• Report: #949966

Complaint Review: Hunter Financial Group

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  • Submitted: Tue, October 02, 2012
  • Updated: Fri, January 25, 2013

  • Reported By: anonymous — Corinth Texas United States of America
Hunter Financial Group
1711 W Greentree Drive, Ste. 111 Tempe, Arizona United States of America

Hunter Financial Group Artificially low Appraisal Fee on written Good Faith Estimate (GFE), attempted to boost by $250 at last minute. Tempe, Arizona

*Consumer Comment: Who sends income docs before a GFE?

*Consumer Comment: Consumer is probably correct in this case

*Consumer Comment: Who bait and switches $200 on an appraisal?

*Author of original report: Rebuttal 1

*Consumer Comment: No reason to file complaint

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I Contacted Hunter Financial Group to obtain a Refinancing on my Rental Property.  From the very beginning I was totally up-front that this was a refinance of rental property, and that I was looking to refinance.  I have documented proof that I supplied all this information.  I have documented proof that I supplied every bit of information they requested, several hundred pages worth. At the very beginning of the process they said in order to move forward with an appraisal they needed $395.00, which they promptly charged to my credit card.  They then provided me with a written Good Faith Estimate (GFE), showing an appraisal Fee of $360.  I communicated with the appraiser to coordinate him viewing the inside of the home with my tenant, however 1 day before the appraisal was to be performed I received an email from Aaron Payne, Assistant Vice President (purporting to be the manager of the person I had been working with), stating that "The inspection of your home is on hold as we need the appraiser to work up a comparable rent schedule.  There is a cost of $250.00 for this.  Please call me to discuss options."

 

I was upset, as I had provided everything that Hunter Financial had requested, including the fact that the refinance was for a rental property, and now Hunter financial was saying they needed more money for the appraisal.  I telephoned Mr. Aaron Payne and vehemently complained about the bait-and-switch on the written, Good Faith Estimate Appraisal fee.  Mr. Payne refused to budge, stating that a "change of circumstance" allows a deviation from the Good Faith Estimate.  In my opinion, there was no "change of circumstance", since Hunter financial was fully informed of the fact this was a rental refinance from the very beginning.  I blew up and cancelled the transaction, letting Mr. Aaron Payne know in no uncertain terms that I thought Hunter Financial was not dealing with me honestly, and I wouldn't deal with a dishonest organization.

 

Hunter Financial should not be allowed to continue in business, and should have their license revoked.  I should also be refunded the $395.00 fee they charged me for the appraisal, which was never done.  I know this because after cancelling the transaction, I called and spoke with the appraiser, and he informed me that shortly after informing his parent company that this was a tenant occupied home, he was put on hold and he had not yet done the appraisal.


This report was posted on Ripoff Report on 10/02/2012 07:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Hunter-Financial-Group/Tempe-Arizona-85284/Hunter-Financial-Group-Artificially-low-Appraisal-Fee-on-written-Good-Faith-Estimate-GFE-949966. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Who sends income docs before a GFE?

AUTHOR: Random - (United States of America)

As the title says, who sends income docs before a GFE? As anyone in the mortgage business knows, borrowers ALMOST NEVER send income documentation and mortgage docs before they receive an estimate and a GFE is required immediately after a verbal application is taken.

At BEST this was a mistake between a loan officers appraisal quote. Good Faith on an estimate is exactly what it sounds like, a good effort to provide an accurate quote and that is exactly what the client received.
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#2 Consumer Comment

Consumer is probably correct in this case

AUTHOR: Rob Hanson - (United States of America)

A "Change of Circumstance" (COC) for the purposes of Good Faith Estimates must be something that changed since the initial disclosure and could not reasonably have been known at the time of initial disclosure. Unless this mortgage company can demonstrate this, they are not allowed to change the fee.

These rent schedules that they are asking you to pay for are not required if you have enough income to qualify for the mortgage without the rental income for the property. So if the mortgage company was basing your loan on what you stated as your income and your actual income, when verified turned out to be less, this could be a valid COC.

If they had your income documentation before disclosing to you, this would NOT be a valid COC.

If, (as is most likely the case) they just mistakenly disclosed with a standard appraisal fee and realized their mistake after the fact, this is NOT a valid COC.

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#3 Consumer Comment

Who bait and switches $200 on an appraisal?

AUTHOR: Random - (United States of America)

If a company was trying to bait and switch you they would have quoted you a rate substantially below market or a loan with $0 fees and added on a point to your estimate, I highly doubt they would try a "bait and switch" for a mere $250 on an appraisal, a fee that is 3rd party and not even of the mortgage company.

They quoted you a "standard appraisal fee" which was then changed to a "2-4 unit multi-unit income producing property" appraisal fee as soon as the additional fee was discovered.

You paid $0 fees, $0 obligation and were able to cancel without penalty as soon as the higher fee was determined from the vendor.

Best wishes,
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#4 Author of original report

Rebuttal 1

AUTHOR: anonymous - (United States of America)

This company is in the mortgage business and knows full-well the cost of the appraisal, yet they still put an artificially-low price on their written good faith estimate (GFE).  They then tried to defend the increase with the a "change of circumstances" reason, which is their out to not honor their GFE, when there was absolutely no change of circumstance at all.  I believe sleazy, underhanded, and dishonest dealing, and probably illegal!



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#5 Consumer Comment

No reason to file complaint

AUTHOR: Random - (United States of America)

It sounds like they immediately notified you as soon as there was a discrepancy of the fee from the appraisal vendor. It sounds like you did not wish to pay the additional $250 fee that was requested by the appraisal company so they cancelled your application as you requested and I'm sure you received a timely refund from the vendor with $0 cost to you.

Not sure what more you want.
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