The Voter Home Loan Team

I have received the refund of my appraisal fee and consider this complaint resolved. I am satisfied with their resolution. Regards, ***

January 15th, 2015 [redacted] Re: Complaint ID# [redacted] Ms. [redacted]: This correspondence is in response to the complaint you filed with the Revdex.com, “Revdex.com”. Finance of America Mortgage “FAM” (previously Pinnacle Capital Mortgage LLC)...

takes these matters very seriously and strives to handle them as quickly and fairly as reasonably possible. From our reading of the complaint, we believe there are two stated issues. Each is discussed below. 1. Fees and rates: -You noted the points Increased from .6% to 1.8%. FAM, because of the characteristics of your loan, was unable to act as the creditor and brokered your loan to a company called [redacted] will not lock a loan until the file is submitted to underwriting. During the processing of your loans, rates had increased from the time of application to the time of underwriting. Though the points were higher, a credit was negotiated by the seller’s agent to pay the increase in the points. 2. Multiple Appraisals and Appraisal Fees: As you noted, FAM, as well as the 2 other lenders would not lend on your property. The property has an unpermitted, manufactured home with no foundation. Because of the type of property and the HUD tags/UD Value Indicator being low, a review appraisal was necessary. The cost of the review appraisal was $300.00 and was paid for by [redacted] would provide the financing, provided the manufactured home was only used for storage. Our appraisal stated it was storage only. All parties were made aware of the requirements. Again FAM did not offer a program fitting programs this property type so the loan was brokered out to [redacted]. Ultimately, the loan was approved by [redacted] However, the appraisal review required by the underwriter came in at “no value”, causing the need for the second full appraisal, causing more concern for all parties. The agents negotiated a seller carry which was scheduled to close the week of 12/2/15. The loan was canceled with [redacted]. We do apologize that your experience with FAM was not satisfactory and would like to refund your appraisal fee. Please send an email to [redacted] acknowledging that this is acceptable to you and indicating where you would like us to deliver the check. Please also let us know if you have any additional questions. Regards, [redacted] Compliance Analyst Supervisor Finance of America Mortgage LLC [redacted] P: [redacted] E:[redacted]

Review: Incompetent predatory mortgage broker. Ensured me she could provide a loan on a property that had some issues. They knew my back was against the wall and kept raising the points on the loan. Started at 0.6% and grew to three times that to 1.8%. Fees for everything where much higher. Two previous lenders charged $400 for the appraisal (which they refunded when they could not provide the loan) - they charged $620. After a month of signing the same documents six times (with every increasing fees and points) they wanted me to pay for another appraisal because the overprice one was botched. Luckily at that point I found another option for purchasing the property. Absolutely the worse mortgage experience I have had and I have had many over the last 30 years.Desired Settlement: Refund of $620 appraisal fee.

Business

Response:

January 15th, 2015 [redacted] Re: Complaint ID# [redacted] Ms. [redacted]: This correspondence is in response to the complaint you filed with the Revdex.com, “Revdex.com”. Finance of America Mortgage “FAM” (previously Pinnacle Capital Mortgage LLC) takes these matters very seriously and strives to handle them as quickly and fairly as reasonably possible. From our reading of the complaint, we believe there are two stated issues. Each is discussed below. 1. Fees and rates: -You noted the points Increased from .6% to 1.8%. FAM, because of the characteristics of your loan, was unable to act as the creditor and brokered your loan to a company called [redacted]. [redacted] will not lock a loan until the file is submitted to underwriting. During the processing of your loans, rates had increased from the time of application to the time of underwriting. Though the points were higher, a credit was negotiated by the seller’s agent to pay the increase in the points. 2. Multiple Appraisals and Appraisal Fees: As you noted, FAM, as well as the 2 other lenders would not lend on your property. The property has an unpermitted, manufactured home with no foundation. Because of the type of property and the HUD tags/UD Value Indicator being low, a review appraisal was necessary. The cost of the review appraisal was $300.00 and was paid for by [redacted]. [redacted] would provide the financing, provided the manufactured home was only used for storage. Our appraisal stated it was storage only. All parties were made aware of the requirements. Again FAM did not offer a program fitting programs this property type so the loan was brokered out to [redacted]. Ultimately, the loan was approved by [redacted] However, the appraisal review required by the underwriter came in at “no value”, causing the need for the second full appraisal, causing more concern for all parties. The agents negotiated a seller carry which was scheduled to close the week of 12/2/15. The loan was canceled with [redacted]. We do apologize that your experience with FAM was not satisfactory and would like to refund your appraisal fee. Please send an email to [redacted] acknowledging that this is acceptable to you and indicating where you would like us to deliver the check. Please also let us know if you have any additional questions. Regards, [redacted] Compliance Analyst Supervisor Finance of America Mortgage LLC [redacted] P: [redacted] E:[redacted]

Consumer

Response:

I have received the refund of my appraisal fee and consider this complaint resolved. I am satisfied with their resolution. Regards, [redacted]

Consumer

Response:

I have received the refund of my appraisal fee and consider this complaint resolved. I am satisfied with their resolution. Regards, [redacted]