New View Mortgage Corp.

Review: We were solicited by New View to upgrade our current mortgage, by eliminating the private mortgage insurance expense of about $250 per month. We were assured that it was an easy thing to accomplish. We informed them that we had gone this route before and were unsuccessful with several other lenders. They assured us that they were better than the other companies and could do what others could not do. We agreed to proceed only if there was NO EXPENSE TO US and that THE LOAN WOULD BE GRANTED. They told us that the appraisal expense would have to be advanced, but would become part of the loan and there would be no out of pocket expense.

Thereupon we agreed to fill out the forms e-mailed to us. After the forms were electronically filed, we were assigned to Corey M[redacted], the New View Loan Officer in charge of this loan. He confirmed that the loan would no cost us and would be approved, if all we told New View was correct. New View then requested prepayment for the appraisal of $490, which we authorized via out credit card, with the admonition hand written on the form that THE CREDIT AUTHORIZATION WAS NOT TO BE USED UNLESS THE LOAN WOULD BE APPROVED.

The credit card authorization was used IMMEDIATELY and the appraisal was performed. The appraisal came in substantially lower than the appraisal done 13 months prior and the loan has not been approved (although we have never received a formal denial.) In view of the fact that almost 2 months has elapsed since the loan process was formally initiated on 9/**/15, a decision on the loan is long overdue. We have requested a return of the advanced appraisal fee, but New View has not complied.Desired Settlement: New View has the responsibility to act on the loan application in a reasonable time and to refund our out of pocket expenses, as the loan has not been approved. As an alternative, they could grant the loan.

Business

Response:

New View Mortgage Corp. is in the business of making Mortgage Loans. Unless we are sucessuful in the closing of Mortgage Loans we don't make money. While I understand you are not happy since your home appraised much lower than you anticipated this is beyond our control. The apprasial fee was charged by the Apprasial Managment Company and they assigned your order to an appraiser that knows your area. Since the appraisal was performed we can't expect them to issue a refund for services provided. In addtion you were advised that you had the right to appeal the appraisal but to date you haven't provided us with the information needed in order to file the appeal. The appraisal that you sent to us which was done over a year ago can't be used as the information is out dated. As you were told previously all you need to do is contact a local Realtor and ask them to provide you with recent sales in the area and we would be happy to use that data in order to try to have the appraiser reconsider the value.

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:

When I was solicited by New View, I was told by their representative that the loan application would cost me nothing. I informed them that I had applied for many similar loans and was told by all the lenders that under my circumstances, the loan did not meet criteria and for this reason, they declined to proceed. This was made clear to New View several times, before they came up with the response that "New View was better than their competitors and could get the job done" [paraphrasing]. Based upon those two circumstances: 1) That the loan application would cost us nothing and 2) That the loan would be granted, if all the information provided by us was true, my wife and I were thrilled to proceed with the loan process.Immediately thereafter, on the same evening, we were inundated with on-line loan documents, which we immediately executed. One of the documents provided was a consent form to use for our credit card in payment of the anticipated appraisal fee. When we executed THIS form, we wrote upon it by hand "NOT TO BE USED UNLESS THE LOAN IS GRANTED ". In so doing, we anticipated either that the loan would be granted, or that the appraisal fee would be refunded by New View, if circumstances did not permit them to grant the loan. Based upon the prior appraisal of $275,000, we were assured by New View's representative that even if the appraisal came in substantially below the prior appraisal done about 13 months earlier, that the loan was likely to be granted.

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Sincerely,

Review: I refinanced my home mortgage in September 2015, have my HUD form stating my payment would be $1616.03 per month. After months of investigating and no assistance from New View I have an escrow shortage. I have since paid approximately 85% of the shortage back and I am being told the by my city tax department that the lenders dropped the ball when refinancing. If I cure my shortage my payment is still $300 more than what was negotiated. All I am asking if one of the lenders can assist with the shortage so my payment is in agreement, $1616.03Desired Settlement: Billing Adjustment 3/**/16

Business

Response:

I have been in contact on numerous occasions with the client. As I had advised him there was a Tax Bill due prior to the closing on the Mortgage with New View Mortgage Corp. which his previous Mortgage holder was suppose to pay. The title company at closing contacted them and they confirmed that they were in the process of cutting a check to pay taxes out of his escrow account. After doing research it appears that they didn't pay the taxes instead sent the money back to the borrower. Last week the client asked me to contact Flagstar Bank in order to find out why if he pays back the escrow shortage why his payment is still going up. I advised him that Flagstar won't speak with me unless he was to fax a third party authorization. On Friday he emailed me that he faxed the request and I would be able to speak to them in 48 hours. On Tuesday I spoke with Flagstar Bank who advised me the reason why his payment is going up is due to the fact that his Municipally assessed a special side walk assessment therefore resulting in his payment being adjusted. I tried to contact the borrower to explain but I haven't hear back from him.