AMERICAN FINANCING CORPORATION

2019-03-10

ID

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: In XX/XX/2019 we contacted American Finance looking to refinance two duplex properties. The banker told us there was no problem and that the value would easily allow us to refinance. He encouraged us to move ahead with both duplex 's instead of one which meant two separate appraisals. I ask if we could get a discount on the appraisals because the duplex 's are identical and on the same street but was told that two appraisals were required. When the appraisals came back they were only a few thousand dollars more than when we built the properties ten years ago. We were shocked and told that our only recourse was to submit a reconsideration for the appraisal. One of the big frustrations we had was that the comparable used by the appraiser were over three years old and the duplex 's were over 40 years old and ours is only ten years old. I repeatedly told that banker that these were not comparable and that I would not pay for these appraisals. He told me to submit the reconsideration. We submitted it with new comparable properties of a duplex that was newer that appraised for much more money and also requested that since duplex comparables were obviously difficult to come by that they consider single dwelling properties of the same size and year built considering that our duplex 's were built to townhouse standards and the city of XXXX, ID had allowed us to have zero property lines if we ever chose to sell them separately. The banker told me that the chances of the appraiser reconsidering were very low but we didn't know what else to do. We submitted the form with comparables that were provided by a realtor and the appraiser would not even consider changing the appraisals. I got a call from the banker telling me that the appraiser would not reconsider, he called while I was at the hospital with a grandson that had been life flighted with a XXXX XXXX, I shared this with the banker who continued to try to sell us on paying for the two appraisals and then going with a new company and paying for another appraisal with a new appraisor. I told him it would have to wait. He called a few times and left messages but my grandson was in critical condition and I could not deal with the mortgage application. I did tell him repeatedly that I would not pay for the appraisals as they were useless and unfair considering that the market in our area had increased dramatically over the last few years and there was no way the properties were only worth a few thousand more than we paid for them 10 years ago and the realtors also verified that the appraisal was bunk. He called again and left a message and when I returned the call he pressured me telling me he needed an answer immediately. I told him this was no longer a worry as we needed to focus on family and he said he would close the application. Within minutes I received two invoices for the appraisals. This is the first time we have not dealt with a local finance company for mortgages and it was a huge disappointment. I feel like we were pressured into two seperate applications and two appraisals and that the company did nothing to mitigate the issues with the useless appraisal. I withdrew the application and as far as I am concerned American Finance owns the appraisals and I am not intending to pay for them considering they are completely useless. I will be dealing with my local lendor. As a final note, the banker was very nice to work with but did enforce alot of pressure throughout the process. This is the last time we will ever go outside of a local lendor for a mortgage.
Company Response: Closed with explanation

Timely Response

2019-03-01

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2018-12-18

Magnolia, TX

Unable to get your credit report or credit score

Mortgage: Conventional home mortgage

Complaint: We financed our thru American Financing in XX/XX/XXXX it has now been 8 months and we still DO NOT SHOW on our CREDIT report that we own a home? AF has lied even though they have been paid on a monthly basis and we are ahead on our mortgage. But they have failed to report our credit status, have lied to us for over 6 months. We have emaled, called trying to remedy their issue with not reporting to credit bureaus. Been told internal error, they selling our loan outside parties, other companies handling, but what it comes down to is that we show NO home loan, no credit history on our loan. Our last communication was XX/XX/XXXX AF is now saying it will not be until XX/XX/XXXX when they can make this issue go away. Last but not lease they indicated to me that I could call the credit bureaus myself to accounts added? What kind of low life says that? We attempted to purchase & take out loan for new business were denied for we can not show that we own a home, have no stability as home owners. This company has done nothing but damage our credit status. Amercian Financing is a fraud, after several attempt to resolve this issue we had no choice other than to start filing complaints. We want action immediatley please help.
Company Response: Company believes complaint represents an opportunity for improvement to better serve consumers Closed with explanation

Untimely Response

2018-12-14

Cherry Hills, CO

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Account information incorrect
Company Response: Company believes the complaint is the result of a misunderstanding Closed with explanation

Untimely Response

2018-11-07

Hot Springs, AR

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Untimely Response

2017-12-14

Arvada, CO

Closing on a mortgage

Mortgage: FHA mortgage

Complaint: I was turned down for a refi by XXXX XXXX a XXXX XXXX XXXX at XXXX XXXX XXXX in the beginning of XXXX. XXXX told me to keep my credit score up and in XXXX of XXXX I should call her and she would get the refi starting again because that is when I would have 12 months of on time payments. I called XXXX on XX/XX/XXXX and reminded her she said I would be good in XXXX to get the refi with cash out. I send in all the paperwork she requested and had a home inspection on XXXX XXXX. I spent money and time fixing all the items and issue the inspector brought up. I called XXXX onXX/XX/XXXXecause I hadnt heard from her and to find out when the inspector will do the final inspection since I did all the work. She called and left a message while I was at work on XXXX XXXX, I called her back within 15 minutes, but didnt hear from her again until XXXX XXXX when she told me I was denied. I always had to call and email multiple times to get a response from XXXX. I was very upset that the refi wasnt going through since XXXX had told me not to pay my XXXX mortgage. She said she told me to hold it, but she didnt ever tell me that nor act like the loan wouldnt get approved. I called her boss, XXXX XXXX on XXXX XXXX and asked him to pull the call to verify that XXXX told me not to make the payment and never mentioned to hold it in case. He said they didnt record their calls, but I told him every time I called, the message said the calls were recorded, and he said we dont record all of them. I asked him to be compensated {$1100.00} so I could make my mortgage payment on time. He said he would put the request in, but the most that has ever been paid was {$100.00}. On XXXX XXXX, XXXX boss XXXX called me and apologized and offered my {$100.00} for the problems with my refi and said he would be taking XXXX bonus for her error on this refi. I asked for him to give it to me then since she cost me to be late on my current mortgage. He said I cant do that. On XXXX XXXX I received an email from XXXX XXXX saying she would have the check cut for me on Friday XXXX XXXX. She later called and said no one was there to cut the check and I didnt end up getting it until XXXX XXXX. I think that paying me {$100.00} and taking XXXX future bonus shows wrong doing on their part and should be compensated.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with monetary relief

Timely Response

2016-05-13

NC

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: My husband and I looked at American financial for a fha home loan. During the initial process the numbers they quoted us was not what they presented to get us to sign but they had greatly padded the loan and all number were much higher. We went with another lender and informed American financial. The second problem came when they drug their feet on transfer of the fha case number to our new lender and after all this they emailed us a bill for {$500.00} for the appraisal when we paid for our appraisal with our current lender. We never signed a letter of intent with American financial and yet they billed us anyway. We did not sign anybody the documents they tried to get us to sign. when we complained to them and told them we were not paying them any money they told both my husband and I different stories of what happened saying it was an automatic process that the appraisal fee was generated because it is attached to the the case number but we took our business to another lender and they had no right to bill is for work our lender is doing. We contacted them repeatedly telling them that we never signed a letter of intent and they knew we had chosen another lender. Why are they monitoring our loan with another lender and trying to bill for work our lender is doing and that we have already paid for.?
Company Response: Company believes the complaint is the result of a misunderstanding Closed with monetary relief

Disputed: No Timely Response

2015-12-04

Arvada, CO

Credit decision / Underwriting

Mortgage: FHA mortgage

Complaint: My ex-landlord, XXXX is also an ex work peer and she is refusing to respond to a request for a VOR so that I can close on my mortgage. In spite of the fact that I never paid her late, she has threatened to report negatively and is purposely delaying completion of the VOR due to the fact that I refused to allow her to break our 6 month lease. She requested many times to break the lease and tried to intimidate, threaten and bully me over my refusal to break it. She is now jeopardizing the successful close of my transaction and my earnest money, appraisal fees, hoa condo doc fees, inspection fees, I have had to move my things into storage and find temporary housing all due to my refusal to let her break the 6 month lease because her boyfriend was constantly breaking up with her. I have proof that I paid her on time every month any time from the XXXX through the XXXX and she is also accusing me of never having paid on time. I need immediate assistance and am also having to retain an attorney now which is an additional expense. It is my understanding that in all real estate dealings, she should be operating in good faith as I have and can not threaten, harass, intimidate or retaliate against a tenant in any manner. On XXXX XXXX, my move out date, she also sent her fiancee to the rental to try to intimidate me. I have text messages from her that confirm my claims and apparently her previous tenant, XXXX XXXX was subjected to the same behavior. The lease was only from XXXX XXXX through XXXX XXXX and she asked me to move out no less than 4 times and I can prove at least XXXX of those times through texts and that I did actually attempt to accommodate her demand although I was not required to. The XXXX demand was on XXXX XXXX ; just over a month into the lease. She is definitely vindictively retaliating against me for not moving out per her demands. She had no cause to remove me and has never posted an eviction or claimed in writing or otherwise that she did not get her rent or I assure you, as desperate as she was to move back in, she would have filed an eviction notice. I desperately need assistance and I need to to provide an honest, accurate rental verification so that I can close. Thank you for your assistance. Please contact me at XXXX or XXXXXXXXXXXX or XXXXXXXXXXXX. XXXX XXXX is employed at American Financing LLC and her phone number is XXXX, work phone is XXXX. Please provide a portal access, fax or email address so that I can provide proof. Thank you. Thank you for your assistance. XXXX XXXX XXXX
Company Response: Closed with explanation

Disputed: No Untimely Response

2015-08-17

Vineland, CO

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: went on the internet to search for home refi for convention to an FHA loan. Found American Financing Corporation, XXXX CO, and it said it was an FHA place I could find the information and financing I was seeking. Ended up with XXXX XXXX who tried to ramrod us into a XXXX loan. It was not explained they could not offer a XXXX which we needed looking for an FHA product. Head games looking for answers on when told not to pull a hard hit on my husband 's credit. My husband said " not at this time '' and her answer was " to late '' she had the report. Then the head games trying to cover herself with XXXX us on speaker phone saying my husband was lying. She tanked us on being able to find a lender to suit our needs and it was a head game with her saying my husband gave her card blanche when it was never given. We needed to see if we could raise our XXXX scores for better rates as we had just a hard hit about a week prior and unable to obtain financing with another lender. We never would have been able to get our house through a XXXX appraisal and lost another appraisal fee. No written, nor verbal, approval was given to pull any credit report and we received the paper, for legal written approval, 4 days after the " to late '' conversation so she could cover herself. We, me nor my husband, will not sign making this ok and I just will keep my present mortgage. There are many more issues involved in this that can not be brought forward in this description. It is heart breaking trying to refinance and unable to do so when the appraisals, XXXX scores, and any other issues they ( other previous lenders ) can find wrong we can not resolve and the process is tanked from the beginning. We were looking for information and got ramrodded ( for lack of a better term atm ) into either signing up for something we do n't feel is right and not getting what we need, then having someone manipulating us into a product we will never get. We needed a lender, broker, or business we could WORK WITH BEFORE we got pushed and hurried up to sign paperwork that could burry us in a situation that could force us to lose our home if pushed into a closing. This whole situation is insane. I have XXXX character remaining and know we will not find what we are looking for with this business and have to wait out the hard hits and start this over with another lender when the time is available to do so. It was a constant case of being contradicted trying to find answers and a follow up phone call with someone who was trying to side step to cover her as* what is in the paperwork we, mainly all my husband 's information, trying to take me off the mortgage note and saying my husband gave no information about his wife of XXXX years to write the loan. Then she tried to say it was my husband only asking for XXXX on top of the loan and my husband knew we needed much more to resolve things we had lacked maintenance on, and would like to make other changes to the structure & property since we bought the home in 2001 - not to mention other liens on the property my husband can not explain. There is in no way he could or would have authorized moving into a transaction without his wife. His name was given for initial contact because there was only one space to put one name for initial contact and his name is 1st on the current mortgage XXXX XXXX ) for a joint transaction we are seeking. At present time we hold a loan application and all the document necessary to proceed for a loan product but unable atm to attach it to this complaint.
Company Response: Company can't verify or dispute the facts in the complaint Closed with non-monetary relief

Disputed: No Timely Response

2015-01-23

Omaha, NE

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2015-01-22

Broomfield, CO

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with monetary relief

Disputed: No Timely Response

2014-11-08

Fort Collins, CO

Application, originator, mortgage broker

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Untimely Response

2014-02-04

Denver, CO

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2014-01-31

Denver, CO

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2012-07-12

Denver, CO

Application, originator, mortgage broker

Mortgage: Reverse mortgage

Company Response: Closed with explanation

Disputed: No Timely Response