Financing in 27615>Question Details

Lou, Home Buyer in North Carolina

I applied to refinance my mortages (beach condo). I paid upfront as requested by the broker $405.00 for

Asked by Lou, North Carolina Mon Jan 19, 2009

appraisal and credit report fees. The appliation was rejected becasue the underwriter would not take the mortgage becaues a insurance flood clause, something the mortgage broker didn't know, but she had seen my insurance papers that I sent to her. Shouldn't I get my $405 back if the bank was the one that didn't know about the clause and they asked for the appraical to be done?.

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They normally do not refund that charge, BUT you should have signed a form titled "Notice of Right to Reveive Appraisal." You can use that to obtain a copy, and have it switched to a lender of your choice for a small fee.

Not all Mortgage Brokers are equal!

I am a mortgage Broker. If I can be of further assistance, please let me know.

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Mon Jan 19, 2009
Lou,
Generally I would say no unless they stated in the beginning that it was refundable. Did they do the apprasial? If so they should provide you with a copy since you did pay for it. Any initial paperwork you had from them should have spelled out whether it was a non-refundable fee or not.
If you do want to pursue it farther and cannot find anything from them saying one thing or another Bill would be correct in that an attorney would be your next step.

Hope this helps,
0 votes Thank Flag Link Mon Jan 19, 2009
Lou,

Since this could be percieved as a legal issue, you might want to consider consulting an attorney for their input.

Good luck
0 votes Thank Flag Link Mon Jan 19, 2009
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