Customer Reviews & Ratings
Complaint Posted 6/8/2015
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All Reverse Mortgage
We contacted All Reverse Mortgage on 6/3/2015 regarding the HECM for Purchase program after working with another mortgage company. We spoke with Mr. Auerwald though email and the company Facebook page about our recent bankruptcy and current situation. He felt confident they could still pursue a quicker solution to helping us even knowing the guidelines had changed. The information from our previous mortgage company was spot on regarding Extenuating Circumstances we found out after Cliff went through his process. While Mr. Auerwald probably knew 12 months was the minimum he still followed through with a hard pull on our credit reports before speaking with an under writer. We were lead to believe Cliff had been successful in accomplishing loans under this time frame even with the new guidelines in place. Unfortunately this was not the case. As someone rebuilding their credit I was very disappointed he would do this without speaking to his under writer first. Overall working with All Reverse Mortgage was a disappointing experience and I would recommend everyone do their own research first.
Business's response - on 6/18/2015
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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Additional Business Information
Hours   6AM PST - 8PM EST Phone   (800) 565-1722 Address   2019 W Chapman Ave
Orange, CA 92868
Website Email
Contact   Cliff Auerswald Other  
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