American Equity Mortgage Inc

Complaint: ***
I am rejecting this response because: I did not cancel my request for the loan They denied my loan based on an inaccurate appraisal
Sincerely,
*** ***

Dear Dispute Resolution: American Equity Mortgage Inc(AEM) is responding to the above referenced case number filed with your office on 11/16/and received by AEM on 12/13/16. Thank you for providing Mr***s concerns regarding the processing of his loan applications and related
appraisals AEM has reviewed the details surrounding the complainants loan application and has agreed to refund Mr*** $for the cost of his original appraisal. A check for this amount was sent to Mr*** by USPS on 12/23/16. Our conversations with Mr*** also reveal that the transfer of the second appraisal to his selected lender has been completedWe apologize for any delays in communication caused by personnel changes at the branch level. With the refund of the customer’s original appraisal and the transfer of the customer’s current appraisal to their selected lender completed, we feel we have fulfilled the customer’s desired resolution. Sincerely,*** ***Customer Service

Initial Business Response /* (1000, 7, 2015/06/08) */
Monday, June 08,
Via web portal:
Revdex.com
North Broadway
Suite
StLouis, MO XXXXX
RE: Case # XXXXXXX
Dear Dispute Resolution:
American Equity Mortgage, Inc(''AEM'') is responding to the above
referenced case number filed with your office and received in our office May 11, Thank you for providing Mr***'s concern about his overall loan processing experience and request for removal of credit inquiries in addition to refunding fees he incurredWe also want to acknowledge that Branch Manager, *** *** recently communicated with Mr*** regarding his concerns of how the loan was processed
The licensed Mortgage Loan Originator (MLO), *** *** (NMLS #XXXXXXX), whom accepted Mr***'s application for financing is no longer employed by AEMWe must respond based on internal records on sequence of events and information provided to us in connection with Mr***'s loan to the extent availableWe believe we have acted appropriately in the application, processing and underwriting of the consumers loan as mentioned in the following response
Regarding the request for inquiry removal, we are unable to have these removed from the credit portfolioThe inquiries were a direct result of AEM working on the consumer's behalf to verify one portion of the credit portfolio application receivedIn addition to the credit portfolio verification AEM also had to verify other areas of the application, including but not limited to home valuation, debts, and incomeMr*** acknowledged the verification process and authorized the *** Management Company to charge an appraisal fee so an appraised home valuation could be completedAdditionally there was a fee payable to an independent party to establish property boundaries through a land survey due to no survey in the consumer's possession
Lastly as requested, on June 3rd AEM shipped a copy of the loan file documents to the consumers identified mailing address via United States Postal Service
Upon completion of independent third party services rendered as requested, copies of completed items being provided, and as the branch manager already communicated with Mr***, AEM is not offering any concessions
Sincerely,
*** ***
Quality Assurance

Document attached for file for business rebuttal

Initial Business Response /* (1000, 11, 2015/10/19) */
Friday, October 16,
Via web portal:
Revdex.com
North Broadway
Suite
StLouis, MO XXXXX
RE: Case # XXXXXXX
Dear Dispute Resolution:
American Equity Mortgage, Inc(''AEM'') is responding to the
above referenced case number filed with your office and received in our office Septemeber 7, Thank you for providing Ms***'s concern about her overall loan processing experience and request for the refund of her appraisal fee
Ms*** applied for home loan financing on June 1, when she signed and dated her Uniform Residential Loan Application *** During the application period but prior to ordering the appraisal product, loan options were discussed based on preliminary data captured in the borrower's application and credit portfolioMr*** ***, Licensed Mortgage Loan Originator, explained that we would need to verify information listed in the application and one of those items requires an appraised home valuationMs*** authorized the Appraisal Management Company to charge an appraisal fee so an appraised home valuation could be completed
The appraisal was completed and a copy was provided to the consumerUnfortunately the valuation was lower than the consumer anticipated and AEM had to restructure the original loan product soughtThe consumer did not want to proceed with the new product requirements and decided to withdraw her application
With the appraised valuation services being authorized, rendered, and copy provided to the consumer in addition to the consumer withdrawing her application no concessions are warranted
Sincerely,
*** ***
Quality Assurance

Friday, May 27, 2016 Via web portal: Revdex.com 211 North Broadway Suite 2060 St. Louis, MO 63102 RE: Case # [redacted] Dear Dispute Resolution, American Equity Mortgage, Inc. (AEM) is responding to the above referenced case number filed with your office and received in our office...

on the 23rd of May. Thank you for providing Ms. [redacted]’s concern with the processing of her loan and request for refund of appraisal fee. After receipt of the consumers concerns, AEM reviewed our loan file and determined the adverse action notice of denial was sent out in error. Licensed Branch Manager, [redacted] ([redacted]), immediately contacted the consumer to re-establish processing of the loan. AEM then discussed with the consumer conditional loan options based on current loan conditions. Unfortunately the consumer did not want to proceed and withdrew their application. The consumer then mentioned their concerns were toward the appraiser whom was contracted out by the Appraisal Management Company (AMC). AEM believes that we acted in accordance with applicable State and Federal guidelines and that no refund is warranted. AEM has taken the steps necessary to reflect the borrower’s decision to withdraw their application. AEM will be sharing the consumers concerns directly with the AMC so they can address with the appraiser. Should the consumer wish to continue working with AEM they can contact Mr. [redacted] at [redacted]. Sincerely, [redacted] Quality Assurance

Initial Business Response /* (1000, 17, 2015/05/15) */
Friday, May 15, 2015
Via web portal:
Revdex.com
211 North Broadway
Suite 2060
St. Louis, MO XXXXX
RE: Case # XXXXXXX
Dear Dispute Resolution:
American Equity Mortgage, Inc. (''AEM'') is responding to the above...

referenced case number filed with your office and received in our office April 17, 2015. Thank you for providing AEM with additional time to research Mr. [redacted]' concern about his overall loan processing experience and request for the refund of his appraisal fee.
Mr. [redacted] applied for home loan financing on March 4, 2015 when he signed and dated his Uniform Residential Loan Application ("1003"). During the time of application Licensed Mortgage Loan originator, Lance Mason, did discuss loan products offering "no closing cost options", however the desired rate required additional discount fees. AEM disclosed those estimated costs/fees on all applicable disclosures as required that Mr. [redacted] acknowledged and signed.
Mr. Mason then explained that we would need to verify information listed in the application and one of those items requires an appraised home valuation. Mr. [redacted] authorized the Independent Party Appraisal Management Company to charge an appraisal fee so an appraised home valuation could be completed.
Once the appraised home valuation was completed and received, AEM then provided a copy of the appraised valuation was provided electronically to Mr. [redacted] on March 11, 2015. With the market value determined AEM then updated the borrower's original anticipated market value which caused some of the loan product parameters to change or increase. AEM presented the updated product fee disclosures to Mr. [redacted] whom then chose no longer to proceed with the loan. AEM then presented a counter offer to Mr. [redacted] to assist with the updated product fees, but the consumer still insisted on withdrawing his application.
Whereas AEM offered to re-work the loan product to assist Mr. [redacted] with his home financing needs it was with great regret that he withdrew his application. The third party appraised home valuation is required to establish a value on which we can lend upon. Unfortunately the determined value did not match the borrower's original anticipated market value. We apologize for any delay in communication experienced during the processing of the loan; however no concessions are warranted as services were rendered as requested.
Sincerely,
[redacted]
Quality Assurance

RE: Case # [redacted] Dear Dispute Resolution: American Equity Mortgage, Inc. (''AEM'') is responding to the above referenced case number filed with your office and received in our office April 21, 2016. Thank you for providing Mrs. [redacted]’s concern about not receiving a copy of the appraisal....

According to AEM records a copy of the appraisal was provided by the Appraisal Management Company electronically on April 12, 2016 to the address provided by the primary borrower, Mr. [redacted]. As of the 22nd of April a copy of the appraisal was provided electronically to the new address indicated by Mrs. [redacted]. Additionally a hard copy of the appraisal was mailed out on April 25th to the consumers address on file via United States Postal Service. With providing copies of the appraisal both electronically and mailed, AEM believes we have addressed the borrowers concern of not receiving the product they paid for as services were rendered. Sincerely, [redacted] Quality Assurance Specialist

Initial Business Response /* (1000, 8, 2015/06/25) */
Thursday 25, 2015
RE: Case # XXXXXXX
Dear Dispute Resolution:
American Equity Mortgage, Inc. (''AEM'') is responding to the above referenced case number filed with your office and received in our office May 29, 2015. Thank you for...

providing Ms. [redacted]' concern about her overall loan processing experience and request for the refund of her appraisal fee.
Ms. [redacted] applied for home loan financing on March 25, 2015 when she signed and dated her Uniform Residential Loan Application ("1003"). Licensed Mortgage Loan Originator, Mr. [redacted], explained that we would need to verify information listed in the application and one of those items required an appraised home valuation. Ms. [redacted] then authorized the Appraisal Management Company to begin the appraised home valuation process.
Once an appraiser had been located, Mr. [redacted] then discussed with the consumer that the fee for completion would be $625. The consumer then agreed to the fee allowing the loan to continue. Once the valuation was completed it was discovered that it was the wrong type of valuation for the product sought. The AMC promptly had the appraisal converted to the correct type and it was determined that the actual fee should have been $950. However, no additional fees were assessed to the borrower.
Since the completion of the corrected appraisal several attempts were made by Mr. [redacted] reaching out to the consumer to verify other aspects of the application received. Unfortunately after Mr. [redacted]'s attempts no communication was received from the borrower other than this Revdex.com complaint.
Services were rendered as requested, and a copy has been provided to the consumer for their records. Since the final valuation was completed the appraisal can be transferred to the lending institution of the consumer's choice. Either Ms. [redacted]' can request the transfer or have her new institution initiate such request. As such, no concessions are warranted, since AEM must rely on the third party appraised home valuation to establish a value on which we can lend upon.
Sincerely,
[redacted]
Quality Assurance

Initial Business Response /* (1000, 7, 2015/11/10) */
Tuesday, November 10, 2015
Via web portal:
Revdex.com
211 North Broadway
Suite 2060
St. Louis, MO XXXXX
RE: Case # XXXXXXX
Dear Dispute Resolution:
American Equity Mortgage, Inc. (''AEM'') is responding to the above...

referenced case number filed with your office and received in our office October 26, 2015. Thank you for providing Mrs. [redacted]'s concern and request for the refund of her appraisal fee.
Mrs. [redacted] applied for home loan financing on August 18, 2015 when she signed and dated her Uniform Residential Loan Application ("1003"). During the application period but prior to ordering the appraisal product, loan options were discussed based on preliminary data captured in the borrower's application and credit portfolio. Mr. [redacted] Licensed Mortgage Loan Originator (NMLS #XXXXXX), explained that we would need to verify information listed in the application and one of those items requires an appraised home valuation.
Mrs. [redacted] authorized the Appraisal Management Company (AMC) to charge an appraisal fee for the appraised home valuation. Upon notification from the AMC of the corrected appraisal fee, the consumer was contacted and verbal authorization was obtained allowing updated appraisal fees to be charged. The appraisal was completed and a copy was provided to the consumer.
As AEM continued processing the application new information was received and unfortunately the original product sought was no longer valid. This was relayed to the borrower as required under federal and state guidelines.
With the appraised valuation services being authorized, rendered, and copy provided to the consumer no refund is warranted.
Sincerely,
[redacted]
Quality Assurance

Initial Business Response /* (1000, 7, 2015/07/20) */
Monday, July 20, 2015
Via web portal:
Revdex.com
211 North Broadway
Suite 2060
St. Louis, MO XXXXX
RE: Case # XXXXXXX
Dear Dispute Resolution:
American Equity Mortgage, Inc. (''AEM'') is responding to the above...

referenced case number filed with your office and received in our office June 24, 2015. Thank you for providing Mr. [redacted]'s concern about his overall loan processing experience and request for the refund. This Revdex.com complaint appears to be the first communication to AEM management questioning Mr. [redacted] and the handling of the loan.
We have carefully reviewed the communications, sequence of events and information provided to us in connection with Mr. [redacted]'s loan to the extent available. We believe we have acted appropriately in the application, processing, underwriting, and closing as well as followed applicable State and Federal guidelines.
[redacted] (NMLS # XXXXXXX, Florida # LXXXXXX), Sales Representative for AEM, accepted Mr. [redacted]'s completed Uniform Residential Loan Application [redacted] on February 23, 2015. Based on the 1003, AEM disclosed an estimate of applicable costs and fees through various disclosures including but not limited to the Good Faith Estimate, Truth in Lending, and Itemization form.
AEM continued processing Mr. [redacted] home loan and began verifying several areas of the application including Credit Portfolio, Appraised Home Valuation, and Income. Unfortunately delays occurred during the loan processing as these areas identified required either additional documentation from the consumer and or third party vendors. As the additional documentation was reviewed, loan program changes occurred and were properly re-disclosed through subsequent Good Faith Estimates as applicable.
According to Mr. [redacted] he did reach out to the consumer to review the figures on the final HUD. Unfortunately Mr. [redacted] was unable to reach Mr. [redacted] and discuss the HUD in its entirety. Mr. [redacted] then went to closing and chose to close on his new home purchase loan on May 5th.
As AEM properly disclosed loan costs every step of the way as required by State and Federal guidelines we believe concessions are not warranted.
Sincerely,
[redacted]
Quality Assurance Specialist

Complaint: [redacted]
I am rejecting this response because: I feel their effort to appease me by refunding the original appraisal in no way compensated for the indignity that I suffered by there lack of due diligence in providing what turned out to be a simple process for a reputable company. I gave them the same information that I gave my mortgage provider and this went smoothly after They were provided the appraisal. They had too many personnel changes and possibly over worked some of their employee's so that they in turn decided to reject my loan because it involved some extra work. This is just my speculation since I have no way of knowing what went on in their company internally.Here is a copy of the letter that I sent to [redacted],   Thank you for the refund. However I feel your company has not really provided the service that you claimed to be able to provide.In other words you misrepresented yourself as a caring and responsive company geared to serving the needs of your customers.You have come very short of that persona that you would like your customers to believe.Even though you did provide the second appraisal after I had to file a complaint to the Revdex.com.I feel like you have demeaned me in the worst way. Caused me worry and stress because your company failed to do your job.You should refund all the expense that I incurred while trying in good faith to do business with your company.This would be almost impossible to calculate. However you could reimburse the money I paid directly on your behalf including the Termite letter $ 85.00 and the second appraisal $ 375.00.Or in other words $ 460.00. Maybe you could deduct it from the bonus you gave the employee who failed to produce. This will in no way make up for the interest payments that I incurred  while waiting patiently on your company.This small amount of money  does not mean much to you I'm sure,But it is a token to me that you intend to correct the problems that caused the pain and indignity I suffered And to prevent it from happening to future customers.Thanks for your Understanding,**
Sincerely,
[redacted]