E-loan - home equity loan process took 6 weeks - upset with how things were handled

Complaints.com received the following business reply on November 12, 2002:

From:

RE: RE: 2nd Mortgage e-loan

Dear Wendy, Thank you for taking the time to write us about your loan experience. I totally apologize for the inconveniences you have experienced throughout the loan process. Although most of our Home Equity Loans do close within a timely manner, the 125% loans require extra documentation due to more stringent Underwriting guidelines - and hence the delay with your loan. And, I sincerely apologize for the delay in the Funding of your loan as well. Your patience and understanding are greatly appreciated. Please do not hesitate to contact me directly with any questions or concerns. Thanks again. Sujata Raman

Sales Manager

E-LOAN, Inc. Office hours are from 7am - 4:00pm Monday through Friday (PST)

Email User

Dublin, CA 94568

www.eloan.com

Complaints.com received the following consumer message on November 12, 2002:

From: Rouse, Wendy [Email User]

RE: E-loan - home equity loan process took 6 weeks - upset with how things were handled

The home equity loan process with e-loan was supposed to take only 2 weeks. It took 6 weeks total. They were authorized to pull my credit only once and pulled it three times. The mobile notary showed up without the loan documents.

They were delivered three minutes after her arrival to my front doorstep despite the fact that I was told they were sent to her the day before. My documentation sat so long in underwriting that they asked me to resubmit new pay stubs because my previously faxed documents were now over a month old. Funds were available a day later than promised.

They consolidated credit card debt that I asked not to include. They overpaid four creditors several hundreds of dollars despite the fact that I provided recent statements with exact balances....a month later I'm still waiting to be reimbursed by creditors. I sent a formal complaint to E-loan customer service and never heard back from them. ...please pass on! Thanks, Wendy Rouse