The consumer is correct we have not closed her loan – I responded incorrectly We are waiting on a power of attorney since the borrowers father is out of the country and he is on title and borrower does not want to remove him We had to send to him once we get back and then we can close We are unable to control timing and closings in these instances as they are out of our control
The response is a lie and this loan has not been closedI've had a question since 4/that I asked over email and the issue is still not resolved as of todayI sent another email to Smarter Mortgages today and did not receive a response Regards, [redacted]
The initial credit report they pulled back in December had all my credit debtIf they believe this was the issue they should not have me paid for an appraisal They would have known I owe more then they would have thought I would have qualified forThey make me believe over and over again that my closing and paying off credit cards it was ready to move forwardFurthermore is this was the issue why do they asked to closed so many credit accounts specially the ones that had zero balance? Regards, [redacted]
Proof of DeliveryClose WindowDear Customer,This notice serves as proof of delivery for the shipment listed below.Tracking Number: [redacted] Service: UPS Next Day Air®Shipped/Billed On: 03/17/2015Delivered On: 03/18/10:A.MDelivered To: [redacted] ** Left At: Front DoorThank you for giving us this opportunity to serve youSincerely, UPS Tracking results provided by UPS: 03/18/3:P.MET
The property in question did not appraise for what the borrower believes it shouldEven after corrections were made and an additional comparable property was included, the home did not appraise for the value requiredThe subject property had less square footage, a smaller basement, and a heating/cooling system different than the comparable propertiesAll of these factors impacted the value of the homeFederal law prohibits us as a lender, to influence the appraiser in any way which may dictate the valueThe updated appraisal has already been emailed to the borrowerIf it was not received, please let me know and we will be happy to resendAlthough we as the lender do not control the value received from any appraisal, we processed the file according to the applicable underwriting guidelinesAs such, the loan is not closingTypically, we do not refund the full Application Deposit after the appraisal has been completedHowever, we will in this case since the borrower believes the appraisal is significantly incorrect
Please see attached Credit card deposit form executed by the borrower and all invoices totaling $Note, the executed deposit form states that the deposit is non-refundable if the loan does not closeWe are unable to influence appraisers and order all appraisals through a third party
Management CompanyWe are not permitted to make money on deposits
Mr. [redacted] is correct in that he has contacted us multiple times concerning his account. We are not aware of any specific calls or emails which were left unanswered.It is difficult to determine where the breakdown of communication occurred without more detail (who the messages were left for,...
etc.).Some of the most recent dates in which communication with Mr. [redacted] occurred:May 26June 3June 6June 10Recently, Mr. [redacted] has opted to stop the transaction until a specific document can be obtained. Because there is there is no account in process, there are no updates to provide.
The initial credit report they pulled back in December had all my credit debt. If they believe this was the issue they should not have me paid for an appraisal. They would have known I owe more then they would have thought I would have qualified for. They make me believe over and over again that my closing and paying off credit cards it was ready to move forward. Furthermore is this was the issue why do they asked to closed so many credit accounts specially the ones that had zero balance?
Regards,
[redacted]
The property in question did not appraise for what the borrower believes it should. Even after corrections were made and an additional comparable property was included, the home did not appraise for the value required. The subject property had less square footage, a smaller basement, and a...
heating/cooling system different than the comparable properties. All of these factors impacted the value of the home. Federal law prohibits us as a lender, to influence the appraiser in any way which may dictate the value. The updated appraisal has already been emailed to the borrower. If it was not received, please let me know and we will be happy to resend. Although we as the lender do not control the value received from any appraisal, we processed the file according to the applicable underwriting guidelines. As such, the loan is not closing. Typically, we do not refund the full Application Deposit after the appraisal has been completed. However, we will in this case since the borrower believes the appraisal is significantly incorrect.
The borrower started the refinance process on 6/16, at which time the rate was locked for 40 days. However the borrower did not supply all required documents to begin the process until 7/12. Appraisals are not ordered until all of the initial documents are received from a borrower. When we received...
all of the documents on 7/12, the appraisal was ordered the same day. Inspection was scheduled to occur on 7/14. The original rate lock period was set to expire 7/27. Because there was such a long delay in receiving the initial documents from the borrower, receipt of the appraisal could not occur in time to close the loan prior to the original rate lock. In order to maintain the rate quoted to the borrower, the rate lock was extended 21 days. Because the delay in receiving the documents was not caused by Smarter Mortgages, we agreed to pay 2/3rds of the cost to extend the rate lock. The borrower would only be responsible for 1/3rd of the cost. We would be justified in charging the borrower the full cost to extend the rate, but elected to pay most of the cost in the interest of customer service.Email communication was sent to the borrower on 7/21 with no response. We then attempted to reach the borrower again on 7/26, with no response. A third attempt was made to reach the borrower on 7/29. We received notice from the appraiser on 7/29 the borrower cancelled the appraisal.Our standard refund policy will apply. The application fee is credited in full to the borrower at closing. If the loan does not close, for any reason, the application fee is refunded to the borrower minus the cost of the credit report and any invoice from the appraiser. We have not yet received the invoice from the appraiser to determine if any refund is due the borrower. Once the invoice is received, we will process and refund any funds due the borrower.
1) I was Told that the 500 deposit was for the appraisal which you charged me for and was rejected by your own bank.2)Debbie F[redacted] promised me to refund this deposit over the phone and never followed up on it.3)This was sold to me as a no fees refinance and the deposit would be refunded.
Regards,
[redacted]
The consumer is correct we have not closed her loan – I responded incorrectly. We are waiting on a power of attorney since the borrowers father is out of the country and he is on title and borrower does not want to remove him. We had to send to him once we get back and then we can close. We are unable to control timing and closings in these instances as they are out of our control.
Hello,This letter is to serve as a resolution dispute for complaint #[redacted] against Smarter Mortgages.The business indicated that w of the amount of $500 and since then, 2 weeks ago, they...
have not done the refund and haven't contacted me to make any payment arrangements.Also, they mentioned that I/we were out of the country for some 3 weeks, at some undefined time in the past. This is not true, and can be easily proved with a number of documents and testimonials, and the most simple (and solid) way to do it is through my/our passports.Please advise how we should proceed in order to get the right thing done.Thank you,[redacted]
Proof of DeliveryClose WindowDear Customer,This notice serves as proof of delivery for the shipment listed below.Tracking Number: [redacted]Service: UPS Next Day Air®Shipped/Billed On: 03/17/2015Delivered On: 03/18/2015 10:17 A.M. Delivered To: [redacted] Left At: Front DoorThank you for giving us this opportunity to serve you. Sincerely, UPS Tracking results provided by UPS: 03/18/2015 3:47 P.M. ET
Borrower was approved and scheduled to close. Upon required final verification his/her financial situation changed and we were forced to counter offer in order to approve loan. Our options were to deny loan or to counteroffer. We can not control borrowers finance activities.
No Refund is...
warranted as we issued loan approval and borrower changed financial position.
On Tuesday, August 9, 2016, based on the appraisal value $235,000 on the Appraisal Report which is incorrect missing one bathroom. It is mentioned as 1.1 Bathroom.As per Appraisal Value, they mentioned though the loan to value ratio is now 91.48%. We have provided the following option to include taxes and insurance PMI of $166.63 per month. Like Keep rate at 2.750% on the 10 year fixed with $2295 in closing costs. Monthly principal and interest payment will be $2,051 and your total payment with taxes/ins/mortgage insurance will be $2822.07. I decline the offer, because of the Incorrect Appraisal Value, later they asked to provide the recent sale and value. After providing all information they decline the Loan by saying Automation Underwriting Process The following items in the credit report had an adverse impact on your credit profile.o Utilization of revolving credito Recency of non-mortgage delinquencieso Average age of accountso Recent credit inquires and/or new credit We are unable to refund the application deposit as this is a risk of doing business and covers the expense of the appraisal and your credit report. Finally I received the updated Appraisal Report after so many follow up by adding bath room as 2.0 with NO CHANGE ON THE VALUE which is very surprise. Here I understood, if I agree on the offer (includes tax and PMI) may be [redacted] Mortgage gained, but requesting Appraisal they put the blame on me, and here I’m the loser for all other mistake. Attached all copies of Mail communication, Appraisal Report (old and New) for your information.Please help and let me know suggest the next steps.
The consumer is correct we have not closed her loan – I responded incorrectly We are waiting on a power of attorney since the borrowers father is out of the country and he is on title and borrower does not want to remove him We had to send to him once we get back and then we can close We are unable to control timing and closings in these instances as they are out of our control
The consumer closed her loan a few days after complaint
The response is a lie and this loan has not been closedI've had a question since 4/that I asked over email and the issue is still not resolved as of todayI sent another email to Smarter Mortgages today and did not receive a response Regards, [redacted]
The initial credit report they pulled back in December had all my credit debtIf they believe this was the issue they should not have me paid for an appraisal They would have known I owe more then they would have thought I would have qualified forThey make me believe over and over again that my closing and paying off credit cards it was ready to move forwardFurthermore is this was the issue why do they asked to closed so many credit accounts specially the ones that had zero balance? Regards, [redacted]
Even thought the borrower applied for a loan then left the country for three weeks, we agree to refund the $
Proof of DeliveryClose WindowDear Customer,This notice serves as proof of delivery for the shipment listed below.Tracking Number: [redacted] Service: UPS Next Day Air®Shipped/Billed On: 03/17/2015Delivered On: 03/18/10:A.MDelivered To: [redacted] ** Left At: Front DoorThank you for giving us this opportunity to serve youSincerely, UPS Tracking results provided by UPS: 03/18/3:P.MET
The property in question did not appraise for what the borrower believes it shouldEven after corrections were made and an additional comparable property was included, the home did not appraise for the value requiredThe subject property had less square footage, a smaller basement, and a heating/cooling system different than the comparable propertiesAll of these factors impacted the value of the homeFederal law prohibits us as a lender, to influence the appraiser in any way which may dictate the valueThe updated appraisal has already been emailed to the borrowerIf it was not received, please let me know and we will be happy to resendAlthough we as the lender do not control the value received from any appraisal, we processed the file according to the applicable underwriting guidelinesAs such, the loan is not closingTypically, we do not refund the full Application Deposit after the appraisal has been completedHowever, we will in this case since the borrower believes the appraisal is significantly incorrect
Thanks for your effort I will let you know once received 500$ from *** mortgage
Please see attached Credit card deposit form executed by the borrower and all invoices totaling $Note, the executed deposit form states that the deposit is non-refundable if the loan does not closeWe are unable to influence appraisers and order all appraisals through a third party
Management CompanyWe are not permitted to make money on deposits
Mr. [redacted] is correct in that he has contacted us multiple times concerning his account. We are not aware of any specific calls or emails which were left unanswered.It is difficult to determine where the breakdown of communication occurred without more detail (who the messages were left for,...
etc.).Some of the most recent dates in which communication with Mr. [redacted] occurred:May 26June 3June 6June 10Recently, Mr. [redacted] has opted to stop the transaction until a specific document can be obtained. Because there is there is no account in process, there are no updates to provide.
The initial credit report they pulled back in December had all my credit debt. If they believe this was the issue they should not have me paid for an appraisal. They would have known I owe more then they would have thought I would have qualified for. They make me believe over and over again that my closing and paying off credit cards it was ready to move forward. Furthermore is this was the issue why do they asked to closed so many credit accounts specially the ones that had zero balance?
Regards,
[redacted]
The consumer closed her loan a few days after complaint.
The property in question did not appraise for what the borrower believes it should. Even after corrections were made and an additional comparable property was included, the home did not appraise for the value required. The subject property had less square footage, a smaller basement, and a...
heating/cooling system different than the comparable properties. All of these factors impacted the value of the home. Federal law prohibits us as a lender, to influence the appraiser in any way which may dictate the value. The updated appraisal has already been emailed to the borrower. If it was not received, please let me know and we will be happy to resend. Although we as the lender do not control the value received from any appraisal, we processed the file according to the applicable underwriting guidelines. As such, the loan is not closing. Typically, we do not refund the full Application Deposit after the appraisal has been completed. However, we will in this case since the borrower believes the appraisal is significantly incorrect.
The borrower started the refinance process on 6/16, at which time the rate was locked for 40 days. However the borrower did not supply all required documents to begin the process until 7/12. Appraisals are not ordered until all of the initial documents are received from a borrower. When we received...
all of the documents on 7/12, the appraisal was ordered the same day. Inspection was scheduled to occur on 7/14. The original rate lock period was set to expire 7/27. Because there was such a long delay in receiving the initial documents from the borrower, receipt of the appraisal could not occur in time to close the loan prior to the original rate lock. In order to maintain the rate quoted to the borrower, the rate lock was extended 21 days. Because the delay in receiving the documents was not caused by Smarter Mortgages, we agreed to pay 2/3rds of the cost to extend the rate lock. The borrower would only be responsible for 1/3rd of the cost. We would be justified in charging the borrower the full cost to extend the rate, but elected to pay most of the cost in the interest of customer service.Email communication was sent to the borrower on 7/21 with no response. We then attempted to reach the borrower again on 7/26, with no response. A third attempt was made to reach the borrower on 7/29. We received notice from the appraiser on 7/29 the borrower cancelled the appraisal.Our standard refund policy will apply. The application fee is credited in full to the borrower at closing. If the loan does not close, for any reason, the application fee is refunded to the borrower minus the cost of the credit report and any invoice from the appraiser. We have not yet received the invoice from the appraiser to determine if any refund is due the borrower. Once the invoice is received, we will process and refund any funds due the borrower.
1) I was Told that the 500 deposit was for the appraisal which you charged me for and was rejected by your own bank.2)Debbie F[redacted] promised me to refund this deposit over the phone and never followed up on it.3)This was sold to me as a no fees refinance and the deposit would be refunded.
Regards,
[redacted]
The consumer is correct we have not closed her loan – I responded incorrectly. We are waiting on a power of attorney since the borrowers father is out of the country and he is on title and borrower does not want to remove him. We had to send to him once we get back and then we can close. We are unable to control timing and closings in these instances as they are out of our control.
Hello,This letter is to serve as a resolution dispute for complaint #[redacted] against Smarter Mortgages.The business indicated that w of the amount of $500 and since then, 2 weeks ago, they...
have not done the refund and haven't contacted me to make any payment arrangements.Also, they mentioned that I/we were out of the country for some 3 weeks, at some undefined time in the past. This is not true, and can be easily proved with a number of documents and testimonials, and the most simple (and solid) way to do it is through my/our passports.Please advise how we should proceed in order to get the right thing done.Thank you,[redacted]
Proof of DeliveryClose WindowDear Customer,This notice serves as proof of delivery for the shipment listed below.Tracking Number: [redacted]Service: UPS Next Day Air®Shipped/Billed On: 03/17/2015Delivered On: 03/18/2015 10:17 A.M. Delivered To: [redacted] Left At: Front DoorThank you for giving us this opportunity to serve you. Sincerely, UPS Tracking results provided by UPS: 03/18/2015 3:47 P.M. ET
Borrower was approved and scheduled to close. Upon required final verification his/her financial situation changed and we were forced to counter offer in order to approve loan. Our options were to deny loan or to counteroffer. We can not control borrowers finance activities.
No Refund is...
warranted as we issued loan approval and borrower changed financial position.
On Tuesday, August 9, 2016, based on the appraisal value $235,000 on the Appraisal Report which is incorrect missing one bathroom. It is mentioned as 1.1 Bathroom.As per Appraisal Value, they mentioned though the loan to value ratio is now 91.48%. We have provided the following option to include taxes and insurance PMI of $166.63 per month. Like Keep rate at 2.750% on the 10 year fixed with $2295 in closing costs. Monthly principal and interest payment will be $2,051 and your total payment with taxes/ins/mortgage insurance will be $2822.07. I decline the offer, because of the Incorrect Appraisal Value, later they asked to provide the recent sale and value. After providing all information they decline the Loan by saying Automation Underwriting Process The following items in the credit report had an adverse impact on your credit profile.o Utilization of revolving credito Recency of non-mortgage delinquencieso Average age of accountso Recent credit inquires and/or new credit We are unable to refund the application deposit as this is a risk of doing business and covers the expense of the appraisal and your credit report. Finally I received the updated Appraisal Report after so many follow up by adding bath room as 2.0 with NO CHANGE ON THE VALUE which is very surprise. Here I understood, if I agree on the offer (includes tax and PMI) may be [redacted] Mortgage gained, but requesting Appraisal they put the blame on me, and here I’m the loser for all other mistake. Attached all copies of Mail communication, Appraisal Report (old and New) for your information.Please help and let me know suggest the next steps.