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Please Refund My Money For The Appraisal Since My Loan Was Denied!
"Please Refund My Money for the Appraisal Since My Loan was Denied."      Last month I had a loan denied by underwriting. After appraisal and home inspection services were already rendered, the Virginia first time buyer decided she was owed a refund for the appraisal ordered by the company. When I refused her request she decided to escalate the call to our company president, office manager, and anyone in the company that would listen.
NOT ALLOWED      But here is the skinny, the loan was denied because the borrower could not verify a large deposit into her checking account which covered the  Earnest Money Check written on her contract. Even after explaining that the loan program does not allow gifts, reviewing the loan process for 100% financing with the Virginia First Time Buyers Program, and sending my Do's and Dont's checklist (via email), I was mythed when the buyer decided or better yet, had to take an unsecured signature loan from her credit union to cover the deposit check written with her contract. Otherwise, it would have bounced based on the fact that she had entered into another contract in Maryland with a different agent.  And although she claims to ... more

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