Complaints

This profile includes complaints for Spring EQ LLC's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Spring EQ LLC

  1 W Elm St Ste 450 Conshohocken, PA 19428-4152

  
• 

  Spring EQ LLC

  100 W Matsonford Rd Bldg 5 Ste 100 Radnor, PA 19087-4559

  

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:10/28/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Closed on Cash-Out 2nd Mortgage and as a requirement I had to satisfy debts. The title company sent me checks to pay off creditors. I advised the processor that all of the companies listed did not accept check payments from the very beginning. Check was returned to be from one of my Creditors indicating that they only accept electronic forms of payment, so I paid the debt off myself, while holding on to the check that was not accepted in the case I needed to return it to the Title company. I spoke to the title company and they sought approval from Spring EQ to send the funds directly to me $349.00, Spring EQ has not approved this even though the entire loan $58,000 was paid off and I have received a recorded satisfication of lien from *********** **** ********* in which Spring EQ transferred my loan to. I was contacted by a Manager Anthony A****** who requested I email him proof that I paid off $349.00 in which I did while I was talking to him, in spite of the fact that the entire loan has been satisfied and they were overpaid in which they sent me a check back from the pay-off for $198.00

  

  Business Response

  Date: 11/17/2022

  Dear **. ****************** you for the correspondence submitted to Spring EQ through the Better Business Bureau, wherein you describe difficulties with the funding of your home equity loan. Specifically, you indicated that one of the creditors to be paid in full with your loan proceeds did not accept payment by check, and that instead you used your own funds to satisfy that debt, but were unable to retrieve the loan proceeds originally made payable to the creditor at issue. Spring EQs records indicate that your account has since been corrected,that all loan proceeds have been correctly applied and that you received all expected funds in connection with your loan.
  
  Thank you for your business and for bringing this matter to our attention. Please feel free to contact us directly with any additional questions or concerns.

• Initial Complaint

  Date:10/24/2022

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On Sept. 22 I started the process for a home equity loan where most of my credit card balances were going to be paid off and I was going to have a monthly payment of $800 ish dollars. Before providing all of my personal information and all documents needed, I spoke to the loan broker Awan about having just taken my house off the market since I really didn't want to sale my house, I was just looking to pay off all of my debts, He told me that all I had to do was send him an email saying the house was taken off the market and that it would not prevent us from moving forward with the process. 2 weeks later, I got an email saying the terms of the loan had changed and I needed to sign the new documents for us to continue to move forward. I did. I was also told that due to the hurricane, I needed to have a drive-by inspection. to ensure everything was good with the house. I never heard from my loan officer again, I texted him, called him, and sent him 2 emails, finally, I researched the company and read some similar complaints from other consumers, I started to panic because I didn't want to lose the hope the officer had given me of helping me pay off my debts. I was able to send an email to his manager which prompted a call the next morning from someone telling me that my loan officer was going to call me, but he didn't. I sent a second email to his manager which prompted an email from my loan officer telling me that my application was closed due to my house being listed for sale in the last 12 months, I told my loan officer AWAN that we had discussed that before we started the process and he told me that it wouldn't be a problem. Awan finally gave me a call and told me that there was a change in the rules for approvals within a week and because of that my loan was declined, I told him that I shouldn't be penalized if that was the case since I had started the process back in 9/22, his response was that he agreed with me but he doesn't make the rules.

  

  Business Response

  Date: 11/22/2022

  Dear ****************:
  
  Spring EQ is in receipt of the complaint you submitted through the Better Business Bureau. Unfortunately, Spring EQs lending guidelines do not permit the subject property to have been listed for sale within the previous 12 months. Your loan officer should have been aware of this requirement and should have communicated this to you earlier in the process.Spring EQ also regrets the responsiveness to your inquiries did not meet the standards we set out to achieve. We have used this as an opportunity to coach those team members responsible for ensuring timely and accurate responses to customer inquiries. We thank you for your interest in Spring EQs loan products; however, Spring EQ cannot approve the loan because of the recent property listing.

• Initial Complaint

  Date:10/06/2022

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  August 11th: Signed loan papers with Spring EQ on a HELOC loan. Much to my surprise, the entire $150,000 was disbursed to me at once. August 17th: Contacted Spring EQ by phone telling them I did not intend to borrow the entire amount of $150,000 right away (this was a line of credit, not a loan). Spring EQ sent me information on how to wire back some of the loan proceeds. I returned $95,000 to them by wire transfer, making the total amount of money distributed as $55,000. Spring EQ transferred this loan to Specialized Loan Servicing....but transferred it as a loan with the entire $150,000 as outstanding. Specialized Loan Servicing then calculated the 4.99% interest on the entire $150,000 (instead of the $55,000 borrowed), resulting in a MUCH higher interest payment on Oct 5th. I contacted Specialized Loan Servicing in late September to let them know that the balance of the loan was only $55,000 (not $150,000), and I should only be charged the interest on the $55,000 balance. They referred me back to Spring EQ. I contacted Spring EQ and entered my dispute with them. They gave me a reference number of ***** and pledged to get back to me. I have tried to contact Spring EQ four different times by phone, and have left four voice mails with my case reference number.....and no one from Spring EQ has contacted me. Specialized Loan Services had no choice but to charge me the interest on the full $150,000 balance because Spring EQ had not contacted them to revise the loan amount. I did not borrow $150,000....but Spring EQ transferred a loan balance of $150,000. This is incorrect and fraudulent and has cost me a couple of hundred dollars in extra interest I did not owe. Spring EQ refuses to call me back, so I am coming to you for assistance and intervention. When I contacted Special

  

  Business Response

  Date: 11/07/2022

  Dear **************:
  
  Spring EQ is in receipt of your complaint submitted with the Better Business Bureau on October 17, 2022. In your complaint, you first allege that you were surprised to have received a full $150,000 draw on your home equity line of credit at your closing on August 11, 2022. Subsequently, you paid down $95,000 of the funds drawn, but your monthly billing statements from Specialized Loan Servicing did not reflect the reduced principal balance. Finally, you describe difficulties in reaching a Spring EQ representative to address this issue.
  
  Our records show that you did in fact request a full draw on your home equity line of credit. Perhaps you and your mortgage broker, ***********, had discussed a different draw amount, but your initial and final disclosures, each of which you signed, reflected a full draw of $150,000. As you were advised by Spring EQ representatives, you were (and are) free to pay down any amounts drawn at any time. Our records show that you wired $95,000 on August 19, 2022, and on October 7, 2022, you were sent an updated HELOC Statement from Specialized Loan Servicing showing an adjustment to your account, with a finance charge adjustment of $256.77.  Please understand there may be delays in processing changes to the account during the period in which servicing is transferred to a new servicer. That was the case here, although we can confirm your account has been updated.
  
  We apologize if the customer service you received from Spring EQ did not meet your expectations. Our records do show that you spoke with a Spring EQ servicing representative on October 12 about the revised statement, and that you were satisfied with this outcome.
  
  Spring EQ thanks you for your business, and we thank you for bringing these matters to our attention as we strive to improve. Please feel free to contact Spring EQ with any additional questions or concerns.

  Customer Answer

  Date: 11/14/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  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. 
  
  Regards,
  
  *******************
  

• Initial Complaint

  Date:10/05/2022

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I started a loan with Spring EQ on July 12 at which time I signed a rate lock in but 2 days later they changed my rate for no apparent reason. I read that this can only be done if my income changed, or the amount borrowed changed. When I questioned the loan officer, he said it was his mistake. The loan took till the 10 of August to come to closing. I tried to contact the client advocate because I had questions and was told she was on vacation. I went to closing as planned. On the 19th of August I received checks by *** which they were supposed to pay the accounts directly. After checking off the checks I was missing two for about 19,000. I called and they finally paid them. Then there were 2 accounts that were duplicate payments another 648.00, then there were two more which were not paid the correct amounts which was another 5-600.00. Every time I called to get help; I was passed around always ending up in the wrong place. Finally after about 20 days AFTER the closing and countless calls and stress, I was told to contact the title company who evidently wasn't told about all the mistakes. The agent there after a week had almost everything straight. Another account was not credited and that took another few days. I wrote to the main office and requested that if it was not the correct address to forward it to the correct one. That was over two weeks ago. I wanted to request that since my first payment was due on Oct. 1st be changed to Nov. 1st out of good faith, after all I stuck to what I agreed to them. They did not from the very beginning. It took 21 days from the closing to get it all straight. The advocate said she didn't make any mistakes, but I told her she was the advocate, there to speak for the client which she did not. I have done a few refinances over the years and this by far was the worse, they didn't want to help, avoided phone calls, gave me wrong numbers for solutions. I don't feel I should have had to call the title co. A mistake? How about 7?

  

  Business Response

  Date: 11/07/2022

  Dear ****************:
  
  Spring EQ is in receipt of your correspondence sent to the Better Business Bureau on October 17, 2022. In the correspondence you describe mistakes during loan processing as well as errors with the disbursement of your loan proceeds. Spring EQ received a similar complaint directly from you, to which it provided a detailed response on October 12,2022. With that response, Spring EQ issued a refund of all out-of-pocket costs you incurred while making sure your loan proceeds were applied correctly, as well as additional funds in the form of gift cards as a token of Spring EQs appreciation of your business and for the trouble you encountered. In the Better Business Bureau complaint, you appear to request that your monthly payments be pushed back by one month. Spring EQ cannot make this accommodation; however, please contact us directly if you believe finance charges have been incorrectly applied. It is unclear from your correspondence if that is your concern. Please feel free to contact Spring EQs Servicing Department at [____________] or you may contact our Legal Department directly at *************.

• Initial Complaint

  Date:09/06/2022

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On July 5, 2022, after applying for a $35,000.00 second mortgage and a credit check was completed, I was told I would qualify for a 4.??% loan with a $2??.00 a month payment. My credit score is ***. My house is valued at $220,000, with a first mortgage balance of $50,000. All other debts were revealed as well. I was also told I would receive 0.25% rate decrease if I would get all requested paperwork turned within the first 24 hours of the application, which I did do. Four weeks later, I was told that I could qualify for more than $35,000.00 and so I did raise the amount to $40,000.00. One week after that SpringEQ was ready to close on the loan and the percentage rate suddenly became 7.66% with a nearly doubled monthly payment of $4??.00. Every time I talked to the loan officer, Ezekiel M****, I was told his badge number and that the call was being recorded, so I told them to go back to the July 5th and 6th 2022 recorded phone calls. He called me back and lied, saying he listened to the recording and that I was originally quoted 7.66%. I told him I wanted to him to play that recording so I could hear it. And of course, I haven't heard back from him or SpringEQ with that recording. On 9-6-22 I received a letter saying that after careful consideration they were unable to approve my application because, "We do not grant credit to any applicant on the terms and conditions you have requested." Those last three words should have stated, "you were promised." Please be aware SpringEQ is not a legit or honest company. I need SpringEQ Loan # ********** to either grant this loan as originally promised or at least reveal the truth about how they use a bait and switch scam on their customers.

  

  Business Response

  Date: 10/05/2022

  Dear **************,
  
  Spring EQ, LLC is in receipt of your complaint delivered through the Better Business Bureau on September 06, 2022, in which you advise that when you spoke to a Spring EQ MLO you were quoted a rate of approximately 4% with a payment of approximately $200. In the process, you were given the option to increase your loan amount, which you agreed to, however, when you received your Closing Disclosure to prepare you loan for closing, you allege the rate and payment were higher than you expected.  
  
  Our records indicate on July 05, 2022, we received a completed application for our HELOAN product. On July 05, 2022, our initial disclosure package was sent electronically to your email which included the Loan Estimate document. The Loan Estimate details the loan terms, including rate and payment, on page 1. At the time this document was reviewed and signed, loan amount was $35,000, the term was 30 years, the rate was 7.624% and the payment was $247.40. On or about August 12, 2022, the loan amount was increased, and a revised Loan Estimate was sent reflecting the loan amount of $40,000, the rate decreased to 7.374%, however, the term was decreased to 10 years which resulted in the payment increasing to $472.18. On August 17, 2022, the Closing Disclosure was sent electronically to your email evidencing the same terms as the re-disclosed Loan Estimate sent August 12, 2022. August 18, 2022, the processor reached out regarding the Closing Disclosure, notes indicate you would call him back once you reviewed the Closing Disclosure. The processor attempted to follow up again on August 18 and August 19 but was unsuccessful in connecting with you. After failed attempts at contact, the processor notified the MLO and on August 28, 2022, your loan was declined, and an adverse action letter sent. Based on the disclosure history in your file, there does not appear to be a misrepresentation of the loan terms being offered, however, it does appear there was a breakdown in communication regarding the actual term in months which resulted in a higher payment than originally expected. 
  
  Spring EQ regrets that you were disappointed with our service and loan process, as it is not representative of the standards Spring EQ strives to deliver for its customers. Please know that Spring EQ values your feedback, and we have used your feedback to train staff on opportunities to improve service. If you have any questions, please feel free to contact us at ###-###-#### or [email protected].
  
  Amber B*******
  Customer Experience Manager
  
  P: ###-###-####  
  E: *********@springeq.com
  
  *** * ********** **
  Bldg *, Ste ***
  Radnor, PA **********
  

• Initial Complaint

  Date:07/20/2022

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was applying for a HELOC with the help of our mortgage broker. I am well qualified. This shady company, Spring EQ, ordered a "drive by appraisal" of my property which....shocker....came in way undervalued. In fact, according to that drive by appraisal, in this market, my home had not increased in value at all since I bought it. I was told I would have to pay $700 dollars for a real appraisal which they ordered when my mortgage broker told them that a drive by was unacceptable. Low and behold, suddenly it went from $587K to $635K. The house two doors down that is smaller than mine sold for $640k. So, still undervalued...Which made it easy for them to lower the amount to be borrowed and raised my rate from 5.2% to over 11%. Then they drug my file and my mortgage broker along for another month, asking for documents every few days. They pulled my credit for a second time on 7/18 stating that it had been too long since the first credit check...totally their fault as they move at a snail pace.So imagine my surprise today 7/20, after the new loan number has even been added to my home owners insurance policy, they cancelled our loan stating a "change in loan guidelines that took place on 7/15." According to them, based on their bogus appraisals, the loan to value percentage now exceeded what they would allow. My mortgage broker is just as shocked as I am. They had my file since May 18th and just did a 2ND HARD PULL ON MY CREDIT ON 7/18. My mortgage broker tried to restructure our loan but was told they wouldn't even consider it. I want Spring EQ to authorize their credit info supplier to remove the hard credit pulls from my credit report. Why would you pull my credit a second time if your guidelines supposedly won't allow you to fund my loan? I wasted 2 months on this bogus company. Bait and switch, then just dropped me. Their ****** reviews made me realize they've done this many times. I will be leaving my review everywhere until this is resolved.

  Customer Answer

  Date: 08/23/2022

  We received a generic response to the ****** review. We have not been directly contacted by SpringEQ. 

  

  Business Response

  Date: 10/05/2022

  Dear ********************,
  
  Spring EQ, LLC is in receipt of your complaint delivered through the Better Business Bureau on July 22, 2022, in which you advise that Spring EQ ordered a drive-by appraisal on your home which came in undervalued, and you were then required to have a full appraisal performed. Additionally, you indicated while you were awaiting the appraisal Spring EQ re-pulled your credit and declined your application.
  
  Our records indicate on May 18, 2022, we received a completed application for our HELOC product which was submitted to Spring EQ by an approved Broker partner. Our Broker partners have full control over the appraisal product ordered at the time of application, including being able to order a full appraisal. While Spring EQ does permit drive-by appraisals to be used in some cases, a full appraisal is always available to our Broker partners. Regretfully, Spring EQ, nor our Broker partners, have control or influence over an appraiser’s opinion of value which can result in an inability to fulfill an applicant’s original request. Due to the lower than anticipated value, a restructure of your original request was required which resulted in an increased interest rate. This information was relayed to the Broker on July 8, 2022, inquiring if these changes were acceptable. On July 11, 2022, our account manager followed up with the Broker to ensure the transaction would be moving along. While our account manager was preparing the file for closing and awaiting a response from the Broker, it was noted that credit was expiring. On July 18, 2022, a new credit report was pulled which resulted in a reduced credit score which the Broker, nor Spring EQ, could anticipate. Due to the credit score being reduced below the threshold for the originally requested combined loan to value, your loan no longer met our guidelines and was declined. In speaking with our account manager who spoke to the Broker, the decline did not have to do with changed guidelines, as your application was grandfathered under the old guidelines, this was discussed with the Broker prior to denial.
  
  Spring EQ regrets that you were disappointed with our service and loan process, as it is not representative of the standards Spring EQ strives to deliver for its customers. Please know that Spring EQ values your feedback, and we have used your feedback to train staff on opportunities to improve service. If you have any questions, please feel free to contact us at ###-###-#### or [email protected].
  
  Amber B*******
  
  Client Relationship Coordinator
  
  P: ###-###-####  
  E: *********@springeq.com
  
  *** * ********** **
  Bldg *, Ste ***
  Radnor, PA **********

• Initial Complaint

  Date:07/12/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have done business with this company once before. My first experience was amazing. No issues whatsoever. My loan officer Alaa was great. Left such a good impression I came back. Only to find out she was no longer with the company. I decided to proceed with the new loan officer James because I figured the experience would be great even with the new loan officer. I was completely wrong. I cannot blame James for the outcome, however I do feel that the communication could have been better and quicker. They originally offered me a loan that I had accepted the terms to. Then came the appraisal review. A third party appraisal company out of god knows where with absolutely no knowledge of the local market and values. Only to come back with a valuation that’s less than what they had loaned me on before home prices rose nearly 40%. They escalated a review of the issue and took over a month with me following up almost daily. By the time they got back to me the credit report had expired. They forced my hand to do a new appraisal after I had paid for one already out of my pocket. Which I agreed to if it would mean I can get things done. They ran my credit a second time and automatically sent me an email with new terms no where near what was originally discussed. So I’ve wasted several months time. Countless follow ups and scrambling to get information. Etc. and after I sent an email saying how unhappy I was I never heard from anyone again. I want them to remove the credit inquiries from my credit history. I want them to make me an offer I can’t refuse and close on it. Otherwise I can just continue to leave reviews about what a horrible experience they provided and the fact that no one cares to fix it.

  

  Business Response

  Date: 07/25/2022

  Dear **************,
  
  Spring EQ, LLC is in receipt of your complaint delivered through the Better Business Bureau on July 12, 2022, in which you advise that while your previous experience with Spring EQ was positive, you felt the communication during your most recent loan application dated, April 28, 2022,could have been quicker and better. Additionally, you advise you were forced to pay for a subsequent appraisal when you had already paid and provided an appraisal. Your requested resolution is the removal of Spring EQs credit inquiry from your credit report and you would like us to make you an offer for a loan.
  
  Our records indicate on April 28, 2022 we received a completed application for our HELOAN product. At the time of application, you provided Spring EQ with an appraisal which you had previously paid for. Spring EQ underwriting guidelines permit a customer to use an appraisal obtained during the process of a prior mortgage loan if it meets our timing requirements. It is then customary for the appraisal to go through a review performed by our appraisal management company (“AMC”) using a licensed/certified appraiser in the state of the subject property to review the appraisal for accuracy. This is the appraisal product you were charged for as indicated in your comments. Upon review, the appraiser found inaccuracies in the data used by the original appraiser which led the *** appraiser to downgrade the value of your original appraisal.  The downgrade in value increased your combined loan-to-value beyond the limits permitted in our underwriting guidelines. Upon review by your loan officer, it was determined that pursing a second appraisal would likely yield the same results and an adverse action letter was sent to you. Please understand Spring EQ, nor any creditor, has control over home values or an appraiser’s opinion of value, we are legally prohibited from being involved in this process. Regretfully, we are unable to make a loan offer to you at this time. Additionally, the credit inquiry made to your credit report was lawful under the Fair Credit Reporting Act.  Spring EQ regrets that you were disappointed with our service and loan process, as it is not representative of the standards Spring EQ strives to deliver for its customers. Please know that Spring EQ values your feedback, and we have used your feedback to train staff on opportunities to improve service. If you have any questions, please feel free to contact us at ************ or [email protected].

• Initial Complaint

  Date:07/08/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On June 1st my wife and I applied for a home equity loan with spring EQ which advertises 2 to 3 week to process loans. We were told just to use just my wife info for it would be more than enough proof of income. We submitted all the personal documents and was told via email after about 31 days that the loan was approved and could we close by the 6th of July and Spring EQ said that was fine. After a couple days I tried contacting Spring EQ and was told in an email that someone name Jay would contact me in 48 hours. Finally on July 6 at 11:00 am I get an email apologizing for the mishap and I asked what wast the honest timeframe on closing? After that I never got any answers or communication on anything. We had to post a flight that we had set up because of the situation. Yesterday I sent Spring EQ an email stating that we withdraw from the loan and wanted to cancel the deal. No one from Spring EQ has acknowledged our request. This was a complete waist of my time and they have personal documents of my wife's and the hard credit pull on her credit. We are afraid that used her info for more scams for the is a very bad company in my opinion if it is even a company. Seems and feels we got scammed out of personal information the might be used for other crimes. With no communication . Spring EQ should request withdrawal for my wife credit pull and return all personal documents that was given. Very dishonest and deceptive business practices and the situation could be worse for someone else.

  

  Business Response

  Date: 10/04/2022

  Dear **********************,
  
  Spring EQ, LLC is in receipt of your complaint delivered through the Better Business Bureau on July 8, 2022, in which you advise that Spring EQ did not provide adequate customer contact through your loan process. Additionally, you indicated after your request to withdraw your loan application, you received no further communication from Spring EQ.
  
  Our records indicate on June 1, 2022, we received a completed application for our HELOAN product. Your application was submitted to underwriting, and you received an email notifying you of your loan approval on June 27, 2022, by your processor ***. On July 6, 2022, your loan officer reached out to you regarding your Closing Disclosure and apologized for the delay in delivering it to you and inquired about your earliest available dates for closing once you had returned from vacation. Your response on July 6, 2022, indicated that you and your wife would move your vacation plans around if needed and feasible, Spring EQ did not suggest/require your vacation be postponed to accommodate closing. Prior to your loan officer being able to reply to your July 6, 2022, email, an additional email was sent on July 7, 2022, indicating you wished to cancel your application with Spring EQ. Your loan officer processed your request for cancellation and a letter of adverse action was mailed to your residence the week of July 18, 2022. On July 22, 2022, your loan officer attempted to contact you regarding your experience and allow us an opportunity to provide you with better service, however, no response was received.
  
  The credit inquiry made to your credit report was lawful under the Fair Credit Reporting Act and the documentation obtained by Spring EQ through your loan application process was customary and handled in compliance with state and Federal regulations.  Spring EQ regrets that you were disappointed with our service and loan process, as it is not representative of the standards Spring EQ strives to deliver for its customers. Please know that Spring EQ values your feedback, and we have used your feedback to train staff on opportunities to improve service. If you have any questions, please feel free to contact us at ************ or [email protected].
  
  Amber B***********
  
  Client Relationship Coordinator
  
  P: ************  
  E: **************@springeq.com
  
  100 W Matsonford Rd
  
  Bldg 5, Ste 100
  
  Radnor, PA 19087-4599
  

  Customer Answer

  Date: 10/05/2022

  [To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
  
   Complaint: ********
  
  I am rejecting this response because:
  
  Regards,
  
  ***** *********
  This is very dishonest company and is an embarrassment to Americas financial institutions. Instead of telling the truth about what took place, Spring EQ decides to fabricate a story knowing that have all the emails clearly showing my claims against spring EQ. This company really sucks and complete waist of time and doesn’t seem to have the ability to be honest about their bad business practices. They even made up people that we never dealt with. Buyer beware of this company. At the end of the day this company suck!!!
  

  

  Business Response

  Date: 11/11/2022

  Dear **********************,
  
  On November 09, 2022, Spring EQ, LLC received a rejection notification to our response we provided to your complaint filed on July 8,2022, with the Better Business Bureau, however, no further feedback was provided with the rejection notice. Spring EQ would like to address any additional or outstanding concerns we might have missed in our initial response.  Please know that Spring EQ values your feedback, and feedback is used to train staff on opportunities to improve service. If you have any questions, please feel free to contact us at ************ or [email protected].

• Initial Complaint

  Date:07/07/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Started the process to get a HELOC in May 2022. I chose SpringEQ for the options/conditions they offered. They advertised funding within 22 days. All requested paperwork was provided promptly. A month goes by and no communication whatsoever. I emailed several times, only to receive the contact of the so-called customer advocate Crystal, who 2 weeks later did not communicate at all. When she finally replies, she starts asking for more documents via unsecured email, which I complied. Another 2 weeks go by and I start getting emails that my terms changed. I email the loan office again and tells me these are automatic emails and that everything is fine. Next day, same thing. But this time he calls to tell me that my DTI ratio is decreasing and not enough to proceed (which is NOT true). Expecting a call back to get this solved. But in the meantime my credit record is already affected because of their inquiries plus now, 2 months later the rates are now higher.

  

  Business Response

  Date: 07/22/2022

  Dear ************,
  
  Spring EQ, LLC is in receipt of your complaint delivered through the Better Business Bureau on July 8, 2022, in which you advise you made multiple attempts to contact your Loan Officer during the process,however, your attempts went unanswered for approximately a month. After that time, you were contacted by the Customer Advocate handling your file. You also advise when you did receive communication back from your Loan Officer, he informed you that your DTI had increased and exceeded our guidelines maximum which prevented your loan from proceeding to closing. Additionally, the expected turn time was not met. Your requested resolution is the removal of Spring EQs credit inquiry from your credit report, a modification to our advertised terms and a response from the business.  
  
  Our records indicate on May 11, 2022 we received completed application for our HELOAN product. On May 20th, your file was submitted to our underwriting department for review. On June 28th your Customer Advocate initiated communication via email to obtain additional documentation based on our initial underwriting review. You quickly furnished the documentation/explanations requested.  The file was returned to underwriting for second review on July 1st. During the second review it was determined there were multiple businesses claiming income losses filed on your tax returns. As part of our underwriting guidelines, these business losses must be deducted from your income calculation.  Once deducted, your debt-to-income ratio no longer fit within the acceptable range in our underwriting guidelines.  In order to respond to this complaint, we have asked this income calculation be recalculated by management to confirm our initial calculation was correct, management has returned the same results as the calculation performed when initially reviewed. Spring EQ uses standard industry practices as it pertains to income calculations especially where self-employed borrowers are concerned. Spring EQ regrets the level of service you received during the application process, as it is not representative of the standards Spring EQ strives to deliver for its customers. Please know that Spring EQ values your feedback, and we have used your feedback to train staff on opportunities to improve service. We will also be looking into our advertised/communicated turn times and addressing any inaccuracies in order to more accurately set expectations with our customers. If you have any questions, please feel free to contact us at ************ or [email protected].