American Federal Mortgage Corp

Complaint: [redacted] I am rejecting this response because:1) No where they mentioned that they would keep $even if they can't underwrite the loanWhy $100, why not $or $They came up with logic which is unfair to me as I had to redo everything all over againThey took my money and didn't provide any service.2) they should have done the proper due diligence first before taking my money by simply asking the property manager, especially when they knew it was a condothey were in hurry to turnover this loan and move on to next to make moneyAnd they didn't pay proper attention.Because of their negligence, I shouldn't be held responsible Regards, [redacted] ***

The appraisal fee was clearly stated as being non-refundableInstead of keeping the whole $we returned as much as we couldThe $we retained was not an arbitrary number but was the amount the appraiser billed us for the site visitHe is entitled to a fee for his services and this is a reasonable and fair amountThe borrower states we should have done due diligence before taking his moneyThe mortgage underwriting process has many moving piecesWe look at credit, income, assets, and collateral just to name a few aspectsIt would not be practical or possible to look at all these items before taking any feesIn this instance we needed a written condominium questionnaire before underwriting the loanThis document has over separate questions on itThe borrower suggests we should have just asked the property manager these questionsProperty managers will not verbally answer 40+ questions over the phoneThe homeowners association charged us a fee for filling out this documentWe did not pass this fee along to the customerIt is not our economic responsibility that the condominium complex in question did not conform to our underwriting guidelinesWe have tried very hard to answer all the applicants concern Thank you [redacted] Senior Vice President ( [redacted] ***)American Federal Mortgage Corp( [redacted] ***) [redacted] ***Direct: ###-###-####Fax : ###-###-####Email: [redacted]

The applicant incorrectly states that we couldn't underwrite the loanWe did underwrite the loan and unfortunately it did not meet our condominium guidelinesOur appraiser had already visited the property and subsequently billed us for the site visitWe refunded all the applicants funds except
for the $100 site visitWe could have instructed the appraiser to complete the appraisal but then the borrower would have been responsible for the full feeWe at no time guaranteed the loan would be approved or that all fees were 100% refundableWe also have no control or responsiblity for the movement of interest ratesWe feel that we treated the borrower as fairly as possible

Complaint: [redacted]
I am rejecting this response because:1) No where they mentioned that they would keep $100 even if they can't underwrite the loan. Why $100, why not $75 or $150. They came up with logic which  is unfair to me as I had to redo everything all over again. They took my money and didn't provide any service.2) they should have done the proper due diligence first before taking my money by simply asking the property manager, especially when they knew it was a condo. they were in hurry to turnover this loan and move on to next to make money. And they didn't pay proper attention.Because of their negligence, I shouldn't be held responsible.
Regards,
[redacted]

The appraisal fee was clearly stated as being non-refundable. Instead of keeping the whole $350 we returned as much as we could. The $100 we retained was not an arbitrary number but was the amount the appraiser billed us for the site visit. He is entitled to a fee for his services and this is a reasonable and fair amount. The borrower states we should have done due diligence before taking his money. The mortgage underwriting process has many moving pieces. We look at credit, income, assets, and collateral just to name a few aspects. It would not be practical or possible to look at all these items before taking any fees. In this instance we needed a written condominium questionnaire before underwriting the loan. This document has over 40 separate questions on it. The borrower suggests we should have just asked the property manager these questions. Property managers will not verbally answer 40+ questions over the phone. The homeowners association charged us a fee for filling out this document. We did not pass this fee along to the customer. It is not our economic responsibility that the condominium complex in question did not conform to our underwriting guidelines. We have tried very hard to answer all the applicants concern.  Thank you
[redacted]Senior Vice President ([redacted])American Federal Mortgage Corp. ([redacted]Direct: ###-###-####Fax :   ###-###-####Email: [redacted]

Review: American Fed Mortgage charged me $1175 as initial deposit in April, 2015 for my home refi. However during the underwriting process, they discovered that they couldn't underwrite my mortgage. They returned $1075 of the original amount but kept $100 as the fees to pay for the home appraiser. But they never provided with a complete home appraisal report.

For their callousness, I had to pay the home appraisal fee again to another mortgage company. In addition, I lost out on a interest rate as interest kept going on during the time.

I have tried to reason with them on getting back my deposit in full ( all of $1175). I even mentioned that I am not asking them any other damage due to higher interest rate. But they were in no mood to listen.Desired Settlement: I need my deposit in full back. They need to give my $100 back which they have kept.

Business

Response:

The applicant incorrectly states that we couldn't underwrite the loan. We did underwrite the loan and unfortunately it did not meet our condominium guidelines. Our appraiser had already visited the property and subsequently billed us for the site visit. We refunded all the applicants funds except for the $100 site visit. We could have instructed the appraiser to complete the appraisal but then the borrower would have been responsible for the full fee. We at no time guaranteed the loan would be approved or that all fees were 100% refundable. We also have no control or responsiblity for the movement of interest rates. We feel that we treated the borrower as fairly as possible.

Consumer

Response:

Review: [redacted]

I am rejecting this response because:1) No where they mentioned that they would keep $100 even if they can't underwrite the loan. Why $100, why not $75 or $150. They came up with logic which is unfair to me as I had to redo everything all over again. They took my money and didn't provide any service.2) they should have done the proper due diligence first before taking my money by simply asking the property manager, especially when they knew it was a condo. they were in hurry to turnover this loan and move on to next to make money. And they didn't pay proper attention.Because of their negligence, I shouldn't be held responsible.

Regards,

Business

Response:

The appraisal fee was clearly stated as being non-refundable. Instead of keeping the whole $350 we returned as much as we could. The $100 we retained was not an arbitrary number but was the amount the appraiser billed us for the site visit. He is entitled to a fee for his services and this is a reasonable and fair amount. The borrower states we should have done due diligence before taking his money. The mortgage underwriting process has many moving pieces. We look at credit, income, assets, and collateral just to name a few aspects. It would not be practical or possible to look at all these items before taking any fees. In this instance we needed a written condominium questionnaire before underwriting the loan. This document has over 40 separate questions on it. The borrower suggests we should have just asked the property manager these questions. Property managers will not verbally answer 40+ questions over the phone. The homeowners association charged us a fee for filling out this document. We did not pass this fee along to the customer. It is not our economic responsibility that the condominium complex in question did not conform to our underwriting guidelines. We have tried very hard to answer all the applicants concern. Thank you

[redacted]Senior Vice President ([redacted])American Federal Mortgage Corp. ([redacted]Direct: ###-###-####Fax : ###-###-####Email: [redacted]