Finance Of America, LLC.

Complaint: ***I am rejecting this response because:
I am attaching three items at this time that will clearly show that the lender or it's affiliates had no right or authorization to charge for an administration fee as noted on the invoice. Items attached:
Credit Card Authorization Form
Invoice dated 3/23/
Various Emails between myself and Matt W***, CFO/COO with ***'s *** Services
The Credit Card authorization form only authorizes payment for the cost of the appraisal, and nothing additional. When the loan officer provided the disclosure to me with the amount of $750.00, I immediately questioned that amount because I am very familiar with costs associated with appraisals being in the same business for plus years. The loan officer stated that the amount that is listed on the disclosure is an estimate only and does not reflect the final cost. She also stated that lender's are not allowed to be involved or have the information to the specifics of the appraisal cost which is why they put an estimated amountThe breakdown of the appraisal cost that the lender gave on their reply to this complaint is completely false. I had even spoke with the manager of Finance of America Mortgage on
The invoice is very specific as to the breakdown of the charges.. I agreed and authorized payment of the appraisal only
From the chain of emails it is very clear that Matt acknowledges that the appraisal fee was indeed $which included all amendments associated with rental property. This acknowledgement matches the invoice provided. You will also see that the emails included various individuals associated with Finance of America Mortgage.
After I discovered the charge of $725.00. I immediately contacted my loan officer; very frustrated; she had indicated that she was not aware of this cost. I quickly obtained the information on the company that debited the amount and narrowed the information to begin my inquiries.
I believe that Finance of America Mortgage should do the right thing and provide a refund of this "garbage" fee that was never disclosed or authorized
*** ***
Sincerely,*** ***

Re: Complaint No *** Finance of America Mortgage LLC (“FAM”) provides to following response to Ms*** comments on June 21, On February 16, 2016, Ms*** was provided with an initial Loan Estimate showing a $fee for the appraisal and that is the amount that the appraisal company charged. The Credit Card Authorization, signed by Ms*** on March 5, 2016, states the appraisal costs range from $to $1,and that she authorized payment for the appraisal. Ms*** knew at the time she signed the credit card authorization, that the appraisal would be $because it was previously disclosed on the Initial Loan EstimateAppraisal companies often charge administration fee to manage the appraisers they hire.Ms*** also states that the appraiser Eli Dalbec told her the cost of the appraisal would be no more than $575. We contacted MrDalbec on June 21, to obtain his statement in which states that the cost of the appraisal is a common question and that he never discloses the appraisal fees but refers those questions back to the loan officer or bank.FAM believes the correct fees were disclosed and charged for the appraisalAppraisal fees are third party fees in which FAM only collects the credit card information to pay for the appraisalHowever, we can see how Ms*** may think the administrative fee is not part of the appraisalAs a gesture of good will, FAM will refund the $150. Please allow days for the refundPlease feel free to contact me if you have any addition questionsRegards,Kathy S*Kathy S*Customer Relations Manager972-265-***[email protected]

Finance of America Mortgage LLC (“FAM”) thanks you for bringing this matter to our attention and provides the following response to Ms. [redacted]’s request for a refund of the administration fee associated with her appraisal.
 
Ms. [redacted] applied for a refinance of her investment property....

The appraisal for an investment property has a different process than an owner occupied appraisal. The base price of the appraisal was $525, a $100 fee was added for the 1007, which is the rental comparison, and then the operating income statement of $75 bringing the total cost of the appraisal to $750.  Ms. [redacted] was only changed $725.  In addition, FAM fully disclosed the appraisal fee of $750 on the Loan Estimate that was provided to Ms. [redacted] on 2/17/2016. 
 
As these fees are a normal part of an appraisal for investment properties we do not feel a refund is warranted.  
 
We apologize for any possible miscommunication regarding these fees and hope this explanation provides a satisfactory resolution to Ms. [redacted]s concerns regarding the appraisal charges.
 
Please feel free to contact me if you have any addition questions.