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First Centennial Mortgage Corporation complaints

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2471 West Sullivan Road
Aurora, IL 60506-6445 | Get Directions

(877) 463-2610

http://www.gofcm.com

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Total Amount in Dispute:
$2,000.00

Total Amount Settled:
$0.00

Complaint Experience

100%

Complaint Resolution Index (CRI)

Complaint Resolution Index (CRI) Explained The Complaint Resolution Index (CRI) is an indicator on how responsive a company is in addressing and resolving customer complaints brought to their attention by BCA. If they are considering doing business with the company, consumers can use this indicator to forecast the likelihood of having their issues addressed if a problem arises. CRI measures the company's customer satisfaction abilities through BCA’s complaint mediation process.

A variety of factors are considered when calculating CRI. This includes how quickly a company responds to complaints, the number of complaints against a company, whether the company addressed complaint allegations, and the outcome of the complaints. CRI is just a subset of the overall rating for the company. Consumers are encouraged to take into consideration the company's CRI, their overall BCA letter rating and other relevant information about the company so they can make a well-informed purchasing decision.

BCA's Summary and Analysis:

Our complaint history for this company shows that the one complaint brought to the company’s attention was responded to and given proper consideration.

Complaint Closing Statistics

1 complaints against First Centennial Mortgage Corporation closed in last 3 years.

Complaints	Type of response
0	Making a full refund, as the consumer requested
0	Making a partial refund
0	Agreed to make an adjustment
0	Refusing to make an adjustment
1	Refuse to adjust, relying on terms of agreement
0	Unanswered

1 complaints against First Centennial Mortgage Corporation

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7/25/2023

RESPONSE: Refuse to adjust, relying on terms of agreement Amount in Dispute: $2,000.00 Amount Settled: $0.00

Customer Complaint

6/15/2023

I was involved in a real estate transaction in April of 2023 with First Centennial Mortgage Bank. I had been asking and asking the representative working for me to tell me how much time I had in the due diligence period to give my final decision and he would never answer that question. He would just say "stand by" and have me wait until the next day. This continued over a week to two week's time period. I ended up losing my Earnest money deposit of $2,000.00 as a result of not knowing how much time I had to make a final decision whether to proceed with buying the property. He also denied my request for a denial letter. Resolution Sought I would like this business to return my earnest money deposit of $2,000.00 to me as soon as possible since I didn't fit the criteria for buying the home.

Company Response

7/19/2023

Company states; Hello Ms. Diaz, I am contacting you to advise you that we have received letter from Business Consumer Alliance, informing us of your complaint. However, we have not received authorization to release your information. Please provide your authorization for First Centennial Mortgage Corp. to release to Business Consumer Alliance any information that we may have regarding the transaction described in the attached documents. Please also include your home address, for our records, along with your authorization. You may feel free to contact me directly. Thank you, Dana Hill Compliance Manager

Customer Rebuttal

7/20/2023

I authorize you to release information.

Company Final Response

7/21/2023

Ms. Diaz, After researching your complaint, we have determined the following: 1) because your loan application was approved, you would not have received a denial letter, as denial letters are sent to applicants whose loan requests are denied. 2) FCM was never in possession of your $2,000.00 earnest money. Therefore, we cannot refund it to you. 3) Your Mortgage Loan Originator, Mr. Al Frederick, has stated that he did, in fact, communicate with you on numerous occasions regarding your loan application and even made a home visit to you and your mother on or about 4/15/2023. 4) Mr. Frederick stated that he on numerous occasions explained that you would need to discuss the due diligence period with your real estate agent, as Mr. Frederick and FCM do not deal with that. In general, earnest money is retained in a real estate transaction as a way to protect the seller. Therefore, it is typically the case that the earnest money will be held in an escrow account and then paid to the seller, not returned to the buyer, if financing has been made available but the buyer decides not to go forward with the purchase. It appears that this is what happened here. Thank you. Dana Hill, Complia

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