LAKE FOREST, CALIFORNIA -- Copy of our complaint on BBB. This company does not live up to the BBB rating:
Complaint Description - Posted 6/30/2009 2:23:16 PM
5/7/09 Mortgage rate locked at 4.75% without point or escrow for $410k. 5/8/09 Lender waived $695 processing fee to match another broker's offer. 5/13/09 3rd party appraisal promised to call 5/14/09 Direct Mortgage (3rd party handles the appraisal due to new federal government procedure according to lender) repeatedly charging customer's credit card and caused credit card lock down. Appraisal loft handles the appraisal for Direct mortgage. Harbor Appraisal got order from Appraisal loft and made appoinment with the client. Appraisal alliance got order from Appraisal loft as well. Appraisal loft claims the order with Harbor Appraisal is cancelled, the latter knows nothing about it. 5/15/09 Lender was very apologetic. VP ensured customers that he would personally see to the matter and this is not the way they do business. 5/20/09 Home appraisal done by Appraisal appliance. 6/1/09 Lender confirmed the appraisal, waiting for report. 6/2/09 Appraisal loft contacted customer, claiming they can't locate the appraiser, thus setting up yet another appraisal by a different company on 6/3. 6/2/09 Lender apologizes for the home appraisal mess, confirming waiving the appraisal fee and promising report by 6/5 and the file will be closed asap. 6/8/09 Lender confirms receiving appraisal report. Lender also confirms relocking the 4.75% so customer has no worries and will push through paperwork same day. 6/17/09 Customer inquired, lender now says rate expired
United Pacific Mortgage failed to closely follow up with the 3rd party appraisal company, and failed to push through paperwork to wrap up the finance.
Pacific Mortgage needs to honor the contract instead of blaming 3rd party company or federal government. They had everything they needed on 6/8/09 to wrap up the deal. They claimed they reclocked the rate on 6/8/09 and will wrap up that day, only to be silent for the next week, then claimed locked rate expiration upon inquiry. This is highly disappointing practice. This costs us thousands of dollars.
Company's Initial Response - Posted 07/07/2009
On 5/7/2009 we locked the interest rate and ordered the appraisal for our customer. Per current guidelines all appraisal orders must go through a third party. Once we order the appraisal we are not even permitted to contact the assigned appraiser. All contact and tracking of the appraisal is done by the third party. We received the appraisal on 6/8/2009 at which time the rate lock had expired. We are in constant communication with our customer to provide maximum benefit for there refinance. All costs were covered by the appraisal company.
Initial Response Summary
We take pride in our effort to provide quality service to our customers but the appraisal process with the current guidelines is something we are unable to control.
Consumer's Rebuttal - Posted 07/08/2009
I have email record from Dan Peterson on 6/8/09 stating he has relocked the 4.75% fixed rate, obtained the appraisal report and would be wrapping up all paperwork by the end of that day. This is where dishonesty started. We did not hear back for over a week. Put aside the federal new regulation on home appraisal, what happened to the relocked rate and the wrapping up paperwork on 6/8/09? We were told "there was nothing to worry about" on 6/8/09 which you now claimed the rate expired. Where is the pride or quality in such dishonesty and unprofessionalism?
LAKE FOREST, CALIFORNIA -- United Pacific Mortgage quoted me an interest rate for refinance. An appraiser was called. Less than 24 hours later the broker called back saying my appraisal had come back at less than what was needed. I had had the house appraised in March 2009 and the appraisal came back at 287,000. This appraisal came in at $250,000. I have put in close to $10,000 worth of improvements plus the Market has gone up since I bought the house $20,000 - $25,000. I bought the house at $245,000.The broker called me and said they would not do the loan because "the cost to benefit ratio for me was not worth my while". I asked why he was determining what was good for me. Just to see how committed they were to the Mortgage I asked if they could do mortgage insurance. NO answere There have only been 2 sales in area in the last year and 5 listings so the appraiser used homes from another town that is a good distance from here. The appraiser stated the Market was stable. What was unusual is when I called the appraisal company they said that they get the responses within 5-7 business days after it is reviewed by them but the broker was quoting me the appraisal within less than 24 hours. I asked for an appeal and the broker called me saying the appraisal company wanted me to come up with different comps. I can't pull a rabbit from a hat. I do know that there are a number of properties for sale all way above what the recent appraiser quoted which I supplied to the appraisal company. I also provided documentation of the market trends that I had printed from public records. These indicated that the market has been increasing if nothing else. I have paid $400.00 for a dishonest appraisal and a mortgage company which I am assuming wants to get a higher interest rate from someone else. The broker kept insisting he is on my side. However, he had stated he was going to send me the appraisal which he did not until I called the appraisal company and they emailed him to do so. It took an extra 2 days for him to do this.