Canyon Mortgage

Review: I was contacted by [redacted] and told that he could lower my mortgage by $100 per month. In the process he said I needed an appraisal which cost $375. Since then, he called me and told me the loan had not been approved but I have received nothing official stating such.I called Flagstar bank and was told I could only get information from [redacted].Desired Settlement: Return of my appraisal fee.

Business

Response:

I understand the client is unhappy about not being able to refinance. As much as Canyon Mortgage and I myself would have liked to help her, she failed to disclose that there were two other liens on her property. Once this was revealed, her loan to value ratio increased to a level where banks will not offer financing. If this was disclosed to me when I asked if there were any other loans on her property, I would not have moved forward with the loan. Additionally, the client told me her home was worth approximately 120K. When the appraisal was complete the value was 96K. Unfortunately, we are unable to refund appraisal fees for loans that are denied due to a clients intended omission of pertinent information. I have resent a copy of the denial letter.