The Funding Store, LLC

I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below
The delay we are referring to is that of Mr***The appraiser originally contacted us within hours and we had the appraisal done that Monday 6/ On July 7th we found out that the appraisal came in $10,short of what we neededAt that time, Mr*** said he would try to contact the appraiser to see if there was something that could be doneHe was unable to contact the appraiserThe next step was to file an appealIn order to do so, Mr*** would need to run comps of area housesSeveral weeks have passedI had emailed Mr*** several times and never received a responseI even emailed another person listed on the Funding Store website and never received a responseFeeling frustrated with what we should do (next step) I contacted our realtor who helped us by running compsOn July 22nd, my husband text Mr*** the compsMy husband was told that it would take hours to get a response for the appealOn July 23rd my husband was asked to please send as a PDFMr*** wanted us to thank our realtor for her team workWe were very frustrated with that statementOn July 23rd my husband requested a copy of the appraisal after several attemptsMr*** told my husband he would send it that day, it was not sentJuly 24th email sent to Mr*** another reminder sent, still no appraisalJuly 26th there was still no response for appealJuly 28th Mr*** stated he sent the appraisal to my email, I never received itJuly 30th we finally receive appraisalAugust 1st there was no response to the appealAugust 5th there was still no responseThis is well over hoursAugust 7th Mr*** lets my husband know that it doesn’t look goodAugust 8th called my husband and left messageAugust 11th Mr*** stated that since days has passed, we would need to resubmit some documents for credit/financesIn the phone conversation Mr*** brings up a NY tax lien that was taken care of and never bought up at our June 19th meetingHe also brings up that we were late of our July mortgage payment and we would need to write a letter stating the reasons for both incidentsThe late payment was a mistake we made waiting for the refinancing to approveThis is our mistake and responsibilityOn August 13th my husband asked Mr*** in an email help with the wording of the letter, he was told he would email in an hourOn August 15th Mr*** called my husband to say that we were not approvedHe stated it was based on credit and bank statementIt should be noted that the second appraisal did come in at what we neededBottom line my husband and I were told we qualified pending an appraisalThe appraisal came in shortAn excessive amount of time past, the second appraisal or revised appraisal worked but since days passed, we no longer met the credit and financial criteriaMy husband and I would never have gone through with a $appraisal if we couldn’t meet the credit and finance partWe felt mislead and that things were not done within a reasonable amount of timeThis program is not for everybodyThere are things we need to improve regarding credit and financesWe can’t understand how we were approved but, more than days later we were notAll emails and text messages can be provided
Regards,
*** ***

In response to this complaint. As of 2010, the new Frank Dodd Act prohibits a Mortgage Originator from contacting an Appraiser in any way Direct or Indirect. Mortgage Appraisals are all ordered through Appraisal Management Company's because of these new laws. When this appraisal came back low, we ran into a problem. When we put together our mortgage application we always have to estimate the value of the appraisal and we try to estimate accurately. The appraisal rebuttal process also has to go through the appraisal management company and this can take a long time, much more than hours. We did the best we could to offer a mortgage refinance and we checked all of the credit report, income, etc. and came to the determination that would be able to get financing for the ***. When we had everything in and were about to be cleared to close, then we were told that the *** did not make their mortgage payment for the month of July (it is Due July 1st) and when we found that the mortgage was not paid, it was early August 2014. The mortgage was days late, we never got notice from the *** that they did not decide to make their mortgage payment until the lender did a "credit supplement" that revealed a day late. Once the mortgage was days late, then we were no longer able to obtain financing for the ***From reading the response from the ***, it appears that they are mostly upset with the time period in which this as handled and are putting the blame on my company for taking too long. We work diligently on all of our files, when it comes to Appraisals and the Appraisal REbuttal Process, the blame and responsibility is on the Appraisal MAnagement Company and the Appraiser (whose name and information I provided to *** at Revdex.com) This is not something that a mortgage broker is required to push and expedite because this is out of our hands by federal law. The only part of the appraisal process that we are responsible for is entering the payment information into the request for appraisal , and for initiating the appraisal rebuttal process. We did BOTH of these in this instance, and the time period that passed by was due to inefficiency in the process. The *** were days late on their mortgage because they thought we would close faster and that they would not have to make the mortgage payment due July 2014. This was their assumption and due to this we were not able to get a loan for them after putting considerable time and effort into the proposed refinance. We NEVER recommend borrowers to not make their mortgage payment, and I Wish that they told us of their intention to not make the payment because we would have advised against this for certainSincerely, Gardner Cummings Owner of The Funding Store

In response to the complaint filed with the Revdex.com.  I am the President of The Funding Store.  I researched what happened with this file.  When we began working with the [redacted]'s they had all of the credentials to be approved for refinancing.  We did request the...

$450 Appraisal Fee so that there would be an appraisal done on the home, which is standard practice in the mortgage business the Borrower pays for the Appraisal on their home as part of the approval process. The appraisal came in low and we did request an appraisal rebuttal through the Appraisal Management Company.  The value remained the same with no change.  Then in August 2014 we were made aware from the credit bureaus that the [redacted]s did not pay their July 2014 Mortgage Payment.  Since it was already August by the time my company was notified of this, then there is a 1 X 30 day late on the Mortgage and we were no longer able to approve financing for these borrowers.  If a Borrower cannot or doesn't make a Mortgage Payment on time and it becomes 30 days late this WILL EFFECT their approval status for a refinance mortgage.  All Lenders verify that mortgage payments are up to date and if they are not then that changes our ability to get the loan closed.  There is nothing that we can do and I do not feel that my company should be responsible for an appraisal fee when the borrower didn't pay their mortgage in a timely manner and that is why the loan did not close. Sincerely, Gardner Cummings President The Funding Store