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Getting refund for appraisal when it was late and lock expired

I started working with Statewide Realty and Mortgage on October 11 for refiance and submitted all docs by Oct 14. I had a 30 days lock on the rate. The lender was EVER bank. I also provided my credit card info for appraisal.  My credit card was charged $400 on Oct 25. My broker got an extension on the rate when we were close to end of 30 day period. The appraiser came one week before the extension ended and submitted the report on day of expiry i.e. took one week to complete. I was unable to refinance as EVER bank refused to give further extensions and rates have now gone up.
How can I get refund for the appraisal fee, which the appraisal company charged me on the order from Bank who was acting on broker's guidance. Please advise as I do not want to lose $400.

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December 13 2010 - Milpitas
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Answers (4)

In the current set up with Brokers these days, the Lender (in this case, Ever Bank) would have ordered the Appraisal (vs. the Broker), per the HVCC regulations that were placed about 1.5 years ago.  Most likely, your Broker should have locked longer than the 30 day period because most Wholesalers were taking more than 30 days to complete their transactions.  Typically, (I don't know Ever Bank's policies) most lenders will grant a rate extension, but it will cost money.  You may want to discuss the Appraisal fee with your Broker, which it will most likely be at their discretion to rebate the $400. Sorry, to hear about your experience.
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December 14 2010
Since the appraisal was completed, someone has to pay. My turn-around time now is 24hrs for an appraisal.

Appraisers are under very tight turnaround times. An order is sent out with drop dead timelines. ie. You have to have the appraisal completed by Tues by noon or dont do it. Its not like "oh Im busy so here it is a week late". Brokers, though, use that excuse for their own purposes.

DID you talk to the appraiser at the time of the appraisal as say you need it chop chop? Many times the homeowner call me up at home and bug me for the appraisal in under deadlines.
 
Even so, I would talk to the company who charged your credit card and advise you are filing a compliant with the credit card company as 'someones' delay in filing the appraisal caused you not to get the loan you intended.Only then will you really find out who's fault it really was.
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December 14 2010
Sorry to tell you, but the bank should have ordered the appraisal sooner. One week turn around isn't unusual for appraisals.  The appraiser did the work, so they deserve to get paid for that work.
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December 14 2010

I'm currently a retail loan officer for a bank but I previously worked as an account executive on the wholesale side (3 yrs) and I've never heard of a wholesale lender (i.e. everbank) not allowing you to extend a lock that started off as a 30 day lock.  They don't necessarily extend for free.  The locking is done by the loan officer.  And he should have locked you for a longer term than thirty days in the rei boom/UW climate that we have experienced this last year. You may have to pay up to .5 discount to extend the lock for 30 days but it can be extended.  IT's usually cheaper to lock for a longer term upfront.

You really don't have a recourse.  My guess is the broker is making the wholesale lender the bad guy. I suspect there is more to this than what you may be aware of.

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December 14 2010
 
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