We are sorry you were displeased with your experience. I have reviewed the file and found the following: The client did not disclose they had a second mortgage on their property. Further, the payment on that debt had not been made for several years. The loan officer indicated... that the client appeared to qualify for financing based on the information they provided in their application. The undisclosed mortgage was not on the credit report and did not come to the attention of underwriting until we received the title report back after the appraisal had been completed. The loan officer states they did not advise the applicant to withhold their mortgage payment as it would be against our policy to give such advice. The appraisal order form the client signed states in bold print, "I understand the appraisal fee is not contingent upon final determination of value or the closing of the loan. This credit card charge is non-refundable once the service order has been placed." The undisclosed information on the client’s application led to the denial after the appraisal service was completed. The client’s appraisal order form clearly and prominently states that the appraisal fee was non-refundable once the service was completed. We do not feel that a refund is warranted in this circumstance. Respectfully, [redacted] Managing Principal Broker
We are sorry you were displeased with your experience. I have reviewed the file and found the following: The client did not disclose they had a second mortgage on their property. Further, the payment on that debt had not been made for several years. The loan officer indicated... that the client appeared to qualify for financing based on the information they provided in their application. The undisclosed mortgage was not on the credit report and did not come to the attention of underwriting until we received the title report back after the appraisal had been completed. The loan officer states they did not advise the applicant to withhold their mortgage payment as it would be against our policy to give such advice. The appraisal order form the client signed states in bold print, "I understand the appraisal fee is not contingent upon final determination of value or the closing of the loan. This credit card charge is non-refundable once the service order has been placed." The undisclosed information on the client’s application led to the denial after the appraisal service was completed. The client’s appraisal order form clearly and prominently states that the appraisal fee was non-refundable once the service was completed. We do not feel that a refund is warranted in this circumstance. Respectfully, [redacted] Managing Principal Broker