Hayes Realty Group (OK)

As a lender, our goal is to provide satisfaction to every customer. The borrower’s agreement was for us to provide a loan based upon a certain appraised value that was not met per the appraisal. As he stated in his complaint, we did provide several advantageous options that he did not...

accept. We cannot force another company to issue a refund because an appraisal did not come in at what a borrower projected it to be. The borrower is responsible to pay the cost of the appraisal as that is a risk every borrower takes. The borrower even signed a disclosure that explained the appraisal was non-refundable regardless of the value. (please see attached) [redacted] (the appraisal company) is responsible to either issue a refund or not. We do not hire an appraiser; we simply provide financing based upon the value. Per federal regulation, all lenders must order appraisals through a separate appraisal company and have no contact with the actual appraiser. We cannot make an appraisal company, title company or a real estate agent refund money for services they charged for. It is not in our ability to force a separate company to refund a service they provided.