Home arrow Mortgage Forums arrow About Mortgage Companies arrow

loan depot

Author Message
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
Post Posted: Wed Jun 08, 2011 6:42 pm    Post subject:
Like 0
Dislike 0

Mulderboy, you painted a realistic picture there. Obviously, if the appraisal fee is being paid to a third party, we all must recognize that the third party will get paid regardless of the outcome of the loan request. Again, it is most valid to note that this loan company retains none of that fee.

Your point about being vigilant in assuring that everything is done above-board is on point also. People must always rely on the expertise of an attorney to ensure that closing documents are proper, and of course, there's no negativity to making money - after all, that's what we all try to do every day anyway.

_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
Guest









Post Posted: Wed Jun 15, 2011 11:18 am    Post subject:
Like 0
Dislike 0

makerly - don't be a chump !
You claim to be an expert, but clearly are not as the cost of an appraisal is a closing cost as evident on the HUD1 as well as a GFE.
Basic-basic

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
Post Posted: Wed Jun 15, 2011 11:55 am    Post subject:
Like 0
Dislike 0

It is not "makerly" but that's not a big deal.

When an appraiser is hired, he deserves to get paid for the work he does. He will get paid - that's my point.

Did I say that it wasn't a closing cost that might appear on a GFE or HUD-1? Oh, maybe that was between the lines.

Guest, please stay on point. I don't recall saying this line either: "I'm an expert." Did you find that somewhere that I am not aware of?

_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
Sassy

Guest







Post Posted: Wed Aug 17, 2011 1:56 pm    Post subject: Appraisal Rip
Like 0
Dislike 0

I am currently doing a loan with them. I paid $495 for the appraisal. It came in at 1679 sq. ft. My house is 1769 sq. ft. I even faxed the County Assessors report to them that states the sq. ft. and I am taxed on it and bought my house with that listed. They are now telling me my house came in under appraised LTV ratio, so they are raising the interest rate. I will be talking to someone higher up to see why they are resistant to correcting the appraisal. Perhaps so they can charge a higher rate??
Guest









Post Posted: Wed Aug 17, 2011 9:22 pm    Post subject:
Like 0
Dislike 0

I agree with you... they came up with a wrong appraisal so that they could charge you an higher rate. Get in touch with an attorney and check out if he can help you.
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
Post Posted: Sun Aug 21, 2011 3:09 pm    Post subject:
Like 0
Dislike 0

Quite a silly move if you get a lawyer to try to rectify this. There are governing bodies that oversee the appraisal industry, just as there are governing bodies that oversee every industry (or almost all).

And to think that they'll charge you a higher fee to rectify what could have simply been an error between the 6 and the 7 (or is it the 7 and the 6?) is rather absurd, I think.

What has been your lender's response? What efforts did they take to ensure that the appraiser has been diligent in making a correction that might be due? Have you provided the original data showing the larger area?

_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
Guest0133

Guest







Post Posted: Tue Sep 13, 2011 12:43 pm    Post subject: misreresenation of any and all disclosures
Like 0
Dislike 0

There name should be Ripoff Depot. They utilize a bait and switch tactic. They are all thiefs and I am going to see it through our legal system. Somebody has to stop this legalize thief
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post Posted: Tue Sep 13, 2011 9:45 pm    Post subject:
Like 0
Dislike 0

You can definitely take legal actions against loan depot if you feel that they have scammed you in any way!!
Steve777

Guest







Post Posted: Wed Oct 12, 2011 9:07 pm    Post subject:
Like 0
Dislike 0

Typically inspections and appraisal are paid outside of closing. Reasons being: inspections and appraisals can be performed that may never lead to a closed transaction. If items in the inspection are identified and resulting in the buyer cancelling, how would this be paid at closing from the seller's assistance. Same goes for the appraisal, if it doesn't appraise for the sales price and the buyer decides to cancel, there will be no reimbursement.

However, all of these terms can be negotiated to either be paid upfront by buyer or desperate seller. Buyer can also aske for the seller to reimburse them at closing for the costs of the inspection or appraisal.
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post Posted: Wed Oct 12, 2011 10:28 pm    Post subject:
Like 0
Dislike 0

Thanks for sharing your opinion.
WR

Guest







Post Posted: Fri Nov 11, 2011 10:22 am    Post subject: Loan Depot
Like 0
Dislike 0

Thanks for all of the comments. I was suspicious after reading their email and we just decided there is too much smoke here.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post Posted: Wed Nov 16, 2011 9:33 pm    Post subject:
Like 0
Dislike 0

You're welcome, WR. If you have an kind of experience working with Loan Depot, you can share it here.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
 Previous  1, 2, 3, 4, 5
Page 5 of 5

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.126 seconds.