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Complaint Management Policy

Objective and Purpose of the Complaint Policy

38 Mortgage seeks to maintain its reputation as a mortgage broker that delivers high quality professional services. 38 Mortgage is also committed to maintaining its responsiveness to the needs and concerns of its clients. This Policy is designed to provide guidance on the manner in which 38 Mortgage receives and handles complaints made against the firm, which includes its principals, partners, employees and consultants, as may be applicable. The objective of the Policy is to assist the firm in resolving complaints in an efficient, effective and professional manner.

Federal Regulatory Background

In response to the 2007-08 U.S. housing crisis and resulting recession, the United States Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act (the “SAFE Act”) in 2008 to establish a national licensing system for all state regulators to use in licensing mortgage professionals. The Consumer Financial Protection Bureau (“CFPB”) was subsequently created in 2011 (the same year the final SAFE Act was published) as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the federal agency that holds primary responsibility for regulating consumer protection in the United States and enforces the SAFE Act through the National Mortgage Licensing System (“NMLS”).

NMLS was created by the Conference of State Bank Supervisors (“CSBS”) and the American Association of Residential Mortgage Regulators. It is owned and operated by the State Regulatory Registry LLC, a wholly owned subsidiary of CSBS. NMLS is the sole system of licensure and record for mortgage companies and Mortgage Loan Originators for most U.S. state and territorial agencies including Florida. 38 Mortgage aligns its procedures with the current best practices as may be required and amended by the NMLS from time to time.

Definition of a Complaint

This Policy is intended to address complaints made to 38 Mortgage. While complaints may have several meanings, 38 Mortgage has defined a complaint under this Policy as: “An expression of dissatisfaction made to an organization related to its services, or the complaints-handling process  

itself, where a response or resolution is explicitly or implicitly expected”. Any person or organization (“Complainant”) who is dissatisfied with a service provided by the firm, for any reason, may contact   38 Mortgage to make a complaint. A complaint may be oral or written. At times, complaints can be made by way of negative feedback, which may not require a resolution or formal follow-up. While this type of feedback is valuable, the Policy does not apply to feedback of this nature because all complaints received by 38 Mortgage shall be responded to in writing.

Guiding Principles of Effective Complaints Handling

38 Mortgage has implemented the following guiding principles of effective complaints handling:

• Visibility-Our Complaints Handling Policy is available on the 38 Mortgage website and hard copies will also be made available to anyone upon request
• Accessibility-Our Complaints Handling Policy is readily accessible to all clients, principals, partners, employees and consultants, as may be applicable. This Policy is easy to understand and includes details on making and resolving complaints
• Responsiveness-Receipt of each complaint will be promptly acknowledged to the      Complainant. Complaints will be handled in an efficient and effective manner. Complainants will be treated courteously and kept informed of the progress of their complaint throughout the complaint-handling process
• Objectivity-Each complaint is addressed in an equitable, objective and unbiased manner through the complaints-handling process.
• Fees-There will be no fees assessed to the Complainant for making a complaint
• Confidentiality-Personally identifiable information concerning the Complainant is actively protected from disclosure unless the Complainant expressly consents to its disclosure
• Customer-focused      
• Approach-All principals, partners, employees and consultants of 38 Mortgage, as may be applicable, are committed to efficient and fair resolution of complaints. 38 Mortgage actively solicits feedback from its clients on a regular basis and acknowledges a client’s right to complain.
• Accountability-All principals, partners, employees and consultants accept responsibility for effective complaints handling. The Compliance Officer will ensure that, where appropriate, issues raised in the complaints handling process are reflected in principal, partner or employee performance evaluation, if applicable.
• Continual Improvement – 38 Mortgage’s complaints handling process will be reviewed periodically, and at least annually, in order continually enhance efficient delivery of effective outcomes.  

How a Complaint May Be Made

Where a complaint is about a particular engagement, service, principal, partner, employee or consultant, and the Complainant is familiar with the person(s) working on the Complainant’s matter, the Complainant may wish to address the complaint to a specific or the most appropriate person, orally, by letter, email or fax. Where possible, complaints should be made in writing so that the details of the complaint are clear and complete. If the Complainant is not sure to whom the complaint should be referred or feels that it would be inappropriate to address the complaint to a specific person, the Complainant should contact the Arlene Serrano, Compliance Officer of 38 Mortgage. The Compliance Officer, taking full responsibility for the actions of 38 Mortgage and its principals, partners, employees and consultants, as applicable, is therefore also responsible for all quality assurance and risk management affairs of the firm. The contact details are as follows:

Compliance Department, 38 Mortgage, Attn: Arlene Serrano, 

201 W. Chatham St, Ste 204, Cary, NC 27511

Tel: (984) 500-0250 | Fax: (984) 250-7788 | Email: aserrano@38mortgage.com

Information Required When Making a Complaint

When making a complaint, the following information should be provided by the Complainant to 38 Mortgage:

1. Name of the company or individual(s) involved, the individual’s title, and all relevant contact particulars of the Complainant
2. Complainant’s relationship with 38 Mortgage (i.e., the nature of Complainant’s      engagement with 38 Mortgage and whether you are an existing or prospective client)
3. Contact person at 38 Mortgage to whom Complainant would wish to address the complaint
4. Nature of the complaint (including what was said or done resulting in the need to file a complaint, and when the conduct giving rise to the complaint occurred)
5. Details of the 38 Mortgage principal, partner, employee or consultant involved (if applicable)

      6. Copies of any documentation supporting the complaint (i.e., contracts, account statements,    

            disclosure documents, cancelled checks or money wires, sales materials and advertisements)

Assistance with Making a Complaint

If the Complainant requires assistance in formulating or lodging a complaint, the Complainant should not hesitate to contact the Compliance Officer with 38 Mortgage at any time.

Acknowledgement of Complaints

38 Mortgage is committed to acknowledging all complaints promptly upon receipt. Once a complaint has been received, an initial review of the complaint will be undertaken. 38 Mortgage will work to resolve complaints within 30 days of receiving the complaint.

During the Complaint Process

The Complainant is encouraged to enquire into the status of the complaint by contacting the President of 38 Mortgage at any time.

Response to a Complaint

Once 38 Mortgage has reviewed the complaint, 38 Mortgage will provide a written response to the Complainant. If the Complainant is dissatisfied with 38 Mortgage response, the Complainant may ask 38 Mortgage to reconsider the response. Such a request should be made in writing and forwarded by mail, email or fax to the address of the Compliance Officer as provided above.

Further Action

If the Complainant is dissatisfied with the manner in which the complaint has been handled, the Complainant may refer the matter to the following external dispute resolution bodies:

National Mortgage Licensing System & Registry (NMLS) Resource Center

(240) 386-4444 

OR: http://mortgage.nationwidelicensingsystem.org/contact/Pages/default.aspx

U.S. Department of Housing and Urban Development (HUD)

451 7th Street S.W., Washington, DC 20410

Phone in DC: (202) 708-1112 or: www.hud.gov

Consumer Finance Protection Bureau (CFPB)

P.O. Box 4503, Iowa City, Iowa 52244

Consumer Help: (855) 411-CFPB (2372)

OR http://www.consumerfinance.gov/contact-us/ 

OR http://www.consumerfinance.gov/complaint/

38 Mortgage Quality Controls

Complaints will be continually analyzed by the Compliance Officer promptly upon receipt for the identification of systemic or recurring problems. If such problems are identified, 38 Mortgage will consider what actions it may need to take to address these problems. The complaints handling process will be reviewed periodically, and at least annually, to aim to enhance its delivery of efficient and effective outcomes. This review will be performed by the Compliance Officer or an appropriate appointee, and 38 Mortgage will consider what actions it may need to take to address any deficiencies identified in such a review. Where appropriate, issues that arise as a result of 38 Mortgage’s complaints handling process may be incorporated in the process for monitoring and evaluating principal, partner, employee or consultant performance, as applicable.

Please contact the Compliance Officer (contact particulars are set forth above) if you have any comments or suggestions in respect of the contents of this Policy.

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Disclaimer

This publication contains general information only, and none of 38 Mortgage’s are, by means of this publication, rendering any business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect the finances or the business of any Complainant.

Before making any decision or taking any action that may affect a Complainant’s finances or business, the Complainant should consult with a qualified professional adviser. 38 Mortgage shall not be responsible for any loss whatsoever sustained by any person who relies on this publication.