Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #8953947
Complaint Overview
Complaint ID: 8953947
Company: Instalend
Product: Mortgage
Sub-Product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-Issue: Changes in loan terms during the application process
State: Georgia
ZIP Code: 317XX
Date Received: 2024-05-07T12:00:00-05:00
Date Sent to Company: 2024-06-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In the beginning of XXXX, I purchased a home that I planned to renovate and resell. I reached out to XXXXXXXX XXXX XXXXXXXX, XXXX and spoke with a XXXX XXXX. We went over all my qualifications and ran my credit. He came back and said INSTALEND has approved me and I have to begin the process of sending in my personal and business financial information. During the process XXXX XXXX of Instalend would ask for several pieces of additional information, and once I turned it in to them, they continually asked for other irrelevant stuff and kept pushing back the funding for no reason. After WEEKS went by and absolutely no word from Instalend, XXXX XXXX and I were baffled because the company just stopped communicating all together. Because of their suspicious activity, I looked them up and they have a judgement against them with the SEC. Once I brought this to XXXX XXXX 's attention he told me that they have severed ties with the company. This left me in " Nomads '' land for several weeks because I HEARD ABSOLUTELY NOTHING FROM BOTH SIDES! I finally called Instalend and spoke to XXXX and I asked for a refund for the appraisal because they are not going to fund the deal even though they gave a pre-approval and requested TONS of financial information. The guy was EXTREMELY rude and said he will not refund my appraisal fee because he said my credit score did not qualify to do the deal ( which should have been a denial from the beginning ). I asked him, how is that so? You gave a pre-approval, you asked for my financial statements, and THEY HAVE NEVER SENT ME A DENIAL LETTER OR ANY OTHER COMMUNICATION! So now I am extremely worried because these guys are shady and they have access to my personal and business information and I have no clue who these guys are. 3 months has passed and till this day I have yet to receive any type of denial letter, follow up letter, refund etc, NOTHING. Not from XXXX XXXX of XXXXXXXX XXXX XXXXXXXX or Instalend.
Frequently Asked Questions
What is Complaint #8953947 about?
Complaint #8953947 was filed against Instalend regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2024-05-07T12:00:00-05:00.
How did Instalend respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Instalend?
Yes, visit the Instalend company profile at readthecomplaint.com/company/instalend to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.