United Pacific Mortgage Complaint - Dishonest Business Practices
LAKE FOREST, CALIFORNIA -- United Pacific Mortgage quoted me an interest rate for refinance. An appraiser was called. Less then 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.