Poli Mortgage Group, Inc.

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ***Please add your rejection comments below.
The vendor mentioned *** rejected the loan application through the brokerage service from Poli MortgageHowever, the loan was actually approved once the applicant applied with *** directlyTherefore, Poli Mortgage made a statement by saying "Borrower notes loan was approved at other lenders and possibly they didn't have the requirements *** had requested. WE worked with the investor but it is their decision not Poli's" The applicant believed Poli failed to represent the clear and whole explanation to its investor, resulting in the rejectionThe applicant demands a formally written apology letter from Poli (must be signed by the executive of Poli mortgage) for their delaying and irresponsibility in handling the applicant's loan application. Further, the vendor did not agree to refund the application fee after the applicant sent out a message on Feb 20thThe message reads belowBecause my mortgage application is denied by Poli Mortgage (denial letter attached), I am officially writing this letter to request Poli Mortgage a refund all of my mortgage deposit to my original payment, in the amount of $In regardless of whether or not another lender is issuing me credit, and in regardless of any other cost including the appraisal fee, I firmly believe that this law has specfically protected me to request a refund of all of my application fee. Therefore, I request you to faithfully refund all of the application fee IMMEDIATELY.If you do not refund it by 5pm February 22nd 2016, myself or/and my lawyer will take further action to Consumer Financial Protection Bureau (***). I appreciate Revdex.com in helping to get the refund back after I made the complaint. Regards,
*** **

Hello,As standard practice Poli Mortgage does collect a $application deposit. As noted on the signed Loan Details Confirmation this deposit is only refunded at closing. If loan doesn't close it is retained to cover expenses. Please see the signed document that explains
when the $will be refunded. Please also see the payment for the appraisal. This was paid by Poli Mortgage Group in full and never was charged to the borrower. So as the disclosure notes we kept the $application deposit as the loan didn't close and used to cover our expenses. As you can see the appraisal fee of $was paid by Poli and we retained the $to help cover the cost of the appraisal. I have spoken with the Loan Officer, ** ***, who had been in contact with Ms*** during the course of the process. Unfortunately we were unable to complete the mortgage process for her loan and this was reviewed with Ms***. ** did not receive any request for refund and this request to respond was the first he had heard of such a request. He had spoken to her that once her issues that caused the decline were corrected we could still try to use the appraisal if within the allowed timeframe. ** was looking forward to assisting Ms*** once the required documents could be provided

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #[redacted]. I understand that by choosing to accept the business response that my complaint will be closed as resolved. 
Regards,
[redacted]

Hello,   Borrowers loan was declined due to the appraised value not coming in as borrower had hoped.   I have spoken to the Loan Officer and she told me she never promised or assured the borrower the value would come in as with the AIR regulation mortgage lenders can no longer...

actually speak with, coach or advise an appraiser of any value needed.   All appraisal request must be done through a management company that randomly assigns appraisers.   This was done and value came in $20,000 higher than when purchased 9/2013.   Borrower was upset as they hoped to be able to drop PMI.   They did speak with the Loan Officer and provided an appraisal report from 1/2015 from another lender (we can't use that appraisal)  so Poli reached out to the appraisal management company, as this is our only option, and requested a 'reconsideration of value' and provided the old appraisal and some recent comps in the area along with noting a few missed items (additional  bath and kitchen in basement but below grade items don't add up the same as above grade items)   All was reviewed and value was increased slightly ($270,00 to $290,000)   borrower would still need Mortgage Insurance and no longer wanted the loan.  Loan was declined due to value.  Doing the value reconsideration and working with the appraisal management company and not the appraiser is all that is allowed with the regulation.  Note Poli did refund the borrower the borrower $440.00  (the cost for appraisal and credit report) which we didn't have to do at all but to try to keep the borrower somewhat happy we did refund the money on 3/7/16.   Note borrowers signs a form prior to collection of the application deposit being collected advising them it is only refunded if the loan closes otherwise it is kept to cover expenses.   Poli truly tried every allowable resource to get the value borrower wanted and when it wasn't available we refunded the fees collected, although not required to do so, to show good faith to our borrower.

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below. 
The lender is not only rude and unprofessional, but also irresponsible for addressing customer's concern. It is hard to believe why they are doing that. The lender should understand, at minimum, it is not within their job to interoperate how the law regulates mortgage market. The lender needs to apologize formally to the borrower for mis-representing their case to their investor which has resulted in terrible result for mortgage application. The lender also needs to understand that an exact same case was approved by [redacted] directly, therefore they owe the borrower an apology in a manner of respect. Regards,
[redacted]

This borrower does not know the law correctly as there is no law requiring refund of credit report fee and application deposit if a loan is declined.   The law he states pertains only to loans that rescind not be declined.   However we had refunded the borrower $410.00 application deposit on 2/23.  Poli kept the $40 fee for credit report.  Please note, iwithin the law we had the right to retain the full $450.00 but to try to assist the borrower the $410 was refunded even though it was not required.

In regards to this borrowers items:We had submitted this borrowers loan to the investor, [redacted], for approval as Poli is not approved to provide approval on such a large loan amount.  Those loans must be underwritten by the investor.  [redacted] had initially approved it but pending a long list...

of conditions.  Once all was provided and reviewed [redacted] declined the loan due to the income.  Borrower notes loan was approved at other lenders and possibly they didn't have the requirements [redacted] had requested.  WE worked with the investor but it is their decision not Poli's.  In regards to his quoting Regulation Z and refund of deposit that only applies for loans that the borrower rescinds their loan (meaning it went to closing and borrower signed but within the allowed time canceled their loan)   it does not apply to declined loans.   Borrower sent us his information found on line and it did not refer to declined loans.  I have confirmed with our compliance advisers, for additional support, that lender is NOT required to refund application deposits on declined loans.  Also borrower had signed a disclosure that confirmed deposit is only refundable if the loan closes.    NOTE:  we did refund the borrower $410.00 again in good faith to show support to the borrower although not required.   refunded on 2/23 for $410 application deposit.  fee for credit report was not returned