Home Loan Center - Lending Tree Tree ripoff verbal way different from written will not refund money down when we are suppose to have a right to cancel without losing our money Irvine California

In response to your complaint:

Lenders do not have "their own" appraisers. Lending Tree is in Irvine, California and you live where? They likely sent an approved appraiser in your area. It is not their fault that your appraisal came in lower than expected. They are simply trying to get value in which they can lend.

If the value came in low, then the terms could very well have changed. The LOAN TO VALUE issue is a big issue for all homeowners. Unfortunately there is nothing any bank/lender/investor can do. Be happy that your appraisal wasn't falsely inflated as many appraisers and companies have been doing.

Meanwhile, they sent you loan documents which it sounds like you never signed.

How did you receive those docments? By Fed Ex/UPS/US Mail?
It should be trackable. Get your facts and explain this to the Department of Real Estate and send a complaint to the Better Business Bureau.

When the loan started you should have received a Good Faith Estimate and Truth In Lending Disclosure. This is required by law within 3 days of application. After the appraisal came in, your loan officer should have explained what happened and came up with a revised offer for you. At that time, a new Good Faith Estimate and Truth In Lending should have been disclosed. Most likely what happened, was that there was not good communication with your loan officer, your documents were sent with the revised GFE/TIL.

I am interested in how you received the documents however. Did you tell the officer you had a notary at your disposal? A bank typically sends documents with the Notary. If you received them and a Notary was to come when you received, then its a possibility but I dont know these details. You do.

Be clear and concise in your explanation. Best way to document is date application started, date of approval, date of appraisal, date loan docs drawn/received.

Why did you not sign the 3 day notice to cancel? By lack of response the loan would be null and void. What were you expecting? A refund of the Good Faith Deposit?

What does the contract on your Good Faith Deposit say? Read the fine print. Is it non refundable if the loan is approved?

dre.ca.gov
corp.ca.gov
bbb.org