![Not BBB accredited](https://m.bbb.org/terminuscontent/dist/img/non-ab-icon__300w.png?tx=w_120)
ComplaintsforSecurity Federal
Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
05/22/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
Built a new home, moved in on ***** ***. Reached out to mortgage company ***** *** and have yet to close still. It has cost $63/day since our house has been built for the loan to be waiting for closing. We have been transferred from one person to another that is in charge of our closing. We are still waiting and just got told that "tentative" closing will be ****. This needed to be done over 8 weeks ago and we are still waiting.Business response
06/08/2023
Ms. ******** obtained a construction permanent loan from another bank. The ********'s applied with Security Federal at the end of ***** to pay-off the original bank. The refinance loan with Security Federal Bank closed **** ** ****. The interim interest of $63 per day was actually cheaper than the new loan obtained so the differential from the original loan saved $5 per day during the standard processing time for their new loan. The Mortgage Loan Officer (**** *****) has been in touch with the ******** and the matter has been explained and settled. I believe the complaint was filed prior to this communication.Business response
06/23/2023
Security Federal Bank's (SFB) mortgage lending division manager, **** *********, answered this complaint on **** ** **** via the GA BBB site. The Mortgage Loan Officer handling Ms. ********'s loan contacted her the same day to discuss the closing. **** ** **** was first day SFB was aware of this complaint. Providing explanation here again in event needed.
******** Desired Resolution: Failure of the bank to close the loan in a timely manner has forced us to pay $63/day for 8 weeks. We would like the loan to be closed and a refund of all or a portion of our out-of-pocket expenses as a result of the bank's failure to coordinate closing of the mortgage loan.
SFB Response: Customer obtained a construction-perm loan from another financial institution who was ultimately unable to handle the transaction. Customer contacted SFB and loan was closed in approximately 30 days - very reasonable amount of time given that SFB picked this up in mid-stream. The $63/day "out-of-pocket" expense referred to is the daily interest accrual on the construction loan which was less than the $67.98/day interest accrual on the permanent loan which has been closed. Of course, customer would have been paying interest either way but in this case while awaiting closure of permanent loan, they saved approximately $5/day in interest charges.
Please advise if additional information is needed. Thank you.
****** *******, SVP/Chief Compliance Officer
*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. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.
BBB Rating & Accreditation
This business is not BBB Accredited
Customer Reviews are not used in the calculation of BBB Rating
Customer Complaints Summary
2 total complaints in the last 3 years.
0 complaints closed in the last 12 months.