Power Choice Mortgage

The official position and response to Mrs [redacted] ’s complaint to the Revdex.com is one of disappointmentWhile it is true that Mrs [redacted] ’s claim that an appraisal was ordered as part of the application process for a home loan refinance, it was done under good faith, due course and authorized by Mrs [redacted] Appraisal evaluation is a standard part of any real estate transaction and is part of the eligibility process and underwriting consideration During the underwriting for conditional loan approval it was uncovered via her tax returns that Mrs [redacted] owns and manages a rental property for which she exercises her right to take a significant tax loss against her incomeUnfortunately we are unable to overlook this deduction of loss and are required to apply it to her debt to income ratio which is a determining factor for the ability to repay the loan application in questionThis deductible event was not disclosed by Mrs [redacted] during the application interview and it wasn't until we received a copy of her tax returns that this sizable deduction was uncoveredWe followed required industry protocol to the extent of our fiduciary duty and her claim of negligence is not only offensive but unsubstantiated Our clients are everything to our firm and we take our duty and reputation very seriously, almost obsessivelyMrs [redacted] did pay for an appraisal evaluation and a copy of the report has been provided to her for services rendered by the third partyAs unfortunate as it is that we are unable to extend credit to Mrs [redacted] , we are not in the business of just ordering appraisals with no intent to procure a loan applicationWe are also not in the business of being leveraged and extorted by applicants for outcomes they do not like based on things that were not caused by our firm by using blogs and the internet to tarnish our stellar reputation Unfortunately, had Mrs [redacted] given us the opportunity to respond to her grievance directly, as is our practice of good faith, we would have more than likely come to some sort of satisfactory resolution with her as this is our reputation and way we do business In closing, we wish Mrs [redacted] the best in future endeavors and we are a big proponent for consumer protection platforms such as the RevDex.com only when it is used as a last resortWe never got the chance to hear her grievance direct and she used the Revdex.com to issue what we feel is an unwarranted complaint and something that could have been easily resolved without bringing in a 3rd party

HORRIBLE experience!!! I had the exact experience as the person who made the complaintClassic bait and switch, all documents were delivered on time, appraisal paid for, house appraised for double what was owedI was assured all documentation was vetted and loan approvedA few days before closing, I get a call from *** ***,Chief loan officer saying income was insufficient for cash out re-finance and they could only offer less than 1/of what was promised and signed for! DO NOT recommend this company, WASTE of time and Money!

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear belowAlso, please read the email traffic, where I question their professionalismAlso contacting BB should be no surprise to Power Choice Mortgage since I informed them of my actions to contact your office for resolution (see email below).
Below contains emails sent to Power Choice Mortgage Advisors attempting to settle the dispute in questionI found the settlement offered by Power Choice Mortgage Advisors to be unrealistic and unsatisfactory and a quick way outReference email from Power Choice Advisor dated 11-13-Item #clearly states the following: As you can see Power Choice Mortgage Advisor was the initiator for the appraisal not me.
Conditional loan approval has been issued and we are now entering the funding phase of the loan processThe following services have been ordered:
1. Loan in review for rep an warrant underwriting in preparation for loan contract
2. Escrow opened to order loan payoff, loss payee, doc prep and receipt of funds
3. Title Insurance Report ordered to verify lien position and any/all encumbrances
4. Property Appraisal ordered to inspect condition of dwelling and conduct value assessment
-----Original Message-----From: *** *** *** To: *** Sent: Thu, Nov 13, 3:pmSubject: Loan Submission
CONGRATULATIONS, YOUR LOANS IS APPROVED!
*** ***Conditional loan approval has been issued and we are now entering the funding phase of the loan processThe following services have been ordered:
1. Loan in review for rep an warrant underwriting in preparation for loan contract
2. Escrow opened to order loan payoff, loss payee, doc prep and receipt of funds
3. Title Insurance Report ordered to verify lien position and any/all encumbrances
4. Property Appraisal ordered to inspect condition of dwelling and conduct value assessment
Important Note:
Please contact me if you have not heard from the Appraiser within hours of this noticePlease make sure that your water heater is double strapped and that you have at least one Carbon Monoxide Detector installed on each level of your homeThese are state code requirements and could cause a delay or need for reinspection at an additional cost if they are not metIt has been a pleasure serving you to this point and please don’t hesitate to reach out to me at any time.*** ***
***
-----Original Message----- From: *** *** To: *** *** Cc: *** *** Sent: Mon, Nov 17, 09:AM Subject: RE: *** Refi Information
Thanks ***,
I have finished reviewing your documents and they look great! Thanks for sending them overLooks like the only things we need to complete your file and move it forward for conditional approval are your signed disclosures that were FedEx’d to you last ThursdayWe do have a pickup scheduled for you tomorrow the 18th, however, if you can scan and email those to me we can get your file processed a day earlierLet me know if you’d rather just email and/or fax them to me instead
Thanks again!
*** ***
Funding Assistant
Corporate Offices:
Enterprise, Aliso Viejo CA Direct Line: ***
Direct Fax: ***
Thank you for considering the environmental impact of printing emails__________________________________________________________________________...⇄ /> -----Original Message-----From: *** *** To: *** ; *** Sent: Wed, Nov 19, 12:pm Subject: Re: *** Refi Inquery
Since it was determined after careful evaluation of my income debt ratio over my income that I no longer qualify for refinance of my *** *** *** Property, will I be reimbursed for the ordered appraisal services paid out and accomplished in advance of the income validation?
*** ***
From: *** *** To: *** ; *** ; eFolder Sent: Thu, Nov 20, 11:amSubject: Re: *** Refi Inquery
Please respond and advise
*** *** ***
-----Original Message----- From: *** *** To: *** *** ; *** *** Sent: Thu, Nov 20, 11:am Subject: RE: *** Refi Inquery
Waiting to hear back from my management department
Thank You,
*** ***
SrUnderwriter
NMLS# ***
Corporate Offices:
Enterprise, Aliso Viejo CA
Direct Line: ***
Direct Fax: ***
-----Original Message-----From: *** *** To: *** Cc: *** Sent: Mon, Nov 24, 7:pmSubject: Re: *** Refi Inquery
Good evening Josh,
How long does it typically takes for your manager to make a decision regarding reimbursement of appraisal funds, due to PowerChoice mortgage ordering appraisal services in advance to refinance not being approved?
Please respond and advise
*** ***
-----Original Message----- From: *** *** To: *** *** Cc: *** *** Sent: Tue, Nov 25, 11:AM Subject: RE: *** Refi Inquery
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We will not be able to reimburse appraisal due to the tax returns discrepancies, but what we can do is when you are ready to refinance in the future we would pay for the new appraisal
Happy Holidays
Thank You,
*** ***
SrUnderwriter
NMLS# ***
Corporate Offices:
Enterprise, Aliso Viejo CA Direct Line: ***
Direct Fax: ***
From: *** *** To: *** Cc: *** Sent: Tue, Nov 25, 1:pmSubject: Re: *** Refi Inquery
I will need to take this up with legal and contact the Better Bussiness Bureau This is totally unacceptable *** ***

The official position and response to Mrs. [redacted]’s complaint
to the Revdex.com is one of disappointment. While it is true that
Mrs. [redacted]’s claim that an appraisal was ordered as part of the application
process for a home loan refinance, it was done under good...

faith, due course and
authorized by Mrs. [redacted]. Appraisal evaluation is a standard part of any real
estate transaction and is part of the eligibility process and underwriting
consideration.
During the underwriting for conditional loan approval it was
uncovered via her tax returns that Mrs. [redacted] owns and manages a rental
property for which she exercises her right to take a significant tax loss
against her income. Unfortunately we are unable to overlook this deduction of
loss and are required to apply it to her debt to income ratio which is a determining
factor for the ability to repay the loan application in question. This
deductible event was not disclosed by Mrs. [redacted] during the application
interview and it wasn't until we received a copy of her tax returns that this
sizable deduction was uncovered. We followed required industry protocol to the extent of our fiduciary
duty and her claim of negligence is not only offensive but unsubstantiated.
Our clients are everything to our firm and we take our duty
and reputation very seriously, almost obsessively. Mrs. [redacted] did pay for an
appraisal evaluation and a copy of the report has been provided to her for
services rendered by the third party. As unfortunate as it is that we are
unable to extend credit to Mrs. [redacted], we are not in the business of just
ordering appraisals with no intent to procure a loan application. We are also
not in the business of being leveraged and extorted by applicants for outcomes
they do not like based on things that were not caused by our firm by using
blogs and the internet to tarnish our stellar reputation.
Unfortunately, had Mrs. [redacted] given us the opportunity to
respond to her grievance directly, as is our practice of good faith, we would
have more than likely come to some sort of satisfactory resolution with her as this
is our reputation and way we do business.
In closing, we wish Mrs. [redacted] the best in future endeavors
and we are a big proponent for consumer protection platforms such as the RevDex.com only when it is used as a last resort. We never got the chance
to hear her grievance direct and she used the Revdex.com to issue what we feel is an
unwarranted complaint and something that could have been easily resolved
without bringing in a 3rd party.

HORRIBLE experience!!! I had the exact experience as the person who made the complaint. Classic bait and switch, all documents were delivered on time, appraisal paid for, house appraised for double what was owed. I was assured all documentation was vetted and loan approved. A few days before closing, I get a call from [redacted],Chief loan officer saying income was insufficient for cash out re-finance and they could only offer less than 1/3 of what was promised and signed for! DO NOT recommend this company, WASTE of time and Money!

Review: Powerchoice mortgage ordered an appraisal on my home before confirming it was ineliigible for refinance. They charged my credit card. This was a premature act on their behalf. They claim that they discovered an error on my income after they had approved me for refinance. They should have done a accurate evaluation before ordering the appraisal. Their neligence caused me $435Desired Settlement: Reimbursement of $435.00

Business

Response:

The official position and response to Mrs. [redacted]’s complaint

to the Revdex.com is one of disappointment. While it is true that

Mrs. [redacted]’s claim that an appraisal was ordered as part of the application

process for a home loan refinance, it was done under good faith, due course and

authorized by Mrs. [redacted]. Appraisal evaluation is a standard part of any real

estate transaction and is part of the eligibility process and underwriting

consideration.

During the underwriting for conditional loan approval it was

uncovered via her tax returns that Mrs. [redacted] owns and manages a rental

property for which she exercises her right to take a significant tax loss

against her income. Unfortunately we are unable to overlook this deduction of

loss and are required to apply it to her debt to income ratio which is a determining

factor for the ability to repay the loan application in question. This

deductible event was not disclosed by Mrs. [redacted] during the application

interview and it wasn't until we received a copy of her tax returns that this

sizable deduction was uncovered. We followed required industry protocol to the extent of our fiduciary

duty and her claim of negligence is not only offensive but unsubstantiated.

Our clients are everything to our firm and we take our duty

and reputation very seriously, almost obsessively. Mrs. [redacted] did pay for an

appraisal evaluation and a copy of the report has been provided to her for

services rendered by the third party. As unfortunate as it is that we are

unable to extend credit to Mrs. [redacted], we are not in the business of just

ordering appraisals with no intent to procure a loan application. We are also

not in the business of being leveraged and extorted by applicants for outcomes

they do not like based on things that were not caused by our firm by using

blogs and the internet to tarnish our stellar reputation.

Unfortunately, had Mrs. [redacted] given us the opportunity to

respond to her grievance directly, as is our practice of good faith, we would

have more than likely come to some sort of satisfactory resolution with her as this

is our reputation and way we do business.

In closing, we wish Mrs. [redacted] the best in future endeavors

and we are a big proponent for consumer protection platforms such as the RevDex.com only when it is used as a last resort. We never got the chance

to hear her grievance direct and she used the Revdex.com to issue what we feel is an

unwarranted complaint and something that could have been easily resolved

without bringing in a 3rd party.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below. Also, please read the email traffic, where I question their professionalism. Also contacting BB should be no surprise to Power Choice Mortgage since I informed them of my actions to contact your office for resolution (see email below). Below contains emails sent to Power Choice Mortgage Advisors attempting to settle the dispute in question. I found the settlement offered by Power Choice Mortgage Advisors to be unrealistic and unsatisfactory and a quick way out... Reference email from Power Choice Advisor dated 11-13-2014. Item #4 clearly states the following: As you can see Power Choice Mortgage Advisor was the initiator for the appraisal not me. Conditional loan approval has been issued and we are now entering the funding phase of the loan process. The following services have been ordered:1. Loan in review for rep an warrant underwriting in preparation for loan contract2. Escrow opened to order loan payoff, loss payee, doc prep and receipt of funds3. Title Insurance Report ordered to verify lien position and any/all encumbrances4. Property Appraisal ordered to inspect condition of dwelling and conduct value assessment -----Original Message-----From: [redacted] <[redacted]>To: [redacted] <[redacted]>Sent: Thu, Nov 13, 2014 3:55 pmSubject: Loan Submission