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Business's response - on 6/18/2015
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Reviews are a great way to find out what customers have to say about a company with whom they have worked and with whom you are considering working as well. It’s very unfortunate though when you have to respond to a review such as this one. The information may even be the potential client’s perception but it’s not accurate and is very misleading.
We do everything in our power to accommodate all customer requests and this particular borrowers’ request came at the time when HUD was changing their entire program and had just implemented the Financial Assessment Guidelines. Representatives at HUD did not even know how to answer all the questions we as lenders put to them and often contradicted themselves in industry conference calls and had to respond at later dates to questions posed to them – this coming from the source of the HECM program!
When I was asked if we could do an exception to the HUD rules, I answered the question truthfully as HUD had answered to us. I informed the potential borrower immediately that it would be an exception (by no means a “sure yes”), but that I felt it was possible based on HUD’s previous guidance on this issue. We proceeded accordingly to request the exception and notified the borrower within 48 hours that it would not be possible to grant the exception that they requested.
This review implies that we indicated from the beginning that we could indeed grant the borrowers’ request for the loan parameters which we did not. It also states that I made a mistake in thinking he could “get it done quickly”. We had an answer back from HUD within 48 hours and getting an answer back from a government agency going through a complete program change wherein they are releasing updates and clarifications multiple times a week themselves, was as quick as could be expected and we did not promise any faster results. The review implies that his second “mistake” was that he allowed this to languish over a long period of time and that simply was not the case.
We are sorry that the potential borrower is disappointed and has circumstances that preclude them from being able to participate in the HECM for Purchase program at this time but those issues are not of our making, we did not promise a different result when we said we would try for an exception and a couple days to get the answer is not out of the question when working with the government.
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