ComplaintsforSummit Funding, Inc.

• Initial Complaint

  07/25/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Three months ago, I reached out to MY MORTGAGE COMPANY to look at a home equity loan and they must have sold my number. I was unaware that this simple act would lead to a relentless barrage of unwanted communications. What followed has been an ongoing ordeal, with Summit contacting me three to four times a day, despite my explicit requests to cease all communications. Each plea to be removed from their calling list and notifications that I've already procured the desired product from another provider have been ignored. In a bid to find peace, I've blocked each new number they've used to contact me, but my efforts seem futile as they persistently use alternative numbers to reach me. This continuous invasion of my privacy has escalated my distress and frustration to unprecedented levels, making every incoming call a source of unwelcome anxiety. I will *** them if they do not cease and desist all contact with me.

  Business response

  07/26/2024

  Dear BBB NorCal,
  We, Summit Funding, Inc. have no record of *************************** including no matching personal information for her. 
  Our conclusion is that the calls that ****************** receives, and blocks are from a company with "Summit" as part of its legal name or fictitious business name.  Thank you. 

• Initial Complaint

  03/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Three months ago, I reached out to Summit, hoping to get a quote for a loan, unaware that this simple act would lead to a relentless barrage of unwanted communications. What followed has been an ongoing ordeal, with Summit contacting me three to four times a week, despite my explicit requests to cease all communications. Each plea to be removed from their calling list and notifications that I've already procured the desired product from another provider have been ignored. In a bid to find peace, I've blocked each new number they've used to contact me, but my efforts seem futile as they persistently use alternative numbers to reach me. This continuous invasion of my privacy has escalated my distress and frustration to unprecedented levels, making every incoming call a source of unwelcome anxiety.

  Business response

  03/20/2024

  Dear BBB, Summit Funding, Inc. has no record of ******************* including no matching personal information for her. The calls that ************ receives, and blocks are likely from a similarly named company, such as "Summit Funding" out of ****, which provides non-mortgage loans. Thank you.

• Initial Complaint

  01/27/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Summit Funding: We processed a recast on 12/19/2022. It was to take effect on 1/1/2023. If we paid a large amount of money to reduce principal the loan term remained the same and payment amont would go down by over *******. Filed the paper work sent in a large sum of money and paid the reduced amount on 1/1/23. On 1/24 we got our next statement showing a late fee and an amount due of our normal payment and then the left over amount from priror payement and additional interest on the overall amount of the loan. So in the first month this has cost us an additional ******* as the amount I did pay is going into curtailment and not being applied to the loan. The reason they say this is happening is that the notorized document did not have the section where Summit Funding is to sign notorized. The section we sign was notorized. Our notary will not sign and stamp a section where they are to sign and have notorized. Summit Funding locally will not sign they say mail it in then they will sign. From what I know it is illegal for a notory to sign something they don't witness. So our part is done but they are saying do it again. What I would like is for the recast to complete. We did what was required and they are holding this up based on something I can't get done legally. Everyone is sorry and apologizes but in the end it keeps costing us more and more money. What I need is a billing adjustment may payments to have taken effect as of 1/1/2023, Allow the new payment amount. We got our signatures notorized. There are 3 itdentical sections for a notary. If the same notory is doing the work they should have to sign and stamp it one time (the section they saw us sign).....I feel this is some odd item they are using to get a few thousand more dollars during this proess.

  Business response

  02/06/2023

  Hello BBB ****** Team,

  Please know that our follow-up request to the sub-servicer is pending.  We'll use the BBB's 2nd request received late today (2/6) to provide the research and response.  Thank you.
  

• Initial Complaint

  12/22/2022

  Complaint Type:

  Order Issues

  Status:

  Unresolved

  More info

  I started working with Summit Funding in July 2022. The communication has been poor. Over the course of the relationship, I was not thoroughly explained the process. I was sent videos! I began receiving closing documents closer to the closing of my home. On several occasion I questioned the validity of the documents due to inconsistent numbers. When the broker did review the documents, he did not say I would have to pay down points to get my current interest rate of 6.2%. I was intentionally omitted. When signing the closing documents yesterday, I noticed that I paid the company approximately $6,700 to buy down points. The documents stated that I bought down my rate from *****% to ****%. I was never advised that I needed to buy down points to get a better mortgage rate. When I questioned the company, they provided the same document with the rate changed to 7%. However, the $6,700.00 cost did not change. The rate was 1% lower! How could the rate stat the same? They just changed a number on a piece of paper. When the company provided an explanation, they advised me it was explained. The closing disclosure stated I would pay Loan Amount (Points) at a cost of $6,700.00 (*****%). I understood that it was the administrative fee. He continued, We are a lender not a broker (or vis versa). That is the fee. I looked up Summit funding today and they state there closing cost are approximately $7,237.00. Mine were almost double! The company inflated my interest rate to double my fees. I did not received the closure disclosure in accordance to rules and regulations. This is a predatory lender. Buyer beware. Please advise if you want the documentation.

  Business response

  01/19/2023

  Dear Resolutions Specialist,
  
   
  
  I received this letter in mail today and here is my response to this letter.
  
   
  
  I had a client her name *********************************** came to our company in July, 2022. I got her permission to pull her credit report and thats all. She told me that she was shopping interest rate and looking for a property in ******. She never provided property address information, so I have no idea about this complaint. Please let me know if there is anything else I can assist you with.
  
   
  
  Sincerely,
  
   
  ***********************
  
  Loan Consultant
  
  NMLS ID# *******

  Customer response

  01/19/2023

  I am rejecting this response because:

  I contacted someone from the BBB approximately two weeks ago and advised them that the name of the company was wrong.  It initially said it was located in ******.    The company remains incorrect.  I worked with a Summit Funding **** located in *********, *****.

   

  333 ***********.  Suite B1

  Pocatello, ** *****

   

  **************

  Branch NMLS ** ******* 

   

   

  Please let me know if you need additional information.   

  
  

  Customer response

  01/19/2023

  333 ********************************* style="box-sizing: border-box;">Pocatello, ** *****  
  Branch NMLS **#*******  
  
  851 *****************
  Suite 100
  ********, ** *****  
  Branch NMLS **#*******  
  
  ************** Office
  ************** Cell
  ********************************************

  Business response

  01/27/2023

  Dear BBB, Summit Funding, Inc. worked diligently with **************** through all phases of the loan application process.  Regarding communication efforts, there were phone conversations and e-mails during and after the loan video presentation mentioned in her complaint. 

  While it can be frustrating, it is normal for a lenders needs and amounts to change during the loan process which largely depends on new information that is received and reviewed loan application decisions are made on a case-by-case basis.  Only 8 days elapsed from the initial Loan Estimate ("LE") and the revised LE reflecting *****% in points and a ****% interest rate. 

  Its worth noting that the upper right section of each LE advises that, Before closing, your interest rate, points, and lender credits can change unless you lock the interest rate  After the revised LE, the Closing Disclosures ("CD") from that date forward communicated those same points and interest rate.  Also, page 2 of each CD clearly itemizes and names the fee associated with each charge. 

  **************** proceeded with the loan process through closing and her loan closed meeting the proper Underwriting Guidelines.  Our research did not identify any attempt(s) to mislead **************** and no signs of mistreatment.

  Customer response

  02/04/2023

  I am rejecting this response because:

  I have been advised during the entire loan process that my interest rate was ****% (approx.)  The day I sign the closing documents I was presented with a document that was entitled Discount Point Disclosure Fee.  I was being asked to acknowledge that I bought down points to obtain the rate of ****%.   When I refused to sign the form the company faxed another form with a different rate.  *********** was now saying that I bought the rate down not form *****% but from 7.5%.   Despite the change in interest rates the cost owed to Summit Funding did not change.   It was obvious that the practice was not associate with any real interest rate change.  It was a way for the company to double their closing cost fees.   
  

  Regarding proceeding thru the loan process, I was at the table.  I felt pressure to sign the documents in order to not lose the home.   Regarding the buy down,  did not sign a form stating that I was buying down the interest rate.    The loan representative discussed a shop lock program on 7/29/2022, however, I never signed or sent money to hold the rate as indicated in the attached paperwork as an address was not determined.
  

  I have attached:

  1. The disclosure forms.  Showing the points paid and the additional closing costs. 
  

  2. The tax forms that show only the points paid and do not address any additional costs. 
  3. Both Discount Point Fee Disclosure forms.  One for *****% and the other 7.5%.   Both documents were sent the day of my closing.  I refused to sign.  
  4. Page 36 of closing documents that indicates 788 credit score.  
  5. Emails that address the Lock and Shop Rate that I never pursued.   
  6. The Equal Opportunity Notice form signed the day after my closing that indicates the summit representative did not review documents prior to the day of signing.  The discount point fee disclosure documents that I refused to sign were not included in the document that I received from the title (underwriting) company.     

   

  I sent a separate email. I was unable upload all of the documents.  

  
  

  Business response

  02/17/2023

  Dear BBB, the response to this complaint requires detailed information and attachments.  Since the borrower has a complaint open with a different agency that does not make the communications available to the public, we will close this complaint and respond using the more secure and private channel.  Thank you.

  Customer response

  02/20/2023

  I am rejecting this response because:  Due to the organizations predatory lending practices, in addition to the BBB I filed a complaint with the Consumer  Financial ******************   I do not agree with the agency choosing to close this complaint to address another complaint via a different agency.  I would like for this complaint to remain open until the agency participates in a resolution.

   

  Closing this complaint is not a ************* is choice not to address their predatory lending practices with the BBB.     

   

  ****************************;

   

   

  
  

• Initial Complaint

  09/26/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  In the process of a mortgage recast. We've submitted our recast check and have paid the recast fee. I was told by one of several reps that we must sign and return a document by months end, or we will have to make the normal payment Oct 1st, losing another almost $1000 in interest to them. We've received different stories on where that letter is and when it will arrive, be sent next day by *****, ********** etc. It appears to be scam to extract another large payment, containing almost $1000 in interest on the old mortgage amount, despite having paid most of the mortgage off. Any help on who to contact next would be much appreciated. Thank you, *********************

  Business response

  10/05/2022

  Dear BBB, we regret to hear about the miscommunications with ****************; this is being reviewed with each call agent.   A rep emailed **************** on 9/23 advising of a forthcoming package - the documents were mailed **** priority mail on 9/23/2022 and were delivered to **************** on 9/26/2022 per tracking.  On 9/29/2022, **************** called to confirm signed documents were received and ACH for October was paused; Both were confirmed.  The recast is completed and updated in the system.  The new payment amount is showing due for the October payment, and our Loan Servicing Team requested that **************** be called to advise that he can submit payment after he updates the payment amount.  Thank you and we'll keep watch in case additional information is needed. 

• Initial Complaint

  06/07/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Refinanced loan from Summit Funding to another company and closed on April 19, 2022.Unbeknownst to me, both Summit Funding and the new mortgage company paid my county property tax.Contacted county treasurer on May 24, 2022 and was told that $6,010.34 was wired back to Summit Funding soon after the loan closed. Contacted Summit Funding to request refund on May 26, 2022 and was told that it will take a couple more weeks to do their investigation. Furthermore, that it will take till end of August to have a result. To which I protested. Today, June 6, 2022, I called again to ask for update and refund. The agent told me that yes, they received the wire and that it has been approved to be refunded, but that it will take 3 to 6 months for them to mail it out! I couldn't believe my ears. The agent wasn't able to tell me why it would take that long just to mail the check out. I asked to speak with a supervisor and was then told that no, it will take under a month. The multiple various messages caused quite a bit of frustration and I still doesn't think that it should take a month when they had the money since end of April. I would like to get my refund sooner than a month from now and I appreciate your assistance. I also would highly recommend Summit Funding to educate all the customer service agents to have the same timeline to tell the customers. I felt my money is being hijacked and they are just keeping the money to earn interest. When the agents are not able to tell me why it would take 3 to 6 months, there is a problem in the organization.

  Business response

  06/15/2022

  Good afternoon ****************,

  Due to technical issues, our sub-servicer reports a delay with receiving our forwarded complaint info. to them on 6/7/2022.  How much more time is permitted for the research and response? 

   

  Thanks so much in advance for your time and consideration of this request. 

  Business response

  06/17/2022

  Dear BBB NE **********,

  Attached is the response to ************** complaint.  All should be well, shortly, once the refund check is issued and sent via overnight delivery.

  Thank you and I'll keep watch in case additional information is needed.

   

  Best regards,

   

  ***************************

  Compliance Analyst III

  ************

• Initial Complaint

  03/03/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  We refinanced our mortgage from Summit Funding to Rocket mortgage on 12/06/2021. In that process both companies paid my property taxes. Rocket mortgage payment was received first so when the county received a second check they mailed that check back to me. This check was paid to ****** county from the money source for $1644.38. I received this check on 01/04/22 and proceeded to call summit funding to ask for these funds to be mailed to me. I was told they would cancel that check and mail a new one to me. After waiting weeks for the check that did not arrive I called back and Summit proceeded to tell me I had to send the check back. I returned it certified mail (tracking number:7020 **** **** **** ****) and it arrived on 02/10/22 at1:04pm. on02/25/22 I received a check in the mail for $1644.38 that was paid to the order of :The money source but included paper work that stated they were paying us because our account was paid in full. I have called again to explain the issue and the company still cannot figure out how to get me my money and now say they never received the check I mailed back and have confirmation it was received. I have called this company at least 19 times and every time i call i have to explain myself again, they promise to fix it and call me back however NO ONE has ever called me back. As of today, i am told i will receive a call back on Monday but i am not holding my breath. I have attached some of the documents and copies of the checks i am referring too.

  Business response

  03/10/2022

  Good afternoon ****************,

  At this time, our sub-servicer (*********************. ("TMS")) is completing research to respond to the complaint that **************** submitted to the CFPB. 

  We are adding this BBB complaint to their existing review, to help ensure that they address all matters.

  Since ******************** complaint to your office is substantially similar to her CFPB complaint, I will provide an official response once I hear from TMS in a week or so.  Thank you.

   

  Best regards,

  ***************************, Compliance Analyst II

  ************

• Initial Complaint

  09/20/2021

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  We refinanced our home with Summit Funding. It was finalized on Sept 7. On no less than three (3) occasions, we informed the loan agent & staff that we wanted to receive $4,000 cash back through the loan. This did not apply to any money that would be coming from our impound account or other prepaid sources. We were assured that this was not a problem. Every time that we received documents, they were incorrect & the $4,000 wasn't included. We were told not to worry it would be corrected on the final disclosure documents. It was not. We received the closing docs, called & let them know that they were incorrect. We were then advised that we could have the documents corrected which would push the closing date forward up to 2 weeks or we could sign these which indicate that we would receive $2,301. When we get the disbursement check from Summit Funding, we get $2,000. As of Sept 18, they are still holding funds that are due to us.

  Business response

  10/06/2021

  Dear BBB Northeast CA Team,

  Thank you for following-up with us for a response, and my apologies for the delay.  To explain, my research and internal requests for information began on 9/20/2021.  According to the branch office, updates were being provided to the borrowers prior to the filed complaint.  On 9/27/2021, the escrow officer shared that a check was being sent to the borrowers for the remaining funds owed, and I have since received check delivery confirmation to the borrowers as 9/29/2021.  Lastly, I received confirmation on 10/5/2021 that the overall amount to the borrowers = $2,433.24, of which $433.24 was the reversal of funds applied to the principal balance...and sent to the borrowers last week.  Based on this information, I will consider this matter resolved, and Mr. or Ms. Losey is welcome to contact me directly with further questions, or for additional information.  Thank you.   

  LARRY ROBINSON (Compliance Analyst II) 

  ** ***** ******** * ** ***** ******** 

  ** ***************************

  Customer response

  10/07/2021

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.   
  
  

*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. ↩