ComplaintsforVelocity Mortgage Capital

• Initial Complaint

  08/17/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  This business lists and directs their customers to my personal cellphone number. I spoke to someone from the company to get my number removed and they offered me a commission to field clients, I declined and asked for my number to be removed. I also sent a message on LinkedIn that was not answered. I would like my phone number removed immediately please.

  

  Business response

  08/17/2022

  Thank you for reaching out Ms. C***.
  
  We are unable to locate the daytime phone number you provided in the message.  Is there a different phone number, or any additional details you may have?  Upon our research, we are unable to locate the phone number, email address, or name in any of our systems.  We did not receive a messages from you through Linkedin.  
  
  Thank you, 
  

• Initial Complaint

  04/05/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Due to COVID-19 we fell behind on our mortgage payment. When we asked them for help they said that there was none. Then they sent us an email stating that if we had been effected by COVID-19 that they could help us. We submitted the forms and paperwork and they did not respond. We called again and they said that they could not help us. They passed us around for nearly an hour only to tell us that their was 1 individual J******** that was the only person who could help us but she was on the other line and not available. We requested a statement showing how much we owed. They sent over a statement from someone in another state with totally wrong numbers on it. When we contacted them they said sorry it was the wrong person. Then they sent another document with $75,000 in fees?????? And they say that there is nothing that they can do for us and that they cannot help us. They said that we have to either pay the fees and charges and late fees and payments or go to foreclosure. Please help.

  

  Business response

  04/15/2022

  Thank you Mr. C****** for reaching out with your concerns.

  Velocity Mortgage Capital is a commercial mortgage lender only making business purpose loans. As these are not consumer mortgage loans made on primary residences, they did not qualify for the same assistance that many consumer lenders were offering in response to COVID-19.  Velocity did provide forbearance assistance on a limited basis beginning in March 2020.  Your loan closed in January 2021, which was outside of the timeframe that any forbearance assistance was available.

  We see that you had been in contact with your assigned Asset Manager regarding the missed payments and Homeowner's Association lien, but were unable to make payments as needed to bring the loan current.  As the loan is due for October 2021, the loan has been referred to foreclosure.  The default interest and late fees are detailed in the Note.  The amounts of default interest and fees are based on the large loan amount, and are not a blanket dollar amount charged on all loans.  You may contact your Asset Manager, Liza Dela Pena, to discuss options to bring the loan current.

  Thank you, 

• Initial Complaint

  03/15/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Velocity mortgage capital is a company con. They seem to agree to terms with a customer with the intent to collect fees, but never actually follow through on their commitment. I was charged over $3,000 for a third party appraisal of my rental properties. When the appraisal was returned they said their internal appraisal department disagreed with the ass***ment and the valuation from the appraiser wasn't honored. The point of a third party appraiser is so neither party is bias one way or another when it comes to the evaluation of properties. Researching this company after the fact, it turns out they have been doing this scam for multiple years.

  

  Business response

  03/22/2022

  Thank you for reaching out with your concerns, Mr. H***.

  Lender review of an appraisal report is a standard busin*** practice, and it is not unusual for a value to be adjusted after further review.  This is true for both consumer mortgage loans, as well as busin*** purpose and commercial mortgage loans.  In this specific instance, one of the three subject properties on this busin*** purpose loan was determined to have a value that was not well supported by the data, and subsequently adjusted.  Your mortgage broker was informed of the change in valuation in December 2021.  Unfortunately, it was not communicated to Velocity that you did not wish to proceed until the loan documents were with the settlement agent in March 2022.

  It is Velocity's understanding that you did receive copies of all appraisal reports that were received.  Velocity does not retain any funds paid by borrowers for their appraisal reports, and all funds received by Alpha Realty Advisors are paid to the outside appraisers performing the review.

*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. ↩