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Princeton Mortgage Corp.

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Princeton Mortgage Corp. Reviews (1)

Review: I was seeking a refinance with Princeton Mortgage. Mr. [redacted] and I spoke on the phone a few times, came to my house the evening of October 8th. We completed all the paperwork and told me to expect e-mails with forms that needed my additional signatures. I received those on October 11th and sent them all back, signed. On October 16th, I received a WELCOME LETTER from [redacted] along with a list of items that needed clarification including a [redacted] inquiry. On the morning of the 17th at 8:56 I sent an e-mail to [redacted] and [redacted] explaining the items she asked about including the [redacted] motors that I just got a new lease about a month ago, my payments are $211 a month. I never heard anything back from either of them during that week. Meanwhile, they had my $495 check for the appraisal which was scheduled for the evening of the 17th; my check was deposited the 16th from what [redacted] had told me in an e-mail after asking for status since I never heard back from either one of them. After the appraisal came back positive, [redacted] called me on 29th to tell me that appraisal was good, you should be approved next week but we will close the end of November because its an [redacted] and that is better. The very next day, 24 hours later, he called to [redacted] the previous call and tell me it was a decline because of the car loan. He said even if you had another $100 debt the loan would have been declined, the[redacted] loan put you over for the decline. SO why would you have cashed my check, proceed with the appraisal when you knew that it would have been a decline back on the 17th? I told them both about the loan on the 17th, they proceeded, even told me I "would be approved next week" yet a decline because of loan that you KNEW about on the 17th. SO I can't get my $495 back since appraisal was done. Do not understand why they would not have contacted me on the 17th to tell me THEN that it would be a decline if even $100 more would have been a decline. I would have the $495!Desired Settlement: Appraisal SHOULD have been cancelled on the 17th..I could have stopped payment on the check if I had known that it would have been a decline. He led me to believe that everything was okay, I was actually getting approved as of October 29th call and yet they already knew I had the [redacted] lease but the very next day declined. My check should not have been cashed, appraisal should have been cancelled and I should have been told about the decline that was inevitable on the 17th..not on the 29th almost approved then 30th decline.

Business

Response:

RE: Complain ID [redacted] To Whom it May Concern: We are currently in receipt of the above file complaint. Upon reviewing the file it is determined that the $ 495.00 appraisal fee was correctly disbursed and should not be returned. The Borrower made a mortgage application with our Loan Officer on Wednesday October the 8th. All required forms including a mortgage application where completed and executed at that time. The Borrower executed a mortgage application (1003) attesting to her debts. However, at that time she did not indicate to the Loan Officer that her [redacted] auto lease was not on the 1003 she executed. The file was handed into our opening department on October 10, 2013 so the remaining mortgage application forms and documents could be ordered such as a flood certification, appraisal and in this case a condominium certification. Our mortgage processor received the file for processing on the afternoon of the 11th and did her Welcome Letter on October 16, 2013 which included a letter requesting the status of a [redacted] inquiry. This letter is normally sent within 72 business hours of receiving the file and since our office was closed on Monday the 14th for Columbus Day the letter was completed within the timeframe and after all information already ordered. On the morning of the 17th the Borrower indicated that the [redacted] inquiry was for an auto lease which she opened did not state on her mortgage application. According to the Borrower the appraisal was scheduled for that evening. A credit supplement was ordered at that time to obtain the payment terms and conditions. When all documentation including the credit supplement and income confirmation were received it was determined by Underwriting that the file could not be approved. We cannot issue a decline without making a full attempt to gather all documentation for file including, all debt information, income documentation and housing information including the appraisal. Also, a processor or loan officer may not make the determination as to a final approval or decline or a loan. The file must go to the Underwriting writing department for a final determination. We also have no say on how quickly an appraisal is completed. Since a full appraisal was completed within an acceptable timeframe and he has completed all his requirements he

must be paid his fee. Also, had all debts been properly disclosed at time of mortgage application loan would not have been accepted. Should you have any questions or concerns please feel free to contact me at ###-###-#### ext.: [redacted] Sincerely[redacted] Operations Manager

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Description: Mortgage Brokers

Address: 2482 Pennington Rd Ste 1, Pennington, New Jersey, United States, 08534

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