Continental Home Loans, Inc.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# ***, and have determined that my complaint has NOT been resolved because:
First I paid dollars for the June **, appraisal, the business response was that he (the appraiser was a she) charged a trip fee, because plans that were not ready for her, the appraisal was documented on June **, that is its date, as indicated on the copy of the appraisal report attachedI do not believe any of the other information stated by the lender, I was not told of it or informed of what happened, I will not be responsible to pay a fee for something that cannot be provenAlso on the Hud document the appraisal is listed as (NEW) for this has nothing to do with the first appraisal I paid dollars for, and the travel fee, which the lender says must be paid because of delaysThe first time I hear of the dollar fee is at closing, the only good faith estimate I received is the HUD statement at closingThis is indicated on the Copy of the HUD report sent to Revdex.comThe column is the first appraisal fee,is the vendor fee, and is the appraisal report NEW for the second appraisal which was not needed.The appraisal was dated June **, it expires Oct **, although it has no expiration date on itThe FHA requirements state it is good for days but the lender can extend the appraisal another thirty days if the contract was signed before the expiration date, which I did, this then eliminates the need for another appraisal since I closed on the house Nov ** The following is the FHA regulation concerning appraisal expiration. The FHA appraisal validity period is days for existing, proposed or under construction propertiesIf the Homeownership Center (HOC) determines that soft market conditions exist in certain areas or markets, it may shorten the term of appraisals for substantial rehabilitation upon advance notice to lenders. The term of the appraisal begins on the day the home is inspected by the FHA appraiser and this date appears on the appraisal report. If a sales contract is signed or the borrower is approved for a loan prior to the appraisal expiration date, the appraisal term may be extended by the lender for days to allow for loan closingApproval occurs when the lender Direct Endorsement (DE) underwriter signs the FHA Loan Underwriting Transmittal Summary, Form ***The loan must close within days (day validity period for original report plus day extension), if the appraisal has not been updated with an Appraisal Update Report (Fannie Mae ***/Freddie Mac ***) as set forth in Handbook 4155.2. If the appraisal has been updated via an Appraisal Update Report, the loan must close within days (day validity period plus day validity period for the Appraisal Update Report)The appraiser must include a Market Conditions Addendum (Fannie Mae Form 1004MC/Freddie Mac Form 71) reflecting market conditions as of the effective date of the Appraisal Update Report. The appraisal may only be updated one time via the Appraisal Update Report and may not be used by a lender who is not the intended user in the original appraisal report unless the appraiser incorporates the original report by attachment rather than by reference per Advisory Opinion of the USPAPThe day extension is not allowed when the appraisal is updated with an Appraisal Update Report.
Also the vendor management fee was charged to me as CHL uses a separate vendor which is the same address as the as Continental Home Loans is that correct, only CHL can answer that. My complaint has not been addressed by the business
In order for the Revdex.com to appropriately process your response, you MUST answer the question above
Sincerely,
*** ***

*** *** *** *** ***
** *** ***
*** *** ** *** Re: Revdex.com Complaint *** Dear *** ***, Please be
advised that I am in receipt of your complaint to the Revdex.com dated November **, and have performed a full review of your file Your mortgage loan application was dated June **, with a loan amount of $267,based on a sales price of $277,(FHA maximum financing)When the loan application was received we ordered the appraisalThe appraiser contacted *** *** from the builder’s office (*** *** ***) and she advised that the plans and specs would be ready at inspection and set the inspection appointment for June **, The appraiser went to the subject property as scheduled and was advised by the builder’s office that *** *** was not in, the plans were not complete, were confused why the appraiser was told they were and that they would not be complete for at least to more weeksThe appraisal inspection was put on hold until the plans were completedDue to the appraiser showing up at the subject property on June **, 2014, he charged a $trip fee for the time the appraiser put into the inspectionThe $charge for the appraisal with the $trip fee totaled $575.00. The subject property was inspected again on June **, When the appraisal with a value of $270,and the contract of sale amending the sales price due to the lower value were received, a letter was requested of you to validate the change in loan amountSince the value of the property had decreased so did the loan amount for FHA maximum financingA Good Faith Estimate was disclosed on July **, disclosing the updated loan amount of $260,550.00. FHA appraisals are valid for daysThe appraisal expired on October **, and a new one was requiredAn appraisal update would not have been acceptable based on program and investorThe cost of the second appraisal was $and was disclosed on an updated Good Faith Estimate. We are sorry that you are disappointed with the process but we are not in a position to refund appraisal fees as your complaint requestedPer your request, I am sending you copies (via Federal Express) of all closing documents from your closing November **, Please feel free to contact me if you have any further questions or issues Very truly yours, *** ***
*** ***
***
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me and the matter has been resolved
Sincerely,
*** ***

*** *** ***
*** ***
** *** *** ***
*** ** ***
*** *** *** *** *** ***
Dear *** ***,
Please be advised that I am in receipt
of your complaint to the Revdex.com dated 10/**/and have performed a full review of your file
Your mortgage loan application was dated 04/**/with a loan amount of $157,Any prior dealing with the Continental Home Loans was in effort to get the subject property project approved so we could move forward with the loan application processWhen the loan application was received we ordered the appraisalThe property was inspected on May *, and we received the appraisal on May *
Unfortunately, the appraisal came in with a lower value ($180,000) than had been stated on the mortgage loan application ($225,000)Since the maximum loan amount of the loan could only be 80% of the appraised value, the loan amount needed to be lowered $13,This caused the issue of not having the funds to pay off all of the credit accounts you initially intended to pay and having to qualify you with the minimum monthly payments required on those credit accounts to keep your debt to income within program guidelines.
We are sorry that you are disappointed with the process and that we could not help you with your refinanceI am attaching a check in the amount of $Please feel free to contact me if you have any further questions or issues
Very truly yours,
*** ***
*** ***
Continental Home Loans Inc
***
###-###-####

[redacted]
 
[redacted]
 
[redacted]      [redacted] Dear [redacted], We are in receipt of your second Revdex.com filing and our response is as follows: As stated in our previous response, FHA appraisals are valid for 120 days. A 30 day appraisal extension or appraisal update would not have been acceptable based on your loan program and the investor overlays associated. Also, please note that if we were able to offer you FHA’s extension or appraisal update option, it would have only been available to you at a higher interest rate. While we did require a new appraisal at a cost of $450, the cost was comparable to what it would be with an appraisal update plus a final inspection to confirm completion of the subject property. Continental Home Loans used Pronto Appraisal Management LLC to order the appraisal. I have attached copies of the appraisal invoices charged by Pronto Appraisal Management LLC. They are a vender management company, a separate business entity and are located in the same building as Continental Home Loans. The vendor management fee is their charge for ordering, managing, reviewing and delivering the appraisal based on Appraiser Independence Requirements (AIR) and Home Valuation Code of Conduct (HVCC) standards.  We are sorry that you are disappointed with the process and in good faith, are providing you with a refund in the amount of $125 for the June [redacted] appraiser trip fee for non-access.  Please feel free to contact me if you have any further questions or issues.   Very truly yours,   [redacted]
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved. However, if I do not receive the resolution in a timely manner I reserve the right to reopen the complaint.
Sincerely,
[redacted]

Review: I dealt with Continental Home Loans from November 2013 until June 2014 and ultimately walked away as an infuriated customer. I have never dealt with such incompetence in business. The team ([redacted] and [redacted]) was nice enough, but kept stalling and losing paperwork. Mary even misplaced my wage verification. They did not send an appraiser to my co-op until 3 months into the process. I have email documentation of everything that transpired over the 8 month period, in which I was attempting to refinance my home, including the ultimate statement in June that " in order for me to qualify for the loan I would have to pay off my car lease and turn in my car early" . Really? And then walk to work? Their reasoning and rationale made little sense. Documents were requested and sent in a timely manner and then requested again months later. Overall working with Continental was an exhausting and disappointing experience, to say the very least.

In addition, I was assured that I would get my application fee back and after 4 months I have still not received it.

I have already closed on my refinance without any problems or delays.

I hope no one else has to go through this.Desired Settlement: I would like my application fee returned, as promised by [redacted].

Business

Response:

[redacted]

Dear [redacted],

Please be advised that I am in receipt of your complaint to the Revdex.com dated 10/**/2014 and have performed a full review of your file.

Your mortgage loan application was dated 04/**/2014 with a loan amount of $157,500. Any prior dealing with the Continental Home Loans was in effort to get the subject property co-op project approved so we could move forward with the loan application process. When the loan application was received we ordered the appraisal. The property was inspected on May *, 2014 and we received the appraisal on May *.

Unfortunately, the appraisal came in with a lower value ($180,000) than had been stated on the mortgage loan application ($225,000). Since the maximum loan amount of the loan could only be 80% of the appraised value, the loan amount needed to be lowered $13,500. This caused the issue of not having the funds to pay off all of the credit accounts you initially intended to pay and having to qualify you with the minimum monthly payments required on those credit accounts to keep your debt to income within program guidelines.

We are sorry that you are disappointed with the process and that we could not help you with your refinance. I am attaching a check in the amount of $375. Please feel free to contact me if you have any further questions or issues.

Very truly yours,

Continental Home Loans Inc.

###-###-####

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: As of March *, 2013 my approved mortgage loan fell through because of the seller's failure to produce a clear title and certificate of occupancy. I called Continental Home Loans representative, [redacted], within 24 hours to confirm my refund of the processing fee which he did. After numerous calls to him and the manager, [redacted], I was again assured it would be refunded. They have evaded my calls and blown me off repeatedly. I sent a certified written inquiry/request letter regarding this refund but have yet to receive any correspondence. I have now been waiting over 3 months although it only took CHL a few days to collect thes funds from my credit card. I grow increasingly distressed by their unethical business practices regarding this matter.Desired Settlement: Continental Home Loans, Inc has the responsibility to honor their repeated confirmation to refund me the processing fee paid for a purchase that ultimately did not occur for no fault of mine.

Business

Response:

Dear [redacted]:

Please be advised that we a re in receipt of your complaint and have reviewed your file.

As you could not continue with purchase of[redacted]., [redacted], due to the seller's inability to convey clear title, we have put through a refund request for your

application fee. The $375 refund will be directly applied to your Visa card on record. The refund should show up by your next billing cycle but could take up to two months to post.

I will follow up with accounting in a few days to make sure that request went through.

Very truly yours

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted].

The initial message states the funds have been refunded and they have not. I confirmed this with my banking institution the same day the message was received.

The attached message states the refund will be issued and that it should be reflected in my next banking statement, although it may take up to 2 months. If my account does not reflect the refund within the timeframe stated, I will resubmit a claim regarding the matter with Revdex.com or through other means if necessary.

Therefore, find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

I started the loan process with CHL early in 2014. After being deep into the process I was mislead about many aspects of the Home Style Loan. Furthermore, pertinent information regarding my loan was not disclosed immediately. I ended up having to add 4 months of mortgage payments onto my loan and was not informed of this until I was about to close. This made my monthly bill increase.

The upside to this last minute notice was that the first 4 months of mortgage payments collected were going to pay my mortgage once the first bill came in. I agreed to do this because it had already been months into the loan and my contractor was waiting to start.

My paper work never reached the appropriate person's desk until I started calling asking where money was and how to get the process started.

At closing I was assured the mortgage would be paid for four months. After speaking with the person handling my account, paying my contractor and paying the mortgage I was assured it would be paid for four consecutive months.

I was informed today that now the bank will only be paying three months of mortgage (they already paid this) and that I was responsible for the next months payment that is due January [redacted]. Being that I budgeted according to the written and verbal agreement I am outraged that they are telling me they won't pay my mortgage or return my money to me so I can pay it. They are paying it towards the principal which means I won't benefit from this for 14 years and 7 months.

I do not recommend this bank. People working for this company have not understood the process and I as their customer have suffered the expensive and emotional consequences.

Review: (The Short Version)

My initial contact with Continental Home Loans began on May [redacted] 2013 by phone with a [redacted]. I received an email exchange from [redacted] the same day. My request from Continental Home Loans (CHL) was for the review and approval of an FHA Streamline Re-fi. [redacted] requested basic information to begin the pre-approval process, I supplied all requested information to [redacted] by the [redacted] of May in 5 separate e-mails.

At the time the proposed interest and term in brief was 3.7% and $5,000+ closing credit. [redacted] was more than eager to provide these numbers. [redacted] was quick to point out the previous short sale of a Florida property my wife [redacted], and I experienced was delaying the process on their end and as a result we missed a deadline to fall under the aforementioned proposed terms. It was at this time [redacted] and I were told we would now have to wait until June rates were released.

Ultimately sometime in the second week of June rates were released and we were told of significant changes, we were now looking at a rate of 4.0% and a little more than $3200 in closing cost credits. For the next two weeks the back and forth of emails was frustrating, [redacted] requested information, a [redacted] from the corporate office began emailing requesting information. During phone conversation the information that was provided to me from [redacted] differed from the information provided from [redacted].

It was at this time I began to feel as though there was something behind the scenes occurring, something not right. Were [redacted] and I getting bamboozeled, shistered, scammed? We did not know, we were told on the [redacted] of June that no more information was required and that a “final approval” was imminent. June [redacted] we received final approval, a short lived moment of relief. I received an additional email from [redacted]:

HI [redacted] and [redacted],

Prelim hud showing borrower needing 6612.31 to close Encompass showing assets at 3112.50 borrower are short Per closer the village tax and water may have been paid but will not know until we are ready to close

We are going to need additional assets

Kindly advise as soon as you can if y ou can provide additional assets

I immediately called [redacted] and left a voicemail message. I received no call back and the next communication from [redacted] was through [redacted] on June [redacted] and read as follows:

Good Morning [redacted],

[redacted] asked me to inquire about the following:

Need proof village tax paid and water bill paid borrower said he sent it but I never received and……

We need the KeyBank statement (Acct # [redacted]) for the most recent 2-months. We have 6/* need the statements all pages

What we got just had a large deposit of $1000 transaction on 06/**/13, can you verify what this is from?

Needless to say, this email exchange and time delay was both frustrating and confusing. My wife and I are reasonable people, we listen and react. We received inaccurate information and communication was sporadic at times. A request for a FHA streamline refinance has evolved into a seemingly endless loop of email exchanges and phone calls. As I sit here today and write I have once again been informed that my wife and I missed the June deadline for the re-fi and will now have to wait until July rates are released.

I have requested communication from senior management by personally calling the corporate office and speaking with a [redacted], I have, as of yet, not received any communication back in an effort to resolve this concern. I have an email history documenting out of office replies, and information requests to justify my frustrations and reinforce my feelings of getting nowhere near the service I feel I deserve. Additionally I feel because of a short sale of a Florida property in November of 2010 I am getting treated with little a bit of discrimination.

[redacted]Desired Settlement: Honor original May proposed terms

Business

Response:

Dear [redacted] and [redacted]. [redacted],

Please be advised that we are in receipt of your complaint to the Revdex.com and have investigated your concerns.

As you are aware, we will be able to offer you the same terms (4% rate and $3,178.30 lender credit) that your loan was approved for in June 2013. Please see the attached lock in agreement. Please also note that the lock expires on July **, 2013. Upon receipt of your updated payoff letter, a new commitment will be issued.

We apologize for the inconvenience you encountered resulting from not being able to close your streamline refinance in June.

If you have any further questions, please contact me at ###-###-####.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

The message I got from you folks, the response from the business stated there was an attachment. I was unable to find an attachment outlining the businesses response. Please resend email with correct attachment.

Review: I was promised a $495 credit at closing by the mortgage consultant, Edwina M[redacted], when I complained about being charged two bank attorney title review fees. I have this promise in writing. I did not get that credit. In addition, they marked up the appraisal I had already paid for by $100; I have not been given a refund for the $66.53 overpayment to the settlement agent at closing, and I was overcharged $112.91 for the quarterly property tax payment.Desired Settlement: I would like a refund of $774.44.

Consumer

Response:

At this time, I have not been contacted by Continental Home Loans, Inc. regarding complaint ID [redacted].Sincerely,[redacted]

Review: I applied for a mortgage through Continental Home Loans. A few weeks prior to my closing, I locked in at a rate of 4.5 and was assured that my origination fee would be waived. When I arrived at the closing, this fee was not waived. After about two hours, [redacted], the [redacted], made a verbal agreement over the phone to [redacted], Continental Home Loan's Bank Attorney, that they could issue me a refund check to credit me the $1,255.00 that I was incorrectly charged for the origination fee. This refund check was estimated to arrive within three weeks. I demanded that this guarantee be provided to me in writing. I received a written agreement from [redacted] as per [redacted]. Three weeks after the closing I did not receive the refund check as promised. I promptly e-mailed [redacted] and CC'ed other employees to whom I had interacted with during the processing of my mortgage including [redacted], [redacted], and [redacted]. I was told in an e-mail from [redacted] that the check was being processed and an ETA could not be given. Additionally, I have copies of all of this information and agreements. I closed on my home on October [redacted] and it is now December [redacted] and I have yet to receive a refund check. None of the people whom I am e-mailing will provide me definite information regarding this refund check.Desired Settlement: I would now like my origination fee of $1,255 refunded to me, with interest, as it has now been over a month since it's been promised to me.

Business

Response:

Matter resolved on December **, 2013- check in the amount of $1255 was sent to borrower via certified mail.

Review: I closed on my house on Friday, Nov **, at 1:00 pm. When I signed the sale contract for the home I needed a letter of committal for the builder in July 2014,Continental Home Loans (CHL) stated that they would not issue a letter unless a survey was done of the house and property, which I paid $ 450.00. The survey was done on vacant land and the house was not built yet, the survey when completed was loaded with mistakes and errors, CHL used their vendor to pick their appraiser, I could only pay for it. The appraisal value of the house was given and came in lower than expected, the loan and purchase contract was redone to a lower amount, which required me to put down more money at closing. I also had to write an email, which I was told for me to do by my loan officer, to the underwriters indicating that I wished to proceed with a lower loan amount, this was something I never did before, this is not my first house, I purchased, however, CHL has policies I never dealt with before.

At the end of October CHL informed me that my appraisal was expiring, although there is no expiration date on the appraisal, my loan officer and his loan processor, said that they would need a new survey, to process the loan, however the review fee of $ 200.00 would not be needed, only another survey for 450.00, this was told to me by my loan officer. I asked him why is it expiring and he said it is only valid for 3 months, however I have come to learn that new construction loans are valid up to 12 months. I was then forced to have another appraisal done to close on my loan, something not of my choice, however my loan officer said he would see what he could do about it, he stated that maybe all they had to do would be to update the first appraisal not for the full cost of the appraisal, but a reduced fee and never got back to me, on that subject. The new appraisal was done, after the house was built and it came at a higher price, but the sales contract could not be changed, so I still had to put down more money at closing. The appraised value on the house remained the same as the first appraisal, and again the second appraisal was loaded with errors just like the first.

At closing my HUD 1 statement showed that I paid $ 450.00 for an appraisal, then a $ 100.00 vendor management fee and a new survey of $ 575.00. On the HUD report the column Good faith Estimate shows the $ 550.00 for the new survey, this is not on my good faith estimate I received from the lender, nor was it discussed with my loan officer the only price that came up was $ 450.00 dollars. Also why the GFE shows the appraisal fee at $550.00 to final fee at 575.00, why an extra $ 25.00, this is the same appraisal I paid $ 450.00 for.

The vendors for Continental Home Loans both Pronto Appraisal Management Services and Consumer Settlement Services are all located in the same building as Continental Home Loans the appraisal services has to be reached at CHL phone number, so they are all together, controlled by Continental Home LoansDesired Settlement: I do not know if the vendors are required by law to be separate from the loan company, which by law is why they use them, I believe they are, I want the 100.00 dollar vendor management fee refunded to me. I also I paid $ 450.00 dollars for a survey with many errors and that the appraised value of the house never changed and was good for up to 12 months, no other survey was needed and not at the 575.00 dollar price, which was not on my Good Faith Estimate.

I want copies of all the documents I signed at closing sent to me with all the signatures on them ( not just mine) that I did not receive at closing.

Total Refund $ 1,125.00

Business

Response:

[redacted]

[redacted] Re: Revdex.com Complaint [redacted] Dear [redacted], Please be advised that I am in receipt of your complaint to the Revdex.com dated November **, 2014 and have performed a full review of your file. Your mortgage loan application was dated June **, 2014 with a loan amount of $267,787.00 based on a sales price of $277,500.00 (FHA maximum financing). When the loan application was received we ordered the appraisal. The appraiser contacted [redacted] from the builder’s office ([redacted]) and she advised that the plans and specs would be ready at inspection and set the inspection appointment for June **, 2014. The appraiser went to the subject property as scheduled and was advised by the builder’s office that [redacted] was not in, the plans were not complete, were confused why the appraiser was told they were and that they would not be complete for at least 1 to 2 more weeks. The appraisal inspection was put on hold until the plans were completed. Due to the appraiser showing up at the subject property on June **, 2014, he charged a $125.00 trip fee for the time the appraiser put into the inspection. The $450.00 charge for the appraisal with the $125.00 trip fee totaled $575.00. The subject property was inspected again on June **, 2014. When the appraisal with a value of $270,000.00 and the contract of sale amending the sales price due to the lower value were received, a letter was requested of you to validate the change in loan amount. Since the value of the property had decreased so did the loan amount for FHA maximum financing. A Good Faith Estimate was disclosed on July **, 2014 disclosing the updated loan amount of $260,550.00. FHA appraisals are valid for 120 days. The appraisal expired on October **, 2014 and a new one was required. An appraisal update would not have been acceptable based on program and investor. The cost of the second appraisal was $450.00 and was disclosed on an updated Good Faith Estimate. We are sorry that you are disappointed with the process but we are not in a position to refund appraisal fees as your complaint requested. Per your request, I am sending you copies (via Federal Express) of all closing documents from your closing November **, 2014. Please feel free to contact me if you have any further questions or issues. Very truly yours, [redacted]

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

First I paid 450.00 dollars for the June **, 2014 appraisal, the business response was that he (the appraiser was a she) charged a 125.00 trip fee, because plans that were not ready for her, the appraisal was documented on June **, 2014 that is its date, as indicated on the copy of the appraisal report attached. I do not believe any of the other information stated by the lender, I was not told of it or informed of what happened, I will not be responsible to pay a fee for something that cannot be proven. Also on the Hud 1 document the appraisal is listed as (NEW) for 575.00 this has nothing to do with the first appraisal I paid 450.00 dollars for, and the travel fee, which the lender says must be paid because of delays. The first time I hear of the 575.00 dollar fee is at closing, the only good faith estimate I received is the HUD 1 statement at closing. This is indicated on the Copy of the HUD 1 report sent to Revdex.com. The column 804 is the first appraisal fee,809 is the vendor fee, and 811 is the appraisal report NEW for the second appraisal which was not needed.The appraisal was dated June **, 2014 it expires Oct **, 2014 although it has no expiration date on it. The FHA requirements state it is good for 120 days but the lender can extend the appraisal another thirty days if the contract was signed before the expiration date, which I did, this then eliminates the need for another appraisal since I closed on the house Nov ** 2014. The following is the FHA regulation concerning appraisal expiration. The FHA appraisal validity period is 120 days for existing, proposed or under construction properties. If the Homeownership Center (HOC) determines that soft market conditions exist in certain areas or markets, it may shorten the term of appraisals for substantial rehabilitation upon advance notice to lenders. The term of the appraisal begins on the day the home is inspected by the FHA appraiser and this date appears on the appraisal report. If a sales contract is signed or the borrower is approved for a loan prior to the appraisal expiration date, the appraisal term may be extended by the lender for 30 days to allow for loan closing. Approval occurs when the lender Direct Endorsement (DE) underwriter signs the FHA Loan Underwriting Transmittal Summary, Form [redacted]. The loan must close within 150 days (120 day validity period for original report plus 30 day extension), if the appraisal has not been updated with an Appraisal Update Report (Fannie Mae [redacted]/Freddie Mac [redacted]) as set forth in Handbook 4155.2. If the appraisal has been updated via an Appraisal Update Report, the loan must close within 240 days (120 day validity period plus 120 day validity period for the Appraisal Update Report). The appraiser must include a Market Conditions Addendum (Fannie Mae Form 1004MC/Freddie Mac Form 71) reflecting market conditions as of the effective date of the Appraisal Update Report. The appraisal may only be updated one time via the Appraisal Update Report and may not be used by a lender who is not the intended user in the original appraisal report unless the appraiser incorporates the original report by attachment rather than by reference per Advisory Opinion 3 of the USPAP. The 30 day extension is not allowed when the appraisal is updated with an Appraisal Update Report.

Also the vendor management fee was charged to me as CHL uses a separate vendor which is the same address as the as Continental Home Loans is that correct, only CHL can answer that. My complaint has not been addressed by the business.

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

[redacted]

[redacted] Dear [redacted], We are in receipt of your second Revdex.com filing and our response is as follows: As stated in our previous response, FHA appraisals are valid for 120 days. A 30 day appraisal extension or appraisal update would not have been acceptable based on your loan program and the investor overlays associated. Also, please note that if we were able to offer you FHA’s extension or appraisal update option, it would have only been available to you at a higher interest rate. While we did require a new appraisal at a cost of $450, the cost was comparable to what it would be with an appraisal update plus a final inspection to confirm completion of the subject property. Continental Home Loans used Pronto Appraisal Management LLC to order the appraisal. I have attached copies of the appraisal invoices charged by Pronto Appraisal Management LLC. They are a vender management company, a separate business entity and are located in the same building as Continental Home Loans. The vendor management fee is their charge for ordering, managing, reviewing and delivering the appraisal based on Appraiser Independence Requirements (AIR) and Home Valuation Code of Conduct (HVCC) standards. We are sorry that you are disappointed with the process and in good faith, are providing you with a refund in the amount of $125 for the June [redacted] appraiser trip fee for non-access. Please feel free to contact me if you have any further questions or issues. Very truly yours, [redacted]

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved. However, if I do not receive the resolution in a timely manner I reserve the right to reopen the complaint.

Sincerely,