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eloan.com - unable to complete refinance - paid $ 300 appraisal fee
Posted on Saturday, September 7th, 2002 at 12:00am CDT by 2716cb60
Company: eloan.com - unable to complete refinance - paid $ 300 appraisal fee
Category: Other
Complaints.com received the following consumer message on September 5, 2002:
From:
RE: eloan.com - unable to complete refinance - paid $ 300 appraisal fee
Becareful when you get their automatic loan approval system. Based on my experience, the will approve you, take your credit card no. for the $300 appraisal then leave you hanging.
I was told by their representative that unless you have a pristine credit report......they'll just drag out the application process until your loan lock date runs out, then tough luck. I was only trying to refinance $100,000 on a $250,000 property and they can't even do it.
1 Comment
ae4f50de, 2007-11-13, 02:05PM CST
The appraisal fee is to be paid no matter what. The smart loan officers will require you to pay the appraiser directly at the time of inspection. In good faith I have said I will allow the client to pay through escrow which is a VERY STUPID thing to do for all involved. Our objectivity is compromised because we are too concerned about the deal going through if a value is not obtained. Waiting for the deal to go through for payment is also a good way to loose friends and clients. Often we have to sue the loan officer for payment or place a lien on the property of the homeowner. If there was no appraisal completed...then you have an argument...otherwise, demand a copy of the report you paid for and move on.
Gene N. Smith, Jr.
Already Appraisals
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