Complaints

• Initial Complaint

  15/08/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  We are seeking the appraisal report we had done on our home to be sent to us as the broker has refused to release it to us. We require it to refinance our home with another agency. This agency was very difficult to communicate with and appears to be withholding it in the same manner as they have with the previous complainants. Thank you

  

  Business response

  15/08/2023

  Hi ********,

  There wasn't enough equity in your home to complete a refinance. As a courtesy from the appraisal company, the money you paid for the appraisal report was returned to you. Because you didn't pay for the report, the appraisal company cannot release it to you. It has nothing to do with 360Lending.  

  If you wish to speak with me directly, I'm happy to have a call with you.

  **** ********

  Broker Owner

  289 231 7159

   

• Initial Complaint

  10/05/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I had contacted 360lending to inquire about a HELOC. After speaking with Danielle I had decided to continue the process. In order to move forward I was told I had to have a home appraisal done at a cost of $400+HST. I submitted all documents to Danelle and the home appraisal was conducted on the 29th of March. I was then contacted by Melanie who informed me she was working with lenders to have my file approved. Eventually on the 21st of april I had recieved an offer and contacted via phone by Melanie who congratulated me on my successful application, I then asked if this was an open loan with no penalties on large repayment amounts, I was told yes. The short version of the offer made was recieved the following Monday 24th of April and was for $55k, lender setup $3,000.00, Brokerage fee $3,598.00, Estimated legal $1,250.00, Admin fees $299.00 with an interest rate of 12.99%. These costs were not disclosed to me prior to the home appraisal, only the fact that I would pay a little higher interest rate. I reluctantly agreed to move forward with the ridiculous fees and asked to have the legal documents sent to me for review. They were sent to me with 25 minutes left till expiration, I was able to get them to a financial attorney who advised me of all the hidden fees within the repayment clauses. I was advised this was not an open loan and I would be stuck to their amortization schedule paying up to 3 months penalties should I try to get ahead. I then declined the loan and asked for the appraisal documents I had paid for, to which I was given this direct response: "With regards to your appraisal request, As an appraisal is considered a legal document, and although you have paid for it, it must remain in the sole possession of the lender during the financing process. This is advised under the Appraisal institute of Canada and CUSPAP (Canadian Uniform Standards of Professional Appraisal Practice) guidelines." The financing process is over as I had declined the offer.

  

  Business response

  11/05/2023

  360Lending has reached out to Mr.********* and has advised that we will release a copy of the appraisal to the borrower directly. We have also explained to Mr.********* that the "hidden fees" he was referring to were fully disclosed in the full document package and were costs to break the closed mortgage product he was presented from 360Lending, as it was a 12 month term closed, open for repayment with a 3 month penalty. That said, Mr.********* understands the mortgage approval product was the most competitive product available to him given his overall credit profile. Upon sending Mr.********* the appraisal copy, Mr.********* has agreed to close this complaint and mark it as resolution made with 360Lending. Thank you. 

  Customer response

  11/05/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. That being said, the response itself would be misleading to any readers that may want to do their research on 360lending. To say that Mr.********* understands that this was the most competitive offer that could be presented to him is a false statement, as in the end I ended up qualifying for two separate credit products through conventional banks to ease my interest situation. More accurately the offer made to me was the best 360lending could do. Furthermore, my complaint stands on the hidden fees, I was indeed told it was an open loan (before recieving the package) and it was not. As stated in the response from 360lending this was only disclosed after I had recieved the full loan package to read over and sign (at which point I had decided to decline). At the end of the day I just wanted that which I had paid for, and it was recieved. I would not mind publishing the complaint along with the response from 360lending, however this rebuttal should also be included. 360lending could do well to learn from the same complaints being made over and over and adjust their business practices accordingly.
  
  Sincerely,
  
  **** *********

• Initial Complaint

  26/04/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Required a HELOC provided all documents to Dimitri, he advised about higher interest rate for B lenders. I said ok and he said inorder to proceed I would have to pay for an appraisal $500 + tax ($565). I was hesitant but eventually agreed. I was then contacted by Jessie who said they would be sending out for offers. Was then contacted by senior manager Melanie who said they received an offer for $330k but I reviewed the offer ther were almost $30,000 in fees which were never mentioned before. $13,758 Lender setup, $13,758 Brokerage fee, $1,950 Lawyer fee, $299 admin fee. When I questioned what these fees were Melanie said they are closing costs and that Dimitri discussed them with me. Which I know he didn't he only talked about the interest rate and that if I had known I would not have moved forward with it. I also requested a copy of the appraisal but have not received it. A week later Jessie contacts me and when I ask her about the issue with the fees she says that no one would know if there would be fees or not. Which doesn't align with what Melanie stated. They misrepresent what's involved in the hope your desperate enough and move forward and pay them outrageous amounts in fees.

  

  Business response

  03/05/2023

  Hi ******,

  It's unfortunate that we were not able to qualify you with a traditional lender due to the decrease in your income that was never disclosed to us. While it's the borrower's responsibility to pay for an appraisal as a part of the refinancing process, our management team has decided to proceed with rebating your appraisal fee as a gesture of goodwill. 

  Take care and best of luck with your refinancing.

  Customer response

  03/05/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business and they called me today in reference to complaint ID ********, and have refunded me the appraisal fee of $565.  Although they were not transparent about the fees they  charge, the  resolution is satisfactory to me.
  
  Sincerely,
  
  ****** *****

• Initial Complaint

  13/04/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I contacted 360 Lending early February wanting to find a better interest rate for a loan which was due to mature in about 5 weeks. I gave them all the information upfront, specifically about the maturity date. The agent I was working with assured me that they could get me an approval before my maturity date. A week before maturity date, I had not gotten an approval. On the maturity date, the agent called my mortgage company to give us an extension of a month (which increased my loan amount if they were unable to get me an approval). As the deadline of the extension approaches, I have still yet to receive an approval from 360 lending. On the day of maturity, the agent I was working with was away and not even able to answer any questions for me. I would like a refund for the home appraisal fee I ($565)

  

  Business response

  12/06/2023

  Hi ****,

  The account of your experience is unfortunate, however, our team logged 51 call/email attempts with you over 3 months and many of the delays stemmed from your side. With rising interest rates and falling property prices, no lenders were willing to offer a rate that was lower than the renewal rate which you received.

  With that said, we will offer a full rebate of your appraisal fee as a gesture of goodwill.

  Please let us know if this resolution is agreeable.

• Initial Complaint

  21/06/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Date of Transaction: August 30, 2021 Desired Outcome: Refund on Home Appraisal Fee of $423.75. ************************************************************************************************************ a quoted $10,347 in fees, which were not disclosed to me PRIOR to home appraisal. They wooed me with promises of high loan amounts, which mysteriously diminished over time from $295,000 to $185,000 to $140,000, to $129,653 after fee deductions. The fees for the appraisal were also higher than any other lender I've encountered, ************************************************************************************************ Once I'd paid the fees for the appraisal, I got slammed with the "surprise fee list" by despite my having a near perfect credit score of 841, a substantiated long-term established employment history and high job security with substantial income of which 360lending was aware, or should ought to have been reasonably aware. I sent emails to Melissa N. and Melanie d. outlining my concerns about the failure to disclose fees upfront prior to appraisal (which is now $423.75 down the drain) and received no written reply, as requested from either. Comparison of fees - 360Lending.com vs a ****** Bank: Fees difference: $10,347.00 - 360Lending.com \\ $ 727.62 - ****** Bank \\ $9, 619.38 ( + Term Interest, as fees to be financed) \\ Appraisal Fee: $423.75 (Full Appraisal) - 360 Lending \\ $100.00 (Desktop) - ****** Bank \\ $323.75 - Difference \\ "Lender Setup Fee": $2800 - 360Lending.com \\ $ 0.00 - ****** Bank \\ $2800.00 - Difference \\ "Brokerage Fee": (Brokerages collect fee from the lender not from the client) $5998.00 - 360 Lending \\ $ 0.00 - www.*****************.ca \\ $5998.00 Difference \\ "Admin Fee" $ 300.00 - 360Lending.com \\ $ 0.00 - ****** Bank \\ $300.00 - Difference \\ Legal Fees \\ $1250.00 360 Lending \\ $ 627.62 - ****** Bank \\ $ 572.38 - Difference

  

  Business response

  14/07/2022

  Consumer Response /* (2000, 9, 2022/07/13) */ Refund has been received. Please mark complaint as "resolved".

• Initial Complaint

  24/02/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I returned to 360 Lending for equity second mortgage, being told they would find me the best rate. I was promised a copy of the house appraisal which I keep asking for, but do not receive. I was given a quote that had over 10K in fees, and asked a bunch of questions about he fees, but get no answers since asking questions. I would just like my questions answered and the copy of the appraisal as promised. That is all.

  

  Business response

  01/04/2022

  Consumer Response /* (450, 6, 2022/02/25) */ Wow, spoke with Adam the principal broker, and it was all due to a misunderstanding and thankfully, we have worked out everything. Thanksfully the company is still working hard and appreciate them reaching out.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩