Thank you for submitting this to our attention. We take all feedback seriously. There are a handful of expenses that are not on your credit report, and certain deductions on tax returns, that do affect a client’s debt to income. Mr. [redacted] signed the Uniform Residential Loan Application (1003) which shows at initial application Royal United Mortgage was unaware of and was not taking into account any homeowner association dues into the client’s debt to income. Royal wasn’t made aware of the home owners association dues until after the appraisal was already completed. With this level of miscommunication between the loan advisor and the borrower and shared responsibility between the two parties the compliance department has sent a refund of half the cost of the appraisal fee to Mr. [redacted]. Royal United Mortgage does share all feedback with our training department to help make our company better. Due to the public nature of the Revdex.com we are unable to upload any loan documentation or credit reports. Had the findings shown a different result, a different action would have been taken by Royal United Mortgage.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
The lender surprised me with the $495 fee after starting this refinance process and I sacrificed bills to pay this. The refinance will not go through due to the IRS lien and my job change, which I made clear of before starting this refinance process. From the sounds of it the refinance will not go through now.egards,
[redacted]
Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.The response from Royal United Mortgage is completely false! We gave all financial information including two years tax returns (which our rental property is reported on our taxes) prior to any appraisal being done!! There was no information with held from Royal United Mortgage. I have all the emails as documentation from Anthony [redacted] at Royal United Mortgage indicating he had all he needed and that we were ready to close the loan as long as the appraisal came back at over $98,000 in which it did. I can not believe Royal United Mortgage is taking advantage of people like this and getting by with it.
It seems this appraisal process is a good source of income for Royal United Mortgage. They take your money, don't do your loan and give you an appraisal that is worthless as they nor any other lending institution will accept someone else's appraisal. Would Royal United Mortgage take an appraisal from someone else for one of their loans? Of course they would NOT!
Regards,[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
Revdex.com:
I was not looking for home equity line of credit. I was looking for fixed home equity loan. I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be best in this situation as I would never use this lender.
Regards,
[redacted]
Thank you for bringing this to our attention. We take all feedback seriously. The compliance department has reviewed correspondence between the loan advisor and borrower. It is our opinion that the loan advisor has been accommodating to all of Ms. [redacted] request. Royal United Mortgage...
has delivered the appraisal to Ms. [redacted] with each request and has confirmation from a text by Ms. [redacted] that she has received the appraisal. Royal United Mortgage will gladly send an additional copy if one is needed. Rest assured Ms. [redacted] comments will be shared with our training department to help improve our customer service.
Thank you for bringing this to our attention. We take all feedback seriously. It is our opinion that the loan officer acted in the best interest of the borrower. The loan officer responded to the client on Monday after the client presented the problem on Saturday. The loan advisor told Ms....
McGill to contact her insurance company and inform them that Royal United Mortgage does not hold the clients mortgage and to have it switched. It is common process for home owners insurance to list the company that the client is refinancing with prior to the finalization of a loan. Rest assured Ms. [redacted]s’ comments will be shared with our training department to help improve our customer service.
Thank you for bringing this to our attention. We take all feedback seriously. The compliance department listened to all correspondence between the loan advisor and borrower. It is our opinion that the loan advisor acted in the best interest of the borrower. The loan advisor was unable to use the...
income from the part time job due to Fannie Mae restrictions. Royal quickly advised the borrower that we were still able to do the exact same loan on a 30 year term. All of our loans have no pre-payment penalty which would allow the borrower to make the 15 year payment if the borrower liked. We have delivered the appraisal to the borrower and will be happy to release the appraisal to any lender that will be able to write a 15 year note. Rest assured her comments will be shared with our training department to help improve our customer service.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
I finally got a call today and I explained all the bad information I got and how no one would return my calls...that when I spoke with Robert he said I would get my deposit back and would check on all the basic lies I was told but never called back... my complaint still stands if I would have followed their instructions I would have ruined my credit... I asked for my appraisal fee back and was denied... I was told I could have had my appraisal transfer but I don't see how when I cannot get any one to call me back... my complaint is lack of communication and giving false information this complaint remains unresolved Thank you
Regards,
[redacted]
Thank you for bringing this to our attention. We take all feedback seriously. It is the compliance department’s opinion the loan adviser acted in the best interest of the borrower. Mr. [redacted] was provided both options and decided to go with an FHA loan due the cost of the conventional loan would have...
been twice as much as the FHA loan and Mr. [redacted] didn’t meet all of the Fannie Mae Requirements for a conventional loan. Our records also indicate that Mr. [redacted] was informed several time of the appraisal charge, and was the one that schedule the appraisal with the appraiser. Rest assured Mr. [redacted] comments will be shared with our training department to help improve our customer service.
We take all feedback seriously, thank you for bringing this to our attention. Please accept this email as a formal response to the complaint. Based upon this feedback we listened to all correspondence between Royal United Mortgage and Mr. [redacted]. It is our opinion that the loan advisor acted in the...
best interest of the borrower. The compliance department quickly reached out to Mr. [redacted] to ensure him that his identity was not stolen and his confidential information will stay confidential. The $200 charge was in reference to a non-refundable HARP loan application fee that Mr. [redacted] elected to pay instead of paying for a full appraisal. After paying for the non-refundable fee, the borrower elected to withdraw from the loan process. At any point in time if Mr. [redacted] would like to continue the loan process please email [email protected] and the compliance department will be able to continue the loan process. We regret that Mr. [redacted]’s experience was negative and we are very sensitive to the impact of a first impression. Rest assured his comments are shared internally and with our training department to help improve our company.
Thank you for bringing this to our attention. We take all feedback seriously. The compliance department listened to all correspondence between the loan advisor and borrower. It is our opinion that the loan advisor acted in the best interest of the borrower. After reviewing all information, Royal...
United Mortgage acknowledged that there was miscommunication on this file between the loan advisor and Ms.[redacted]. Because of the level of miscommunication, it was determined that Ms. [redacted] should receive half the cost of the appraisal back in a refund. The loan advisor called Ms. [redacted] on January 7th to let her know that half of the cost of the appraisal that was paid for, would be refunded to her. The first check request was over looked in our accounting department. We have mailed a new check out on 1/28/2016. Per the recorded call, Ms. [redacted] did not give any indication that she was not okay with this and acknowledged her gratitude in receiving half of the amount of the appraisal back. We deeply regret that Ms.[redacted] did not feel fully informed while working with us. Rest assured Ms. [redacted]’s comments will be shared with our training department to help improve our customer service.
We take all feedback seriously, thank you for bringing this to our attention. Please accept this email as a formal response to the complaint. Based upon this feedback we listened to all correspondence between Royal United Mortgage and Mr. [redacted] . We have removed all contact information for...
Mr. [redacted]. Many companies attempt to reach Lending Tree inquiries simultaneously and unfortunately this can lead to multiple calls in a short time frame. Mr. [redacted] is correct that there are specific time frames that telemarketers must follow. Royal United Mortgage is not a telemarketing company and as such has no such restrictions. We regret that Mr. [redacted] experience was negative and we are very sensitive to the impact of a first impression. Rest assured his comments are shared internally and with our training department to help improve our company.
Thank you for bringing this to our attention. We take all feedback seriously. The compliance division apologizes greatly for thinking that Royal United Mortgage is/has lied to you in the past. The compliance department would like to inform Mrs. [redacted] that we received the business tax returns that showed two rental properties; which were calculated into the DTI and was inside the acceptable parameters per Fannie Mae guidelines. After the appraisal was completed Royal United Mortgage discovered other properties from a report from [redacted]. Once the taxes and insurance information was calculated the DTI was outside the approved parameters per Fannie Mae. Royal United Mortgage will be happy to assist in transferring the appraisal to any lender that will be able to service Mrs. [redacted]. Please note the loan advisor and manager did extensive work on Mrs. [redacted]’s file before any appraisal money was collected from the customer. Due to the public nature of the Revdex.com we are unable to upload any loan documentation or credit reports. Had the findings shown a different result, a different action would have been taken by Royal United Mortgage.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.Why would I spend over $400 which I do not have on an appraisal I do not need. I do not need you to transfer the appraisal to any other mortgage company. I need you to be a company of integrity and refund me the cost for the appraisal.The reason I applied for the loan was to get out from under my credit card payments. Bradley N[redacted] assured me I would get the loan, which is the ONLY reason I paid $435 for an appraisal. I would NEVER have spent that money on such a foolish endeavor if I hadn't been led to believe I would get the loan.Bradley N[redacted] should have known, at the very least, confirmed, that my income was going into the correct account before pressuring me to get the appraisal, then after paying for the appraisal, having the gall to not even call me to inform me I would not get the loan. I had to contact him. A reputable company does all the verification up front before pressuring someone to pay for an appraisal. On top of all this, when I called him to explain that it was HIS fault, not mine, he stated he would try to get a refund, but that he couldn't promise anything. If you make the mistake, YOU are responsible, not me. Why should I pay for his mistake. This is a shoddy and shady business. A business of integrity would refund my money. It is their employee who made the mistake, not me. I don't need an appraisal and do not have the additional $435 to pay for something I don't even need.
Regards,
Theresa S[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
I was not aware of the $495 appraisal fee until after the loan process started. I remember saying that if I knew about this appraisal fee I would never have started this loan process. I sacrificed paying bills to pay this appraisal fee.
Regards,
[redacted] [redacted]
Thank you for bringing this to our attention. We take all feedback seriously. The compliance department listened to all correspondence between the loan advisor and borrower. It is our opinion that the borrower misunderstood the importance and expectation of divulging all...
liabilities, including HOA dues, to the loan advisor. The loan advisor wasn’t made aware of the home owners association dues until after theappraisal was already completed. Royal United Mortgage does a detail review of every loan prior to the appraisal being ordered. We regret that there was misunderstanding during the loan process. Our sales and education process was created to eliminate miscommunication and set the right expectations for efficiency. Because of the miscommunication and shared responsibility between the two parties the compliance department has recommended a refund half the cost of the appraisal fee. Due to the public nature of the Revdex.com we are unable to upload any loan documentation or credit reports. Had the findings shown a different result, a different action would have been taken by Royal United Mortgage. Rest assured Mr. [redacted] comments will be shared with our training department to help improve our customer service.
Thank you for taking the time to express your concerns. I appreciate your patience as we have been investigating the issues you have shared. We do review a couple of data points when determining what estimated home value we put into our system. Firstly, we get some information that our...
clients put in online. Your information came over from Lending Tree with a value of $150,000. You shared with us on the phone that you had some information showing the value at $148,532. You further explained that the value was supported by a new high school in the neighborhood giving us some confidence in the estimate you provided. Because these two values were not materially different we went with the value you provided to Lending Tree. We rely on estimated values provided to us by the homeowners we do business with to determine initial eligibility and build the initial loan options for our clients. We understand that our clients are not professional appraisers but they do represent the best source of information to determine a home’s value until an appraisal can be performed. Consequently, we relied on a value of $150,000 to build your initial loan options based on the data you provided to us. While I understand the appraisal may have appeared to be just a quick tour of your home with a few photos, please know that the home inspection portion of the appraisal is a very small part of what an appraisal entails. The legwork comes in researching market trends and determining the best comparable sales to use among a great deal of other things. There are over 20 pages in a typical appraisal containing a great deal of valuable information regarding the value and marketability of your home. After doing the necessary research, the appraiser determined that your home’s value is $133,000. Regrettably, this value was substantially different that the value that you provided us which necessitated a restructure of your loan. Your loan advisor, Tiffany, provided new loan structure options based on the new value immediately upon receiving the appraisal and did everything she could to provide a path forward. Please recognize that throughout the entire process we have operated on good faith based on the information we had available to us. We endeavor to provide all of our clients the best possible options based on their goals and qualifications and your case was no exception. Thank you for sharing your feedback with us. All the best,
The events of this file and its communication with VA and the appraiser are complex. We are still investigating the events to determine a course of action with this borrower. We will keep you informed of our progress and final decision in writing.
Thank you for submitting this to our attention. We take all feedback seriously. There are a handful of expenses that are not on your credit report, and certain deductions on tax returns, that do affect a client’s debt to income. Mr. [redacted] signed the Uniform Residential Loan Application (1003) which shows at initial application Royal United Mortgage was unaware of and was not taking into account any homeowner association dues into the client’s debt to income. Royal wasn’t made aware of the home owners association dues until after the appraisal was already completed. With this level of miscommunication between the loan advisor and the borrower and shared responsibility between the two parties the compliance department has sent a refund of half the cost of the appraisal fee to Mr. [redacted]. Royal United Mortgage does share all feedback with our training department to help make our company better. Due to the public nature of the Revdex.com we are unable to upload any loan documentation or credit reports. Had the findings shown a different result, a different action would have been taken by Royal United Mortgage.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
The lender surprised me with the $495 fee after starting this refinance process and I sacrificed bills to pay this. The refinance will not go through due to the IRS lien and my job change, which I made clear of before starting this refinance process. From the sounds of it the refinance will not go through now.egards,
[redacted]
Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.The response from Royal United Mortgage is completely false! We gave all financial information including two years tax returns (which our rental property is reported on our taxes) prior to any appraisal being done!! There was no information with held from Royal United Mortgage. I have all the emails as documentation from Anthony [redacted] at Royal United Mortgage indicating he had all he needed and that we were ready to close the loan as long as the appraisal came back at over $98,000 in which it did. I can not believe Royal United Mortgage is taking advantage of people like this and getting by with it.
It seems this appraisal process is a good source of income for Royal United Mortgage. They take your money, don't do your loan and give you an appraisal that is worthless as they nor any other lending institution will accept someone else's appraisal. Would Royal United Mortgage take an appraisal from someone else for one of their loans? Of course they would NOT!
Regards,[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
Revdex.com:
I was not looking for home equity line of credit. I was looking for fixed home equity loan. I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be best in this situation as I would never use this lender.
Regards,
[redacted]
Thank you for bringing this to our attention. We take all feedback seriously. The compliance department has reviewed correspondence between the loan advisor and borrower. It is our opinion that the loan advisor has been accommodating to all of Ms. [redacted] request. Royal United Mortgage...
has delivered the appraisal to Ms. [redacted] with each request and has confirmation from a text by Ms. [redacted] that she has received the appraisal. Royal United Mortgage will gladly send an additional copy if one is needed. Rest assured Ms. [redacted] comments will be shared with our training department to help improve our customer service.
Thank you for bringing this to our attention. We take all feedback seriously. It is our opinion that the loan officer acted in the best interest of the borrower. The loan officer responded to the client on Monday after the client presented the problem on Saturday. The loan advisor told Ms....
McGill to contact her insurance company and inform them that Royal United Mortgage does not hold the clients mortgage and to have it switched. It is common process for home owners insurance to list the company that the client is refinancing with prior to the finalization of a loan. Rest assured Ms. [redacted]s’ comments will be shared with our training department to help improve our customer service.
Thank you for bringing this to our attention. We take all feedback seriously. The compliance department listened to all correspondence between the loan advisor and borrower. It is our opinion that the loan advisor acted in the best interest of the borrower. The loan advisor was unable to use the...
income from the part time job due to Fannie Mae restrictions. Royal quickly advised the borrower that we were still able to do the exact same loan on a 30 year term. All of our loans have no pre-payment penalty which would allow the borrower to make the 15 year payment if the borrower liked. We have delivered the appraisal to the borrower and will be happy to release the appraisal to any lender that will be able to write a 15 year note. Rest assured her comments will be shared with our training department to help improve our customer service.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
I finally got a call today and I explained all the bad information I got and how no one would return my calls...that when I spoke with Robert he said I would get my deposit back and would check on all the basic lies I was told but never called back... my complaint still stands if I would have followed their instructions I would have ruined my credit... I asked for my appraisal fee back and was denied... I was told I could have had my appraisal transfer but I don't see how when I cannot get any one to call me back... my complaint is lack of communication and giving false information this complaint remains unresolved Thank you
Regards,
[redacted]
Thank you for bringing this to our attention. We take all feedback seriously. It is the compliance department’s opinion the loan adviser acted in the best interest of the borrower. Mr. [redacted] was provided both options and decided to go with an FHA loan due the cost of the conventional loan would have...
been twice as much as the FHA loan and Mr. [redacted] didn’t meet all of the Fannie Mae Requirements for a conventional loan. Our records also indicate that Mr. [redacted] was informed several time of the appraisal charge, and was the one that schedule the appraisal with the appraiser. Rest assured Mr. [redacted] comments will be shared with our training department to help improve our customer service.
We take all feedback seriously, thank you for bringing this to our attention. Please accept this email as a formal response to the complaint. Based upon this feedback we listened to all correspondence between Royal United Mortgage and Mr. [redacted]. It is our opinion that the loan advisor acted in the...
best interest of the borrower. The compliance department quickly reached out to Mr. [redacted] to ensure him that his identity was not stolen and his confidential information will stay confidential. The $200 charge was in reference to a non-refundable HARP loan application fee that Mr. [redacted] elected to pay instead of paying for a full appraisal. After paying for the non-refundable fee, the borrower elected to withdraw from the loan process. At any point in time if Mr. [redacted] would like to continue the loan process please email [email protected] and the compliance department will be able to continue the loan process. We regret that Mr. [redacted]’s experience was negative and we are very sensitive to the impact of a first impression. Rest assured his comments are shared internally and with our training department to help improve our company.
Thank you for bringing this to our attention. We take all feedback seriously. The compliance department listened to all correspondence between the loan advisor and borrower. It is our opinion that the loan advisor acted in the best interest of the borrower. After reviewing all information, Royal...
United Mortgage acknowledged that there was miscommunication on this file between the loan advisor and Ms.[redacted]. Because of the level of miscommunication, it was determined that Ms. [redacted] should receive half the cost of the appraisal back in a refund. The loan advisor called Ms. [redacted] on January 7th to let her know that half of the cost of the appraisal that was paid for, would be refunded to her. The first check request was over looked in our accounting department. We have mailed a new check out on 1/28/2016. Per the recorded call, Ms. [redacted] did not give any indication that she was not okay with this and acknowledged her gratitude in receiving half of the amount of the appraisal back. We deeply regret that Ms.[redacted] did not feel fully informed while working with us. Rest assured Ms. [redacted]’s comments will be shared with our training department to help improve our customer service.
We take all feedback seriously, thank you for bringing this to our attention. Please accept this email as a formal response to the complaint. Based upon this feedback we listened to all correspondence between Royal United Mortgage and Mr. [redacted] . We have removed all contact information for...
Mr. [redacted]. Many companies attempt to reach Lending Tree inquiries simultaneously and unfortunately this can lead to multiple calls in a short time frame. Mr. [redacted] is correct that there are specific time frames that telemarketers must follow. Royal United Mortgage is not a telemarketing company and as such has no such restrictions. We regret that Mr. [redacted] experience was negative and we are very sensitive to the impact of a first impression. Rest assured his comments are shared internally and with our training department to help improve our company.
Thank you for bringing this to our attention. We take all feedback seriously. The compliance division apologizes greatly for thinking that Royal United Mortgage is/has lied to you in the past. The compliance department would like to inform Mrs. [redacted] that we received the business tax returns that showed two rental properties; which were calculated into the DTI and was inside the acceptable parameters per Fannie Mae guidelines. After the appraisal was completed Royal United Mortgage discovered other properties from a report from [redacted]. Once the taxes and insurance information was calculated the DTI was outside the approved parameters per Fannie Mae. Royal United Mortgage will be happy to assist in transferring the appraisal to any lender that will be able to service Mrs. [redacted]. Please note the loan advisor and manager did extensive work on Mrs. [redacted]’s file before any appraisal money was collected from the customer. Due to the public nature of the Revdex.com we are unable to upload any loan documentation or credit reports. Had the findings shown a different result, a different action would have been taken by Royal United Mortgage.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.Why would I spend over $400 which I do not have on an appraisal I do not need. I do not need you to transfer the appraisal to any other mortgage company. I need you to be a company of integrity and refund me the cost for the appraisal.The reason I applied for the loan was to get out from under my credit card payments. Bradley N[redacted] assured me I would get the loan, which is the ONLY reason I paid $435 for an appraisal. I would NEVER have spent that money on such a foolish endeavor if I hadn't been led to believe I would get the loan.Bradley N[redacted] should have known, at the very least, confirmed, that my income was going into the correct account before pressuring me to get the appraisal, then after paying for the appraisal, having the gall to not even call me to inform me I would not get the loan. I had to contact him. A reputable company does all the verification up front before pressuring someone to pay for an appraisal. On top of all this, when I called him to explain that it was HIS fault, not mine, he stated he would try to get a refund, but that he couldn't promise anything. If you make the mistake, YOU are responsible, not me. Why should I pay for his mistake. This is a shoddy and shady business. A business of integrity would refund my money. It is their employee who made the mistake, not me. I don't need an appraisal and do not have the additional $435 to pay for something I don't even need.
Regards,
Theresa S[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
I was not aware of the $495 appraisal fee until after the loan process started. I remember saying that if I knew about this appraisal fee I would never have started this loan process. I sacrificed paying bills to pay this appraisal fee.
Regards,
[redacted] [redacted]
Thank you for bringing this to our attention. We take all feedback seriously. The compliance department listened to all correspondence between the loan advisor and borrower. It is our opinion that the borrower misunderstood the importance and expectation of divulging all...
liabilities, including HOA dues, to the loan advisor. The loan advisor wasn’t made aware of the home owners association dues until after theappraisal was already completed. Royal United Mortgage does a detail review of every loan prior to the appraisal being ordered. We regret that there was misunderstanding during the loan process. Our sales and education process was created to eliminate miscommunication and set the right expectations for efficiency. Because of the miscommunication and shared responsibility between the two parties the compliance department has recommended a refund half the cost of the appraisal fee. Due to the public nature of the Revdex.com we are unable to upload any loan documentation or credit reports. Had the findings shown a different result, a different action would have been taken by Royal United Mortgage. Rest assured Mr. [redacted] comments will be shared with our training department to help improve our customer service.
Thank you for taking the time to express your concerns. I appreciate your patience as we have been investigating the issues you have shared. We do review a couple of data points when determining what estimated home value we put into our system. Firstly, we get some information that our...
clients put in online. Your information came over from Lending Tree with a value of $150,000. You shared with us on the phone that you had some information showing the value at $148,532. You further explained that the value was supported by a new high school in the neighborhood giving us some confidence in the estimate you provided. Because these two values were not materially different we went with the value you provided to Lending Tree. We rely on estimated values provided to us by the homeowners we do business with to determine initial eligibility and build the initial loan options for our clients. We understand that our clients are not professional appraisers but they do represent the best source of information to determine a home’s value until an appraisal can be performed. Consequently, we relied on a value of $150,000 to build your initial loan options based on the data you provided to us. While I understand the appraisal may have appeared to be just a quick tour of your home with a few photos, please know that the home inspection portion of the appraisal is a very small part of what an appraisal entails. The legwork comes in researching market trends and determining the best comparable sales to use among a great deal of other things. There are over 20 pages in a typical appraisal containing a great deal of valuable information regarding the value and marketability of your home. After doing the necessary research, the appraiser determined that your home’s value is $133,000. Regrettably, this value was substantially different that the value that you provided us which necessitated a restructure of your loan. Your loan advisor, Tiffany, provided new loan structure options based on the new value immediately upon receiving the appraisal and did everything she could to provide a path forward. Please recognize that throughout the entire process we have operated on good faith based on the information we had available to us. We endeavor to provide all of our clients the best possible options based on their goals and qualifications and your case was no exception. Thank you for sharing your feedback with us. All the best,
The events of this file and its communication with VA and the appraiser are complex. We are still investigating the events to determine a course of action with this borrower. We will keep you informed of our progress and final decision in writing.