Loan officer left company or vanished
I am writing to formally express my dissatisfaction with the service I received from Capital Fund 1 during a recent loan transaction involving two properties. After closing in January on the first property, I was left to manage nearly every step of the process on my own. When my assigned loan officer left the company or was fired (I’m not sure), I wasn’t notified. I only learned about it after repeated follow-ups and finally receiving a call informing me he was no longer with the company. My loan involved a cash-out refinance on one property to fund repairs on a second property, which had a lien. The lien was supposedly resolved during the first closing in January, but then after learning the closing for the second property wasnt scheduled because the lienholder hadn’t received the payment, I had to personally contact the Superior Court to confirm it was satisfied last month (March) as even the title company hired by Capital Fund 1 failed to provide updates beyond emailing the lienholder. This process dragged on for months. To make matters worse, I provided a mortgage payoff letter back in February during a call with the loan officer. I specifically asked whether this would cause any issues, & I was told it wouldn’t. However, on the morning of the second property’s closing, I was informed that the HUD statement reflected the original loan amount—not the updated one. No one acknowledged or used the payoff letter I had already provided. Had I been informed earlier that this would be a problem, I would have taken steps to address it sooner. As a result of this mismanagement, I am now unable to access draw funds for repairs I’ve already completed. This entire experience has caused significant financial duress & unnecessary stress. I trusted Capital Fund 1 to manage this process professionally and transparently. I hope this complaint prompts a review of internal communication and process accountability.
By Sharon M.