ComplaintsforUMC Capital LLC

• Initial Complaint

  03/26/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I spoke Breon P**** with UMC Capital last November about needing to refinance my house in order to purchase a new home. I use the VA home loan so I had to switch my old home to a traditional loan in order to use the VA loan on my new house. Breon originally completed and we closed on a refinance loan. He then realized that we could not use a refinance along with the VA home loan for the new house. So we had to then apply for and close on a HELOC that essentially paid off the refinance loan. Breon and UMC Capital were paid a commission for the original loan of over $3,000. That loan was never used and paid off with the HELOC without a single payment being paid. Breon agreed to pay back the commission for the refinance loan. He even stated that it needed to be repaid by law. We closed on the new house on January 5,2024 and have still not been repaid the commission monies. I have called multiple times with Breon brushing me off each time with a new excuse/reason why it hadn’t been paid out yet. I would like your assistance with getting that money back.

  Business response

  04/07/2024

  Response to Your Complaint - UMC Capital

   

  Dear BBB & *** *******,
  

  We hope this message finds you well. I am writing to you as the Compliance Officer for UMC Capital in response to the complaint you've submitted. First and foremost, I want to express our sincere regret for any inconvenience or confusion that you may have experienced in your dealings with our company and our representative, Breon. We take your concerns seriously and appreciate the opportunity to address them.Please understand that while we are deeply committed to ensuring the satisfaction of all our clients, it is also crucial for us to adhere to our company policies and legal guidelines in every transaction. After a thorough review of your case, we must clarify that, based on the information and documentation at our disposal, UMC Capital has followed all necessary procedures and regulations regarding your loan transactions. Therefore, we do not acknowledge any obligation for commission refunds or additional payments to you as suggested in your complaint.We acknowledge the complexity of financial transactions, especially those involving loan refinancing and home equity lines of credit (HELOC), and it’s unfortunate that misunderstandings can occur. Please be assured that it was never our intention for you to feel disregarded or unsatisfied with our service.Regarding your request for the commission monies to be repaid, it is important to note that all our commission structures and payments are conducted in strict accordance with legal and regulatory standards. Any adjustments or refunds of commissions would require a comprehensive review of the transaction in question, including sensitive financial information.In light of this, and with the utmost respect for the privacy and financial integrity of all our clients, we are unable to publicly disclose detailed information regarding individual financial transactions. Such disclosures could inadvertently reveal personal financial details that are protected by law.Consequently, we kindly request that your original complaint be removed or taken down. This action would prevent any potential unintentional disclosure of private financial information. Rest assured, we remain dedicated to resolving any issues in a manner that is both respectful and compliant with all regulatory standards.We value your understanding and cooperation in this matter. Please feel free to reach out to our customer service team directly if you wish to discuss this further or have any more questions. We are here to assist you. Our direct line is *************

  Sincerely, Compliance team, UMC Capital

  
  

  Customer response

  04/08/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ** ********* and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.
  
  Regards,
  
  *** *******
  

*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. ↩