  
  

• Initial Complaint

  Date:01/31/2025

  Type:Billing 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 obtained a ***** loan in the amount of $399,000.00 from Spring EQ. I closed on the loan at the end of December. No where did I ever request a draw nor was I informed verbally or in writing that I would have to take a draw until the time I needed the money. Despite this, on December 30, 2024, $394,220.03 was transferred into my account. I tried calling the loan officer and got to answer. I talked to the customer service representative and she told me I could return the funds when the first payment was due on February 2, 2025, In the interim, servicing of the loan had been transferred to **********. On January *******, my bank wired $394,220.03 back to Shellpoint, I was told today that I need to pay interest on the funds that I did not request and that I would need to pay $1894.00 for two months interest on money I did to request, and despite today being January 31, 2025 (i.e. two months have no elapsed). I have repeated emailed and phone my loan officer and he will not contact me. Again, I did not request a distribution, I was never informed that I had to take a distribution, yet despite this I am being charged two months of interest. I have been told that the total amount that is due is $8373.76 of which, $6,438,20 applies to the principal balance, $1,889.56 is interest and $46.00 is release fees. I cannot get an explanation from anyone about the amount due was determined, and despite also daily contacts with individuals at SpringEQ I cannot get an explanation about why I having to pay interest on money I did not request, and that I have returned.

  

  Business Response

  Date: 02/19/2025

  Dear Mr. ************** am writing in response to a complaint filed with the Better Business Bureau (BBB) concerning your 20-year fixed home equity line of credit secured by ******************************************************************************************** (Spring EQ) loan number 1000166179.
  
  This transaction, in the amount of $399,999.00, funded on December 30, 2024. You stated in your complaint that you were not aware of, and did not request, any immediate distribution of proceeds to you, though the entire line amount was remitted as an initial ******** subsequently returned these funds; however, you are disputing interest charged to you while these funds were in your possession.
  
  Review of this loan, including call recordings, indicates multiple conversations discussing your need for the full loan amount to pay a projected tax liability in 2025. In addition, all loan documentation, including the signed initial application, Estimated and Final HELOC Settlement Statements, and final loan application clearly show a full draw as being paid to you directly at the time of funding. Spring EQs Important Terms Disclosure, which was provided several times over the course of loan fulfillment, describes the programs minimum initial draw requirement of the greater of 75% of the line amount or $25,000.
  
  Spring EQ does not offer open-ended home equity products, such as HELOCs, with a $0 initial draw requirement. Minimum requirements, along with the terms of this specific transaction, were clearly and compliantly communicated and disclosed. Because of this, while the funds in question are no longer in your possession, Spring EQ must collect interest for the period of time during which they were.
  
  Please contact Spring EQ at ************ with any further questions.
  
  Regards,
  
  ***** *****
  Director of Compliance
  Spring EQ, LLC.

• Initial Complaint

  Date:12/29/2024

  Type:Billing 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.

  This company advertises quick loans however they are not lenders and in fine print they charge 39 dollers mo. for membership. They require a credit card# as part of the loan process which is fake

  

  Business Response

  Date: 01/14/2025

  Mr. ***************************************************************************************************** am writing in response to a complaint filed with the Better Business Bureau on December 29, 2024, in which you express concerns regarding Spring EQ, LLCs business practices.
  
                Spring EQ, LLC is licensed by the Commissioner of Banks in the state of ************** as a mortgage lender, number L-169532. Our NMLS Identifier is *******.We do not charge or participate in any membership fees or programs.
  
                Please contact us directly with any questions or concerns at ************.
  
  Regards,
  
  ***** *****
  Compliance Director
  Spring EQ, LLC

• Initial Complaint

  Date:11/04/2024

  Type:Order 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 applied for a home equity loan on March 24, 2024 and as of November 3, 2024 I have never delt with a company that had you pay bills down to qualify for a loan and keep asking you to do this to submit documents that the underwriter request but yet it never was submitted to the department. I have emails and correspondence to show how I been drag along for over 8ms and nothing still has not be approved. I have names of everyone loan officers I spoke to, to which all of them stringed me long had me pay over $3000 they requested for me to pay down credit to improve my score. Still nothing to help me get approved. I have been strung along to have nothing done to help me get a home equity loan from my home. I find this business needs to be investigated for faulty loan process for approval and other loan processing scams

  

  Business Response

  Date: 11/21/2024

  Spring EQ, LLC (Spring EQ) is in receipt of the correspondence you submitted to the Consumer Better Business Bureau (BBB) and which was delivered to Spring EQ on November 4, 2024. In the correspondence you describe a months-long process during which you had applied for and had attempted to secure a home equity loan from Spring EQ, and that after eight months you had not received an approval or denial. You express frustration with multiple requests for your information from Spring EQ, and you suggest that you were treated poorly because of your Hispanic origin.
  
  Thank you for your patience while Spring EQ has reviewed this matter. First and foremost, I would like to assure you that Spring EQ does not treat customers differently on the basis of race or ethnicity. The company expressly prohibits all employees from doing so. From a review of the files and recorded phone calls, it does not appear you have been discriminated against in any way. In this letter I will attempt to walk you through the issues and disposition of multiple loan applications you submitted with Spring EQ so that you have a better understanding of what occurred and the reasons for Spring EQs requests.
  
  On or about March 25, Spring EQ received your first application for a home equity loan to be secured by real property at *************************************************************************************** You applied with a co-applicant. Spring EQ pulled credit for you and the other party, however scores for both parties were insufficient to meet Spring EQs minimum requirements, so at this point in time you did not qualify for any products offered by Spring EQ. While your co-applicant was not able to achieve this score, you discussed with Spring EQs loan officer that if you paid off some other debts, your score would likely improve and exceed the minimum threshold.
  
  On or about June 6, in connection with a new application you authorized Spring EQ to pull your credit again, after having paid down some other debts. Your **** score came back sufficient to satisfy the **** component of an underwriter of your application. A review of this application determined that your income was insufficient to qualify for the loan, as your debt-to-income ratio exceeded Spring EQ maximums. You and Spring EQ discussed adding your spouse to the application to include her income, but due to credit concerns, this would have limited you to borrowing no than 70% of your propertys value, including all mortgage obligations
  
  Because you wanted additional cash out, you were referred to Spring EQs first mortgage division on July 1 to explore whether you would be able to borrow more against the property. Spring EQs first mortgage division brokers loans to first mortgage lenders. Based on your **** and DTI you were eligible to borrow up to 80% of your propertys value as a first mortgage cash-out refinance, but during the underwriting of that loan, it was discovered that you had a payment issue on your mortgage. Our records show that between August 16 and October 1 you were disputing this issue with your first mortgage lender. Spring EQ had advised this needed to be resolved in order for you to qualify for a loan. On October 29, you advised that you wished to cancel the loan application that was then open.
  
  Spring EQ did attempt to offer you a loan product for which you would qualify, and which would accommodate your desire to draw cash,but unfortunately these efforts were not successful. The calls and application files we reviewed do indicate that Spring EQ investigated all possible avenues to find a loan product that would work for your goals. Spring EQ can assure you that its home equity lending guidelines (and the guidelines of first mortgage lenders to which Spring EQ brokers applications) are applied evenly and without discrimination in any way.
  
  Spring EQ thanks you for your business and for the opportunity to review this matter and provide this explanation. Please feel free to contact me directly with any additional questions, concerns or information.

  

  Business Response

  Date: 11/21/2024

  Dear Mr. *************************************** LLC (Spring EQ) is in receipt of the correspondence you submitted to the Consumer Better Business Bureau (BBB) and which was delivered to Spring EQ on November 4, 2024. In the correspondence you describe a months-long process during which you had applied for and had attempted to secure a home equity loan from Spring EQ, and that after eight months you had not received an approval or denial. You express frustration with multiple requests for your information from Spring EQ, and you suggest that you were treated poorly because of your Hispanic origin.
  
  Thank you for your patience while Spring EQ has reviewed this matter. First and foremost, I would like to assure you that Spring EQ does not treat customers differently on the basis of race or ethnicity. The company expressly prohibits all employees from doing so. From a review of the files and recorded phone calls, it does not appear you have been discriminated against in any way. In this letter I will attempt to walk you through the issues and disposition of multiple loan applications you submitted with Spring EQ so that you have a better understanding of what occurred and the reasons for Spring EQs requests.
  
  On or about March 25, Spring EQ received your first application for a home equity loan to be secured by real property at *************************************************************************************** You applied with a co-applicant. Spring EQ pulled credit for you and the other party, however scores for both parties were insufficient to meet Spring EQs minimum requirements, so at this point in time you did not qualify for any products offered by Spring EQ. While your co-applicant was not able to achieve this score, you discussed with Spring EQs loan officer that if you paid off some other debts, your score would likely improve and exceed the minimum threshold.
  
  On or about June 6, in connection with a new application you authorized Spring EQ to pull your credit again, after having paid down some other debts. Your **** score came back sufficient to satisfy the **** component of an underwrite of your application. A review of this application determined that your income was insufficient to qualify for the loan, as your debt-to-income ratio exceeded Spring EQ maximums. You and Spring EQ discussed adding your spouse to the application to include her income, but due to credit concerns, this would have limited you to borrowing no than 70% of your propertys value, including all mortgage obligations
  
  Because you wanted additional cash out, you were referred to Spring EQs first mortgage division on July 1 to explore whether you would be able to borrow more against the property. Spring EQs first mortgage division brokers loans to first mortgage lenders. Based on your **** and DTI you were eligible to borrow up to 80% of your propertys value as a first mortgage cash-out refinance, but during the underwriting of that loan, it was discovered that you had a payment issue on your mortgage. Our records show that between August 16 and October 1 you were disputing this issue with your first mortgage lender. Spring EQ had advised this needed to be resolved in order for you to qualify for a loan. On October 29, you advised that you wished to cancel the loan application that was then open.
  
  Spring EQ did attempt to offer you a loan product for which you would qualify, and which would accommodate your desire to draw cash, but unfortunately these efforts were not successful. The calls and application files we reviewed do indicate that Spring EQ investigated all possible avenues to find a loan product that would work for your goals. Spring EQ can assure you that its home equity lending guidelines (and the guidelines of first mortgage lenders to which Spring EQ brokers applications) are applied evenly and without discrimination in any way.
  
  Spring EQ thanks you for your business and for the opportunity to review this matter and provide this explanation. Please feel free to contact me directly with any additional questions, concerns or information.
  
  Sincerely,
  
  
  ***** A. *****
  Compliance Director
  Spring EQ, LLC
  **************************************************************************

• Initial Complaint

  Date:10/29/2024

  Type:Customer Service Issues
  Status:

  ResolvedMore 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 started a home equity loan with an Agent ***** **** who found Spring EQ as a servicer. I signed the initial disclosure Friday 10/25/2024 but found there is an issue with my primary loan so I can no longer accept the loan without incurring financial hardship. I contacted the Agent ***** **** on 10/28/2024 and advised I want to withdraw from the loan. He told me the loan was approved Friday 10/25/2024 but he withdrew the loan 10/28/2024 and the loan is now canceled. I then received an email requesting I authorize a lien payment. Again. I still do not want to move forward. I asked the agent for proof of the withdrawal, and he stated once confirmed he would send it to me. I read online I must contact the lender in writing within 3 business days to rescind to the offer. I called Spring EQ at ************ to get the proper overnight address to send the letter. I am unable to contact anyone only voicemail, and no return call. I want the loan canceled **** that is all

  

  Business Response

  Date: 10/31/2024

  Ms. *************** am writing in response to a complaint you submitted to the Better Business Bureau (BBB) regarding your desire to no longer move forward with a loan application for a 20 Year Fixed Second Lien secured by real estate located at *********************************.
  
  I can confirm this loan was declined on October 29, 2024. No further action on your behalf is necessary,and you will receive a confirmation via mail shortly.
  
  Please contact Spring EQ, LLC at ************ with any additional questions.
  
  
  Regards,
  
  ***** A ***** Jr.
  Compliance Director
  **************************************************************************

  Customer Answer

  Date: 11/01/2024

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Regards,
  
  ****** *****
  
  

• Initial Complaint

  Date:10/24/2024

  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 took out a 2nd mortgage through them in August. Part of it was for them to make a direct payment to an outstanding loan(26k). Payment was not made. They were made aware last week. I have called several times this week with no response.Mortage company and loan company both point the finger at springeq.

  

  Business Response

  Date: 10/29/2024

  Mr. ****** J. *******,
  
  I am writing in response to your complaint filed with the Better Business Bureau (BBB) on October 24, 2024,regarding the satisfaction of a creditor with proceeds from a Home Equity Line of Credit secured by property located at ************************* **********************************. In this correspondence, you state that Spring EQ, LLC.(the lender) failed to remit funds to satisfy an outstanding obligation in the amount of $26,176.00 to Best Egg (the creditor).
  
  While this obligation was required to be paid off in conjunction with the funding of this loan, Spring EQ, LLC.does not issue funds directly to third party creditors. Instead, these funds are provided to you after closing in the form of a check, which you are then required to provide to the creditor in question. This process was explained both in closing instructions and via communications with your Spring EQ, LLC.customer advocate.
  
  Records indicate a check in the amount of $26,176.00 was issued on August 12, 2024, by Mortgage Connect, the settlement service provider on this transaction. This would have been provided to you directly via mail as described above.
  
  Because you indicate you have not received or cannot locate this document, a new check will be reissued and expedited to you for provision to your creditor.
  
  Spring EQ, LLC. thanks you for your consideration and feedback. Please contact us directly at ************ with any additional concerns.
  
  Regards,
  
  ***** *****
  Director of Compliance
  Spring EQ

• Initial Complaint

  Date:10/09/2024

  Type:Order 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 initially contacted this lender on 8/6/24 regarding the possibility of getting a HELOC on my residential home. ****** ***** was the initial contact and she was super friendly and extremely helpful. She helped me navigate through some issues with my property line and assisted me through the application process. I was then handed off to ****** ***** and this is where the wheels came off. ****** made all kinds of promises that never came true. He promised he could get me a loan for $62,000 and that we would close in two weeks. This was on 8/21/24. ****** made it sound like it was a done deal and the signing of the paperwork was merely a formality. The first set of documents had none of the information in there as ****** said - meaning the interest rate was different, the loan amount was different -- ****** said it was "just a first draft" and the final draft would be as we discussed". I was not sure why I was signing then but I did. Every week there was a new problem and a new request for documents. It ended up with they would only give me $25,000 and now they needed me to pay off certain debts, which were already paid off and it became a nightmare to prove that they were paid. It was like everything I did was met with combativeness and mistrust and even when I proved things three different ways it was not good enough. I finally told them to cancel the application. ****** sent a message to 7 different people on 9/20/24 saying this application was cancelled and **** **** responded on 9/20/24 saying he would cancel the application. Yet I received a letter dated 9/23/24 saying I was denied credit by Spring EQ. I should NOT have been denied as I cancelled the application. This is very poor business practice and it is abusive to me the consumer. This business should be held accountable to be honest to the consumer and not report a withdrawn application as denied. It is simply just wrong. I am glad I withdrew the application because these are not honest folks.

  

  Business Response

  Date: 10/22/2024

  Ms. ****************** have received your complaint filed with the Better Business Bureau concerning the declination of an application for a home equity loan on property located at ****************************************
  
  ****** ***** and ****** ***** are both employees of Next ******************, which is a third party acting in a broker capacity with Spring EQ, LLC the lender. In this transaction, Spring EQ, LLC, was responsible for review your loan in accordance with its underwriting guidelines, one of which is that borrowers fall below a certain debt-to-income threshold.
  
  Review of documentation uncovered multiple recent credit inquiries for an automobile loan, and bank statements showed a monthly payment that was not present on your credit report.When this payment was included in your overall debt profile, your debt-to-income ratio was found to exceed our allowable maximum.
  
  While you expressed intent at this point to cancel the mortgage application, Spring EQ, LLC., is required to disposition loans that fall outside of approvable credit parameters as declined, which is the reason you were in receipt of a notice of adverse action.
  
  Please contact Spring EQ at ************ with any further questions.
  
  Regards,
  
  ***** *****
  Director of Compliance
  Spring EQ

  Customer Answer

  Date: 10/23/2024

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: 22400562
  
  I am rejecting this response because: Spring EQ did NOT decline my application. They re-worked the offer and agreed to give me $25,000 as long as I paid off two debts and those were the *********** credit card and the ******** loan, both of which were paid off. The only thing left to do to close this loan was to provide documentation that the loans had been paid off. Spring EQ was aware of the auto loan. In fact, in my first contact with ****** *****, when I initially asked for $50,000 loan he said we'd have to make it $64,000 with the understanding that $14,000 would be used to pay off the ********* that that was the only way this loan would pass the underwriters. So the underwriters and ****** were all aware of the car payment, whether it was on the credit ***ort or not. We had a long discussion about that loan. Initially they agreed to the $50,000 but they wanted me to pay of some of the student loans and I didn't want to do that because I am under deferrment for those so then we agreed to the $25,000 loan as long as I paid off *********** and ********. The issue came about when they asked for a FOURTH verification that ******** had been paid. First I gave them the payoff letter. Second we had a three way conversation with a third party verification firm that spoke with a *** at ********, a *** of Spring EQ and myself and Greensky verified that the loan was paid in full. Third I sent them copies of my bank statements to prove that the payment came from my account. When they asked for a FOURTH form of verification that's when I said, "Forget it, just cancel this application. I am done jumping through hoops." I have no more documentation to provide." ****** validated that she would in fact withdraw my application. There is no law in the land that requires a company to go forward with an application that has been withdrawn. That is a fallisy and this company should be help responsible for this fabrication and for putting into writing that I was declined for a loan for which I no longer asked to be considered. Spring EQ took from August 5th until September 20th to work on this application without completion. I was sent a verification from ****** on 9-20-24 that my application was, in fact, withdrawn. I included this in the initial documentation. I have since received a loan from another lender, which for your information, took 6 business days, and I received the full $50,000 without having to pay off any other debts. Spring EQ is not a company worthy of anyone's business. It's a shame that consumers are subject to their type of business ethics. I hope someone else doesn't fall prey to their tactics.
  
  
  Regards,
  
  ***** *******
  
  
  
  
  
  
  
  
  

• Initial Complaint

  Date:07/26/2024

  Type:Billing 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.

  Earlier this week we received from Spring EQ LLC, ***************************************************************************************************************** a Statement of Credit Denial which stated the principal reason for the Denial was Credit application incomplete. This credit denial was addressed only to me, but the enclosure states that my wife, ***************************** is included. Neither my wife nor I submitted an application to Spring EQ LLC. My concern is that this denial may be reflected on our credit report and since we didnt sign or submit an application there was no need for denial. *********************** identified himself, by phone, as a loan officer with SunWest Mortgage (SunWest Mortgage holds the first mortgage on our home) and he, I assume, filled in our information on a loan application which was e-mailed to us for signing. Section 7 of the application relates to military service and when we received it, it had been stated I didn't serve in the military. My wife e-mailed ************** three or four times stating that I served in the Navy 1966-1970 and that I was Honorably Discharged in 1970. For reasons unknown to us, he refused to amend the application and we advised ************** by e-mail on or about June 26th, that since the application asked for information regard time in the military, we wouldn't sign an application that denied my military service.

  

  Business Response

  Date: 08/01/2024

  ****************,
  
               I am writing in response to a complaint received by Spring EQ, LLC, via the Better Business Bureau, dated July 26, 2024. In this correspondence, you express concern regarding receipt of a notice of credit denial you received from our company.
  
                Spring EQ, LLC, operates as a mortgage lender, and Sun West Mortgage Company,Inc. (the broker) as an approved partner. In this business model, the broker engages borrowers, takes loan applications, collects documentation, and submits information to the lender, who is responsible for, among other things,qualifying the borrower(s) and issuing a credit approval or denial. It is important to note that while there is a close working relationship, the broker is not an employee of the lender.
  
  In your case, an application was submitted by the broker for a 15 Year Fixed Second Mortgage secured by real estate located at *********************************************, on June 26, 2024. The borrowers indicated on this application were ********************************* and **********************************. In conjunction with this application, your credit report was accessed to verify your score and history by the broker.
  
  After submission of your application, no further activity was noted, and the loan was subsequently denied as no additional documentation was provided, including signed initial disclosures. This is the reason for the incomplete designation. Please note that federal law requires a decision be made on all loan applications within 30 days of receipt. While your credit report will show an inquiry resulting from the credit pull, the adverse action issued has no negative impact on your credit file.
  
  You are encouraged to contact your mortgage broker with any additional concerns or questions. In addition,you may contact Spring EQ, LLC directly at ************.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ, LLC