Daniel and Regina Sanders are small investors from Carson, CA (Senior Cititzens) We have been purchase properties in Midland/Odessa Texas Area
Countrywide Funding Albert Vejil Home Loan Consultant. Toll Free (866) 233-0996 Ext 222Cell Phone (432) 349-8212. Kimberly W Stepp GoldenKeyRealtors (our Agent. I would say very good one 432-362-6161 office432-238-8990 cell. This is our 3rd Transaction with Countrywide. Here are our considers
1. Purchase a duplex 1804-06 Main St, MIdland Texas. @108K 12/22
2. Appraisal was order twice because of the following
-We received verbal call on 1/19/08 from our agent that the appraisal was in but very low. The Loan Officer Albert didn't know the value. At least that was what the Agent Kimberly informed me. She try very hard to contact the appraisaer... But he was out of town. Traditional the Lending guidelines are. 6Blk in all 4 directions. Still no appraisal/or value
3. Kimberly phone me on wednesday 1/23 to said that Sharon Shipley the underwriter. Has authorized and instructed the appraiser to exceed the guidelines and go 12blocks out in 4 directions (N, S, E, W) I was then informed on Monday 1/28/08 the appraisal was in a higher value exceeding the s/price of $108K
3. Albert from Countrywide and I spoke on Friday regarding the interest rate. Lock I asked him if the rate drops could I get the lower rate. (No)
now I do understand the rate lock was 30 days. But if I elect to let the rate expire and get a re-drawn on the doc. Its my expense he told. Me that I would have to pay a fee to keep the rate which the documents were drawn on. I then told me okay. I have stood back and watch you all, now its my time. "I'm a 40 year veterans in REal Estate Lending, to and including, escrow, title, underwriting, closing and etc." I going to check you know.
4. Traditional when the appraisal comes in the following happens
-since the borrowers pay for the appraisal (Daniel/Regina Sander) we are provided a copy. Then we conference with our agent Kimberly. This didn't happen
-Underwriting doesn't have the authorizity to order additional services and pass the fee on the borrowers (Daniel/Regina Sanders) with out our approval for the additional services. This wasn't done
5. The Real Estate Market is soft nationwide so why would the value be pushed. And Danie/Regina Sanders purchase a property that didn't appraisal for the Market Value. Far too many borrowers have been a victim of these unfair lending practice. Don't get Daniel/Regina Sanders wrong, we really do want the property. But at the FAIR Market Value, not a padded Value.
Regina s
carson, California
U.S.A.
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