All Reverse Mortgage Inc

While we always endeavor to place a reverse mortgage loan for
every eligible borrower, we cannot guarantee that every property will meet ***
guidelines and requirements. The appraiser is the eyes and ears of the
lender and *** in the field and many times we do not have a good grasp on
the
property being used for collateral until the appraiser makes his report.
In this case, we were unable to even order the appraisal at first because the improvements on the borrower's property were not real property. That is, they were still being
taxed and treated as personal property which allows the owner to pick it up and
move it at any time making ineligible for a reverse mortgage loan. We
informed the borrower that we could not process a loan request nor could we
order an appraisal on personal property as soon as this fact was made known to
us. Some of the charges he mentions were to convert his property
ownership and taxation to real property just to make it eligible to apply for
the loan We did not at any time state or imply that the loan would be
approved with this action as we had not even seen an appraisal at that
time. He made the decision to convert the mobile home to real property All we
can do is tell borrowers what is required to apply and only the borrower can
make the decision if he wants to proceed If the borrower determined that transforming the mobile home from personal property to real property was in his best interests (both to apply for a reverse mortgage loan and for future resale value), that is a decision only he can make and those costs would be the same any other owner also incurred with their unit and land I do not
know to what hard money loan costs he refers or why that would be a cost he would even look to us to reimburse
Once the improvements were converted to real property, we were able to begin processing an application request for a reverse mortgage on real property and ordered
the appraisal The appraisal was delivered to our office in a timely manner in accordance with
Uniform Standards of Professional Appraisal Practice (USPAP) and ***'s
Appraiser Independence Rules We would have submitted the file to
underwriting at that point (months ago), but it was the borrower who was
unhappy with the appraised value and insisted that the appraisal be completed
differently The borrower had two additional lots that were not included
with the lot on which the mobile home was situated that he wanted included in
the appraisal in an effort to increase his value The borrower contacted
his Loan Officer, *** ***, and instructed him that he felt the appraiser
should have included land value for two additional lots that were not part of
the property When Mr*** and the processor sent Mr*** the
evidence showing him that in fact the other lots were separate and not included
in the legal description of the property with the mobile home, it was Mr
*** who instructed us to put everything on hold so that he could complete
the task of a lot consolidation, making the three lots he held one legal
parcelWe did not request this action, did not advise the borrower to take
this action and it was the borrower who made the sole determination that he
wished to do so.
Once this was completed, we had to begin over as the property was
not the same property as it was when we started A new appraisal did have
to be ordered, but even though it was the borrower's decision to do this, we
never did charge the borrower for that appraisal so he has not borne this
expense, we did Once another appraiser was sent out to appraise the new property
with all three lots pursuant to the borrower's instructions, it was determined
by the new appraisal that there were no sales comparables that could be found
to support the value of the property with the new lot size without excessive
adjustments for the added land The new appraisal also disclosed the
presence of a second mobile home pad on the newly sized lot that none of the
sales would support In essence, the borrower had just made the land size
too large and over-improved the property in a rural area with a mobile home and
the security no longer met *** guidelines
Modular or mobile homes are never easy properties on which to
place reverse mortgages and have very specific *** requirements to meet
The "costs" outlined by the borrower were not a
result of anything we did or advised him to do We did not assure the borrower
that if he had real property we could absolutely do the loan, we did not have
enough information to even know that at the time - we only knew that if he did
NOT have real property, we could not even entertain a loan request
The borrower made the determination to convert his property so that
he could apply for a reverse mortgage, and then made the sole decision to
combine lots in an effort to receive more money We do not and cannot
advise borrowers to alter their property as we cannot guarantee the outcome
based on those alterations We can only tell borrowers what the
requirements are and then they must make the determination if they wish to try
to meet those requirements
I am sorry that Mr*** did not receive the ultimate outcome
that he desired In the end though, we can only offer the program parameters that ***
allows for the *** product and we have exhausted our resources to try to help
the borrower. Unfortunately, we cannot guarantee that we can do every
loan on every property and if it was as easy as "just doing the
loan", Mr*** could transfer the *** case number and appraisal to any other ***-approved
lender and close it but Mr*** has opted to list the property for sale at this time I do wish him the best

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.I filed a complaint regarding this company. However, within hours the complain was resolved after talking with the principals involved
Regards,
*** ***

Our original response stands We have all the emails going back and forth as well but also conversation logs of the numerous phone conversations with the borrower We have both appraisals We have the emails from the borrower expressing his dissatisfaction on the speed of both appraisers ability to perform the appraisals (due to the lack of sales comparables available) and ultimately the value We did not seek to perform a second appraisal, it was the borrower who wanted the additional value and inquired of Mr*** as to whether or not one could be ordered and under what circumstances the other two lots he had could be included Mr***'s email is not telling him we are "requiring" him to combine his parcels, but rather answering him on his prior verbal questions of how he could rebut the value; and then what he could do to add the additional lots and order a new appraisal because he determined that he had no grounds to rebut the original appraiser, that the other two lots were not part of the property The "good news/bad news" email was a direct answer to the borrower's inquiry as to how he could proceed and Mr*** was telling him we could order an appraisal and we would even pay for it since there was quite a bit of trouble with payment on the first appraisal but that the borrower would have to combine the lots (the borrower even forwarded the emails Mr*** sent to him that he received from the title company as a result of the research he did on the borrower's behalf) The title company and Mr*** were responding to the borrower's inquiries, All Reverse Mortgage does not require lots to be combined, split or changed in any way.To reiterate, we did not want to order a second appraisal or prolong this transaction, the borrower did as he wanted the higher value than he received on his initial appraisal and felt the additional land would provide that value (of which we have several emails and documented phone conversation logs) I will not forward a copy of both appraisals at this time but can do so to verify that there was a value derived long before the email the borrower is using as his "proof" that we were the reason he combined the lots There is a huge difference between a Loan Officer answering a borrower's request on how he would go about doing something by telling him the steps he would have to take and us directing a borrower to alter their property The borrower asked us if he could get a new appraisal and how he could include his other lots and we answered his question

The borrower has contacted you to indicate that the issue has already been resolved.  In fact, we had resolved this misunderstanding before ever receiving the Revdex.com notification.  We still have the original proposal that went out to the borrower on August 24, 2015 and the borrower was...

informed in writing at that time that this loan process was a 35 - 40 day process after receipt of his completed application, assuming no appraisal or title issues.  This complaint was filed in 20 days of receipt of his application - certainly not long enough for us to close a loan.  I understand that it is frustrating to borrowers and it is also frustrating to us Lenders as well at times having to follow the HUD and legal rules regarding appraisal independence but we have no choice in the matter.  Between holidays, service providers taking vacation (the borrowers were also gone for about a week during the 20 days we had the application) the property being located in an area that is fairly rural with very few FHA-approved appraisers and the HUD rules we are forced to follow, we were staying on the appraisal request to the best of our ability.  It does appear though that we did not communicate that well enough to the borrower, we do apologize to the [redacted] if they felt that they were not kept abreast of the situation enough.  However, appraisal delays are not uncommon and we deal with this eventuality every day since HUD initiated their Appraiser Independence Rules in 2010, every lender does.  We have never lied to borrowers about the fact that we too, have to follow the law and that there are sometimes delays when dealing with the third party providers and the anticipated timeframe statement along with a disclaimer about possible appraisal or title issues appears on every proposal we deliver that the borrowers also received on August 24, 2015.  If the borrower is allowed to retract is complaint, I don't need to file anything.  I can supply attachments with the original proposal and other documentation if required by the Revdex.com for dispute resolution, but it appears at this time, there is no remaining dispute.------- Original message --------
From: [redacted]
Date: 12/30/2015 6:02 PM (GMT-08:00)
To: [redacted] <[redacted]>
Subject: RE: You have a new message from your Revdex.com regarding
complaint #[redacted]
[redacted],
I filed the complaint when mad and frustrated
before we talked. As someone who has been in business myself I know how
important it is to meet and exceed customer expectations. Based upon the
reviews of your company that I had read I had high expectations of the level of
customer service that would be provided.  Unfortunately those expectations
were not met and I became very frustrated with the lack of followup to get the
appraisal scheduled.
I have attempted to enter the resolution with the
Revdex.com; however, it is not letting me do so.  I have contacted the San Diego
Revdex.com via their website to find out why.  Text follows:
(I filed a complaint regarding this
company.  However, within 24 hours the complain was resolved after talking
with the principals involved.  I cannot find the complaint to respond that
it was satisfactorily resolved.  How do I enter the resolution to the
issue involved? )
We wish to continue with the application and
look forward to getting the loan closed.  I talked to [redacted] when she called
to set the appointment and she has assured me that she will work to get the
appraisal to you as soon as possible.
I will be posting that the issue is resolved as
soon as I can.  If there are any other issues please contact me so we can
resolve them.
[redacted]

Revdex.com:
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.
Regards,
[redacted] ________________________________________________________________________________...⇄ Revdex.comI did not decide to have lots combined I was told to do that.  I did not request a new or second appraisal they did..... Please see attached email scan: Tax ID 1a and Tax ID 1bI did put everything  when I was told to combined the lots into one parcel it was 12/5/14 and it was completed on 12/8/14 Please see attached email scan Tax ID 2....3 days out of 7 or 8 months is nothing holding them up...Also which was not mentioned is I had a loan on my home and they said it would not be a problem it would come out of closing costs...Well they came back to me and said I had to pay off loan to get SOL to get mortgage.  So I got a title loan on my car to pay off loan but they dragged out the process as to that I almost lost my car to loan company if it was not for my family to bail me out which I still owe them $7,000 for the loan.Quote from allrmc: The new appraisal also disclosed the presence of a second mobile home pad on the newly sized lot that none of the sales would support.  In essence, the borrower had just made the land size too large and over-improved the property in a rural area with a mobile home and the security no longer met [redacted] guidelines.  THERE IS NOT A SECOND MOBILE HOME PAD ON ANY KIND OF MY PROPERTY AND NEVER WAS SINCE I PURCHASED IN 1986...I was told to make all 3 lots into one parcel...They also as of a 3/30/15 update wanted to do a 3rd appraisal and said I would have to pay for that out of closing costs....Quote from allrmc: He made the decision to convert the mobile home to real property.  All we can do is tell borrowers what is required to apply and only the borrower can make the decision if he wants to proceed.  If the borrower determined that transforming the mobile home from personal property to real property was in his best interests (both to apply for a reverse mortgage loan and for future resale value), that is a decision only he can make and those costs would be the same any other owner also incurred with their unit and land.I was told to convert home into real property that it was required for mortgage..However that is a false statement that it is in my best interest to convert my home into real property for future resale because if I just sell property and keep home that would not be necessary!!!!!My problem is the time frame this took almost 8 months. Also the order of planning is wrong if appraisal is final word with under writer on Mortgage that should come first then all other costs or issues should follow. It cost me over $600 in interest to pay off loan balance on $7,000 plus all the other expenses...I also just received a answer from them on 5/4/15 of denial which is the first I heard of in all this time see attached..... [redacted]

The real issue here is that Mr. [redacted] believes his home is worth more than for what it appraised, he is now angry that the appraisal came in lower than his opinion of value, and at the appraised value he does not get as much money under the reverse mortgage program as he thinks he should get (even...

though he does still qualify).  He has gone as far as to break the law by using threats of intimidation against the appraiser, such as reporting him to the attorney general if he does not return the appraisal fee which is a direct violation of not only HUD rules and regulations for this program, but also Truth in Lending laws as they relate to Appraiser Independence and appraisals.  He is now attempting to extort or punish this company by filing negative reviews both here and on [redacted] (which if you read all his [redacted] reviews, this is not a new tactic for Mr. [redacted]), even though we have no control whatsoever over the appraised value of his home.  Plain and simple, the appraiser gave Mr. [redacted] a lower value than he thought his home was worth and he is now acting out in anger unfairly.  I have enclosed a copy of the appraisal authorization that Mr. [redacted] signed in which we gave him advanced notice that we do not choose the appraiser, that the appraiser is not affiliated with this company in any way and that the appraisal fee is not refundable once the appraisal has been performed - this is signed by Mr. [redacted] acknowledging and accepting those terms.  The appraisal was completed with no complaints of appraiser misconduct from Mr. [redacted], until he received the report and saw the appraised value.  It was only then that he contacted us and made allegations of appraiser misconduct, accusing the appraiser of being drunk, tripping over the dog's water, being guilty of prejudice, not spending enough time and missing things in his home.  When Mr. [redacted] complained of the appraised value, we informed him that borrowers do have a rebuttal process available to them which they can use, but to be successful, borrowers must be able to show material errors in the report that would warrant a reconsideration of value or be able to show multiple other bona fide sales that are more recent and more representative of their home that would indicate a higher value than the appraiser gave if the appraiser had used them.  Mr. [redacted] produced one sale in a project farther away than all the sales the appraiser used which Mr. [redacted] deems his "proof" which was a unit that had been completely remodeled and upgraded (not just kitchen appliances changed), unlike Mr. [redacted]'s condominium unit that the appraiser states is in a C-4 condition (slightly below average).  The appraiser rejected this property as a legitimate reason to increase the value due to it being farther away and was a total renovation and remodel and the sales he used were closer, sold more recently and were the same condition as Mr. [redacted]'s home (versus virtually new and highly upgraded sale that Mr. [redacted] wished to use).  We informed Mr. [redacted] that there was not sufficient new information to warrant additional rebuttal with just this information.   Mr. [redacted] then supplied several current listings (not sales - which cannot be used to rebut the value since they have not closed and therefore the ultimate closing price is unknown) as well as an estimated value range given by a local real estate agent.  The agent backed his opinion with a "Realtor Report" (also included with this rebuttal).   However, although the agent tells the borrower that he thinks the value should be in a range between $30,000 and $55,000 higher than the appraisal with no sales to support his opinion, just listings, the report the real estate agent gives to Mr. [redacted] states in writing an estimated value of just $2900 difference than the appraiser’s original Appraised Value.  The written report supplied by the agent and the borrower support a difference of less than 1% from the value originally assigned by the appraiser.  Even at that, a real estate agent's estimate of value based on his feeling about all comparable listings in an area is not a valid "appraisal".  In fact, a real estate agent who is not a licensed appraiser cannot legally give an "appraisal" of a property as they are not licensed to do so and his estimate was based on his opinion of current competing listings of properties that had not yet sold with no idea of what the final sales prices for those homes would be.  For this reason, there was not even additional information available to rebut the appraiser's given value based on closed sales and the appraiser refused to alter his opinion of value.   When Mr. [redacted]'s documentation failed to support his opinion that the value was higher in a manner adequate to have the appraiser amend the appraised value, we told Mr. [redacted] what his options were.  We showed him what the reverse mortgage proceeds would be if he wanted to continue at the current value as determined by the FHA appraisal, we advised him that he had the option to accept the lower amount or could cancel the transaction and wait for some of the listings he was producing as "evidence" of a higher sale to actually sell which might in fact bolster a higher value with sales to support it. We informed him that he was not required to continue, that once the HUD time limit on the current appraisal had expired and the new sales were available to support a higher value he was free to reapply and get a new appraisal if he so chose.  That is all we can do under the HUD loan parameters.  Mr. Groh was honest with Mr. [redacted] that if he chose to wait, that HUD would not allow Mr. [redacted] to obtain a new appraisal on the property for at least 120 days as HUD will not allow what they deem "appraisal shopping" and have actually put processes in place to prevent it.  We were fair and honest with Mr. [redacted] at all times unlike Mr. [redacted] who tells you that he spent $400 when his appraisal cost that he paid thus far was $275 and he informed [redacted] that he paid $500.    Under the Appraisal Independence rules of HUD and the laws under the Truth in Lending Act, neither borrowers nor lenders may seek to coerce an appraiser to render a given value by threatening to withhold compensation or by threatening legal action to render a different value than what the independent, licensed appraiser determines based on his/her inspection and analysis.  We have the written correspondence from Mr. [redacted] wherein he does threaten the appraiser with reporting him to the attorney general and legal action in an attempt to influence value.  With this action Mr. [redacted] violated both HUD rules and federal laws.  Mr. [redacted] made no allegations of appraiser misconduct until after he received a report that indicated a lower value than he felt was warranted.   With regard to the "promises" of All Reverse Mortgage that he claims we made and then tried to bait and switch him with regard to the terms of the loan, we have never promised any borrower any loan amount prior to an appraisal - every reverse mortgage loan and loan amount is dependent on the appraisal and Mr. [redacted] was also made aware of this fact and the fact that All Reverse had no affiliation with the appraiser (See Appraisal Authorization signed by Mr. [redacted]).  There were no other terms that changed, only the loan amount for which the borrower qualified based on the appraised value.  The HUD program gives borrowers a benefit based in part on the appraised value of the home.  If the appraised value comes in higher or lower than anticipated, the amount the borrower receives based on the HUD calculations under the program is raised or lowered to keep the percentage of the benefit to value the same in accordance with the program. We make no guarantees of values in advance and Mr. [redacted]'s "starting estimate" was based on the value he supplied, not any "promise" made by this company or anyone associated with it.  We ordered the appraisal through an appraisal management company, not any specific appraiser, with no value specified (which is a requirement under independence laws) and the HUD FHA-approved appraiser determined his value based on an independent analysis as required by law.  We had no input into the appraisal process and regardless of Mr. [redacted]'s contentions, NO originator under current law may become involved in the valuation of the home or do anything more to influence an appraiser’s opinion of value.   His comments about someone telling him that this was not handled in accordance with HUD rules and laws are completely inaccurate.  Any lender, or HUD themselves for that matter, can verify the veracity of the claim that the originator cannot order the appraisal, the manner in which it is ordered through the HUD portal.  The information on HUD's website is public knowledge and anyone can verify the timeframes borrowers and lenders must wait to order new appraisals once an FHA appraisal has been completed on a property.  We have handled Mr. [redacted]'s transaction pursuant to HUD requirements and completely in accordance with state and federal laws.  We cannot however, give Mr. [redacted] a higher value or allow him to skirt HUD appraisal requirements simply because he doesn't like the value the appraiser assigned to his home.  His reviews here and on [redacted] are based on his difference of opinion and we understand many people believe their homes are more valuable than appraised.  It would certainly make our lives so much easier if all homes appraised at or above borrower expectations but this is not always the case.  However, Mr. [redacted]'s failed attempts to extort funds from the appraiser and this company due to that difference of opinion and are unlawful and vindictive.  They should not be allowed to appear on the Revdex.com website considering we have followed all laws, have been professional and timely, can prove every allegation false and have his own written statements and signed disclosures that verify all of his complaints completely without merit in all areas.

Revdex.com:
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.
Regards,
[redacted] ________________________________________________________________________________...⇄ /> I also have emails from the beginning and the Appraisal to underwriter should have been sent first for approval....then after underwriter's approval. The SOL, counseling and loan should have been completed....I was also told by email that loan on home would have been paid in closing costs...Then they came back and said I needed to pay that off the loan before closing...so I had to take a title loan on my car to do so and in the process I almost lost my car if it was not for my family to bail me out I would have no car...I had to pay for counseling. SOL and title loan of $7,000 at a 300% interest rate which could have been avoided if this was handled better...I would have not had to pay these expenses if appraisal went to underwriter for approval first!!!!! Then after underwriter approval of appraisal complete the counseling, SOL and Loan Pay off...This situation was handled poorly and at my expense...Also it should not have taken 8 months to get a decision on mortgage!!!! I also have email from them that states it would be about 90 days to complete Reverse Mortgage!!!!![redacted]

We received notification from the Revdex.com of a complaint from an individual with a real estate company claiming that he was receiving spam from our company and that despite constant attempts to unsubscribe and emails to the President of this company, he could not get his email removed...

from our distribution.  We do utilize a service to send out industry information and that service is entirely CAN-SPAM ACT compliant so we contacted them immediately to inquire the status of the removal request.  They were unable to locate any requests to be removed.  We also checked our emails and had received no requests from this individual that would have come to our company directly and apart from the unsubscribe function in the form of an email to any employee at any email address hosted by this company, let alone to the President.  This both perplexed us and gave us cause for concern.  The  material we send out to realtors about the reverse mortgage purchase program is for informational purposes only and we do not wish to bother anyone with emails they do not wish to receive.  Once we were made aware of the situation, we contacted the individual immediately and collected not one but two separate emails that he uses and then worked with him and the email service to be certain that the email addresses in question were removed from the global address book of the email service to be certain that there could be no failure to cease any and all unwanted transmissions.  Regardless of what did or did not transpire, we do not want any company to receive emails from us that are not wanted and we moved immediately to resolve the issue.As I stated, this was the first contact we had received and we worked diligently and professionally with the individual to resolve his issues.  So much so that he contacted the Revdex.com within just a few days requesting them to cancel any negative comments that he had posted and he requested that the Revdex.com not post said comments.  We have done everything we could possibly do with respect to this real estate company's request.  We only utilize CAN-SPAM Compliant companies to email to professional partners (we do not send these types of notifications directly to borrowers, only to professional partners such as real estate agents, title companies, escrow companies and others who may benefit from receiving updates about programs such as the reverse mortgage purchase program).  We made certain that the individual's concerns were addressed the very same day they were brought to our attention and we ultimately did meet that individual's expectations in that we resolved his issue the same day we became aware of it and involved in the resolution (evidenced by the fact that he requested that any negative feedback he supplied to the Revdex.com be withdrawn and not be posted).  We think this is the best we can do.  We follow all CAN SPAM ACT laws, we only work with compliant email services and will always respond immediately whenever we are notified of a partners desire to be removed from an email list.