Application, originator, mortgage broker

Posted on Posted in Complaints, Mortgage


During XXXX, neighborhood listings show marked increases in value. This trend continues throughout the course of XXXX. Property Sales/ SF value range from $ XXXX to $ XXXX for the above referenced period ( attached graphic refers ). Been a Bank of America ( BoA ) Customer for 22-years.
Complaint Basis : XX/XX/XXXX : Loan application to convert to 15-yr conventional loan commenced with {$550.00} payment.
XX/XX/XXXX : Rate locked at 3 %.
XX/XX/XXXX : Immediate neighbor ‘s property is listed for sale ( XXXX Construction, same lot size, smaller home with Q4 finishes ) appraised at $ XXXX.
XX/XX/XXXX : My home appraised, and subsequently valued at $ XXXX!
XX/XX/XXXX : Correspond with local real estate broker who by email asserts that home values in our area are at, or better than XXXX prices. ( This equates to $ XXXX for our home ).
XX/XX/XXXX : Forward Broker correspondence to BoA, and furthermore contend that XX/XX/XXXX Appraisal of my home is not commensurate with recent sales in our neighborhood.
XX/XX/XXXX : Immediate neighbor ‘s home sold at its appraised value, i.e. $ XXXX higher than its list price.
XX/XX/XXXX : After a number of back and forth emails, am now informed that I must wait 90-days before reapplying!
XX/XX/XXXX : Rate locked at 3 % for 15-yr jumbo loan with {$550.00} payment.
XX/XX/XXXX : Home is re-appraised.
XX/XX/XXXX : Receive copy of Appraisal, home is now valued at $ XXXX!!!
XX/XX/XXXX : Email BoA to request a review, and comment … unless you have empirical evidence that the market has dropped substantially since that home ‘s sale date, I simply find the latest appraisal of my home as unacceptable as the first one. ” XX/XX/XXXX : Submit 3 Comparable properties to BoA for review and appraisal reconsideration.
Comp Property 1 : Immediate neighbor ‘s Home ( Sold on XX/XX/XXXX at $ XXXX SF ) Comp Property 2 : Neighborhood home with similar finishes and square footage ( Sold on XX/XX/XXXX at $ XXXX SF ).
Comp Property 3 : In order to identify comparable properties for review purposes, I referred to my XXXX Appraisal Report, and then researched each of the comps used in that report. One of those comps was listed for sale. Since the XX/XX/XXXX appraisal included a current listing, I decided to submit one in like manner ( List price/SF = $ XXXX XXXX.
XX/XX/XXXX : Appraisal Reconsideration Report revealed the following : Comp Property 1 : ” This Client provided sale is not considered a relevant comparable property due to all of the inferior major features ”.
Translation : So the property is inferior in every way yet appraised at $ XXXX higher than my home …
Comp Property 2 : ” This home is a 2,625 SF home built in XXXX …. This sale … was also not included primarily due to its superior lot size. Quality of construction, and its superior detached living area. ” Translation : Home can not be used as a comp because it is XXXX smaller than mine, was constructed 16-years before mine and has Q3 finishes …
Comp Property 3 : ” Actively listed … a 2,756 SF home built in XXXX … this home was not considered a comparable as it is located in a superior market area …
Translation : Even though BoA used it for Comp purposes in XXXX, it can not be used for consideration here …
This begs the question : Was I duped into paying an inflated price when buying the home in XXXX?
As validation for repeated arguments that BoA ( and its 3rd party affiliates ) were using flawed/ old data I discovered, by way of County Auditor Records , that Comp Property # 3 had been foreclosed on XX/XX/XXXX!

Thus, I am out of pocket {$1100.00} and still subject to paying my mortgage at premium interest rates. I contend that I acted in good faith from Day 1, BoA ‘s conduct in this regard suggests otherwise, and especially so when reading BoA ‘s written commitment to me : ” At Bank of America, we are committed to fostering successful homeownership by providing you with the information you need to feel confident in every stage of the home financing process. ”

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