Consumer complaint received 2026-04-17 00:00:00
Product: Mortgage — Manufactured home loan
Issue: Closing on a mortgage — Trying to communicate with the company to fix an issue with the loan closing
Company: SECURITY FINANCE CORP
State: WI

Complaint narrative:
I am writing this compliant due to a XXXX and Privacy Issue that I have with a bank. I have been working with Security Financial Bank in XXXX XXXX, WI since late XXXX. The reason for the lending relationship was to purchase my grandpa and grandmas family farm along with purchasing a manufactured home to be placed on my farm real estate property at the address of XXXX XXXX XXXX XXXX, XXXX XXXX, WI XXXX ( aka Lot XXXX ) and annual crop loans. During the placement of the manufactured home, it was affixed to the real estate using the XXXX system, which was paid for from the construction loan that was obtained from Security Financial Bank. During the whole process, the Bank continually led me to believe that the manufactured home was part of the collateral as loan draws were for the purchase and placement, documentation received from the company installing referenced myself as purchaser, the XXXX and title application reference me as owners plus the internal evaluation referenced the mobile home site. I also have an email from the loan XXXX, XXXX XXXX from XX/XX/XXXX at XXXX to attorneys that state the following : First, we have a first mortgage on all of the land and buildings associated with the lot where this new house will be placed. Since it is a modular home that will be placed on permanent foundation this home will automatically be included with our collateral. This statement confirms that the manufactured home will be collateral for the loan. To further strengthen that I was led to believe that the manufactured home was part of the real estate collateral, the building permits obtained properly from the County states clearly that this is a permanent home and met all the requirements to do so. The county also imposed real estate taxes on this property due to it being a permanent home on the property. During this whole process, there were several steps that the bank did not take to ensure that the manufactured home was properly perfected as collateral. The title company that was hired did not file an affidavit of affixture and did not surrender the title when they received the XXXX nor title application from me. A family dispute unfortunately came about because my grandparents left me ( their grandson ) the farm property over their children and other grandchildren. This led to an ownership and XXXX status lawsuit regarding the manufactured home, since it was XXXX of the other grandchildren that would be living in the home. During this family dispute, the loan XXXX XXXX XXXX disclosed information to individuals not associated with my lending transactions and providing documentation to these individuals. A text message from a family member on XX/XX/XXXX to XXXX XXXX asking it is considered a loan and not a mortgage, correct? XXXX responds Correct, The title to the manufactured home. We dont need to be listed at all. Simply check the box that states no secured party family member responds So the home does not have a mortgage on it XXXX responds Correct. We did the loan entirely based on the value of the farm and land. I just double checked it. The manufactured home should not have a lien on it. I have documentation that proves the communications. These communications demonstrate acknowledging what is or isnt collateral on my loans, providing the title that showed me as the owner, explaining how to complete the transfer, etc. This is clearly a Privacy violation as the bank may not disclose loan information to individuals who are not obligated on the loan unless the borrower ( me ) has provided written authorization or disclosure is otherwise permitted by law under Regulation XXXX I did not give authorization, written nor verbal, to loan XXXX, XXXX XXXX, to disclose any information. I also have several written communications from the loan XXXX, XXXX XXXX, to me trying to cover up or lying about the status of the manufactured home lien status, the filing of the title, etc after she had conversations with family members not associated with my lending transactions. Due to these missteps and regulatory violations, my family members were able to win a lawsuit over the ownership of the manufactured home, costing me over approximately {$190000.00}. To recap, during the whole process, Security Financial Bank was unfair, deceptive and abusive by taking advantage of me and twisting the narrative to cover up their wrong doing with not completing the transaction properly to perfect the collateral along with violating my Privacy by disclosing information to individuals not on the loan. I would like to have an explanation from Regulators as to why this was allowed to happen when there are clearly guardrails put into place to protect individuals. I am able to supply documentation as evidence as to what happened. Please reach out if you need additional explanations/information.

Company response to consumer: Closed with explanation