ComplaintsforAmerican Internet Mortgage Inc

• Initial Complaint

  10/18/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I have used Aimloan multiple times to buy properties and to refinance going as far back as 2007. I recently sold a rental property for which Aimloan was the servicer of the loan and the balance of the escrow account was supposed to be returned to me. The balance was over $3k however I only received initially a check for $367.08. It appears that the shortage occurred when the servicer paid the property taxes at some point AFTER the closing on the property. In other words, funds from my escrow paid the property taxes on a home that I no longer owned. Additionally, the property taxes was taken care of out of the proceeds from when the home was sold. I was only responsible for the taxes between 1-17 July 2024 (paid at closing) and the servicer paid the full taxes covering 07/01/2024 - 06/30/2025. I called to notify Aimloan of the discrepancy and a couple of weeks later I received another check for $1432.83. While I appreciate that I received some of my funds back I was still short $1399.98. Since then I have called back and was told that they would look into it and refund the rest. However after several weeks I have not heard back. A shortage of nearly $1400 is not a small deal and the fact that I'm not hearing back from Aimloan and I have to continue to chase them for the balance is not a good look. They after-all... are not disputing that I was shorted... but they are not providing a proper followup nor providing the funds in a timely manner.

  

  Business response

  10/22/2024

  Prepared chronology of events.  I think this will help our customer with understanding the timeline.  We provided check copies to address proof refunds were issued.  The refund in question for $1399.98 turned out to be a post office delay.  

  Customer response

  10/22/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  ***** ******
  
   
  

• Initial Complaint

  07/12/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Aim Loan, my 1st TD lender on my home, advertises a refinance or equity loan there in addition to all my loan information, including my property valuation of $306,000. This is normal and the middle range ($284,000 - $320,000) of other lenders and real estate sites. I filled out their form for an equity loan, for $45,000, 15 years at 9.7%. Then I completed an application to process this loan. The valuation they used on my property, now came in with $272,000 valuation, lowering my qualification amount. To me this is a LOW BALL attempt to possibly offer a cheap buy-out or HIGHER INTEREST by a 3rd party, I don't know, but I am very suspicious of them. I advised the loan processor I was very upset by this and felt it was dishonest since others including their site, said $302,000. She said they had a company that they used to do an on-line valuation, that is what they have to use, and nothing could be done. I immediately refused to further process my loan with them and cancelled immediately. This is a HUGE distortion of their servicing website of $30,000 or almost 10% of my property value. $302,000 vs $272,000. My loan balance is $175,000. I want other customers to know about this deceit, and I want Aim Home Loan to correct their data immediately.

  

  Business response

  07/13/2023

  Hello,
  
  Part of the application process is obtaining a value for the property; the value we received was lower than the customer estimated on the application.   The Loan Officer gave the customer the options for the maximum loan amount we could provide based on the value of the property.    At no point was a higher interest rate offered. 

  Customer response

  07/13/2023

  The business did NOT ADDRESS the fact that my application valuation used was the AIM LOAN SERVICING VALUATION on my 1st TD loan they carry.  And also same  average valuation of REDFIN, TRUILIA, ZILLOW, DISCOVERY HOME LOAN,  and independent *********** broker. The difference is MAJOR resulted in a loss of accessible funds to me.  $272k vs $306k. A 10% detrimental market adjustment from AIM LOAN COM website. 

  

  Business response

  07/14/2023

  We appreciate your input and are reviewing the estimated value given on the Aimloan servicing website.  When you apply for the loan we still need to have a value provided by an independent 3rd party and that is the value we have to use for the application.

  Customer response

  07/24/2023

  Aim Home Loans needs to verify their 3rd party valuation for Equity Loans vs their Service Valuation, which is in line with outside parties.  The 3rd party valuation is "sketchy" for some reason, a very LOW BALL amount which would lead an "average" person to view that as "skeptical".  My property has FIVE 3RD party valuations as follows:

  REDFIN, TRUILLO, BPI (broker property valuation), DISCOVER HOME LOANS, another MORTGAGE BROKER representing numerous mortgage accounts.  And not one comes even close to the LOW BALL valuation of $272,000 for my property.  

  For this reason I moved on and could not recommend AIM LOANS or give them a proper rating, as this type of information shows pure incompetence.

   

   

   

• Initial Complaint

  04/24/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I applied for a VA loan through AIM Loans and on April 6th received a loan estimate with a rate lock of *****% for 30 years which I signed since it was lower than anyone else. I was working with the loan officer for 2 weeks when I get a call on April 20th that they have bad news and something on my credit report showed up for ******* and they cant move forward with me. They said they can help me in a year. The confusing part is my credit is in the high 600s and I havent done anything with credit since the rate lock. I thought a rate lock was a binding agreement that the lender has to honor unless new information arises and affects your qualifications. To me nothing new happened, but the lender seen rates rise or somebody made a mistake now the best rate I can find is ***** which costs me $150 per month more for 30 years or $54,000. I think the worst part of this is to be active duty military and being relocated and trying to make the best of the situation and be treated like this is horrible.

  

  Business response

  04/25/2022

  The loan was sent for underwriting review on April 20th once we received the appraisal report.    When the underwriter reviewed the loan he saw that the credit report had four credit card tradelines showing delinquencies over 90 days.    They were all settled for less than the full balance with the last late payment being on 1/2022.    The VA considers this adverse credit and requires 12 months of on time payments after the last late before being eligible.   Since the last late was in January of 2022 we would not be able proceed until January 2023.

  Customer response

  04/29/2022

  I talked to multiple lenders after this who all talked to underwriting and they all said that sounds like bad business and that was too much focus on the past.  One specific lender mentioned that isnt a VA guideline since they are settled and closed then that is fine because the credit score has been built up and shows is what matters.  None of the lenders knew what that mention of a late payment in ******* was and either do I because all 4 accounts reflected as income for the written off debt on ****s when I did my taxes which means it was handled in the previous calendar year.  I think someone offered a interest rate they couldnt honor as the rates have skyrocketed after I was considered locked in, but that clearly was not the case as nothing changed in my credit or income since I was supposedly locked in.

  

  Business response

  05/02/2022

  We are unable to move forward with the credit history. If there is a lender that believes that this is acceptable, we would be more than happy to reassign the appraisal to that lender. 

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