Austin First Mortgage foreign scammers who lure you in with low rates and then find a way to keep your application fee Austin Texas

I'm an appraiser and I don't know anything about this particular situation. As an appraiser I have been in the situation several times of trying to explain why my appraisal came in lower than a previous appraisal. The homeowners always assume the highest appraisal is accurate and the appraiser that came in with a lower value must be the incompetent one. A couple of years ago I recall hearing an appraiser guesstimate that more than 1/2 of appraisals are inflated. At that time I would have put the inflated appraisals at much more than 1/2. During the boom times it was common for loan officers and mortgage brokers to pressure appraisers to inflate value. I personally lost business because I refused to inflate values. It is entirely possible that the first appraisal on this property was inflated.

Also, the mortgage company has more incentive to make the loan work than to simply rip off someone for fees. They will make a lot more commission from the loan than they will make a few fees. The appraisal fee went to the appraiser so if the loan doesn't close the mortgage company doesn't make any money from the appraisal.

By the way, your home is a new construction and you should remember that cost of construction does not equal value. The way the market is now it is not that unusual in some markets for cost of construction to exceed value.

If you are really interested in finding out which appraisal is more accurate you could ask another unbiased appraiser to review them. Be prepared to pay for the service because most appraisers can't afford to work for free. If you find that either appraiser engaged in deliberate misconduct or was incompetent you should file a complaint with the state licensing board.

The consumer complaints our staff speaking broken English. The language it self is racism.

I am stating here that ALL our employees, independ contractors are living in Texas and legally work in United States.

All owners of the company are US citizens. Our Loan officers, processors and employees are from different background. Some are born Texan, some are immigrated from other countries. Some of us speak English with accent. We have white, Spanish speaking, Asia, Africa American work togather. All of US are living in Texas. We learn from different culture to improve our services.

As the overreact to the recent nationwide real estate crise, all lenders are much harder compareing a few month ago. The loan did not get approved does not means we did anything wrong. We have a very clear in writing application fee refund policy. I also posted a property requirement on our company web site. Please understand that the requirement is for all lenders.

We have a clear, public accessable rate lock agreement. If your situation meet the refund standard, I am glad to review the file and considing the refund. But as the report stated that the reason the loan can not going through was due to appraisal. It is out off our control and the application fee is not refunable.

We have no affiliation with any appraiser.

I will look at the file and make more comment later.

My name and contact info is on our company web site. I welcome you email or call me directly for any complaint or comment.