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: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

• Initial Complaint

  Date:07/09/2024

  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.

  I found out today that Spring EQ has a $70,000 lien against my home since June 2020 that I was not aware, nor should they have filed the lien. I had a home equity loan that Spring EQ sold to WSFS in May 2020. I paid on time for every payment to Spring EQ and to WSFS. That loan was paid in full May 2021. I recently applied for a HELOC through AMHFCU who alerted me to this lien. I called Spring EQ who said they have no record of my name, ss#, phone number nor address. They said I could fax a request into Spring EQ to get an answer within 2 weeks to 30 days. WSFS found my loan and said yes, they did receive the loan from Spring EQ but cant do anything about removing the lien from ******************* since they did not file it. My AMHFCU wants a letter from Spring citing the book/page/INSTR # of ******** from the Phila county record will be removed. I have never been late with any payments, have a 100% on time credit record score, and should never have had this lien on my home. Spring wont answers calls nor give me a # of someone to speak to. I did fax in the request with all pertinent information but should not have to wait up to 30 days. This erroneous lien should be removed immediately and a letter sent verifying it is not valid.

  

  Business Response

  Date: 07/17/2024

  ******************,
  
                I have reviewed your complaint with the Better Business Bureau (BBB)submitted to Spring EQ, LLC on July 9, 2024. This correspondence regards a lien on real estate located at ****************************************************,made in conjunction with a home equity loan in the amount of $70,000.00.
  
                Spring EQ, LLC, did originate this loan in May of 2020, and it was subsequently sold to WSFS Bank (WSFS). In 2021, you claim the loan was paid in full and satisfied, however state that during a recent loan application on this same property, it was discovered the lien was never released. 
  
  I have contacted WSFS, which informed me the satisfaction of this lien was recorded in ************, **,dated July 12, 2024. If you wish, you may contact them directly for questions,confirmation, or to request a copy of this satisfaction. Their customer service department may be reached at ************.
  
  If you have any additional questions, please contact Spring EQ, LLC directly at ************.
  
  Regards,
  
  **************************
  Director of Compliance
  Spring EQ, LLC

  Customer Answer

  Date: 07/17/2024

  [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:06/04/2024

  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.

  By far the worst loan experience I have ever been involved in. We were totally strung along for 4 weeks. Lost out of many other opportunities. My wife and I replied to over 20 document request over the period of 4 weeks. We supplied over 35 different document at a moments notice. We asked multiple times for complete lists of what is needed and were given piecemeal responses. Talk to an underwriter FORGET ABOUT IT. And at a minimum you will not hear back regarding document review for over 24 hours. You have 1 point of contact who is lack luster as best. And why did we get denied the loan, because my wife got laid off due to the economy but didnt get a job for 32 days which is outside their 30 day window even though she was actively looking for employment. What a JOKE!!! Complete waste of time! Crappy companies like this are the reason people fall for the scams that say dont pay your credit cards, ruin your credit, and we will negotiate balancesDO NOT USE THIS COMPANY!!!!!!!

  

  Business Response

  Date: 07/02/2024

  ******************,
  
               We have received your correspondence submitted to the Better Business Bureau (BBB) regarding concerns with loan application number **********, which was submitted to Spring EQ, LLC on May 17, 2024. In it, you express concerns regarding the processing and ultimate disposition of this loan submission,which was declined on June 6 due to an inability to use secondary borrower income due to an employment gap, which resulted in a debt-to-income ratio outside of our approvable limit.
  
                I have reviewed all phone and email correspondence between yourself, your coborrower ***************************, and your Spring EQ loan ******** **************************************** ID #*******. While I understand your frustration at the length of the process, there were multiple issues that required significant attention and effort to overcome. Ms. ******** credit report underwent a rescore due to initially not meeting FICO requirements for a 90% LTV as requested. The appraised value was also subject to reconsideration. Ultimately, we were not aware of the gap in Ms. ******** secondary employment until June of 2024. This period of unemployment is greater than Spring EQ underwriting guidelines permit when utilizing secondary employment earnings. 
  
                As a result, Spring EQ LLC declined your loan due to an excessive debt-to-income ratio.  Unfortunately, we are unable to proceed with this transaction as structured.
  
                Spring EQ LLC appreciates your consideration and feedback. Please contact us directly at ************ with any additional questions or concerns.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ, LLC

  Customer Answer

  Date: 07/09/2024

  [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: 21802997
  
  I am rejecting this response because:

  My wife and I were more than responsive and open regarding our situation. I understand the guidelines but still think how the company handled the situation was unacceptable. The response times were unprofessional and customer service lackluster at best.

  I respect the fact my application was denied but the reason for the complaint was how the process went down and how we were treated and handled in the process. I want to make sure future applicants are aware the process of dealing with SpringEQ will be very drawn out and stressful. 

  Hopefully the BBB can assist with notifying future applicants of the issues they will encounter. 

  Regards,
  
  *************************
  
  
  
  
  
  
  
  

  
  

  

  Business Response

  Date: 07/16/2024

  ******************,
  
               We have received your rejection to a complaint response submitted to the Better Business Bureau (BBB) regarding concerns with loan application number **********, which was submitted to Spring EQ, LLC on May 17, 2024.
  
                We understand your experience was not ideal, and pride ourselves in exemplary customer service. While processing a mortgage loan application can be complex,Spring EQ strives to provide clarity and rapid response in all stages. Your feedback is valued and will be used to refine our process and communication.    
  
  Spring EQ LLC appreciates your consideration. Please contact us directly at ************ with any additional questions or concerns.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ, LLC

• Initial Complaint

  Date:05/09/2024

  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.

  On April 25, Spring EQ made a hard pull on my credit report that was not authorized by me. The reason for this message is to request the rescission of this hard credit pull through Experian.On April 24, I was shopping around for a HELOC. I was contacted by ACRE Mortgage in **********. I reiterated to ********************* at ACRE Mortgage on multiple occasions that I did not want a hard pull on my credit report. He assured me that there would be no hard pull, stating it would be a soft pull only. Despite my insistence, he requested my social security number. Once again, I emphasized that I wanted absolutely no hard pulls on my credit. He assured me there would be none. Against my better judgment, I provided ********************* with my social security number. ********************* is the only person I spoke to yesterday, so it is impossible for any other individual to have used my information to negatively affect my credit score. After he gathered all my information, he hung up and called me back about half an hour later with updated rates, which was fine. However, later in the day, I received a notification from my credit monitoring program stating that your company, Spring EQ, had conducted a hard inquiry on my credit report. I did not know who this company was, and they certainly did not have permission to pull my credit.After speaking with ********, they informed me that Spring EQ had made a hard inquiry on my credit report without my permission. On April 26, I contacted both SpringEQ and ACRE Mortage that I was requesting Spring EQ to rescind this hard pull with Experian to restore my credit to its proper state. I contacted them in hopes that we could resolve this issue quickly and efficiently without having to involve other agencies like the BBB or CFPB. I was notified by ************************* late on April 26 that the rescission was in place and it would soon be off of my report. However, when checking my credit report on May 9, it was still there! I was once again lied to.

  

  Business Response

  Date: 06/04/2024

  **************,
  
  I am writing in response to a complaint lodged with the Better Business Bureau (BBB) against SpringEQ LLC (the lender) on May 10, 2024. In it, you express concern regarding an inquiry on your credit report in conjunction with an application for a 30 Year Fixed Second mortgage loan SpringEQ loan number 3000144918.
  
                You initially engaged with Acre Mortgage & *************** (the broker)via ******************************* (the loan officer) an employee of Acre Mortgage, on or about April 24, 2024. ************** collected information from you, including your social security number, during a conversation about a home equity loan. In addition, consent to pull credit was requested. You state permission for a soft credit pull only was given, however because the loan officer accessed your credit file in connection with an application for credit, it was considered a hard inquiry.  
  
  Acre Mortgage & Financial,Inc., is broker partner of SpringEQ. In this model, the broker engages borrowers, collects information, and processes a mortgage application, while the lender underwrites, approves, and ultimately funds the loan. The broker must obtain authorization to pull credit directly from the borrower and will often utilize the lenders system to do so after authorization is obtained.This is why a SpringEQ inquiry appeared on your credit report on April 25,2024.
  
  It does not appear as though the loan officer sufficiently collected authorization or explained SpringEQs role in your application. Because of this miscommunication, SpringEQ has engaged the credit reporting agency to request removal. This request was initiated on May 9, 2024.
  
  I have followed up on this request, and as of June 4, 2024, it is still pending resolution from the bureaus. Once completed, you will be notified directly.
  
  Thank you for your feedback.Please contact SpringEQ directly with any additional questions or concerns at ************.
  
  Regards,
  
  *********************
  Director of Compliance
  SpringEQ LLC

  Customer Answer

  Date: 06/11/2024

  [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: 21689461
  
  I am rejecting this response because: I was already told that this had been handled and was lied to once before.   When I called the credit reporting bureau, I was told it would be cleared from my file within 72 hours, however SpringEQ is telling me it could be months.  As it is possible I am once again being lied to by an untrustworthy, irresponsible organization, I will only accept a resolution once the erroneous is completely pulled and no longer showing from my credit report. As of today, June 11, this is still showing up on my credit report.   
  
  Regards,
  
  *********************
  
  
  
  
  
  
  
  
  

• Initial Complaint

  Date:04/08/2024

  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.

  On or about 3/17/2024 I had a "drive by appraisal" done on my home. When I got the value of my home back it was significantly less than I expected. I looked at the appraisal and realized they didn't appraise my home correctly. They appraised a single story 1600+ square foot home. My house is 2 story and almost 3300 square feet with a fully finished basement, which adds even more value. When I asked them to check the appraisal, that they hadn't appraised my home as it's stated with the county, they said no, I would need to pay $550 for them to come out and redo the appraisal. Being that I was locked in at a specific refinance interest rate, I had no choice but to pay to get this appraisal done. After I paid and they came out to do the appraisal as they should have, my home appraised for over $100k more. I feel they purposely undervalued my home in order to get me to pay. A very simple search of the county records would have given them specific and accurate square footage of my home. How can they possibly think that giving an appraisal on half of my home's size is acceptable? To me, this is fraud and I want a full refund. I never should have had to pay for a second appraisal had they done their job correctly the first time. Hiring a lawyer or filing this case with an Administrative Law Judge is not out of the question.

  

  Business Response

  Date: 04/16/2024

  ******************,
  
  I am writing in response to a complaint lodged with the Better Business Bureau against SpringEQ LLC (the lender) on April 8, 2024, in which you express concern regarding a series of valuations performed on ***** ******************************************** (the property), in conjunction with an application for a 30-year fixed second mortgage loan.
  
  Two valuations were performed the first being a drive-by appraisal. Appraisals of this type are generally used to establish value utilizing county records and exterior photos and are less cost and time-intensive than a full report. Your concern regarding the stated gross living area (GLA) is understandable, however reportable GLA consists of above-grade living space only. A significant portion of the propertys GLA exists below grade and is instead reflected on a separate line.Because the propertys appraised value was less than expected the option to proceed with a more in-depth valuation was provided. This full interior and exterior report resulted in a higher fee, however analysis by the appraiser resulted in a higher final consideration of value.
  
  Review of both reports demonstrates consistency in property characteristics. Both show above-ground GLA of approximately 1600-1700 square feet and describe the property as a one-story ranch style home. Again, this is due to below grade GLA being excluded from these metrics. The claim that these figures were understated to influence value is not substantiated by this comparison. Instead, the difference in value opinion was driven by comparable sale selection and inclusion of adjustments to account for below-grade improvements.
  
  In all cases, SpringEQ strives to provide an exemplary customer experience. We will therefore provide a refund of $149 - the cost of the drive-by appraisal report - as its value was determined to not be reflective of the market and not used to facilitate the transaction. This will be processed immediately and sent via certified mail.
  
                Thank you for your feedback. Please contact SpringEQ directly with any additional questions or concerns at ************.
  
  Regards,
  
  *********************
  Director of Compliance
  SpringEQ LLC

  Customer Answer

  Date: 04/17/2024

  [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:02/09/2024

  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.

  During initial contact I was asked if property to secure loan was for sale. I responded yes. After they pulled my credit I was asked to send in all my documents. This lasted about a month and I was contacted stating that they can't lend if house is on market. I wasted a month with SPRING EQ. They knew in the beginning but they wasted my time. This is very unprofessional!

  Customer Answer

  Date: 02/13/2024

  You put the wrong name it's from ******************************* not *******************************. They will not know who ******************************* is since ******************************* was the person who contacted  them.

  

  Business Response

  Date: 02/20/2024

  **********************,
  
               We have received your correspondence submitted to the Better Business Bureau (BBB) regarding concerns with loan application number **********, which was submitted to Spring EQ, LLC on July 26, 2023. In this correspondence you call into question the adverse action taken as a result of the subject property,which serves as collateral for the loan, being listed for sale at the time the application was taken.
  
                Review of phone records indicates a conversation was held between yourself and your loan ************************************** on January 30, 2024, at 3:20PM EST. During this conversation, you communicated that you were currently attempting to sell one of your properties.  It was also revealed that several of your properties were held in an LLC, including the one originally identified as collateral for the loan. Because this vesting is not permitted under SpringEQ underwriting guidelines, further discussion resulted in a desire to proceed utilizing equity held in ********************, which is titled in your name.
  
  It was subsequently discovered that ******************** was in fact listed for sale at the time of application.
  
                As a result, Spring EQ LLC declined your loan due to the collateral being ineligible.  Unfortunately, we are unable to proceed with this transaction as we cannot extend credit on properties that are listed for sale, or that have been listed for sale within 12 months of the date of application.
  
                Spring EQ LLC appreciates your consideration and feedback. Please contact us directly at ************ with any additional questions or concerns.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ, LLC

  Customer Answer

  Date: 02/26/2024

  [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: 21272128
  
  I am rejecting this response because:
  You stated that 1) Propertybeing used for collateral was held by llc...This is not true ! I also stated I had 2 properties for sale 1 held by llc and the subject property Which is held personally. I also stated  this property was for sale . I'm not upset because you denied loan. I'm upset that you ran my credit gathered documents and after wasting my time and lowering my credit score knowing subject property was for sale you decided to decline funding !
  
  Regards,
  
  *******************************
  
  
  
  
  
  
  
  
  

  

  Business Response

  Date: 03/21/2024

  **********************,
  
  We have received the rejection of our response to your compliant submitted to the Better Business Bureau (BBB) regarding concerns with loan application number **********, which was submitted to Spring EQ, LLC on July 26, 2023.
  
  Further review of phone records indicates permission to run an Experian credit report in conjunction with this transaction was received during a conversation held between yourself and your loan ************************************** on January 30, 2024. This permission was given prior to the disclosure that the property was currently listed for sale, which,as stated in our previous response, is not permitted by Spring EQ underwriting guidelines. These guidelines prohibit extensions of credit on properties that are listed for sale, or that have been listed for sale within 12 months of the date of application.
  
  As such, we are unable to proceed with this transaction. 
  
  Spring EQ LLC appreciates your consideration and feedback. Please contact us directly at ************ with any additional questions or concerns.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ, LLC

  Customer Answer

  Date: 04/25/2024

  [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: 21272128
  
  I am rejecting this response because:The complaint is I wasn't told them that the property was forsale in conversation then they ran the credit and after was told they can't offer anything on a property that is for sale or was . They admitted to running credit before telling me they wouldn't . 

  
  
  Regards,
  
  *******************************
  
  
  
  
  
  
  
  

  
  

• Initial Complaint

  Date:01/11/2024

  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.

  I discovered a credit inquiry on my credit report by ***/SPRING EQ, LLC. I did not give them permission to access my file. This is a violation of the Fair Credit Reporting Act .

  

  Business Response

  Date: 01/23/2024

  ****************,
  
  I am writing in response to a complaint submitted to the Better Business Bureau (BBB) in which you state SpringEQ, LLC, (SpringEQ) accessed your credit file without authorization, resulting in a credit inquiry, on or about January 8, 2024.
  
  A credit report was in fact pulled for both you and **. *********************** on January 8, 2024 at the direction of *******************, a loan officer with New American Funding LLC, who was acting in the capacity of a mortgage broker. ************ certified to SpringEQ on this date that he received verbal consent from both parties to obtain these reports for purposes of and in conjunction with an application for a fixed home equity loan on real estate located at *********************************************************************.
  
                The inquiry present on your credit report is a result of this action. If there are further concerns, SpringEQ recommends you contact New American Funding LLC.I may also be reached directly at the number and address listed below.
  
  Thank you.
  *********************
  Compliance Director
  SpringEQ, LLC
  ************
  *********************************

• Initial Complaint

  Date:10/20/2023

  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.

  This company was not professional in any aspect of a home refinancing process. They charged me $550 for a home appraisal which was done in the beginning of the process before being approved. Then after several weeks of sharing information, lacking communication, the terms and financial structure continued to change. Requesting a refund for the home appraisal.

  

  Business Response

  Date: 11/03/2023

  ******************,
  
  I am writing in response to your correspondence to the Better Business Bureau (BBB), regarding your experience with Spring EQ, LLC in conjunction to a request for a home equity loan on your property located at *********************************, Weston, CT *******. In it, you express frustration with your loan experience and request refund of a fee paid to obtain an appraisal on this property.
  
  The application for this loan under number ********** was taken on 8/21, and a conversation was held between you and your loan officer confirming that a full appraisal would be required and needed to be paid for at that time. During this conversation, it was also communicated that the fee would apply regardless of whether or not the loan funded. This is standard practice, as a property valuation is required to make a final loan decision.
  
  During underwriting there was a concern regarding a mortgage payment potentially reporting late on a loan with ******* bank, as the fixed loan program does not permit mortgage lates within the preceding 24 months. Several options were discussed, including switching to a HELOC as there are more permissions under that program for late payments. Ultimately a credit supplement was obtained confirming the payment was not late, and the loan was cleared to close, however you decided to not proceed with the loan at that time.
  
                It is necessary to obtain the appraisal prior to final approval as the collateral for the loan must be acceptable for the terms requested. While I understand your frustration regarding the communication and process, Spring EQ is unable to refund fees collected for a completed valuation.
  
  Please contact Spring EQ at ************ with any further questions.
  
  Regards,
  *********************
  Director of Compliance
  Spring EQ

  Customer Answer

  Date: 11/06/2023

  [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: ********
  
  I am rejecting this response because:
  This is not accurate in many ways: 

  1) Time frame: The process with spring EQ was dragged out for weeks - lacking communication around next steps, process, and time to close. During that time, I explored other options as a back up since I later reviewed other concerns filed on BBB around similar comments. 
  

  2) Letter in mail: I received a letter saying that spring eq is no longer processing my application. After weeks of no communication. 
  

  3) Market practice: It is not typical to charge $500+ for an appraisal upfront before the credit process is approved and complete. It is unethical to have such a process - and should not be charging for an appraisal until credit approval is complete. And should be charging reasonable amounts - just paid $75 from another company. 
  

  4) Due diligence: This company had many people involved - it was unclear who was running what. Requirements on sending information kept changing. As did the rates and terms of the agreement. If you don't read each agreement sent, then you risk signing something you did not agree to. The overall process was not professional in any way - and tried to reach out to the leadership team for help and support. 
  
  Regards,
  
  ***************************

  

  Business Response

  Date: 11/30/2023

  We have received your rejection to our response regarding a complaint filed with the Better Business Bureau concerning an appraisal fee charged in conjunction with an application for a home equity loan on your property located at ********************************, Weston, CT*********. You have requested this fee refunded as the loan did not close.
  
  As stated previously, a conversation was held between you and your loan officer confirming that a full appraisal was necessary, and that the fee for this report would apply regardless of whether the loan funded. A full appraisal report was completed and provided on this transaction. Because of this, Spring EQ is unable to refund any associated fees.
  
  Please contact Spring EQ at ************ with any further questions.
  
  Regards,
  *********************
  Director of Compliance
  Spring EQ

• Initial Complaint

  Date:10/03/2023

  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.

  Spring made multiple errors throughout the entire process. This delay caused undue stress and inconvenience for us. I had to cancel and reschedule a business trip to Washington, DC, and repairs to the home were delayed with loss of money because of their repeated mistakes and delays. Despite getting immediate responses from me on requests for documentation, the closing date was pushed back more than four times. The company required proof of a renter for our current home by October 1 for the closing of the HELOC. As a result of the delays caused solely by this company, we were placed in the stressful position of having to reimburse the individual moving into our home and push back their move-in date, or we would have been without a home. Again, the company REQUIRED this approve the file, then proceeded to leave us high and dry. These mistakes were time-consuming to rectify and raised doubts about the organization's competence and attention to detail. Even after correcting the errors in my documents, there were additional unexplained delays in the final approval and disbursement of the loan. We were left in the dark about the reasons for these delays, which added to our growing frustration.We've spoken to individuals with the company. They refuse to rectify the situation that has cost us hundreds of dollars.

  

  Business Response

  Date: 10/17/2023

  **************** and ****************,
  
  I am writing in response to your correspondence to the Better Business Bureau (“BBB”), regarding your experience with Spring EQ, LLC in conjunction to a request for a home equity loan on your property located at ************************, Mesa, AZ *******. In it, you express frustration with your loan experience and length of time to bring your application to a close.
  
  Applications were submitted to Spring EQ, LLC via your broker - ********************** I have investigated all actions surrounding loan numbers ********** and **********.
  
  Loan ********** was initially submitted as a transaction on a primary residence with *********** *********************** as the sole qualifying borrower. Upon review, it was determined this property is in fact an investment property, and the loan was restructured accordingly. It was also not disclosed that proceeds from the loan were to be used to purchase another property. When the proposed payment for the new real estate was factored in, the total resultant debt was too high for the level of income and the loan was recommended for declination, which occurred on September 8, 2023.
  
  The loan was resubmitted as ********** with ************************* as a coborrower on September 12, 2023, and moved into underwriting on September 19, upon collection of additional documentation. Upon review, this transaction was also submitted without mention of the new real estate, and the underwriter suspended the loan transaction for DTI on September 21. The loan was restructured and approved the same day.
  
  All conditions were provided with no other issues save a homeowners insurance correction that was completed on September 22. The loan was cleared to close on September 25 six days after submission to initial underwrite.
  
  While we understand your frustration, Spring EQ, LLC acted on these transactions in accordance with its guidelines and policies, and acted promptly on information provided by ********************** I show your loan had since moved to funding on September 26.
  
  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:09/29/2023

  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 had a home equity loan opened with Spring EQ, which they quickly sold to another lender. Spring EQ never released their lien on my house. I currently do not have a home equity loan with Spring EQ or the lender that they sold the loan to. However Spring EQ still has a lien on my house. I called them they said they will contact the correct department and send the lien release note which would take about 2 days. 2 days went by and I called again this time I was given an email address to send to the correct department. It has been 10 days and no response and no lien release note.

  

  Business Response

  Date: 10/17/2023

  **************,
  
               We have received your correspondence submitted to the Better Business Bureau (BBB) regarding concerns with loan application number **********, which was funded with Spring EQ, LLC with a loan amount of $57000.00 on April 5, 2023.After funding, it was sold to the ******************************* (****) on May 19, 2023.  In this correspondence you state the lien is still present on your homes title when in fact it was to be released due to full payment.
  
                As this loan has been transferred to ****, all contact and inquiry is to be directed there. They can be reached at ************. Because you have attempted to obtain resolution on this matter several times however, I was able to contact WSFS on your behalf and initiate an investigation.
  
                I have confirmed a lien release was filed for record by **** in Winnebago County,  IL, on October 12, 2023. This filing acknowledges the mortgage has been paid in full, and confirms it is to be cancelled and discharged. 
  
                Spring EQ LLC appreciates your consideration and feedback. Please contact us directly at ************ with any additional questions or concerns.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ, LLC

  Customer Answer

  Date: 10/18/2023

  [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: ********
  
  I am rejecting this response because:
  **** does not have a lien on my house and has provided a release note. Spring-EQ has a lien for a loan that is paid off.
  
  Regards,
  
  *********************
  

  

  Business Response

  Date: 11/20/2023

  **************,
  
  We have received your response to our initial correspondence. As previously mentioned, your mortgage was assigned to **** after funding While Spring EQ, LLCs name is on the face of the mortgage document, **** retains the right to release the lien. This release was acknowledged and recorded on October 12, 2023, in Winnebago County,  IL. 
  
  Please contact Spring EQ, LLC at ************ with any further questions or concerns, thank you.
  
  Sincerely,
  
  ***************************
  Director of Compliance
  Spring EQ, LLC