Home : Blogs : Cameron Novak - Featured Short Sale Specialist : Cameron Novak's Corona Real Estate Blog

MetLife Gets 2009 Bonehead Award

MetLife Home Loans said WHAT?

You have got to be kidding! I have a buyer in escrow using Met Life Home Loans to supply their mortgage loan. MetLife informed the buyer that MetLife, and not the buyer, will choose the appraiser. Two weeks later the appraisal rolls in. The appraisal value was exactly what we needed. Great news right? Wrong! MetLife (the company who ordered the appraisal from one of their own appraisers) didn't like the value and ordered a desk review. After another week, the desk review came back and basically said the appraisal isn't worth the paper it's printed on. Additionally, they demanded a second appraisal. Then another 10 days goes by before we can get the second appraisal back. By this time, we were almost three weeks past our scheduled close of escrow, due solely to the negligence of MetLife Home Loans.

In a nutshell, MetLife Home Loans chose to use their own appraiser and then said it was worthless. I was served a cancellation notice by the seller yesterday due to the delays MetLife caused to the process in demanding a second appraisal because the first

If that doesn't blow you mind, I don't know what will.

I'm still very disappointed that the mortgage representative for MetLife didn't get more involved to speed up the process after his company dropped the ball with the first appraisal. It wouldn't surprise me if my buyer chose to file a lawsuit for damages. The sole reason the transaction went down the tubes is MetLife refusing the appraisal from the appraiser they demanded the buyer use.

OK, Who's next up on the soapbox? It's all yours.

Cameron Novak
Corona & Riverside Short Sale Agents
The Homefinding Center^TM
Corona, California
951-212-7479
Email Cameron Now

Posted by Cameron Novak - Featured Short Sale Specialist on 03/26/2009 12:43 AM

Comments (3)

metlife home loans

3 Comments on MetLife Gets 2009 Bonehead Award

OCT

Hey Cameron - my client just sent me the link to your post. We're dealing with MetLife on a short sale. They gave us a deadline to close of Nov. 10, but won't give written acceptance. They keep saying they haven't gotten the HUD. I know, it's an old, old story. Anyway, I thought you'd like to know that your post came up when she did a search on MetLife.

OCT

This is October 27th and we STILL haven't closed on a loan we have been working with MetLife on for over 3 months. They have given a clear to close 3 times, but then come up with some idiotic piece of information they need and say they need another 20 days.

They finally issued a loan commitment with no contingencies, so we're good to go, right? WRONG! Another 2 weeks has gone by and we don't have closing docs yet. Worst of all, they won't provide ANY guidance as to how much longer it might take.

I have two other mortgage brokers telling me the same thing. You have been warned. Stay clear of MetLife or get them to give you an enforceable commitment with deadlines in writing. If they can't or won't do this... go elsewhere.

DEC

Im in the same position w Met Life. They have giving us a verbal approval on Nov. 17th and demanded a close date of Dec. 17th. All paperwork is in order however no written approval from Met Life. What should we do?????

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?