ComplaintsforUniversity Lending Group

• Initial Complaint

  02/15/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I used University Lending Group to finance a new construction for building house. Jennifer the rep. for University Lending Group sent me an email title " Letter for the builder" after I Pre-approved. One of the item listed was " Does The builder require a deposit". Why does she care if the builder requires a deposit. I feel like she solicited for the builder to ask for a $15,000 non-refundable deposit. I believe Jennifer discussed with BBF my ability to pay and my proof of funds I had in the bank in which i sent her my bank statements. Prior to the Pre-approve to expire, Jennifer emailed me requesting my proof of funds. I emailed her the proof of funds. On August 30, 2023 60 days plus after the Letter expired, Jennifer requested I run my credit again I said no. She tried to disguise it by saying I had low credit score and my interest was higher and maybe now your credit score probably has improved. In the emails she states BBF did not get everything done in order to get to the under writes. They both violated Customer Protection Act.

  Business response

  03/05/2024

  Thank you for providing us with the customer’s concerns.  It appears that the customer’s concerns are with respect to their Earnest Money Deposit provided to their builder.  The Earnest Money Deposit was a requirement set forth in the customer’s construction agreement with the builder.  University Bank is not affiliated with the customer’s builder and is not involved in the customer’s contractual arrangements with the builder.   As a lender, University Bank works with potential customers to explore financing options to construct or purchase a home.  If a loan application is submitted to University Bank, it is processed and underwritten in accordance with standard lending guidelines.  We will cooperate with the customer to provide them with any information they may require to resolve their concerns.  

  Customer response

  03/05/2024

  University Lending Group (Jennifer ******) sent Louis ****** an email titled "Letter for the builder". This letter solicited for the builder to ask for an upfront deposit and it suggested if the builder required a 10% draw at closing. WHY would the lender care if the builder requires an upfront deposit or what was letter called earnest money. The lending company approved me for $206,000 which to build was $230,000. However, the lending was giving me equity of 24,200 to build the build and That is why in essence I was proved $206,000 because the $24k was subtracted from the $230K.

  However, the lending company plans were to add the $24K back to the end of the loan of $230K to make it $254,000. However, I'm asking the state attorney's office to investigate this a criminal matter. University Lending Group actions along with BBF Contractors actions are criminal in nature. University lending Group (Jennifer ******) was trying to extort more money from me. The evident will show and full investigation of this matter will prove their actions were criminal. 

  Jennifer ask me for my proof of funds again within 60 days of Louis ****** pre approved letter. Jennifer knew that on August 30, 2023 when she met with Louis ****** the pre approved letter had expired. Jennifer wanted Louis ****** to run his credit again trying to disguise it as Louis had a low credit score. Jennifer is liar. Jennifer wanted to pre approve Louis again to move forward with construction build. University Lending Group and BBF Contractors did not fulfill their obligations according to the pre approve letter before it expired. 

  University Lending Group and BBF Contractors are partners. They both recommend business to each other in some way. Jennifer gave me a list of builders. She knew some of the builders on the list would not even touch $220k house to build. She knew BBF Contractors would build the house for the amount. During this investigation, business and personal phone record will be subpoena. It will tell just how much University Lending Group and BBF Contractors converse before, in between and at the end of this matter. In Particular to the end of the letter to expire and after Louis ****** decided not to build. This will be full investigation. 
  Complaint: 21297204
  
  I am rejecting this response because:
  
  Sincerely,
  
  Louis ******

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