I have an existing loan with Nationstar Mortgage. I called Nationstar in May 2008 about refinacing an existing loan. I explained to the Loan officer i want to get some cash out so i can do some home improvements. My credit score was check. The loan officer said the my credit score wasn't all that good but he was sure that he could get the loan approved. A documented outlining the loan was mailed to me in June. I was told there would be no out of pocket expense, but i would have to pay 350.00 dollars to have an appraisal done. The loan officer told me he would call me in a week. After the loan officer did not call, I called him. he said the loan was denied i told him i nerver received a letter informing me. I told him i want to file a compliant. I spoke with a man in the compliant department. He said he would look at the loan again, he spoke with the Manager and he said he would pre-approve me for the loan. I faxed him all the required information he needed to get the loan started. I paid 350.00 for an appraisal fee. The appraisal that was done by the appraisal came in lower than expected. The appraisal service only compared my house to two homes, and appraisaled my home for 83000.00 My home is 2200 sq. ft. four bedroom 3 bath brick home. I also have two acres of land. I disagreed with the appraisal and faxed him two more homes that was comparable with my home. For that point the loan process went downhill. I contact Nationstar Mortgage on 08/22/08 and spoke to a loan officer about my loan. He told me the loan was denied. I told him i never got a denial letter I also told the loan officer i was going to file a compliant against Nationstar Mortage with the Mississippi Department of Banking and Consumer Finance. The loan officer talked to his Manager. and said the would look at the loan again and someone would call me on 08/25/08. On 08/26/08 I received a loan denial in the mail stating the reason for the denial my property was unacceptable. Nation Mortgage has fail to proceed with my loan. I paid 350.00 dollars for nothing.
Don't be fooled by Nationstar Mortgage.