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    ComplaintsforVillage Capital & Investment, LLC

    Mortgage Banker
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    Complaint Details

    Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.

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    Complaint Status
    Complaint Type
    • Complaint Type:
      Service or Repair Issues
      Status:
      Resolved
      Village capital is delaying the sale of my home by refusing to issue a payoff promptly. I work in mortgage industry and I see payoff issued online instantly or within hours for the slow ones. But here comes village capital with a 7days timeline. In 2024 this is ridiculous! Customers need better and more efficient way to get a simple payoff. This is unacceptable.

      Business response

      06/17/2024

      Dear ***************************:
      We are in receipt of your correspondence addressed to the Better Business Bureau- BBB, dated June 07, 2024. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:
      On or about June 7, 2024 you emailed in to Village Capital & Investments, LLC for a payoff for your mortgage loan. Per ************************************* CFBC regulation: Following Regulation Z 1026.36(c)(3) Village Capital & Investments LLC will provide this payoff within a 7 day time frame. Please note that we are unable to expedite any requests for a payoff demand statement at this time. 
      You received  your pay off on or about June 12, 2024 to the email we have on file.

      We believe that this response fully addresses the concerns outlined in your Better Business Bureau- BBB correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 

      Customer response

      06/17/2024

       
      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

      Sincerely,

      *************************
    • Complaint Type:
      Customer Service Issues
      Status:
      Answered
      They are the rudest most incompetent people I've ever had the displeasure of being in contact with. I requested a payoff quote for my loan and they are refusing to provide me with this information. I can't close on my home without it, I can't move in to my new home without it. They were fully aware of my closing date and then when the time came they told me that it takes 7 business days to get that information with no way to expedite According to my realtor this is absolutely a lie. I have been hung up twice and they claim that in a full day of business not once has a supervisor been available to speak to me and that my only option is to schedule a call 48 hours in advance, which with my time constraints was not an option.

      Business response

      05/31/2024

      05/30/2024
      COMPLAINT RESPONSE NOTIFICATION
      Dear *******************************:
      We are in receipt of your correspondence addressed to the Better Business Bureau, dated 05/24/2024. You stated that Village Capital & Investment LLC has refused to give you a Payoff Statement and that our *********** Representatives are rude. Village Capital & Investment LLC disputes all claims of refusing to provide you a Payoff Statement. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:
      On May 24, 2024, you called into our *********** twice to request a payoff statement. Our *********** Representatives tried multiple times to assist you with this matter, but you refused to refrain from using profanity. Our Representatives are trained to advise the caller that if they continue to use vulgar language, they are going to disconnect the call.
      In addition, all Payoff Statements are to be emailed to ********************************************************* Your title company sent an email on May 24th, 2024 requesting a payoff. Per Regulation Z 1026.36(c)(3) Village Capital & Investments LLC reserves the right to provide any Payoff Statement within a 7 business day time frame. Business days do not include weekends and public holidays.
      Our ***************** escalated your payoff statement and processed your request. Your Payoff Statement was emailed to your title company on May 29, 2024.
      We believe that this response fully addresses the concerns outlined in your Better Business Bureau correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 
      Sincerely,
      Special Servicing Agent
      Special Servicing Department
      Village Capital & Investment LLC

    • Complaint Type:
      Billing Issues
      Status:
      Answered
      Credit reporting of late payments. I was told that I would not be reported late if I submitted a mortgage payment on the 30th of each month. My first payment is May 1st. I plan to login to the company's website and post my May payment on May 30th at 5pm EST.

      Customer response

      05/24/2024

      I need to know if the exact day of the month that my payment is reported to the credit bureaus after it is due on May 1st and late on the 15th. I was told that as long as I pay the payment on or before May 30th, That it would not be reported late for the month of May.  

      Business response

      05/29/2024

      05/28/2024
      COMPLAINT RESPONSE NOTIFICATION
      Dear *********************:
      We are in receipt of your correspondence addressed to the Better Business Bureau- BBB dated May 23, 2024. You stated that Village Capital & Investment LLC has wrongfully reported credit . Village Capital & Investment LLC disputes all claims of credit reporting stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:
      Credit reporting for the month of May has not yet occurred; therefore, you have not been negatively reported. Furthermore, Village Capital & Investment LLC has no instances of negative credit reporting related to your account.
      As a courtesy, Village Capital & Investment LLC offers our borrowers a grace ****** that extends to the 15th calendar day of each month with no late fees. Any payment made on or after the 16th calendar day is subject to a late fee. Payments made after the first calendar day of the following month are subject to negative credit reporting and the aforementioned late fee.
      We believe that this response fully addresses the concerns outlined in your Better Business Bureau- BBB correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 
      Sincerely,
      Special Servicing ************************************** Village Capital & Investment LLC

    • Complaint Type:
      Billing Issues
      Status:
      Resolved
      My mortgage balance been at $107,000 over two years. My payments went from $1,018.56 (2023) to $1,025.63 (2024) to this month forward jumping to $1,290.04 without any notice to racketeering price gouging when I have a fix rate 3.5% Im not on a balloon payment. Ive been calling to see why they drastically increased my payments no one will answer the phone its 10:58 am their recording states its after their business hours (8-5p) eastern standard time. My payment were set up for the 15th of each month they changed it back to the first started charging me late fees. Im seeking help with this unjustified charges.

      Business response

      05/21/2024

      05/17/2024
      COMPLAINT RESPONSE NOTIFICATION
      Dear ***********************:
      We are in receipt of your correspondence addressed to the Better Business Bureau, dated 05/17/2024. You stated that Village Capital & Investment LLC has been racketeering price gouging. Village Capital & Investment LLC disputes all claims of racketeering price gouging. stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:
      Loan acquired on 07/05/2022 and your acquisition principal balance was $113,938.33.
      Each Mortgage Statement that is mailed out has the amount of the payment for each month. The statement lists how much goes to the principal balance, interest, and escrow. We would like to explain that each payment you make doesn't all go to the principal balance, some of the funds goes to interest and escrow on your account.
      After carefully reviewing each payment that you have made since the loan was acquired. 
      Your principal balance has not been at $107,000.00 for 2 years. The balance started at $113,938.33 and now as of 5/15/2024 your principal balance is at 107,104.23. 
      We believe that this response fully addresses the concerns outlined in your Better Business Bureau correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 
      Sincerely,
      Special Servicing Agent
      Special Servicing Department
      Village Capital & Investment LLC

      Customer response

      05/28/2024

       
      Complaint: 21725633

      I am rejecting this response because:
      There was no explanation of why my fix rate payments went from $1025.00 to $1290.00 not even on the contract does it state when the principal balance decreases the loan payment will drastically increase. 
      Sincerely,

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

      Business response

      05/30/2024

      05/29/2024
      COMPLAINT RESPONSE NOTIFICATION
      Dear ***********************,
      We are in receipt of your correspondence addressed to the Better Business Bureau, dated 05/28/2024. You stated that Village Capital & Investment LLC has raised the monthly obligation from $1,025.00 to $1,290.00. Village Capital & Investment LLC disputes all claims of  raising monthly obligation from $1,025.00 to $1,290.00. stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:
      Your interest rate is  3.50000%. 
      Your Principal and Interest portion of your Monthly Obligation has not changed.
      We have reviewed your Note dated 2/21/2015. Line 3. Payment: Your monthly obligation is $607.64 before adding any property taxes, homeowner's insurance or mortgage insurance premiums.
      This information has been provided from your Escrow Analysis that was run on your account 4/16/2024.
      "Increases or Decreases in Amounts Billed - The amount collected each month to be held in your escrow account *** change based on the increases or decreases to your property taxes, homeowner's insurance or mortgage insurance premiums".
      Your expected County Taxes went from $1,519.86 to $2,273.20 a difference of $753.34.
      Your expected **************** went from $2,641.58 to $3,050.17 a difference of $408.59. 
      The total shortage is $2,026.48. We have divided the shortage over 12 months and $168.87 will be added to your Monthly obligation.
      You can pay the shortage in full in the amount of $2,026.48.
      Your new monthly obligation will be $1,121.17 after the shortage is paid in full.
      Unfortunately we can not predict what your bills will be next year.
      I have enclosed a copy of your recent escrow analysis.

      We believe that this response fully addresses the concerns outlined in your Better Business Bureau correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 
      Sincerely,
      Special Servicing Agent
      Special Servicing Department
      Village Capital & Investment LLC

      Customer response

      06/01/2024

      Thank you for your help I will contact the home insurance company due to no communication ever came from them nor county for price increase even the amount the mortgage company came up with changed after complaint was filed went from $290 to $168. I've printed their response for price hike for my personal recordings of this matter. 

      Customer response

      06/01/2024

       
      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

      Sincerely,

      ***********************
    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      They delay a refinancing process and literally waited until the last day to do the right thing and follow up with the company I'm refinancing with. Very unprofessional and have been known to play with people's financial life. I would never recommend this company, ever!

      Business response

      05/06/2024

      COMPLAINT RESPONSE NOTIFICATION
      Dear ******* *************************:
      We are in receipt of your correspondence addressed to the Better Business Bureau, dated 4/22/2024. You stated that Village Capital & Investment LLC has purposely delayed your refinance process. Village Capital & Investment LLC disputes all claims of purposely delaying your refinance process stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:
      Village Capital & Investment LLC's payoff department processes requests in the order they are received. This payoff request was sent to the email address ***************************** on April 2, 2024, within a reasonable timeframe. An additional payoff was sent to the same email on April 11, 2024.
      Village Capital & Investment LLC has never intentionally ignored payoff requests or sought to harm the finances of our borrowers. As of the date of this correspondence, your account shows a zero balance and a paid-in-full status, effective April 29, 2024. Additionally, there has been no negative credit reporting associated with your account.
      We believe that this response fully addresses the concerns outlined in your Better Business Bureau correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 
      Sincerely,
      Special Servicing Agent
      Special Servicing Department
      Village Capital & Investment LLC

    • Complaint Type:
      Billing Issues
      Status:
      Answered
      My mortgage company was switched to Village Capital February 2024. I contacted the company and spoke with an agent about the time frame in which I had to make my mortgage payment. They told me, it was 40 days until it was reported to the credit bureau. I paid it and they reported it as 30 days late. Well, my credit took a major hit. I have tried to contact them via phone and was unsuccessful. I was given an email address, to correspond. They barely respond to listen to my issues, and all the the aspects of the issue. They then send a letter to say they have denied my request to update my reporting to the credit bureau as on time. This after their agent told me the wrong information. I would like for BBB to listen to the call that occurred in February 2023 when I called and asked. They are refusing to give me the name of the individual I spoke with. They are refusing to send me the recording of the calls, so that I can verify the statements made that would validate my complaint. I am trying to make this the first stop before I get an attorney. However, this is turning out to be a horrible experience, especially when you cannot get in contact with the departments for your mortgage company. BBB Please step in and help as I have had stellar credit and it dropped 100 points due to this. I am willing to discuss with news media outlets to fight unjust and unfair treatment to the consumer by mortgage companies.

      Business response

      04/10/2024

      We are in receipt of your correspondence addressed to the Better Business Bureau, dated March 29, 2024. You stated that Village Capital & Investment LLC has inaccurately submitted negative credit reporting. Village Capital & Investment LLC disputes all claims of inaccurate credit reporting stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:

      On December 18, 2023, Village Capital & Investment LLC sent a mortgage statement to your property address, notifying you of the upcoming mortgage payment due on February 1, 2024. The statement clearly outlined the total amount due ($5,386.49) and provided various payment options to ensure timely receipt. In January 2024, Village Capital & Investment LLC sent a welcome letter advising you of the loan transfer, along with another monthly mortgage statement reiterating the February 1, 2024 due date for the aforementioned total.

      A payment of $5,386.49 was received from you on March 5, 2024. However, on March 8, 2024, this payment was reversed due to insufficient funds. The February payment was reapplied on March 13, 2024, marking it as ***** days delinquent. As of the date of this correspondence, your March payment remains outstanding, as the payment made on March 29, 2024, was also reversed due to insufficient funds.

      Village Capital & Investment LLC reiterates its commitment to conducting all credit reporting activities meticulously and in strict compliance with the Fair Credit Reporting Act (FCRA). Following your initial inquiry in March, our team has extensively reviewed your account and its associated payment and credit reporting history multiple times. We can affirm that there have been no instances of erroneous reporting linked to your account. The adverse reporting you are contesting falls within our rights as a Data Furnisher, and is in accordance with standard credit reporting practices observed by many mortgage servicers and lenders.

      We believe that this response fully addresses the concerns outlined in your Better Business Bureau correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 

    • Complaint Type:
      Billing Issues
      Status:
      Answered
      I paid my mortgage every month online and on time. I paid March 2024 on February 21st. I paid ***** 2024 on March 18th. They misapplied the funds and now they are saying I never paid March and now owe ***** again. The representative could not explain to my husband what happened. We are concerned as this will most likely hit our credit report when we are paid in full. It still shows up online as we are owing March and *****. I do not know what the confusion is when I paid march and then paid ***** 3 weeks later. They need to fix this and make sure they did not report this to the credit agency. Unbelievable they have misapplied almost ******

      Business response

      04/03/2024

      We are in receipt of your correspondence addressed to the (BBB) Better Business Bureau, dated 3/29/2024. You stated that Village Capital & Investment LLC has misreported your march mortgage loan payment as late therefore affecting your credit.  Village Capital & Investment LLC disputes all claims of unethical and unfair practices stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:
      Your disputed month(s) have been reported as current and on time. Village Capital & Investment LLC is unable to edit or adjust our records any further. If there are any discrepancies on your current credit report, we ask that you reach out to the credit bureaus directly for further assistance.
      We can assure you that customer service is of the utmost importance to us. Village Capital & Investment LLC will work diligently to ensure we achieve better communication when our borrowers contact us for any concerns or issues. Village Capital & Investment LLC understands your frustration and appreciates your feedback. Thank you for reaching out and giving us the opportunity to resolve this matter.
      We believe that this response fully addresses the concerns outlined in your(BBB) Better Business Bureau, correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 

    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      On ******* 11, 2024 Village Capital Investment our current mortgage lender reached out to us offering a program to refinance for a lower interest rate through the **** They stated that we did not need to do the paperwork or income verification just sign documents they would send over. They also stated that we should not make ******* mortgage payment until closing and we would be able to skip February 2024 payment. We signed all the documents send over by ***************************** on ******* 11, 2024. On ******* 27, 2024 ***** reached out to us and stated we need to make *******'s payment because the paperwork was delayed for the closing. We would hold Feb until closing and skip March's payment. We attempted to make the payment but Village Capital was forcing us to include late fees which we should not be accountable for. I reached out to ***** on several occasions regarding this matter. Him nor anyone in Village Capital **************** or loan department has returned calls or emails regarding this refinance and has since reported us late to the credit bureaus. The loan department abandoned our application and file leaving us with late fees on our account and negative reporting our credit report. The loan official ***** finally contacts us after two months of no communication to tell us that they wont process the refinance because we had a 30 days late payment in ******* when they told us not to make the ******* payment. He had no good reason for not returning the many calls, texts, and emails that was sent to him.

      Business response

      03/22/2024


      We are in receipt of your correspondence addressed to the Better Business Bureau , dated March 19, 2024 . You stated that Village Capital & Investment LLC has Delinquent on mortgage payment  . Village Capital & Investment LLC disputes all claims of late charges on refinancing  stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:

      In accordance with your agreement with Village Capital & Investment, LLC, as specified in your Note document:
       
      Section Three (3) PAYMENTS; 
      (A) Time and Place of Payments;
      I will pay principal and interest by making a payment every month. I will make my monthly payment on the 1st day of each month beginning March 1, 2023. I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled die date and will be applied to interest and any other items in the order described in the Security Instrument  before Principal. If on February 1, 2053 I still owe amounts under this Note, I will pay these amounts in full on that date, which is called the Maturity Date.

      Additionally, on the Note in Section Six (6) Borrowers Failure to Pay as Required;
      If the Note Holder has not received the full amount of any monthly payments by the end of the 15 calendar days after the date is due, I will pay a late charge to the Note Holder. The amount of the charge will be *****% of my overdue payment of principal and interest. I will pay this late charge promptly but only once on each late payment.


      Village Capital & Investment LLC has dedicated significant effort and attention to ensure the proper handling of your loan, always in strict adherence to all relevant regulations and industry standards. As a valued borrower of Village Capital & Investment LLC, it is essential that you uphold your mortgage obligations, in accordance with the contractual terms established at the time of your loan's origination.

      We believe that this response fully addresses the concerns outlined in your  Better Business Bureau  correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 

    • Complaint Type:
      Customer Service Issues
      Status:
      Answered
      To whom it may concern: Ive tried to contact village capital since March 1st with no luck. Every time I call it says high call volumes , so I requested a call back and nothing. Spend 3 1/2 hours on hold today. *** sent two emails and message through the portal. Im trying to reach out for help before we have an issue.

      Business response

      03/15/2024

      We are in receipt of your correspondence addressed to the Better Business Bureau (BBB), dated 03/07/2024. You stated that you have not been able to get in contact with Village Capital & Investment LLC. Village Capital & Investment LLC disputes all claims of unethical and unfair practices stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:

      Our mortgage assistance team reached out to you successfully on March 8th, 2024. During the call, we explained that any mortgage assistance options provided wouldn't protect you from late fees or credit reporting. We also clarified that we don't offer deferments. You mentioned planning to make your payment due on 3/1/2024 on 3/31/2024.

      To make your payment, you can:

      Call our payment department at ************
      Pay online at www.villagecapital.com
      Mail your payment to:
                  *******************************************
                  Suite 100
                 *********, ** 89074

      If you still need mortgage assistance, feel free to contact us at ************ or email *****************************************************************.


      We can assure you that customer service is of the utmost importance to us. Village Capital & Investment LLC will work diligently to ensure we achieve better communication when our borrowers contact us for any concerns or issues. Village Capital & Investment LLC understands your frustration and appreciates your feedback. Thank you for reaching out and giving us the opportunity to resolve this matter.

      We believe that this response fully addresses the concerns outlined in your  Better Business Bureau (BBB) correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 

    • Complaint Type:
      Service or Repair Issues
      Status:
      Answered
      Village Capital sold my loan to another mortgage company effective February 6th. I did an application for partial claim before the transfer. The partial claim was approved before the loan transfer but now the new mortgage company has my balance past due because they have yet to receive my partial claim approval documents from Village Capital to update my account. I find it very hard to believe that it would take this company up to 90 days to physically mail my documents out for my account to be updated. This is kind of ridiculous.

      Business response

      03/15/2024

      We are in receipt of your correspondence addressed to the BBB, dated 03/05/2024. You stated that Village Capital & Investment LLC is withholding partial claim documents from your new mortgage servicer. Village Capital & Investment LLC disputes all claims of withholding documents stated in the contents of the above referenced complaint. In regards to the complaint escalation, Village Capital & Investment LLC has determined the following:

      Village Capital & Investment LLC sent over your partial claim documents to your new servicer, Midfirst via ***** on February 28, 2024. A tracking number is provided for you: 2715 4310 3739. The documents are also included for your reference.

      We believe that this response fully addresses the concerns outlined in your BBB correspondence. If you have any questions concerning this response or require additional assistance, please contact our *************************** at **************, Monday through Friday, from 5:00 a.m. to 7:00 p.m. PST or e-mail us at ******************************************************. 

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