On May 5, we heard from Jacque, who hadn’t received her funds a month after closing.  We heard again from Jacque yesterday- the loan funded at last:

Sorry it took so long for me to post an update, but things got a little crazy for awhile. The good news is, the loan finally funded and all the checks were issued, but getting there was a nightmare. After getting the runaround, I finally did the research and called the title company, and the bank which was buying the loan and funding it. As it turned out the finance company lied to me, saying they were a direct lender when in fact they were a mortgage broker. I also filed a complaint with Florida’s Department of Finance.

After speaking with the title company and the bank, I got a call from the President of the finance company. He had the nerve to say to me that by me making these calls, I might be delaying the funding even further as it may cause the bank to want to take another look at the loan. I told him that I had given them enough time, and that his word was not good enough anymore. I also let him know that living in Broward county, I hear the horror stories every day about fraudulant loans and people ending up with two banks they are liable to when they never actually received the funds from the refinance. I pretty much told him, without saying it flat out, that I thought he was full of it, and I would be ready to take legal action if he
did not give me a daily report and also have the funding in my account within four business days. I did have the disbursement checks within 2 days and by the fourth day all the wire transfers had cleared.

I also let the bank (which happens to be a major national bank) know about the practices of this particular mortgage broker and that I thought it might be in their best interest to check into their practices, as I was sure they did not want their name or their reputation associated with companies that lie and deceive their clients. I doubt any of this will do me any good in the long run, but it may keep some other person from having to go through the same nightmare as I did. Especially if the state takes my claim seriously and looks into the practices of this lender. The only nightmare left now is that, because it took so long to fund this loan, and even though I asked them to relook at my debts, they issued the disbursement checks
based on old information. Most of the smaller amounts had been paid off and the accounts closed at my request. So when I got the checks, many of them were made out to companies I no longer have accounts with, which means I have to wait till they get the check, they cash it, than they issue me a refund, which could take up to 2 more months. Also, the ones for my credit cards are all higher than what I currently owe, so I guess I will be putting everything on charge cards now to spend the credit, rather than waiting for a refund check. Thanks again for all the help and support.

Jacque

Congratulations Jacque, here’s hoping your experience helps others.