Valon Mortgage is a Phoenix, Arizona-based mortgage lender that operates in all fifty states. The company, founded in 2019, has over 200 employees and handles more than $5 billion in loans. Despite its stated mission of providing clients with a convenient and reliable method of mortgage management, consumer complaints are stacking up online. Many customers have expressed frustration with the company’s customer service, alleging that representatives are unresponsive, unhelpful, and unprofessional. Additionally, some customers have claimed that Valon Mortgage is not transparent about the fees associated with their services and the interest rates and loan terms. Furthermore, some customers have complained that Valon Mortgage charges high service fees, making them more expensive than other lenders.
What is Valon Mortgage?
Valon Mortgage is a legitimate mortgage lender with accounts across the country. The company originally registered as Peach Street, Inc. before changing its name almost a year later. The company’s main office is 14647 S 50th St, Phoenix, AZ 85044, with a New York office at 88 University Place, New York. CEO and co-founder Andrew Wang formerly worked for Soros Fund Management. Wang reports he started the company to provide a better customer experience for borrowers, especially the front-facing technology they utilize. However, four years after its inception, the company has left a trail of bad reviews.
Valon Mortgage’s Better Business Bureau profile shows that the company is unaccredited and rated 1 out of 5. As a relatively new lender that claims to offer a modern, efficient platform with professional customer service, Valon’s online presence tells a different story.
Complaints about Valon Mortgage
Complaints appear on the Better Business Bureau, the Consumer Financial Protection Bureau, and WeLoans. Among the many complaints, a few of the most common are:
- Unresponsive, unhelpful, and unprofessional customer service
- Incorrect and inaccurate escrow information
- Unauthorized and excessive fees
- Failure to honor requests for payoff statements, loan modifications, or mortgage assistance
- Poor website functionality and lack of electronic bill pay options
- Unauthorized hard credit pulls that lower credit scores
These issues may violate federal and state laws that protect consumers from unfair and deceptive practices by mortgage lenders and servicers. For example, the Real Estate Settlement Procedures Act (RESPA) requires mortgage servicers to provide timely and accurate information to borrowers, respond to inquiries and complaints within specified time frames, and avoid charging fees not authorized by the loan contract or law. The Fair Credit Reporting Act (FCRA) requires creditors to obtain permission before pulling a consumer’s credit report and to correct any errors or inaccuracies.
In 2023, claims piled up against Valon regarding misleading insurance policy payments. One consumer alleged the company charged them for wind insurance despite opting out and purchasing a policy through another carrier. Another common complaint alleges Valon collected escrow funds for an insurance policy, but Valon didn’t use the funds to pay the bill. Instead, their insurance premiums went unpaid, despite being withdrawn from the homeowner’s account.
Maginnis Howard protects the rights and interests of consumers harmed by mortgage lenders and servicers like Valon Mortgage. We have extensive experience and expertise handling complex and challenging class action lawsuits against powerful, well-funded defendants. We work on a contingency fee basis, meaning we only get paid if we win your case or obtain a favorable settlement.
If Valon Mortgage’s practices have harmed you, we want to hear from you. Please contact us today for a free and confidential consultation. Call us at (919) 526-0450, or send a message through our contact page. We will review your potential case and advise you of your legal options. There are strict deadlines and statutes of limitations that apply to consumer claims, so don’t delay. Contact us today, and let us fight for you.