I contacted Matt Taylor at Myers Park Mortgage to refinance my home. I faxed him my last two years tax returns and before the fax machine could cool down he was calling me saying I qualify for the loan of $200,000. Matt said he could get me locked in at 4.25 with no points. He said in order to lock in the rate he would need a credit card number to order an appraisal and to get the ball rolling.
Matt wrote up the application with a Goodfaith estimate with the terms he had promised but he wrote it for an FHA loan. I specifically told him and included on my fax that I wanted a 30 year fixed conventional loan with no escrows. I called Matt and told him of the issue and he said it was a mistake and he would have it corrected a.S.A.P.
Prior to this Matt had ordered the appraisal. I told Matt that I would expect my house to appraise for at least $250,000 if not more to maintain the 80% loan to value required for the terms I was promised. Two weeks prior to the appraisal a house the same model as mine sold for just over $270,000. I let the appraiser know and also informed him of other properties like mine that had sold in this new development were I live. The appraiser did not use a single comp I gave him and valued my home at $225,000.
Matt called to give me the bad news and assured me we could still do the refi but I would have to pay 3/8 of a point to maintain the 4.25 rate. I asked Matt if I pay down the principle to change the loan amount to $180,000 which would maintain the 80% loan to value could I keep the terms we originally agreed to and he said yes. He said he would not recommend that and tried to encourage me to pay the points. I told him I would rather apply what I would pay in points to my principle and at the same time lower my monthly payment. Matt said it was up to me.
I received the revised application and another Goodfaith estimate and this time it included 3/8 of a point which was a fee of $675.in addition, Matt had some of the information wrong on the application. I sent Matt an email explaining the problem once again and he said he would take care of it.
I received a third application completed by Matt with some of the information that was wrong corrected not all and I was still being charged 3/8 of a point. I emailed Matt again and told him of the issues and he responded that he would look into it.
Matt responded the next day by email and said that because my principle loan amount fell below $200,000 it put me into a different loan tier and that he could no longer offer me the terms we agreed to. I told him to refund me the appraisal fee and I will take my business some where else.
He said the appraisal fee was non-refundable.
I explained that the appraisal fee should be refunded because I was maintaining the 80% loan to value as agreed. It was his office changing the terms and charging me points. He said he would see if he could make an exception. I waited a week and during that time I had a friend refer me to another loan officer that I contacted and told him of my situation. I faxed him my tax returns and in the next day he had me qualified through automated under writing using a home value of $250,000 that was accepted and eliminated the need for another appraisal.
I emailed Matt the next day and told him to withdraw my application. I closed on my new mortgage with a rate of 4.125 no points and no escrows with a 30 year conventional loan as requested and it was all done in 3o days give or take a day.
I started my loan process with Matt Taylor in October and withdrew my application in November. I closed on my refi with American Securities Mortgage in December. And to this date April 18 Myers Park Mortgage refuses to refund me the appraisal fee.
0 comments