7-1-1013. Prohibition of certain acts.
(5) Fail to account for or deliver to any person any personal property obtained in connection with a
mortgage loan such as money, funds, deposit, check, draft, mortgage, or other document or thing of value
which has come into the possession of the mortgage lender or broker and which is not the property of the
mortgage lender or broker, or which the mortgage lender or broker is not in law or at equity entitled to
Call up the broker, read that paragraph, ask for a refund of the appraisal fee and reimibursement of your overdraft fees, or offer to call this number 770-986-5036 which goes to Sandra Sheley, the Director of Mortgage Supervision for the State of Georgia, for clarification from the State on the broker's obligations to you to refund a cancelled thrid party fee for services not performed.
Best of luck!
I would go after the money and the overdraft.
This could be a simple mistake, but if the appraisal order was placed and they did it you may be out of luck.
If they charged you then ask them where your copy of the appraisal is.
Most states require a mortgage broker to hold payments for third parties in a separate escrow account. That way the money is there to be paid out to the third party or (in your case) refunded upon cancellation. The deposit into the escrow account should have been made immediately, and you should have been informed of the rules in your state governing such fees.
Visit your state's web site and the agency that governs mortgage brokers. There will be info about your rights in the event a broker fails to refund a third party payment after cancellation.
I doubt you'd be able to recover overdraft fees unless you can apply a little heat to the broker to reimburse you. I most certainly would ask. In Florida the broker would have some explaining to do to the regulatory folks in Tallahassee.
The wisest course for the broker would be to make you whole (ie reimburse the appraisal fee AND your overdraft fees) and apologize.