DELAWARE -- I'd like to tell you my experience with Franklin First Financial.
I am going through a divorce because after 21 years of marriage, my husband decided he liked someone else better. My one stipulation for signing the divorce papers was that my husband help to buy a house for me and my children to live in.
My husband contacted Franklin First Financial. They gave us the best interest rate. Our loan officer was JB. I believe he is located in Florida. I live in Delaware.
We signed Good Faith Estimates, but there were many items left TBD. Some of the items left TBD were transfer taxes and escrow amounts, for example. Well, the TBD items were never determined by our loan processor.
The day before closing, on June 11, 2007, my husband had a verbal conversation with the loan processor trying to determine the exact amount we needed to bring to the closing table. The processor could not determine how much, but said, "Bring either $28,000 or $29,000, that should be about right. If you don't bring enough, you can write a personal check at the table. If its too much, they can give you a refund at the table." That was a bit stressful because I had exactly $28,800 in my savings account and that was all.
On the morning of closing, June 12, 2007, Franklin First Financial finally got the paperwork to our closing lawyer, Ward and Taylor, at 9:30 am. Mr. Ward was our attorney. Our closing was scheduled for 10 am, but because Franklin First Financial was late, our closing was pushed back. When we finally sat down at the table, Mr. Ward told us that we owed $34,787. Franklin First Financial had never determined the transfer taxes nor the escrow amounts which accounted for the discrepency.
Mr. Ward excused the sellers and addressed us. He said that in 27 years of closing on real estate, he had never seen a mistake this bad. First, Mr. Ward called the loan processor. She would not acknowledge the mistake, and suggested that Mr. Ward play with the 5% that the realtors had, which, of course, had nothing to do with the problem. Finally, he talked to JB, the loan officer. He offered us $250 rebate, which was our processing fee. We declined and proceeded with the closing.
I then had to borrow about $6,000 from my soon-to-be ex-husband in order to close on my house. I was very angry and humiliated. But that doesn't compare to what happened in the days to follow.
The next day, my husband called Mr. B. Mr. B offered to restructure the loan from an 80/10/10 to an 80/15/5. This would initially put about $9,000 back in our pocket, but it would raise my payments by about $100 per month. This was not something I was interested in. As a woman living off of alimony and child support, $100 a month isn't something I can afford. So, I decided that I wasn't going to go for that deal. I felt that Mr. B had made a $6,000 mistake at my expense because he neglected to pick up the phone and find out how much my transfer taxes would be in the state I live in. He did not do his job, and our lawyer, Mr. Ward, told us that he broke a law known as RESPA. Mr. B was supposed to protect me by giving me an estimate that was very close to what I actually had to pay, not $6,000 off.
So I decided to call Mr. B myself and tell him that I wasn't interested in a "favor" that cost him nothing but cost me $100 a month, especially since it was he that made the mistake. Mr. B hung up on me 3 times. The first time he said, "I've already talked to a lawyer and your husband, I'm not going to talk to a third party about this." The second time I called, he said, "Have your husband call me." The third time, he said, "I will not take your calls." When I called him the fourth time, he finally listened to me. He heard the whole story as I have just told you, (he didn't know my husband and I were divorcing, for example). He blamed the problem on a "young" loan processor. I told him that even a young loan processor has a boss who is responsible for his work. He kept reinterating that he was trying to do me a "favor" by restructuring the loan. I told him that the only favor he could do for me was to reach into his pocket and give me $6,000 because that is what good customer service people do when they've made a mistake. He told me that I should have called my state to find out my own taxes, and I told him that was his job. At the end of the conversation, I assurred him that I would be contacting the Delaware Banking Commission, Lending Tree, and his own general office of Franklin First Financial. At that, he replied, "Fine." and hung up again. I'm sure everyone involved would like to know what kind of service I received from JB at Franklin First Financial.
I was a dissatisfied customer who had been wronged, and Mr. B hung up on me a total of four times after making a $6,000 mistake at my expense.
I have a lawyer looking into it for me, so Mr. B may not have heard the last of me. All I have to say is, watch out for Franklin First Financial. They may promise the moon, but they aren't interested in service, they're interested in your money.
SYOSSET, NEW YORK -- I was doing a refinance on line and received a phone call from someone at Franklin First his name is Isaak. He promised all kinds of things and did not come through with anything. He said we would close in a week well it took just about 6 weeks. He lied about our appraisal, because he could not get the rate that he promised. We signed closing papers on a Tuesday, come Monday our loan was still not funded. At that point he stopped returning my phone calls and emails, until it threatened to go to a lawyer. He then gave me a name and number of the corporate office to call. After speaking to the funding officer come to find out he changed our HUD after it was signed and we were not be reimbursed for our appraisal fee or getting back the 1200.00 that we were supposed to get, it was all going in his pocket. I was going to cancel the deal but this lady assured me she would make things right. Well within the next day the HUD was changed and all of our payoffs were correct. She came through for us. So not everyone at Franklin First is a snake jus Isaak. So if you do business with them just make sure you don't get tangled up with him. If anyone has any questions I kept all of my emails with him, I could back everything up. But again the company themselves are good just not him. Hopefully when they have time to review everything that I have sent them he will be fired.... I did speak to another mortgage company out of MA. it is Northeast Lending the loan officer was David Silva and he was excellent. He was honest even though I went with the other company he still answered question for me. So if you need a mortgage try him.
WEST HEMPSTEAD, NEW YORK -- On May 15th 2003 a representative from Franklin First Financial came to my home and we discussed a refinance of my mortgage.
After discussing loan rates and closing costs I gave him a good faith check in the amount of $305 dollars in case we decided to go ahead with the loan.When he informed me that he couldn't give me the rate we discussed I told him to cancel my application . He said no problem and my papers and check would be returned to me.
I waited for one month and when nothing had been returned to me I called Franklin Financial and was told someone would get right back to me. I waited the entire day and no one called back. The next day I called them again and was assured they would get right back to me. Again no one called all day.
My significant other than called and after telling the operator of the difficulty we'd been having reaching someone at Franklin she insisted on talking to a live person right then.She talked to a company representative who promised to return my check and papers within 10 business days.About a week later I received my papers but no check.
We were away for 2 weeks and when we returned she again called on 7/9/03 and was told someone would get right back to her. Again no returned call.
On 7/10/03 she called from her job and after hanging on for 10 minutes could hold on no longer. I then called from home and was told by recording someone would get back to me. Once again no returned phone call. I called the next day and insisted on talking to a person. I was transferred to the Compliance Department and spoke to a man whose name I won't reveal at this time . He verified my check was there and told me I would receive my refund within ten business days.
I waited about 20 days and I called the company and asked to talk with the man in Compliance. He came on the line and when I asked him what was going on with my refund he said he was on another line with a customer and would call me back within the hour. I asked him to please call back because no one ever returns calls at Franklin Financial and he assured me he would. I waited the entire day and he never called back.
The following day my significant other called again and demanded to speak to an officer of the company. She was given a man [ whose name I will not reveal at this time ] who identified himself as the Vice President of the company. He said he would talk to the man in Compliance and get back to her. He did call back and after apologizing for all of our troubles and admitting his employee's were negligent he promised my check would be in my mailbox no later then Saturday 8/2/03 or Monday 8/4/03.
When my check had not arrived by 8/5/03 she again called the Vice Presidents office and left a message for him to call her back that same day. You guessed it , no return call from him either.
On 8/7/03 she again called and getting this so called Vice President he assured her the check was going out that day. It is now the morning of 8/11/03 and I still do not have my refund.
Folks ,if this is the kind of company that you want to do business with then don't say you weren't forewarned. I'm wondering if they are all just incompetent or could they even be a fraud ? This is the worst company I have ever dealt with. Good luck