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Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
01/30/2023
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
The Mortgage Company ran the mortgage as an investment when it should have been classified as my primary residence.
Business response
02/03/2023
Atlantic Bay Mortgage Group, L.L.C. ("Atlantic Bay") is in receipt of the above-listed complaint, dated January 31, 2023. The complaint filed by Ms. ********************************* with the Better Business Bureau ("BBB") expressed her frustration with an issue relating to the purpose of her mortgage loan(#XXXXXX1234) for the subject property located at *****************************************************************************. ********************** complaint further stated that Atlantic Bay ran the mortgage as an investment when it should have been classified as her primary residence.
Atlantic Bay has duly investigated the complaint by ******************** to determine how we can reach a resolution on behalf of our Borrower. It is noted that the BBB complaint was filed against ***********************************, mortgage banker for Atlantic Bay. ************************ was not in anyway involved in the origination/processing of this loan.
On or around November 7, 2022, ******************** applied for a mortgage loan with *******************; mortgage banker for Atlantic Bay Mortgage Group. At this time ******************** indicated the purpose of her loan was to buy an investment property in **************. Since ******************* is not licensed in ************** she transferred the loan to *************************** who is also a mortgage banker at Atlantic Bay Mortgage Group. When ****** reached out to make his introductions, ******************** told him she was not going to buy the home. ******************** then emailed the mortgage banker the next day stating that she did wish to move forward after all. ****************** requested at that time that all communication be through email as he wanted a clear line of communication so that there would be no misunderstandings. ****************** structured the loan as an investment per ******************** request and the loan closed on December 19, 2022. All documentation including the initial application, final application and all closing documentation reflected the home as an investment property. Shortly after the closing ******************** gave a 5 out of 5 stars to Atlantic ***** post-closing survey.
A few weeks after closing ******************** reached out to ******************* and said that she had sent ****** a copy of an employment offer letter to include a transfer to ************** on 12/07/2022. A review of ****************** email records does not reflect any emails from ******************** with any such document. On January 18, 2023, ************************* did receive a copy of an offer letter dated 12/07/2022 extended by ********************** North America. The offer letter was not signed by a company representative nor was the offer letter on company letterhead. A verification of employment received on 11/16/2022 and then a verbal verification of employment received on 12/13/2022 did not mention any transfer information that would have immediately paused the loan process.
It is the opinion of Atlantic Bay Mortgage Group that this home would have been structured as an investment property. All supporting documentation given to Atlantic Bay to clear conditions would not have indicated that the purpose of this loan was to purchase a primary residence.
We regret any frustration this matter *** have caused ******************** and appreciate her patience while we worked to research this matter. We are hopeful that the information above resolves ********************** concerns.
Notwithstanding the above findings, ********************** experience as a customer matter to ********************** Bay. We pride ourselves in giving our customers a first-class experience. We are disappointed that there *** have been a misunderstanding or miscommunication that *** have negatively impacted her experience with us.
We sincerely apologize for any inconvenience that ******************** *** have experienced, and we appreciate the opportunity to remedy the situation. We hope that this response resolves the complaint and that the issue has been resolved. Please contact *************************, Chief Risk and Compliance Officer, at ************ if you have any questions.
Sincerely,
/s/*************************
Chief Risk and Compliance OfficerCustomer response
02/06/2023
(The consumer indicated he/she DID NOT accept the response from the business.)
Atlantic mortgage never communicated there was a problem with the offer letter. After filing a complaint with the **** was the first I'd heard about any problem. **** lead to believe all was in order.Business response
02/15/2023
To Whom It May Concern:
Atlantic Bay Mortgage Group, L.L.C. (Atlantic Bay) is in receipt of the above-listed complaint, dated February 7, 2023. The original complaint filed by Ms. ********************************* with the Better Business Bureau (BBB) expressed her frustration with an issue relating to the purpose of her mortgage loan(#XXXXXX1234)for the subject property located at *****************************************************************************. ******************** complaint further stated that Atlantic Bay ran the mortgage as an investment when it should have been classified as her primary residence.
Atlantic Bay would like to offer ******************** two options to resolve this issue. Atlantic Bay is willing to refinance her loan to reflect the purpose of the loan as a primary instead of an investment. Atlantic Bay does not feel this would be in ******************** best interest as there would be some additional costs and would only save ******************** dollars. Our second option that we would like to offer ******************** is a refund in the amount of $2,358.75, this would have been the difference in the points and fees that she had originally paid under the investment purpose had the primary purpose been used as she had intended.
We regret any frustration this matter *** have caused ******************** and appreciate her patience while we worked to research this matter further.
Notwithstanding the above findings, ******************* experience as a customer matter to ********************** Bay. We pride ourselves in giving our customers a first-class experience. We are disappointed that there *** have been a misunderstanding or miscommunication that *** have negatively impacted her experience with us.
We sincerely apologize for any inconvenience that ******************** *** have experienced, and we appreciate the opportunity to remedy the situation. We hope that this response resolves the complaint and that the issue has been resolved. Please contact *************************, Chief Risk and Compliance Officer, at ************ if you have any questions.
Sincerely,
/s/*************************
Chief Risk and Compliance Officer
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Get a QuoteCustomer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.