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gmakerley · Posted: Wed Jun 08, 2011 6:42 pm Post subject:

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.

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

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

gmakerley · Posted: Wed Jun 15, 2011 11:55 am Post subject:

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?

Guest

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??

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

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.

gmakerley · Posted: Sun Aug 21, 2011 3:09 pm Post subject:

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?

Guest

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

jameshogg · Posted: Tue Sep 13, 2011 9:45 pm Post subject:

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

Guest

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.

jameshogg · Posted: Wed Oct 12, 2011 10:28 pm Post subject:

Thanks for sharing your opinion.

Guest

Thanks for all of the comments. I was suspicious after reading their email and we just decided there is too much smoke here.

jameshogg · Posted: Wed Nov 16, 2011 9:33 pm Post subject:

You're welcome, WR. If you have an kind of experience working with Loan Depot, you can share it here.

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