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Replies (6)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Generally speaking you won't have any other responsibility beyond the appraisal. You would need to read through all of the disclosure you signed to determine if you have any other liability. Every so often you'll here about unscupulous originators that will claim to earn a commitment fee or other compensation for services performed.
Industry standard is that some fallout is expected and origination and settlement fees will only be incurred for completed transaction.
Industry standard is that some fallout is expected and origination and settlement fees will only be incurred for completed transaction.
- Dave Skow, "daveskow"
- Contributions:1105
Q:But am I liable for any other penalties for not closing and withdrawing instead?
A: you shouldnt be ...if this firm states you are , come back with a follow up post and you also might consider posting a review of said company
A: you shouldnt be ...if this firm states you are , come back with a follow up post and you also might consider posting a review of said company
- Jeany Hong, "jeanyh"
- Contributions:130
Hi putlake,
As David said, please feel free to write a review of the lender and share your feedback with other potential borrowers. You can contact me if you have any questions on the process.
Jeany
Zillow Customer Support
As David said, please feel free to write a review of the lender and share your feedback with other potential borrowers. You can contact me if you have any questions on the process.
Jeany
Zillow Customer Support
- Lance Holtman, "First City Financial"
- Contributions:111
Assuming this was a refinance for a primary residence:
If you withdrew from the transaction prior to closing (signing docs) you are only liable for those items you may have consented to pay for while signing disclosures.
If you had actually gone to closing and then chose to rescind during the Rescission Period you not only would not be liable for any further expenses, but you would be intitled to receive a refund of any monies you had given the lender. (appraisal and credit report included)
Reg z: Sec. 226.23 (d) Right of rescission
If you withdrew from the transaction prior to closing (signing docs) you are only liable for those items you may have consented to pay for while signing disclosures.
If you had actually gone to closing and then chose to rescind during the Rescission Period you not only would not be liable for any further expenses, but you would be intitled to receive a refund of any monies you had given the lender. (appraisal and credit report included)
Reg z: Sec. 226.23 (d) Right of rescission
- shapiroamg
- Contributions:3058
I would have suggested closing then recinding but since you ended the transaction, you should not be bothered for anything else.
You may want to speak to someone at that company, a mgr or owner and suggest that they refund the appraisal. Give them a step by step history of what you were told and how that information changed. If they cant help you, calmly mention that your next call will be to the state regulator that oversees them and their licence. Know which agency that is before calling. In MA its both the Div of Banks and the AG (for mortgage brokers only).
- putlake
- Contributions:2
Thanks everyone for the replies.
@Jeany, I am afraid to post a review of the lender (mortgage broker) here on Zillow because they have my information (SSN, where I live etc.)
@Shapiroamg, Can I contact the lender directly to request a refund of the appraisal fee? The lender has both a retail unit for direct selling and a wholesale arm for selling through brokers. I never dealt with them directly but I also don't want to talk to the mortgage broker any more.
@Jeany, I am afraid to post a review of the lender (mortgage broker) here on Zillow because they have my information (SSN, where I live etc.)
@Shapiroamg, Can I contact the lender directly to request a refund of the appraisal fee? The lender has both a retail unit for direct selling and a wholesale arm for selling through brokers. I never dealt with them directly but I also don't want to talk to the mortgage broker any more.
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