Complaints

• Initial Complaint

  10/03/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Spring made multiple errors throughout the entire process. This delay caused undue stress and inconvenience for us. I had to cancel and reschedule a business trip to Washington, DC, and repairs to the home were delayed with loss of money because of their repeated mistakes and delays. Despite getting immediate responses from me on requests for documentation, the closing date was pushed back more than four times. The company required proof of a renter for our current home by October 1 for the closing of the HELOC. As a result of the delays caused solely by this company, we were placed in the stressful position of having to reimburse the individual moving into our home and push back their move-in date, or we would have been without a home. Again, the company REQUIRED this approve the file, then proceeded to leave us high and dry. These mistakes were time-consuming to rectify and raised doubts about the organization's competence and attention to detail. Even after correcting the errors in my documents, there were additional unexplained delays in the final approval and disbursement of the loan. We were left in the dark about the reasons for these delays, which added to our growing frustration.We've spoken to individuals with the company. They refuse to rectify the situation that has cost us hundreds of dollars.

  

  Business response

  10/17/2023

  **************** and ****************,
  
  I am writing in response to your correspondence to the Better Business Bureau (“BBB”), regarding your experience with Spring EQ, LLC in conjunction to a request for a home equity loan on your property located at ************************, Mesa, AZ *******. In it, you express frustration with your loan experience and length of time to bring your application to a close.
  
  Applications were submitted to Spring EQ, LLC via your broker - ********************** I have investigated all actions surrounding loan numbers ********** and **********.
  
  Loan ********** was initially submitted as a transaction on a primary residence with *********** *********************** as the sole qualifying borrower. Upon review, it was determined this property is in fact an investment property, and the loan was restructured accordingly. It was also not disclosed that proceeds from the loan were to be used to purchase another property. When the proposed payment for the new real estate was factored in, the total resultant debt was too high for the level of income and the loan was recommended for declination, which occurred on September 8, 2023.
  
  The loan was resubmitted as ********** with ************************* as a coborrower on September 12, 2023, and moved into underwriting on September 19, upon collection of additional documentation. Upon review, this transaction was also submitted without mention of the new real estate, and the underwriter suspended the loan transaction for DTI on September 21. The loan was restructured and approved the same day.
  
  All conditions were provided with no other issues save a homeowners insurance correction that was completed on September 22. The loan was cleared to close on September 25 six days after submission to initial underwrite.
  
  While we understand your frustration, Spring EQ, LLC acted on these transactions in accordance with its guidelines and policies, and acted promptly on information provided by ********************** I show your loan had since moved to funding on September 26.
  
  Spring EQ LLC thanks you for your consideration and feedback. Please contact us directly at ************ with any additional concerns.
  
  Regards,
  *********************
  Director of Compliance
  Spring EQ

• Initial Complaint

  09/26/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  We have been trying to take an equity loan on our home. We qualify for loan and was Set to close 8/15, the house was appraised wrong. I contacted Spring EQ sent over all the additional information confirming that had they seen previous appraisal we would have closed. I reached out to the company they said the original company has to get corrected. This is after i have waited over a week to have Spring EQ fix. I left voicemails and emails with non response. I contacted the spring eq main # last week was assured they would get corrected. Its not. I spoke with the manager who is asking for all the previous paperwork sent to be told they sent to the wrong company. So let me express my concerns that they can not locate my personal information and now find they have been sending to wrong company. This loan process began in July it is the end of September. I have given additional time to have people do their job. They are not they have left my husband and I in a financial hardship by devaluing my home and making my money unavailable to me. I explained this to multiple people and my concerns are getting pushed back as if its my problem. Yes it is however they have not been proactive in getting this corrected or letting me know how or what. They have continuously cut of communications and let my husband and i know they dont care about our business or the financial hardship they have caused us by delaying yet again.

  

  Business response

  10/16/2023

  ****************,
  
               We have received your correspondence submitted to the Better Business Bureau (BBB) regarding concerns with loan application number **********, which was submitted to Spring EQ, LLC on July 26, 2023. In this correspondence you inquire regarding adverse action taken as a result of the subject property,which serves as collateral for the loan, being of a type not permitted by Spring EQs underwriting guidelines. 
  
                A full appraisal was ordered on the property located at *****************************************************************, VA, ************, with expectation that the property type was that of a modular home. This valuation was completed on August 2, 2023.Upon inspection, the appraiser determined the property was in fact a manufactured home, due to presence of a HUD plate and other identifying characteristics. The report delivered was prepared utilizing appraisal form 1004C, which is the Manufactured Home Appraisal Report.
  
  You had informed Spring EQ LLC that the property is a ********, and that it meets both federal and state certification requirements, indicating that it can be considered both a manufactured and a modular home. Modular homes are permissible under Spring EQ LLC lending guidelines, while manufactured homes are not. This information was provided to and reviewed by both Spring EQ LLCs underwriting department;however no change was made in the property type determination. This is because while ******** homes do retain many features of modular homes, they are still considered manufactured.
  
                As a result, Spring EQ LLC declined your loan due to the collateral being ineligible.  Unfortunately, we are unable to proceed with this transaction as we do not offer financing options for manufactured housing. 
  
                Spring EQ LLC appreciates your consideration and feedback. Please contact us directly at ************ with any additional questions or concerns.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ, LLC

• Initial Complaint

  09/24/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I applied for a loan. Spring EQ hired an appraiser and the appraiser intentionally undervalued my home I have tried to resolve with them by asking for a reconsideration of value request but they will not return my calls. loan number *********.

  

  Business response

  10/11/2023

  **************,
  
  Spring EQ, LLC has received your correspondence to the Better Business Bureau (BBB), regarding the result of an appraisal valuation performed on your property located at ************************ in Odenton, MD. In this correspondence, you express concern that the appraiser purposely undervalued the property and has not responded to your request for a reconsideration of value.
  
  Spring EQ, LLC, orders all property valuations in accordance with Uniform Standards of Professional Appraisal Practice (USPAP)and Appraisal Independence Requirements (AIR). These require a third-party,non-biased licensed appraiser to perform all valuations for use in loan qualification. These regulations also place strict standards on appraiser selection and engagement and require assessed values to be based solely on market conditions, property characteristics, and applicable comparable sales.
  
  The appraisal report prepared on July 28th, 2023, provided a final assessed value of $360,000.00. This was less than the estimated market value stated on your loan application of $400,000.00. Upon review of the report, the appraiser selected comparable sales that were extremely similar in age, condition, and amenities. All sold within 6 months of the date of the report and are located within 1 mile of the subject property. Gross adjustments to value are less than 10%, with net adjustments less than 5%.
  
  In order to pursue a reconsideration of value, additional information or superior comparable sales must be provided to the appraiser by the intended user of the report the lending institution. Appraisers are discouraged per USPAP to engage property owners as they are required to maintain impartiality. As this loan was submitted via ********* to Spring EQ,LLC, any reconsideration request would be required to be initiated by that entity, along with documentation supporting a possible higher assessment.
  
  While understandably frustrating, there exists no evidence that a reconsideration would have arrived at a higher appraised value. The appraiser completed their review timely and in accordance with all applicable regulations and standards.
  
  Spring EQ LLC thanks you for your consideration and feedback. Please contact us directly at ************ with any additional concerns.
  
  Regards,
  
  *********************
  Director of Compliance
  Spring EQ

• Initial Complaint

  08/03/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I applied for a heloc loan on may 02/2023 after 5 weeks I was scheduled for closing on June 07/2023 at 3:00 pm at 11:00 am I received a call from the loan advocate that the closing was cancelled because the master association insurance policy was expiring on June 30th and the renewable policy was not yet available I was told that they would hold my application until I was able to obtain it on July 7th they told me I had to start a new application but it would be escalated as I had already been qualified we had to contact my Condo owner insurance company to update the loan # and the master association as well which was completed on July 21st I was ready for closing I called both the loan officer and the loan advocate every day from July 24 th to July 31st leaving messages as to what the status was and did not receive any response on Aug 01 I called customer care and was told I was in the final stage with underwriting but somebody should have communicated with me and that they would have someone contact me by days end a manager contacted me later that day and said due to new regulations they could no longer offer Helocs had I not called I would still be waiting for an answer so after 3 months of dragging me through the mud and stringing me along being qualified and having a closing date this is what they tell me I would like to have a letter of denial explaining this new regulation and I would like to have my appraisal fee of 250.00 refunded

  

  Business response

  08/17/2023

  Dear ***********************,
  
             We have reviewed your correspondence submitted to Spring EQ through the Better Business Bureau on August 3rd,2023, in which you express concern regarding application for a home equity line of credit and its subsequent declination. After review of your situation, it was determined that the loan was denied due to a guideline update going into effect rendering the occupancy on this transaction as ineligible in conjunction with the status of your primary residence. Because of this, SpringEQ was unable to proceed with closing.
  
  This does constitute a valid reason for declination in accordance with the Home Mortgage Disclosure Act (HMDA).
  
  SpringEQ does recognize that the communication surrounding this transaction could have been clearer and more consistent. In addition, the timing of this action was unfortunate as it was taken late in the origination process. While we are not able to proceed with the transaction as stated above, Spring EQ would like to refund $250 to you in consideration of costs paid in association with your appraisal,as requested.
  
  We value your time and consideration and will use this feedback to improve our processes in order to provide the best possible customer experience. 

  Customer response

  08/22/2023

  [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

  07/21/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  In early July, 2023 I was comparison shopping for Home Equity and HELOC rates. Evidently SpringEQ was one of the lenders my info was submitted to because I have a hard inquiry on my ******** credit report, dated July 12th. My research should have only initiated soft inquiries. I tried calling the phone number on the credit report ************ and only got an answering machine message, "i'm sorry I missed your call." I would like SpringEQ to remove the hard inquiry from my Experian credit file.

  

  Business response

  07/31/2023

  Dear *****************************,
  
            We have reviewed your correspondence submitted to Spring EQ through the Better Business Bureau, in which you express concern regarding an inquiry made on your credit report dated July 12th, 2023. Spring EQs records indicate that you provided verbal permission to ************** to obtain a copy of your credit report on this date during a conversation regarding possible HELOC programs for home improvement which was initiated at 3:02PM.  This conversation was continued on the same day at 4:09PM with a follow-up phone call from *******, during which you were presented with a number of loan options for consideration. As a result, you had stated you desired to take several days to consider these options with additional communication to occur on Friday, July 14th, 2023. ************** attempted further contact on this date at 7:18PM, and left a voicemail including her direct phone number. No further communication occurred.
  
  In the course of determining what specific loan options are available to you, it is necessary to obtain consumer credit information which includes a copy of your credit report. This disclaimer was presented during the initial call, and your consent was provided. As inquires of this nature do report on consumer credit reports, we are unable to reverse this action.
  
  Please feel free to contact us directly with any additional questions or concerns, thank you.

  Customer response

  08/02/2023

  [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. 

  Now that I know where the hard credit check came from, I have contacted the business directly.

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

• Initial Complaint

  06/16/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My family applied for a HELOC 30 days ago through ***** mortgage and ***** used SpringEQ as the third party. My credit was approved, debt to income was approved, employment verified, all paperwork complete, and appraisal completed. My loan officer from ***** mortgage assured me that everything looked great and we were just waiting for the final approval and should have access to the loan this week. I didn't receive any calls, so I reached out to ***** to check the status. My loan officer then told me he's so sorry, but SpringEQ denied the loan because our home addition is currently under construction. They want us to complete the constructing first. However, at the beginning of this 30 day process, I was told this wasn't an issue. I was led to believe that everything was on track. In the end, 30 days later, my credit score dropped, my cards are maxed (needed to purchase supplies while we waited for the loan they led us to believe we were getting), and then, 4 days before the money was supposed to be in my account, they decided to inform me the loan is denied until construction on our addition is complete. This is the reason we applied for the loan. We needed funding to complete the addition. I have requested a call or an email for the last 3 days and SpringEQ refuses. I don't want anyone else to go through what we just went through. Leading us along for a whole month is trash customer service and has set us back a couple months.

  

  Business response

  07/10/2023

  Dear ************:
  
  Thank you for your correspondence regarding your loan application with Spring EQ. In this correspondence, you express disappointment that your loan application was declined because the property securing the loan was under construction. You indicated that your loan officer with Guild Mortgage led you to believe that your application would be approved.
  
  Unfortunately, Spring EQs lending guidelines do not permit lending against a property with incomplete construction without a full appraisal. The loan was conditionally approved on or about May 21, 2023, but subject to a property valuation being completed. Only upon completion of a drive-by / hybrid appraisal ordered in connection with your application did Spring EQ discover that the subject property had an incomplete addition that remained under construction. A full appraisal was required to be ordered so that Spring EQ could confirm the value of a property in such a condition;however, your broker instructed Spring EQ in writing to cancel the application on June 15, 2023.
  
  Spring EQ is not aware of any representations that were made to you by your mortgage broker that the application would be approved. At no time did Spring EQ represent to you or your broker that your loan was approved unconditionally, or that a property under construction would nevertheless be approved as collateral for a loan. Spring EQ would be glad to discuss this matter with you further to answer any additional questions you might have. Please feel free to contact Spring EQ directly at ************** with any questions. We thank you for your business and your interest in Spring EQ. 

  Customer response

  07/14/2023

  [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: The communication between SpringEQ and Guild was insufficient which led to disinformation and dishonesty. SpringEQ's expectations for the loan process are SpringEQ's responsibility to communicate with the borrower to ensure transparency.  You also failed to respond to me until I reached out to BBB. This situation has caused my family great stress and my credit score to plummet to a point where I can't even apply for a HELOC with another lender. I request my credit score to be restored and would appreciate you doing your part to reverse the inquiry based on false communications relayed to me through your partnership with *****. Further, I really do hope communication improves between you and ***** for the sake of future borrowers. 
  
  Regards,
  
  *************************
  

  

  Business response

  08/21/2023

  Dear *************************,
  
            We have reviewed your response to correspondence originally submitted to Spring EQ through the Better Business Bureau on June 23, 2023, in which you express concern regarding the declination of an application for a home equity line of credit. After review of your situation, it was determined that the loan was ineligible for financing due to ongoing construction, identified during review of an appraisal which occurred on June 12, 2023.
  
  In this transaction, Spring EQ acted in the capacity of a mortgage lender, and ******** Mortgage Company LLC in the capacity of a mortgage broker. While Spring EQ ultimately determines whether to approve or deny a loan, it is dependent on the mortgage loan officer in the employ of the mortgage broker for provision of relevant information and documentation in conjunction with the loan application. It is also the responsibility of the loan officer to ensure the transaction meets established lender guidelines, one of which requires the property to be complete with no ongoing construction.
  
  At no time prior to receipt of the appraisal document was it communicated that the subject property addition was currently under construction - this was discovered upon review of photographs and appraiser commentary. As a result, Spring EQ promptly updated its loan approval to require a full appraisal confirming completion of the subject addition, in accordance with its guidelines. The loan officer subsequently advised Spring EQ to decline the transaction on June 15, 2023.
  
             The credit inquiry associated with this loan was completed on May 15, 2023.This is required for borrower qualification and was not done in error or at a time when the loan was otherwise determined to be ineligible for financing.Because of this, Spring EQ is unable to reverse this inquiry.
  
             Spring EQ is continually striving to improve its customer experience as it relates to communication and process and would be glad to discuss this matter to answer any additional questions you might have. Please feel free to contact Spring EQ directly at **************.
  
  Regards,
  
  *********************
  Director, Compliance
  Spring EQ

  Customer response

  08/29/2023

  [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:

  Your communication is horrible during the loan process, which led to the last minute denial after we were told everything looked "great".  However, you seem to have all the perfect responses on BBB. The good news is, we applied and were approved through ****, so we're incredibly grateful for credit unions pulling through after you failed. Take care!

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

• Initial Complaint

  04/24/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I interacted with Spring EQ for several weeks during the months of February and March in an attempt to secure a home equity loan. On March 2, I talked with the agent and was told that I would be charged $250 for filing, an appraisal and other fees. On March 3, 2023 I saw that I was charged $595 for a home appraisal and related loan origination fees. I contacted the same agent at SpringEQ immediately by phone and requested that the charges be cancelled and that the correct amount be charged. I was informed that the original amount could only be refunded and that I would see the refund within seven days. Ultimately I was denied a loan and given vague and misleading information numerous times throughout this process and after I paid off debts and borrowed from others to have additional cash on-hand. I was very upset with the entire process. Now it has been more than 35 business days and I have still not received a refund. The agent sent me a false receipt stating I was refunded, but the receipt doesn't show my name, account or any identifiers. I want my refund.

  

  Business response

  05/18/2023

  Dear **************:
  
  Thank you for your patience Spring EQ has investigated this matter. Our records reflect that on April 24, 2023, you were issued a refund of $595.00 relating to the appraisal fee you were charged. This was credited to your ****.
  

  In the complaint you allege that you were given vague and misleading information throughout the loan process. Our records show that the loan application was reviewed and dispositioned in accordance with all legal, regulatory and underwriting requirements; however, we apologize if our communication did not meet your expectations. We thank you for bringing this matter to our attention, so we have the opportunity to improve.
  
  If for some reason you do not see the refund as having been processed, please contact us at ************. Thank you.  

• Initial Complaint

  04/12/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I would like to register a formal complaint against the sad excuse of a circus in the Philadelphia area known as Spring EQ. Terms and conditions were switched twice in the process, and the information provided was lost and not requested again until the last minute. After closing, funds were committed on a specific day and date and still have not been deposited per the commitment. I would like to contact the Philadelphia area fraud department about this as well. I believe that under the circumstances the organization should provide a full refund of all charges and costs involved in their complete and thorough pathetic lack of service.

  

  Business response

  05/12/2023

  Dear ************************:
  
  Spring EQ is in receipt of your complaint submitted to the Better Business Bureau and received on April 24, 2023. In the complaint, you indicate that terms and conditions of your loan were switched twice in the process, that information was lost and not requested again until the last minute, and that after closing funds were not delivered to you timely. Thank you for your patience as Spring EQ has reviewed this matter. It appears that your loan application was accepted by Spring EQ loan originator ***************************,but then submitted to lender ****** Mortgage for underwriting, processing,closing and funding. ******************** collected information from you and advised on the loan application process, but after it was submitted to the ******, it was ****** which sought additional documents and controlled those subsequent requests.
  
  Spring EQs records do show that the loan was approved and was supposed to fund on April 11, and that the settlement agent engaged by ****** to close the loan, ******, believed there was an additional person on the deed who did not sign, and therefore funds were held pending resolution of this issue. Spring EQ became aware of the issue at 6:55am on April 12, and immediately worked with both ****** and ****** to resolve the issue that same day. Spring EQ understands that funds were in fact disbursed on April 12. If that is not the case, kindly let us know.
  
  We thank you for bringing this matter to our attention.Spring EQ maintains that at all times it acted in accordance with applicable laws and best practices during the origination of your loan. We do appreciate the opportunity to review this matter and improve as a result. We thank you for your business, and we hope you consider us as your future mortgage needs arise.

• Initial Complaint

  03/23/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I was referred to this company by my mortgage company for an equity loan. My lender asked for a time for this company to call back and I never received a call. The next day I get an email saying they tried to call, but never had a missed call. I completed the application right away and my credit was pulled. I was told my application was received and the loan officer would begin working on it right away. I attempted to call the loan officer and could never get the loan officer to answer her phone. I've left 3 messages for the loan officer, sent 1 email to the loan officer, and been connected to the company customer service where I had to leave another message, with no return call. I called my lender back and got connected again to customer service, which no one answered and no one has called back from that message. I've decided to go with another lender but I'm very upset that my credit was pulled and this company has blatantly ignored my requests for a status update. Their web portal shows that my application has been received and nothing else. Worst customer service I've ever dealt with!

  

  Business response

  04/11/2023

  Dear ****************:
  
  Thank you for contacting us. Spring EQ has sent, via ****** a detailed response to your residence. Because it includes information specific to your loan application, we are not including those details here.Please feel free to contact us with additional questions or concerns. 

  Customer response

  04/28/2023

  [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

  03/16/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  We were using Spring EQ's secondary lien program as a supplement to our first mortgage for a client of mine. Everything appear to be moving along great, we had received approval multiple times and were getting ready to close. Less than 48 hours prior to our scheduled closing, they decided out of nowhere that they were no longer going to complete the file. Since that point, we have not received a response from anyone over there. They do not answer emails nor phone calls. Not only has this put a client of mine and an extremely uncertain situation where he has to scramble to find temporary housing, it has reflected poorly on everyone else involved in the transaction. I have never seen anything like this before, and could not imagine putting someone else in this situation. Poorly handled from all angles and will end up costing my client a significant sum of money while we try to clean up their mess.

  

  Business response

  04/11/2023

  Dear ********************:
  
  I am writing on behalf of Spring EQ relating to the complaint you submitted to the Better Business Bureau on March 16, 2023. In that complaint, you indicated that your clients loan was declined out of nowhere by Spring EQ 48 hours prior to closing. Spring EQs records indicate that a deed restriction was discovered on the property that rendered the property ineligible for financing by Spring EQ. Details about deed restriction and its implications for the loan were delivered to you via email on March 15,2023, and a notice was sent to your client as well. Spring EQ will have someone reach out to you to discuss additional questions you may have about this matter. 

*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. ↩