First Class Mortgage consultants in our Maple Grove office are available to handle every aspect of your mortgage needs. Whether you are buying a new home or refinancing your existing mortgage, our dedicated team is committed to fulfilling your home financing needs. We provide first-class service, first-class knowledge, and a first-class experience at the lowest interest rates. We work with a network of lenders throughout the United States to find the right mortgage for your budget and timeline. As a locally owned company, we are staffed and operated by people who understand that each family is special and individual attention is necessary to satisfy each unique financial situation. That's whSuggest edits
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a year ago
Hello, I am the owner of First Class Mortgage. We apologize that you felt your experience was frustrating and that your closing costs came in higher than you thought they should be. Financing a home can be stressful and confusing at times. That is why we take great pride to help our clients navigate the many underwriting rules and program guidelines that we are required to adhere to. With your file we had to work through many hurdles together to ensure that your loan closed on time, as promised. I thoroughly reviewed all correspondence and have found that there was no communication that was hostile, rude or threatening. We believe all communication reviewed was cordial, friendly and prompt. Once we had your loan final approved you even referred a co-worker to us since you were pleased with our services. We are very appreciative of that referral. It wasn’t until the week of your closing that you expressed frustration, in regards to paying for the FHA appraisal. As we previously explained, FHA guidelines require the borrower to pay for the appraisal. FHA requires the HUD appraiser to be reimbursed for the appraisal. Here are the guidelines taken from the HUD Handbook 4000.1 that we sent you: (8) TRANSFERRING EXISTING APPRAISALS: IN cases where a Borrower has switched Mortgagees, the first Mortgagee must, at the Borrower's request, transfer teh appraisal to the second MOrtgagee within five business days. The Appraiser is not required to provide the appraisal to the new Mortgagee. The client name on the appraisal does not need to reflect the new Mortgagee. If the original Mortgagee has not been reimbursed for the cost of the appraisal, the Mortgagee is not required to transfer the appraisal until it is reimbursed. --- The second Mortgagee may not request the Appraiser to re-address the appraisal. If the second Mortgagee finds deficiencies in the appraisal, the Mortgagee must order a new appraisal. END I also researched all Loan Estimates (LE) disclosed to you over the course of the loan process. The good news is your loan terms on the final Closing Disclosure actually improved from your original Loan Estimate. Due to renegotiations we did on your behalf you were able to get a lower rate and monthly payment then when you originally locked in. In our initial Loan Estimates we had also included the charge for the FHA appraisal. The total cash for closing that you needed was exactly $4,375. This is the 3.5% down payment that is legally required for all FHA loans. You were not charged anything extra for closing costs. The amount that you paid for the appraisal was actually used as a credit toward your 3.5% down payment requirement. We apologize for any additional stress. We needed to follow FHA guidelines so that we could close your FHA loan on time. Thank you in advance for reconsidering previous communication and response to your concerns. We wish you many blessings in your new home and we appreciate your business.
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