FirstBank Puerto Rico Corporate

Complaint ID: 4478677

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Trouble during payment process

Subissue:

Company: FIRSTBANK PUERTO RICO

Complaint: My home was purchased as a new construction in 2019 for {$440000.00}. Due to resales in the community that indicated that the values of the homes have increased dramatically, I made a request to my mortgage holder, Firstbank to have my home re-appraised in an effort to have the PMI removed. In an email to senior management at Firstbank, I confirmed that my home would have to appraise at {$480000.00} or higher to remove the PMI ( attached email ). I paid for the appraisal and it was performed by an appraiser chosen by the bank and/or XXXX XXXX. While the appraiser was performing the appraisal, he took notice of all the updates and upgrades I did and mentioned several times that the house would easily appraise at about the XXXX to XXXX amount. The attached appraisal came in at XXXX and oddly did not include all the upgrades I did and did not include the recent home sales in the new community I live in. Nonetheless, it did exceed the {$480000.00} amount needed to remove the PMI. Now Firstbank sent me an email stating that my loan is ineligible to have PMI removed ( attached ).

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

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Complaint ID: 4476753

Product: Credit reporting, credit repair services, or other personal consumer reports

Sub-Product: Credit reporting

Issue: Improper use of your report

Subissue: Report provided to employer without your written authorization

Company: FIRSTBANK PUERTO RICO

Complaint: Hello, On XX/XX/2021, First Bank did an unauthorized hard inquiry into my credit report. I applied for a personal loan on XX/XX/2021, and I authorized that hard inquiry. When I was approved for the personal loan with a very high-interest rate despite my excellent credit, I asked them to provide the credit score they were using in order to base the interest rate of the loan. I explicitly told them to not check my credit score again because they already had that information from XX/XX/XXXX, and that the credit report is good for 30 days. But despite my warning to not check my credit score again, they did a second hard inquiry on the XXXX without my knowledge or consent. I want to dispute this unauthorized hard inquiry since it was excessive and unauthorized. I have decided not to take the high-interest loan they offered me, and I am still looking for another loan provider, this second unauthorized hard inquiry, lowered my credit score by 3 points and will affect the interest rate of the personal loan offer with another financial institution. Address of the First Bank branch in dispute : First Bank Attention : XXXX XXXX, Branch Manager XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX Thank you for your attention, XXXX XXXX XXXX

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

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Complaint ID: 4400017

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Closing on a mortgage

Subissue:

Company: FIRSTBANK PUERTO RICO

Complaint: First bank in Puerto Rico, Loan officer XXXX XXXX XXXX and processor XXXX XXXX were Non responsive. I started this deal in XXXX and XXXX approach and still no closing in site. Emails, calls and text often unanswered despite me submitting any document request in a timely manner. Below is the email I sent them ( No response by the way ) " Feedback is a very important part of improving your business. This is why I am taking the time to write this email. Transparency is very important when you do business. Responsiveness is a very important to doing business. I am sorry to say neither of these have been characteristic of your Bank managing my account. I need to take a moment to voice my frustrations with your loan process. I have closed approximately 10 loans in the last few years which has included 5 rentals properties ( XXXX each ), 2 primary residences ( XXXX and XXXX ), 2 refinances ( XXXX and XXXX ). I am VERY familiar wth the process. Even during Covid I had a 30 day close on a property. I have never had such difficulty in communicating and closing a loan such as this, I have never had to " withdraw '' an application to convert the deal to a cash purchase. I am grateful that I have the resources to convert this to a cash purchase to avoid losing the deal but I am very dissatisfied with First Banks responsiveness all around and the manner in which you conduct business and managed my account. After numerous emails, phone calls and texts. many of which went unanswered, I had to make the decision to find alternate means of make the deal work. I have provided every document requested in a timely manner despite my busy schedule. Rest assured that as I continue to do business in Puerto Rico and invest in real estate, First bank will not be my first option nor any future recommendation to any of my colleagues or others. It is unfortunate we came to this point and please understand, my issue is not that you did not complete the loan ( I was NOT declined ) it is ultimately the manner in which you have conducted business. This was not a million dollar deal but in the loan industry any size loan matters. Your company and its representatives lacked the attention to detail necessary, responsiveness and communication to make this process efficient and see it to completion. I have had to resubmit many documents even though when I was asked I typically submitted them within minutes. In closing, this was my first transaction using a PR bank and I hope in the future I may have a better experience as I am committed to investing in PR. I hope this letter serves you with information you may use to serve your future clients better and improve your processes. ''

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

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