Davis Tree Care & Landscape, Inc.

To the Revdex.com:
Thank you
for the opportunity to
respond to this complaint by MsEve EllisWe want first to say that it is
unfortunate that the complainant chose not to contact us directly, choosing
instead to file a complaint with the Revdex.com
We believe that the complaint is
without merit for the following reasons:
1) Ms[redacted] did come to our offices on February 10, 2015,
to discuss refinancingAt that time, she had a credit issue that needed to be
resolved and we coached her on the steps necessary to resolve the issueNo
application was taken at that time
2) On March 12, 2015, Ms[redacted] returned to complete an
application for financing at which point the interest rate disclosed to her was
4.00% based on a 45-day rate lock
3) Among the documents signed and dated by Ms[redacted] during
the application was a disclosure entitled "Your Rate is NOT LOCKED." This form
is available for inspection by Ms[redacted] and the Revdex.com
4) During the application, Ms[redacted] informed us that she
had agreed to convey a portion of her property to her abutting neighbor,
[redacted], but that the process was not yet completedWe indicated that
the loan could be processed, however, the new deed would have to be recorded in
the land records prior to closing on her refinanceThis was not part of our
service nor did we in any way indicate that we were taking any responsibility
for managing this process on her behalf
5) Ms[redacted] and her neighbor did not finalize the property
transfer until May 11, 2015, with the recording of a Quit Claim Deed in
the Lebanon land records(It is important to note that, at this point, 60-days
had transpired from the date of application meaning that, even IF Ms[redacted] rate been locked, the rate would have expired due to her failure to complete
the transfer to her neighbor.) The Quit Claim Deed and the date of recording
thereof is available for inspection in the land records
6) Knowing that the recording of the Quit Claim Deed was
imminent, Ms[redacted] authorized an appraisal of her home and this was conducted
on April 30, 2015, by a licensed appraiser selected by the lender
7) The appraisal report was received on May 7, 2015, and
delivered to Ms[redacted] on May 8, 2015, by emailThe value was meaningfully
lower than the value Ms[redacted] expected which meant that the loan needed to be
restructuredMs[redacted] took several days to consider whether to move forward
before agreeing that it made sense
8) The lower value resulted in the Loan-to-Value (LTV)
rising from 70% to the maximum permissible LTV of 95%Since there are
adjustments to interest rates that are based on LTV, this change had some
impact on the rate she received
9) During the period March – May 26, (the date on which
the loan was locked), a significant worsening in interest rates occurred(This
can be independently verified by going to any number of public websites that
store average interest rate trends.) As stated above, Ms[redacted] had
acknowledged in writing at the outset that her rate was floatingFurther, she
was in the midst of conveying a portion of her property, a process over which
we had no control and whose completion date was unknowable
10)
For these reasons,
we believe that the complaint is without factual merit
We would also like to point out
that Ms[redacted] paid a total of $in fees to Right Trac Financial Group,
Inc., as a reimbursement for the cost of the credit report pulled on her behalf
(and this fee was paid by us to our credit provider with $retained by us in
accordance with Federal law)All of the loan charges were paid to 3rd
parties (a lender U/W fee, appraisal fee, attorney fees, title insurance, and
recording charges to the town)Right Trac Financial Group, Inc., earned a
commission paid entirely by the lender in accordance with our broker agreement
with themConsequently, the settlement desired by Ms[redacted] could be no
greater than $and, in light of the fact that we kept none of the fee,
rightly $
Again, this would have been
better resolved in person, however, we appreciate the fact that the RevDex.com has taken on the responsibility of collecting all of the facts
so that the correct information is before themShould you have any questions
or need additional information, please feel free to contact us at any time
Respectfully,
[redacted] (NMLS #[redacted] (NMLS #[redacted])