Manhattan Financial Group Inc

Review: Riteway ordered a service (desk review) for my refinance loan application that was not agreed or signed on nor was I notified that such service was being performed and charged from my credit card. I disputed the charge with my credit card company and Riteway is trying to fight this by falsifying documents that I have never seen and therefore could not possibly sign such document. They forwarded a document and photoshopped my signature which they submitted to my card company. I have several proof of this claim as well as email (correspondences were done through email and telephone ONLY) agreement of what payment and services were being performed. I also have the document with my signature that they used to photoshop on a new document.

Another complaint are the lies that we were promised by several employees also on email that never happened. After having doubts about this company, I directly contacted the person involved to make sure the employees of Riteway are performing their duties. I found out that the issues were not being addressed nor were contacted to solve these "issues". We were contacted a day before the lock in rate was to expire and demanded that either we pay more down payment or we lose our rate and agree on a higher rate. We never did get our loan and missed out on the low interest rates and this company wants us to pay for 2 appraisals. The 2nd one is the service we NEVER agreed or not notified on before it was performed and charged on my card.Desired Settlement: This company caused my wife and I stress and money for their unprofessional and borderline criminal practices. They should be investigated on and exposed for their audacious lack of regard of the law and lack of accountability. No other consumers should have go through this horrible experience.

Business

Response:

Please see the attachment for the response sent to the consumer.

August 14, 2013

Daytime Phone: ###-###-####

E-mail: [redacted]@yahoo.com

RE: ID [redacted]

Attachments: email correspondence between the Complainant and RiteWay Mortgages.

This letter is in response to your complaint filed with the Revdex.com 8/1/2013.

As a mortgage lender we are governed under Appraisal Independence Requirements (AIR), and the Home Valuation Code of Conduct (HVCC). Within these safeguards it states that we may not use an appraiser that is employed by or an affiliate of the Lender. We also must communicate through an Appraisal Management Company, we cannot have any direct contact with the appraiser. In addition, there are specific procedures that must be followed within our organization to verify the opinion of value given by an appraiser or dispute a value given by an appraiser.

Specifically with your transaction, the inspection was completed on your home 5/10/2013 at 9:00am. RiteWay received the completed report with a value of $405,000. Above the $360,000 you estimated at the time of completing your application. On all appraisals RiteWay takes a 4 step approach to verifying the opinion of value given by the appraiser. Step 1, we pull an AVM with comparable sales; this gives us a high and low range of value. If the appraised value comes in within this range we do not move on to any further steps. If the appraised value does not come within this range we move on to Step 2. Step 2, the appraised value and the property address is input into a third party verification site, that site issues a Pass or a Fail. If a Pass is issued we do not move on to any further steps. If a Fail is issued we move on to Step 3. Step 3 consists of utilizing the same third party verification site however all comparable properties utilized by the appraiser in their report are entered with the value and subject property address. The site issues a Pass or Fail on the value. If a Pass is issued we do not move on to any further steps. If a Fail is issued we move on to Step 4. Step 4, is having a Desk Review completed by a different appraiser to verify the information used in the report by the original appraiser, the review appraiser charges $175. The Desk Review was returned with a value of $340,000. RiteWay must use the lower of the two opinions of value, due the fact that the higher value was not supported and the lower value was supported.

We understand how frustrating it is to get two different opinions of value with such a large variance in amount. RiteWay went back to both appraisers through the Appraisal Management Company (AMC) and had them do a Secondary Quality Control Review on both reports due to the variance. The findings from the AMC supported the $340,000 value.

Riteway does not profit from any appraisal fees that are charged. Those fees were paid directly to the appraiser and the AMC themselves. However, as an accommodation to you as a customer of ours we are refunding the $175.00 Desk Review fee that was charged on your credit card during the value verification process by the AMC. The check was requested on the date of this letter and should be received by you no later than 10 business days from the date of request.

Operations Manager

Review: On May 2, 2013, Riteway Mortgage gave my wife a quote to refinance our home. The interest rate was 3.125%. The loan officer, [redacted] told her she would be sending us all the information she needed to proceed with the refinance. Over the next few weeks, we submitted all of the documents she needed and ran our credit check. After all of this was completed, [redacted] informed me that we were not locked into a 3.125% interest rates and the rate has gone up considerable. My wife has the quote document on her computer which I forwarded to [redacted], and she still insists that we were never locked in.

We feel Riteway Mortgage gathered all of our financial information, ran our credit history and then deliberately tried to get out of the original quote. We would never willing turn over such sensitive information and allow anyone to run a credit check without getting something back in return.Desired Settlement: We would like Riteway Mortgage to stand by the original 30-day quote.

Business

Response:

July 18, 2013

Review: The base line of the refinance mortgage I signed up for was 'No Cost, No Fee' meaning the title/escrow/appraisal fee, etc. will be credited back to me as lender credit at the final settlement.

The mortgage was closed with the wrong lender credit and I'm claiming RiteWayMortgages.com still owe me $175.

During the loan process, this $175 was charged on my credit card as an unknown fee in addition to the original appraisal fee of $434. I immediately reported this to the loan officer, [redacted], asking the reimbursement.

I also mentioned this to the notary person when I signed on the loan document. [redacted], another loan officer, told me [redacted] would work on the reimbursement, but I received the final settlement without this $175 added to the final settlement.

After the final settlement, I asked [redacted] again about this charge, then she said this was because the appraiser had to come to my house again to check if I installed the carbon monoxide detector.

[redacted] did not let me know this specific lender requires the carbon monoxide detector before the appraiser first came to my house, so it is clear that she caused this $175 cost.

But she now is saying it is illegal to refund my any money. I asked her back what specific law she would violate and she did not answer.

I have a friend who refinanced and closed within +/- a month from my closing date. He did not have to install the carbon monoxide detector.

I can pay for my carbon monoxide detector because I will own these. But I cannot pay this $175 because this was caused by their carelessness.

If [redacted] had let me know in advance, I would not have paid this.

Now I'm claiming that RiteWayMortgage should refund my this $175.

Thanks,

[redacted]Desired Settlement: RiteWayMortgage should refund my this $175.

Business

Response:

Mr. [redacted],

RiteWay Mortgages did refund the $175.00 that was charged to you by the Appraiser to re-inspect your property for the installation of the carbon monoxide detectors. Carbon Monoxide Detectors are required in all homes in California per California State Law. When the Appraiser inspected your home they stated in the report "no carbon monoxide detectors were located". RiteWay does require the borrower to comply with State and Federal Laws prior to funding a loan for them when we are informed they are not compliant. Especially, if it's a health and safety issue.

We cannot comment as to why you have a friend that did not have to install carbon monoxide detectors with another lender, other than maybe it was not brought to their attention by that appraiser or that they don't require their borrowers to comply. Each Lender has a different set of requirements.

[redacted] did respond to your emails threatening to go to the Revdex.com and Yelp if she did not send you a check in the proper fashion. It is against regulations for her to cut you a personal check. She had to request the reimbursement from Corporate Accounting.

The check for the reimbursement #[redacted] was cashed by you on 7/25/2013.

Please respond and confirm you have received the reimbursement.

Thank you,

Operations Manager

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I received the refund of $175 and already cashed it. You can close this case.

Regards,