Global Equity Finance, Inc.

2019-07-26

Green Cove Springs, FL

Applying for a mortgage or refinancing an existing mortgage

Mortgage: VA mortgage

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

Timely Response

2019-07-10

Lake Lillian, MN

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-03-04

Glendale, CA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: I have received numerous solicitation calls for refinancing after asking to be placed on the do not call list. on XX/XX/19 an associate from Global Equity Finance ( XXXX ) reassured me that he can lower my monthly mortgage payment and that all he needed to do is ask me several questions. I answered his questions then he said I will run the numbers and call back. Within minutes I received a notification that my credit file was accessed although I did not give consent for this.
Company Response: Company believes the complaint is the result of a misunderstanding Closed with explanation

Timely Response

2019-02-12

Colo Spgs, CO

Closing on a mortgage

Mortgage: Conventional home mortgage

Complaint: On XX/XX/XXXX, I had a rate lock with XXXX XXXX XXXX ( XXXX ) for a cash-out loan in the amount of {$190000.00}, with a 30-year fixed rate of 4.375 %. My total closing costs were estimated at {$4700.00} on line D of my Loan Estimate. I locked this rate. Shortly after, I was contacted by XXXX with a refinance offer where I would get an initial cash-out refinance, promising a secondary refinance at a sub 4 % rate with a long-term rate lock, and with the secondary loan being of no-cost to me. After some skepticism, I was re-assured that rates were priced through the end of the year since Global is a direct lender who can set their own rates. The no-cost refinance is also advertised on Globals website. I was assured that I would be able to get a 180-day rate locklikely at 3.8 % in XX/XX/XXXX, as soon as I had paid down some of my higher interest student loans ( which was the intention of the refinance ). I cancelled the XXXX loan on XX/XX/XXXX, and have emails and credit card statements supporting both the rate lock and the refund. On XX/XX/XXXX, I received a Closing Disclosure with a loan amount of {$190000.00}, with a 30-year fixed rate of 4.99 % with the Total Loan Costs on line D coming to {$5000.00}. This is the loan that had a closing date of XX/XX/XXXX. It should be clear that I accepted the terms of the XX/XX/XXXX loan because of the promises made for a long term rate lock at a considerably lower rate. XXXX did not lock the rate in XX/XX/XXXX, and between XX/XX/XXXXand XX/XX/XXXX I tried to push forward with the secondary loan, during which time lots of back and forth conversation happened. I have texts of correspondence during this time. On XX/XX/XXXX XXXX claimed to have locked 4.25 % for 180 days the week prior to our messages, indicating that it should be able to go lower. On XX/XX/XXXX XXXX reiterated that, worse case scenario we have the XXXX and hoping that we can go lower, specifying that it should be able to get to XXXX. XXXX gave several excuses as to why the loan could not be closed until earliest XX/XX/XXXX, which was news to me but which he should have known the entire time. On XX/XX/XXXX XXXX informed me via phone call that the 4.25 % rate lock in XX/XX/XXXX had only been a 30-day lock, and that rates had since gone up and I could no longer get the 4.25 % rate. He said that he would lock a 4.5 % float-down rate at no cost to me, and would get me the paperwork by the end of the week. I had not received any correspondence or paperwork by XX/XX/XXXX, so I called Global and requested to speak to XXXX supervisor, with the intention of requesting a different loan officer. I was transferred to XXXX and left a message, which was never returned. I had requested to switch officers previously when XXXX mentioned that he had personal issues causing delays in correspondence, but he assured me that he could handle it and refused to transfer my account. On XX/XX/XXXX the loan was again delayed, which I found out was because XXXX was using my income from XX/XX/XXXX. This income pre-dated our business together, and there is no reason that XXXX should have been using that income. He pulled my credit without getting my permission, without notifying me, and without locking a rate. I was notified of an inquiry by a credit monitoring agency, and called the requester to learn that XXXX had been the one to make the inquiry. He apologized, but could not provide an instance when I gave him permission for the inquiry. I was unpreparednor did I believe it necessary considering his numerous promisesto contact other lenders during the mortgage window. XXXX is now demanding that I produce proof of a lower rate lock in order to honor his original promises. On XX/XX/XXXX XXXX claimed to lock at 4.5 %, which I confirmed via text, but which also seemed to be untrue since he is now claiming that 4.625 % is the lowest rate that I can get without additional costs to me Throughout this process XXXX has repeatedly claimed that I would be able to get a sub 4 % rate and also to have locked at 4.25 %, but those claims were untrue. XXXX had also indicated that I could get a float down loan, but that was determined to be untrue without financial costs to me ultimately negating the benefit of a secondary refinance. Now XXXX claims that he is unable to offer the free refinance without a higher interest rate, which has none of the benefit that he reiterated again and again as his selling point in XX/XX/XXXX, and which is not as advertised on Globals website. This situation negates the cost benefit of the refinance and forces me to stay in a loan with a much higher rate that I would have had with my original AIM loan. On XX/XX/XXXX XXXX emailed indicating that a 30-year loan wasnt possibly and that we had discussed that before. I did not recall having discussed that at all, and when questioned about the occasion on which we spoke about it XXXX was suddenly able to get a 30 year loan. He also indicated at that time that a 3.875 % loan was possible with 2 points. This is the loan that I expected, with no points, as per his promise. Such a loan was clearly still possible in XX/XX/XXXX. On XX/XX/XXXX, I finally received a Closing Disclosure with a loan amount of {$200000.00}, with a 30-year fixed rate of 4.375 %. This comes with an additional Loan Cost of {$4400.00}. This represents a total Loan Cost of {$4700.00} + 6-mo in differential interest ( ~ {$600.00} ) more than if I had simply kept the original cash-out loan offer through AIM, which I had cancelled due to Dustins promises. In an attempt to remedy the situation, I informed XXXX that I had suffered some fairly straight forward financial losses due to his misunderstanding of rate lock policies and/or inability to lock as promised. I outlined my losses and presented options for correcting the loan, which were in keeping with his many promises, but which he indicated numerous times via email that he has no intentions of doing. XXXX insists on only looking at current market rates, and neglects his original promises that 1 ) I would be able to get a 180 day rate lock in XX/XX/XXXX when rates were considerably lower than they are now, and 2 ) that he has repeatedly assured me that worse case scenario I had a rate of 4.25 % locked.
Company Response: Closed with explanation

Untimely Response

2019-02-01

Roseville, CA

Closing on a mortgage

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-12-19

Chula Vista, CA

Improper use of your report

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

Credit inquiries on your report that you don't recognize
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-12-10

Clermont, FL

Closing on a mortgage

Mortgage: FHA mortgage

Complaint: my wife and I XXXX, call this company to Refinance, everything they ask forms paper they got it, they give us closing day, so they sent that person to signing the documents XXXX days after the closing the titles personal call me above other finance documents that they needing, they had XXXX days to collect all the information to continue or to stop the Refinance process.
Company Response: Company believes complaint caused principally by actions of third party outside the control or direction of the company Closed with explanation

Timely Response

2018-10-31

Cape Coral, FL

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-10-25

Tacoma, WA

Closing on a mortgage

Mortgage: Reverse mortgage

Complaint: I received a variety of quotes from reverse mortgage vendors and originally Global Equity provided one of the better quotes. However ; during the process of gathering information one of the vendors offered a XXXX cost loan. Global Equity offered to match and I decided to stay with them. When I received the final paperwork the XXXX cost loan offer had been retracted and I signed the paperwork under protest. See letter sent to Global Equity in XXXX of 2018 and email received from Global Equity offering XXXX cost loan. XXXX XXXX XXXX
Company Response: Closed with explanation

Timely Response

2018-09-26

Callands, VA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Home equity loan or line of credit (HELOC)

Company Response: Closed with explanation

Timely Response

2018-08-13

Ft Belvoir, VA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: XX/XX/XXXX - I initiated a call to Global Equity Finance after receiving multiple letters from them advertising their low interest rate to refinance mortgage and get a cash out. My call was transferred to XXXX XXXX, XXXX XXXX, Executive Loan Consultant | XXXX ID : XXXX, Direct : XXXX. Later that day I received an estimate pertaining to my inquiry ( refer to the attached file containing email exchange with Global Equity ). XX/XX/XXXX - I was told I need to pay {$480.00} for home appraisal, but that charge will be refunded in case Global Equity is not able to offer me the exact terms we discussed ( 4.875 % interest rate, $ XXXX cash out ). My credit card was charged for {$480.00}. XX/XX/XXXX I received a link to review and sign electronic documents. Upon reviewing the documents, I found out that the terms of the loan were different from what was previously discussed, the closing costs were exorbitant, the cash out amount was less, and the interest rate was higher. I have emailed XXXX XXXX telling him the terms were not acceptable and that I will not be moving forward with a loan. XXXX said Global Equity is still structuring my loan, and since then I received several iterations of the estimates, none of which were acceptable to me. No electronic documents were ever sent to me, and all links where I could access the documents, were quickly disabled, so I never got a chance to get and keep a physical or electronic copy. I have requested a refund of the appraisal fee of {$480.00} multiple times by email and over the phone. I have been in contact with XXXX and his supervisor. I have also reached out to Global Equity legal department to no avail. I understand that under Regulation Z, I'm entitled to a refund if I do not close, or close and rescind : Reg. Z - 12 CFR 226.15 ( d ) Effects of rescission. ( 1 ) When a consumer rescinds a transaction, the security interest giving rise to the right of rescission becomes void, and the consumer shall not be liable for any amount, including any finance charge. ( 2 ) Within 20 calendar days after receipt of a notice of rescission, the creditor shall return any money or property that has been given to anyone in connection with the transaction and shall take any action necessary to reflect the termination of the security interest. Appendix c : Paragraph 15 ( d ) ( 2 ). 1. Refunds to consumer. The consumer can not be required to pay any amount in the form of money or property either to the creditor or to a third party as part of the occurrence subject to the right of rescission. Any amounts of this nature already paid by the consumer must be refunded. " Any amount '' includes finance charges already accrued, as well as other charges such as broker fees, application and commitment fees, or fees for a title search or appraisal, whether paid to the creditor, paid by the consumer directly to a third party, or passed on from the creditor to the third party.
Company Response: Company believes it acted appropriately as authorized by contract or law Closed with explanation

Timely Response

2018-02-23

Shady Cove, OR

Trouble during payment process

Mortgage: VA mortgage

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

Timely Response

2017-08-31

San Jacinto, CA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: FHA mortgage

Complaint: Trying to refinance or streamline present mortgage. Have low credit scores and several companies trying to " assist ''. XXXX XXXX from Global Equity Finance , Inc contacted us and said they can assist ... records I have begin on XX/XX/XXXX. Spoke with XXXX a week ago and said he just needed records of payments to XXXX which I sent. At that time he said loan was to close at the end of this month. I tried to call Monday, XX/XX/XXXX and the phone had a message that XXXX was out of the office. I tried to call XXXX and Global Equity today XX/XX/XXXXand both numbers were not working. Contacted the FTC who advised me to contact XXXX XXXX and put a 90 day fraud alert on the credit report and requested I put a monitor on the accounts which I did, hesitantly. Prior to sending payment record from XXXX I submitted all credit information via fax, email and telephone.
Company Response: Closed with explanation

Timely Response

2017-03-02

Norfolk, VA

Loan servicing, payments, escrow account

Mortgage: VA mortgage

Company Response: Untimely response

Disputed: No Untimely Response

2016-04-06

Bothell, WA

Application, originator, mortgage broker

Mortgage: VA mortgage

Company Response: Untimely response

Disputed: No Untimely Response

2016-04-06

Edgewood, WA

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Untimely response

Disputed: No Untimely Response

2015-11-01

Cedar Mill, OR

Credit decision / Underwriting

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Untimely Response