ComplaintsforFinance of America Mortgage LLC

• Initial Complaint

  02/05/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I was sold a refi by Finance of America (FAM) in September '21 which was not what I had requested. I did sign the mortgage, however instead of reading the 100s of pages, I mistakenly trusted the fiduciary obligations of a licensed mortgage officer. I have attached the details of my request with said loan officer and subsequent follow up. I became aware of this last month when we went under contract for a new primary home and the new lender is requested a release of occupancy. I told them there wasn't one, contacted the loan officer, our conversations can be seen in the attachment. I have contacted FAM and ******** (servicer), have heard nothing back from FAM beyond the attached. ******** seems to finally understand what I need, but is dependent upon FAM for release. The new lender is needing this documentation by Feb. 11 to keep with closing. If we lose the contract on the new home, I will lose my $8k earnest money, ~$4000 in other costs from inspections, appraisals, title search, etc. The market here also continues to appreciate, I have spent hours quoting a complete renovation to the tune of ~$50k which would add >$100k in equity, lost. We are also in a relatively small town, and should this fall through my name and future offers are stigmatized making it much more difficult to get a home. All this secondary to me inappropriately having faith that FAM stood behind their Mission & Values, and in the fiduciary duty of NMLS licensed agents. I have all email conversations between myself and any FAM employee, but have attached only the most relevant ones. I have also attached the statement from which I am requesting written release. I am not a lawyer, but one could argue that breech of fiduciary duty by my original loan officer is an "extenuating circumstance...beyond [my] control," warranting a release of occupancy. I have expressed the urgency to multiple officials with FAM who acknowledge this, but have not responded since first contact.

  Business response

  03/10/2022

  Finance of America Mortgage LLC sent a separate response to the borrower.  We are required under the servicing guidelines to obtain approval from the investor for the borrowers occupancy waiver request. The investor denied the request.  We sincerely apologize for the frustration and inconvenience that the borrower experienced. 
  
  Tell us why here...

• Initial Complaint

  12/22/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  We received noticed from our mortgage lender, Finance of America, indicating that hazard insurance was missing on our property. They had no record of our property being part of a HOA, which maintained hazard insurance. Despite repeated communication attempts to -1. Provide them with the HOA's contact information 2. Sending them the HOA's insurance forms for the previous and current financial years 3. Providing proof of duplicate coverage Finance of America fraudulently claims that they do not receive the documentation we send them, and conducted an escrow assessment resulting in an approximately $340/month additional charge attached to our mortgage payment. They tell us to call back every week or so, and when we do call, they tell us that they don't have our documents. Several attempts have resulted in only partial removal of duplicate insurance charges. Detailed communication history is attached.

  Business response

  01/25/2022

  Finance of America Mortgage LLC apologizes for the customers unsatisfactory experience.  We have mailed a more detailed response directly to the complainant and believe the issues are now resolved.  The original policy provided was insufficient due to the policy limit amount. Pursuant to the terms of the Deed of Trust, we created an escrow account and obtained a lender placed insurance policy (LPI) so that there would be sufficient coverage.  Since the time of the complaint, the customer provided a new policy with sufficient coverage, and we have refunded the premium paid for the LPI. 

  Customer response

  01/27/2022

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because:

  There were three desired outcomes listed in the complaint -
  
  Billing adjustment
  Refund all escrow charges and remove escrow account entirely
  Record HOA information for future insurance document requests
  
  Out of the three desired outcomes, the first two are complete. The third one is not.
  

  Additionally, the business stated in their response "Since the time of the complaint, the customer provided a new policy with sufficient coverage, and we have refunded the premium paid for the LPI.".
  This is false. I did not provide any new information after the complaint that had not already been sent before. I am attaching evidence of three times prior to the complaint that the final evidence was sent - 2 emails and their acknowledgements, and a website upload acknowledgement.
  On at least two separate occasions when I called in to follow up (once before and once after this complaint), I was told that the documents were received, but were processed incorrectly by a different department, and the issue had to be escalated internally to force correct processing. This company should fix their document processing capabilities instead of blaming the borrower (me) as they have done above.
  
  They also continue to claim that they have no record of my property being part of an HOA. This issue will be considered resolved only if they confirm that they have my HOAs contact information and the HOA's insurance carriers contact information, and that they can reach out to them annually, as I fully expect this issue to recur otherwise.
  

  HOA Information:

  ************* HOA

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

  HOA Insurance Company:
  ***********Insurance Agency Inc
  ************ 

  Regards,
  
  ***********************************

  Business response

  02/08/2022

  We have sent the customer another detailed letter directly responding to all of her concerns.  Our records now accurately reflect that her property is part of a Homeowners Association.  However, the Condo Master policy provided is for common areas only and does not cover the dwelling.  As a result, the customer will need to continue to ensure that her HO3 policy type is in place at all times.  Regarding the issues with the prior documentation provided, after origination, the customers insurance carrier provided an updated declaration page changing the policy from HO3 to HO6 (condo) insurance with insufficient coverage due to the Condo Master policy only covering common areas.  Later, in October 2021, we received another declaration page from her carrier showing that the customers HO3 insurance included sufficient coverage.  We apologize for any miscommunications that occurred while trying to resolve this issue. ell us why here...

• Initial Complaint

  12/17/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I closed on a house 8/20 and had a loan through Finance of America that was being serviced by ********. I was aware before closing that my Loan would be transferred over to ******** Housing Finance Authority. On 9/20 I reached out to my Loan Officer, Michael D*****, to see if my loan had transferred yet and he said, “I don’t see that **** has officially taken over yet,” and to make my first payment to ********. So, I did. On 10/13 I reached out to him again because I had noticed on my credit report that I had two loans open in my name. One from ******** and one from ****. I asked to verify that everything was ok with the loan, and I would not have two different servicers expecting payment. I was told everything would be fine. Before my November payment there was still no change. I contacted both **** and ********. Both expected payments. **** **** said they had no documentation that they were supposed to transfer my loan. I reached back out to Michael by phone on 10/29. He inquired within his company (**** customer service told me I would not be getting late charges during these conversations). I received a call on 11/4 from Paul W****** with Finance of America explaining that they did not properly transfer over my loan along with roughly 20 others, but that I was ok to pay **** for Nov. I paid **** that day. It is now 12/17. **** has applied a late charge to my account due to them not receiving my original payment for Oct from ******** on time. **** says they took over the loan 9/8. ******** did not start the process until 11/12. No paperwork was received from **** until they were informing me of my late charge. **** refuses to waive the late charge. Paul W****** refused to provide proof this was being worked on when requested. On 12/16 Samantha B**** (Finance of America) told me she cannot guarantee her efforts will be successful. Due to the errors of these companies, I received a ding on my credit and a late fee that I should not be responsible for.

  Business response

  01/12/2022

  Finance of America Mortgage LLC’s (“FAM”) sub-servicer, ********, LLC, notified the major credit reporting bureaus to update their records to report the borrower’s mortgage loan as “current, pays as agreed” at the time of transfer.  In addition, FAM requested that the ******** Housing and Finance Authority waive the late fees.  ******** sent a separate response directly to the borrower.  FAM sincerely apologizes for the inconvenience that he has experienced. 
  Tell us why here...

  Customer response

  01/13/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  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. 
  
  Regards,
  
  **** ********
  

• Initial Complaint

  10/24/2021

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I recently refinanced with Mortgage of America and now they won't stop calling me to buy insurance that I don't need. They are calling me from early in the morning to late at night, every 10 minutes or so, without pause. I'm on the edge of insanity at this point and tomorrow, I'm calling a lawyer.

  Business response

  11/15/2021

  We have reviewed our files and neither Finance of America Mortgage LLC nor any affiliates are
  contacting ************** regarding insurance. We contacted ************** and explained that most likely
  these calls are coming from third-party marketers that buy lists from public records. We suggested
  that she block the phone numbers from which she had been receiving solicitation calls.

• Initial Complaint

  10/22/2021

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I signed a 203k mortgage with the promise that the company would guide me through the entire process as a first time home buyer. I have terminated the contractor due to violating sections of the contract signed by me and the contractor with finance of America. The company will not allow me to finish my property until a dollar amount is agreed upon with the old contractor. the amount offered was $24,000 and there is no work to show for this. that amount was offered in hopes the old contractor would part ways. This violates the contract they asked us to sign which clearly states the contractor is to only be paid for completed work. The $24,000 they offer includes work that is not completed violating the homeowner/contractor contract. The contractor is holding us up and not filing for arbitration in hopes we give in and pay the full amount or allow him to finish the project. The inspector has even said his workmanship is poor which is another reason the contract was terminated. A new contractor has been brought in with an estimate of $89,000 to undo the poor work completed by the previous contractor and to finish the renovation. I would like Finance of America to allow me to resume work on my property and set aside $10,000 of the budget for the contractor. He is only entitled to $6,200 per his final invoice for completed work. we are willing to go as high as $8,200. These numbers still pay him for at least some partial work that is not completed. We cannot afford to pay mortgage, rent, utilities for two properties and lawyer fees for Arbitration. we need them to allow a forbearance to allow us to pay a lawyer to assist with arbitration. I would like Finance of America to allow me to resume work on my property and set aside $10,000 of the budget for the contractor. He is only entitled to $6,200 per his final invoice for completed work. we are willing to go as high as $8,200. These numbers still pay him for at least some partial work that is not completed.

  Business response

  11/04/2021

  Finance of America Mortgage LLC has resolved the customers complaint.  The customer has agreed to resolve his dispute with his former contractor out of pocket.  Tell us why here.

  Customer response

  11/07/2021

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  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. 
  
  Regards,
  
  *************************
  

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