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:09/25/2023

  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.

  Equity Loan application Excessive wait time over 6 weeks. Did not follow through on promises of approval and quick closing Did not accept verified proof from Dept of education. excessive delays I appreciated your conversation but seriously disagree with your underwriter's decision to decline my loan application. I provided all the proof any other lender would need. • Proof of loan forgiveness from the Dept of Education • Proof of 0 payment due • Proof of 0 balance from ******* my provider • Proof I never had ********** • Proof I have 0 payment due from ********** • Email from Student services confirming the loans were forgiven. • 95,000 per year income • letter to Senator ***** concerning this issue.

  

  Business Response

  Date: 10/16/2023

  **************,
  
                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 August 25th, 2023. In this correspondence you call into question the adverse action taken as a result of inclusion of student loan payments in your debt-to-income ratio, which in turn caused it to exceed Spring EQ, LLC lending guidelines.
  
                 Upon review, Spring EQ LLC received a letter dated February 28th , 2023, from the Department of Education, stating that loans incurred while enrolled in ******* University would be discharged and removed from your credit report pursuant to settlement of ***** vs. *******. As of August 24, 2023 - the date of the credit report in the file - an open student loan account with ********** is reflected as open with a balance of $206720.00. A credit supplement obtained on September 15, 2023, reflects that forgiveness of this debt was still being processed, and the open balance remains.
  
                 Although documentation provided from ******* on August 28 reflects no balance, account numbers are absent. It was therefore not possible to tie these balances to the outstanding debt still reporting on credit. No documentation from ********** was able to be produced, and as of the date of the supplement, Spring EQ LLC was unable to confirm the debt listed on your credit report was the same as that which is slated for discharge, or that forgiveness had been fully processed.
  
                 As a result, Spring EQ LLC underwriting guidelines require this debt to be considered in qualification, until such time as it is fully removed from credit reporting or documentation can be produced definitively tying the account reporting on credit to those forgiven in the judgment referenced above.
  
                 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:  I gave them all the documentation they needed. 

  the Borrow defense number is on the documents. My student loan numbers on the ******* documents that correspond to the amount incorrectly reported on my credit. 

  Student loan numbers  ********** and link to the Defense forgiveness. 
  
  Regards,
  
  ***********************

  

  Business Response

  Date: 11/16/2023

  **************,
  
  I’ve received the rejection of our original response. While we understand your frustration, the documentation provided was not sufficient to verify removal of the debt per our underwriting guidelines. Unless additional documentation has been obtained to confirm forgiveness/removal of this obligation has completed, we are unfortunately unable to proceed with this transaction.
  
  Please contact Spring EQ, LLC directly with any additional questions at ************. Thank you.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ, LLC

  Customer Answer

  Date: 11/18/2023

  [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:

  I had several letters from Dept of Education and **********  indicating it will take about 8 months for the loan to show as forgiven. However ********** sent me a letter to indicate a payment of 330. per month as my loan payment.  I attached the letter and sent ******* a copy of this email. 

  Will that work to qualify for the loan?

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

  

  Business Response

  Date: 01/03/2024

  **************,
  
  We have received the rejection of our subsequent response to your Better Business Bureau complaint regarding your student loan obligations.  Again, while we understand your frustration, the documentation provided was reviewed by our underwriting department and deemed not sufficient to verify removal of the debt consideration per guidelines. If you have received additional documentation regarding these debts, you are welcome to submit a new loan application.
  
  Please contact Spring EQ, LLC directly with any additional questions at ************. Thank you.

• Initial Complaint

  Date:09/24/2023

  Type:Product 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 loan. Spring EQ hired an appraiser and the appraiser intentionally undervalued my home I have tried to resolve with them by asking for a reconsideration of value request but they will not return my calls. loan number *********.

  

  Business Response

  Date: 10/11/2023

  **************,
  
  Spring EQ, LLC has received your correspondence to the Better Business Bureau (BBB), regarding the result of an appraisal valuation performed on your property located at ************************ in Odenton, MD. In this correspondence, you express concern that the appraiser purposely undervalued the property and has not responded to your request for a reconsideration of value.
  
  Spring EQ, LLC, orders all property valuations in accordance with Uniform Standards of Professional Appraisal Practice (USPAP)and Appraisal Independence Requirements (AIR). These require a third-party,non-biased licensed appraiser to perform all valuations for use in loan qualification. These regulations also place strict standards on appraiser selection and engagement and require assessed values to be based solely on market conditions, property characteristics, and applicable comparable sales.
  
  The appraisal report prepared on July 28th, 2023, provided a final assessed value of $360,000.00. This was less than the estimated market value stated on your loan application of $400,000.00. Upon review of the report, the appraiser selected comparable sales that were extremely similar in age, condition, and amenities. All sold within 6 months of the date of the report and are located within 1 mile of the subject property. Gross adjustments to value are less than 10%, with net adjustments less than 5%.
  
  In order to pursue a reconsideration of value, additional information or superior comparable sales must be provided to the appraiser by the intended user of the report the lending institution. Appraisers are discouraged per USPAP to engage property owners as they are required to maintain impartiality. As this loan was submitted via ********* to Spring EQ,LLC, any reconsideration request would be required to be initiated by that entity, along with documentation supporting a possible higher assessment.
  
  While understandably frustrating, there exists no evidence that a reconsideration would have arrived at a higher appraised value. The appraiser completed their review timely and in accordance with all applicable regulations and standards.
  
  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:08/03/2023

  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 applied for a heloc loan on may 02/2023 after 5 weeks I was scheduled for closing on June 07/2023 at 3:00 pm at 11:00 am I received a call from the loan advocate that the closing was cancelled because the master association insurance policy was expiring on June 30th and the renewable policy was not yet available I was told that they would hold my application until I was able to obtain it on July 7th they told me I had to start a new application but it would be escalated as I had already been qualified we had to contact my Condo owner insurance company to update the loan # and the master association as well which was completed on July 21st I was ready for closing I called both the loan officer and the loan advocate every day from July 24 th to July 31st leaving messages as to what the status was and did not receive any response on Aug 01 I called customer care and was told I was in the final stage with underwriting but somebody should have communicated with me and that they would have someone contact me by days end a manager contacted me later that day and said due to new regulations they could no longer offer Helocs had I not called I would still be waiting for an answer so after 3 months of dragging me through the mud and stringing me along being qualified and having a closing date this is what they tell me I would like to have a letter of denial explaining this new regulation and I would like to have my appraisal fee of 250.00 refunded

  

  Business Response

  Date: 08/17/2023

  Dear ***********************,
  
             We have reviewed your correspondence submitted to Spring EQ through the Better Business Bureau on August 3rd,2023, in which you express concern regarding application for a home equity line of credit and its subsequent declination. After review of your situation, it was determined that the loan was denied due to a guideline update going into effect rendering the occupancy on this transaction as ineligible in conjunction with the status of your primary residence. Because of this, SpringEQ was unable to proceed with closing.
  
  This does constitute a valid reason for declination in accordance with the Home Mortgage Disclosure Act (HMDA).
  
  SpringEQ does recognize that the communication surrounding this transaction could have been clearer and more consistent. In addition, the timing of this action was unfortunate as it was taken late in the origination process. While we are not able to proceed with the transaction as stated above, Spring EQ would like to refund $250 to you in consideration of costs paid in association with your appraisal,as requested.
  
  We value your time and consideration and will use this feedback to improve our processes in order to provide the best possible customer experience. 

  Customer Answer

  Date: 08/22/2023

  [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:07/21/2023

  Type:Billing 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.

  In early July, 2023 I was comparison shopping for Home Equity and HELOC rates. Evidently SpringEQ was one of the lenders my info was submitted to because I have a hard inquiry on my ******** credit report, dated July 12th. My research should have only initiated soft inquiries. I tried calling the phone number on the credit report ************ and only got an answering machine message, "i'm sorry I missed your call." I would like SpringEQ to remove the hard inquiry from my Experian credit file.

  

  Business Response

  Date: 07/31/2023

  Dear *****************************,
  
            We have reviewed your correspondence submitted to Spring EQ through the Better Business Bureau, in which you express concern regarding an inquiry made on your credit report dated July 12th, 2023. Spring EQs records indicate that you provided verbal permission to ************** to obtain a copy of your credit report on this date during a conversation regarding possible HELOC programs for home improvement which was initiated at 3:02PM.  This conversation was continued on the same day at 4:09PM with a follow-up phone call from *******, during which you were presented with a number of loan options for consideration. As a result, you had stated you desired to take several days to consider these options with additional communication to occur on Friday, July 14th, 2023. ************** attempted further contact on this date at 7:18PM, and left a voicemail including her direct phone number. No further communication occurred.
  
  In the course of determining what specific loan options are available to you, it is necessary to obtain consumer credit information which includes a copy of your credit report. This disclaimer was presented during the initial call, and your consent was provided. As inquires of this nature do report on consumer credit reports, we are unable to reverse this action.
  
  Please feel free to contact us directly with any additional questions or concerns, thank you.

  Customer Answer

  Date: 08/02/2023

  [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. 

  Now that I know where the hard credit check came from, I have contacted the business directly.

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

• Initial Complaint

  Date:06/16/2023

  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.

  My family applied for a HELOC 30 days ago through ***** mortgage and ***** used SpringEQ as the third party. My credit was approved, debt to income was approved, employment verified, all paperwork complete, and appraisal completed. My loan officer from ***** mortgage assured me that everything looked great and we were just waiting for the final approval and should have access to the loan this week. I didn't receive any calls, so I reached out to ***** to check the status. My loan officer then told me he's so sorry, but SpringEQ denied the loan because our home addition is currently under construction. They want us to complete the constructing first. However, at the beginning of this 30 day process, I was told this wasn't an issue. I was led to believe that everything was on track. In the end, 30 days later, my credit score dropped, my cards are maxed (needed to purchase supplies while we waited for the loan they led us to believe we were getting), and then, 4 days before the money was supposed to be in my account, they decided to inform me the loan is denied until construction on our addition is complete. This is the reason we applied for the loan. We needed funding to complete the addition. I have requested a call or an email for the last 3 days and SpringEQ refuses. I don't want anyone else to go through what we just went through. Leading us along for a whole month is trash customer service and has set us back a couple months.

  

  Business Response

  Date: 07/10/2023

  Dear ************:
  
  Thank you for your correspondence regarding your loan application with Spring EQ. In this correspondence, you express disappointment that your loan application was declined because the property securing the loan was under construction. You indicated that your loan officer with Guild Mortgage led you to believe that your application would be approved.
  
  Unfortunately, Spring EQs lending guidelines do not permit lending against a property with incomplete construction without a full appraisal. The loan was conditionally approved on or about May 21, 2023, but subject to a property valuation being completed. Only upon completion of a drive-by / hybrid appraisal ordered in connection with your application did Spring EQ discover that the subject property had an incomplete addition that remained under construction. A full appraisal was required to be ordered so that Spring EQ could confirm the value of a property in such a condition;however, your broker instructed Spring EQ in writing to cancel the application on June 15, 2023.
  
  Spring EQ is not aware of any representations that were made to you by your mortgage broker that the application would be approved. At no time did Spring EQ represent to you or your broker that your loan was approved unconditionally, or that a property under construction would nevertheless be approved as collateral for a loan. Spring EQ would be glad to discuss this matter with you further to answer any additional questions you might have. Please feel free to contact Spring EQ directly at ************** with any questions. We thank you for your business and your interest in Spring EQ. 

  Customer Answer

  Date: 07/14/2023

  [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: The communication between SpringEQ and Guild was insufficient which led to disinformation and dishonesty. SpringEQ's expectations for the loan process are SpringEQ's responsibility to communicate with the borrower to ensure transparency.  You also failed to respond to me until I reached out to BBB. This situation has caused my family great stress and my credit score to plummet to a point where I can't even apply for a HELOC with another lender. I request my credit score to be restored and would appreciate you doing your part to reverse the inquiry based on false communications relayed to me through your partnership with *****. Further, I really do hope communication improves between you and ***** for the sake of future borrowers. 
  
  Regards,
  
  *************************
  

  

  Business Response

  Date: 08/21/2023

  Dear *************************,
  
            We have reviewed your response to correspondence originally submitted to Spring EQ through the Better Business Bureau on June 23, 2023, in which you express concern regarding the declination of an application for a home equity line of credit. After review of your situation, it was determined that the loan was ineligible for financing due to ongoing construction, identified during review of an appraisal which occurred on June 12, 2023.
  
  In this transaction, Spring EQ acted in the capacity of a mortgage lender, and ******** Mortgage Company LLC in the capacity of a mortgage broker. While Spring EQ ultimately determines whether to approve or deny a loan, it is dependent on the mortgage loan officer in the employ of the mortgage broker for provision of relevant information and documentation in conjunction with the loan application. It is also the responsibility of the loan officer to ensure the transaction meets established lender guidelines, one of which requires the property to be complete with no ongoing construction.
  
  At no time prior to receipt of the appraisal document was it communicated that the subject property addition was currently under construction - this was discovered upon review of photographs and appraiser commentary. As a result, Spring EQ promptly updated its loan approval to require a full appraisal confirming completion of the subject addition, in accordance with its guidelines. The loan officer subsequently advised Spring EQ to decline the transaction on June 15, 2023.
  
             The credit inquiry associated with this loan was completed on May 15, 2023.This is required for borrower qualification and was not done in error or at a time when the loan was otherwise determined to be ineligible for financing.Because of this, Spring EQ is unable to reverse this inquiry.
  
             Spring EQ is continually striving to improve its customer experience as it relates to communication and process and would be glad to discuss this matter to answer any additional questions you might have. Please feel free to contact Spring EQ directly at **************.
  
  Regards,
  
  *********************
  Director, Compliance
  Spring EQ

  Customer Answer

  Date: 08/29/2023

  [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:

  Your communication is horrible during the loan process, which led to the last minute denial after we were told everything looked "great".  However, you seem to have all the perfect responses on BBB. The good news is, we applied and were approved through ****, so we're incredibly grateful for credit unions pulling through after you failed. Take care!

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

• Initial Complaint

  Date:04/24/2023

  Type:Product 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 interacted with Spring EQ for several weeks during the months of February and March in an attempt to secure a home equity loan. On March 2, I talked with the agent and was told that I would be charged $250 for filing, an appraisal and other fees. On March 3, 2023 I saw that I was charged $595 for a home appraisal and related loan origination fees. I contacted the same agent at SpringEQ immediately by phone and requested that the charges be cancelled and that the correct amount be charged. I was informed that the original amount could only be refunded and that I would see the refund within seven days. Ultimately I was denied a loan and given vague and misleading information numerous times throughout this process and after I paid off debts and borrowed from others to have additional cash on-hand. I was very upset with the entire process. Now it has been more than 35 business days and I have still not received a refund. The agent sent me a false receipt stating I was refunded, but the receipt doesn't show my name, account or any identifiers. I want my refund.

  

  Business Response

  Date: 05/18/2023

  Dear **************:
  
  Thank you for your patience Spring EQ has investigated this matter. Our records reflect that on April 24, 2023, you were issued a refund of $595.00 relating to the appraisal fee you were charged. This was credited to your ****.
  

  In the complaint you allege that you were given vague and misleading information throughout the loan process. Our records show that the loan application was reviewed and dispositioned in accordance with all legal, regulatory and underwriting requirements; however, we apologize if our communication did not meet your expectations. We thank you for bringing this matter to our attention, so we have the opportunity to improve.
  
  If for some reason you do not see the refund as having been processed, please contact us at ************. Thank you.  

• Initial Complaint

  Date:04/12/2023

  Type:Product 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 would like to register a formal complaint against the sad excuse of a circus in the Philadelphia area known as Spring EQ. Terms and conditions were switched twice in the process, and the information provided was lost and not requested again until the last minute. After closing, funds were committed on a specific day and date and still have not been deposited per the commitment. I would like to contact the Philadelphia area fraud department about this as well. I believe that under the circumstances the organization should provide a full refund of all charges and costs involved in their complete and thorough pathetic lack of service.

  

  Business Response

  Date: 05/12/2023

  Dear ************************:
  
  Spring EQ is in receipt of your complaint submitted to the Better Business Bureau and received on April 24, 2023. In the complaint, you indicate that terms and conditions of your loan were switched twice in the process, that information was lost and not requested again until the last minute, and that after closing funds were not delivered to you timely. Thank you for your patience as Spring EQ has reviewed this matter. It appears that your loan application was accepted by Spring EQ loan originator ***************************,but then submitted to lender ****** Mortgage for underwriting, processing,closing and funding. ******************** collected information from you and advised on the loan application process, but after it was submitted to the ******, it was ****** which sought additional documents and controlled those subsequent requests.
  
  Spring EQs records do show that the loan was approved and was supposed to fund on April 11, and that the settlement agent engaged by ****** to close the loan, ******, believed there was an additional person on the deed who did not sign, and therefore funds were held pending resolution of this issue. Spring EQ became aware of the issue at 6:55am on April 12, and immediately worked with both ****** and ****** to resolve the issue that same day. Spring EQ understands that funds were in fact disbursed on April 12. If that is not the case, kindly let us know.
  
  We thank you for bringing this matter to our attention.Spring EQ maintains that at all times it acted in accordance with applicable laws and best practices during the origination of your loan. We do appreciate the opportunity to review this matter and improve as a result. We thank you for your business, and we hope you consider us as your future mortgage needs arise.

• Initial Complaint

  Date:03/23/2023

  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 was referred to this company by my mortgage company for an equity loan. My lender asked for a time for this company to call back and I never received a call. The next day I get an email saying they tried to call, but never had a missed call. I completed the application right away and my credit was pulled. I was told my application was received and the loan officer would begin working on it right away. I attempted to call the loan officer and could never get the loan officer to answer her phone. I've left 3 messages for the loan officer, sent 1 email to the loan officer, and been connected to the company customer service where I had to leave another message, with no return call. I called my lender back and got connected again to customer service, which no one answered and no one has called back from that message. I've decided to go with another lender but I'm very upset that my credit was pulled and this company has blatantly ignored my requests for a status update. Their web portal shows that my application has been received and nothing else. Worst customer service I've ever dealt with!

  

  Business Response

  Date: 04/11/2023

  Dear ****************:
  
  Thank you for contacting us. Spring EQ has sent, via ****** a detailed response to your residence. Because it includes information specific to your loan application, we are not including those details here.Please feel free to contact us with additional questions or concerns. 

  Customer Answer

  Date: 04/28/2023

  [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:03/16/2023

  Type:Product 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 using Spring EQ's secondary lien program as a supplement to our first mortgage for a client of mine. Everything appear to be moving along great, we had received approval multiple times and were getting ready to close. Less than 48 hours prior to our scheduled closing, they decided out of nowhere that they were no longer going to complete the file. Since that point, we have not received a response from anyone over there. They do not answer emails nor phone calls. Not only has this put a client of mine and an extremely uncertain situation where he has to scramble to find temporary housing, it has reflected poorly on everyone else involved in the transaction. I have never seen anything like this before, and could not imagine putting someone else in this situation. Poorly handled from all angles and will end up costing my client a significant sum of money while we try to clean up their mess.

  

  Business Response

  Date: 04/11/2023

  Dear ********************:
  
  I am writing on behalf of Spring EQ relating to the complaint you submitted to the Better Business Bureau on March 16, 2023. In that complaint, you indicated that your clients loan was declined out of nowhere by Spring EQ 48 hours prior to closing. Spring EQs records indicate that a deed restriction was discovered on the property that rendered the property ineligible for financing by Spring EQ. Details about deed restriction and its implications for the loan were delivered to you via email on March 15,2023, and a notice was sent to your client as well. Spring EQ will have someone reach out to you to discuss additional questions you may have about this matter. 

• Initial Complaint

  Date:03/10/2023

  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.

  I was interested in a Home Equity Line of Credit and was extended an offer for a Home Equity Loan instead. After going through quite a bit of process my credit was run (hard pull) and after an infuriating number of emails (one of which the loan officer said he mistakenly sent to the wrong e-mail address) and one scheduled phone call that was not followed through on by the loan officer I was denied based on my debt to income ratio being outside their parameters. All of that could have been figured out without the hard pull on my credit. My complaint is in regards to this hard pull being unessesary, and with the general lack of professionalism on the part of the loan officer handling my application.

  

  Business Response

  Date: 04/05/2023

  Dear ******************:
  
  Spring EQ is in receipt of your complaint, in which you express frustration with the application process, including a lack of professionalism on the part of your contact at Spring EQ. You also suggest that the companys disposition of your application could have been made without a hard credit pull, and you request that the credit pull be removed from your credit report.
  
  Spring EQs records indicate that you submitted an online application for a home equity loan with Spring EQ, and through this process you consented in writing for Spring EQ to pull credit. Spring EQ conducts a hard credit pull with each of its applications; this is a requirement in order to apply for credit. Spring EQ cannot remove the inquiry, because there was no error in pulling your credit. You applied for a loan and consented to this.
  
  Spring EQ does regret that your experience did not meet the customer service standards that Spring EQ expects its staff to deliver. We thank you for bringing this to our attention, and we will take this opportunity to coach the individuals involved with the processing of your loan application. We thank you for your business, and we hope to better serve you in the future.