• Report: #884951
Complaint Review:

M & T Bank

  • Submitted: Sat, May 19, 2012
  • Updated: Mon, November 12, 2012

  • Reported By: Dismayed — Carbondale Colorado United States of America
M & T Bank
4949 SW Meadows Road #500 Lake Oswego, Oregon United States of America

M & T Bank M&T Bank, West Region Loan Center M&T Bank Would Not Refund $400 I paid for Real Estate Appraisal for a loan rate they failed to honor. Lake Oswego, Oregon

*Consumer Comment: Appraiser Still Needs to be Paid....

*REBUTTAL Individual responds: Not TRUE

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John Kennedy at M&T Bank gave me a Good Faith Estimate for a refinance loan on my single family residence townhome.  Based on a guaranteed 30-day rate lock, I paid $400 for an appraisal of the property.  

After the appraisal came back, John told me he didn't realize the property was a town home.  I reminded him that I had told him it was.  He said he had assumed the property was a detached single-family residence based on a Zillow.com listing.  

The Zillow website showed that it was actually a town home in a Google maps photo at the bottom of the page, but it appeared John had overlooked this.  Then John said he would have to re-quote the loan at a higher rate based on the error in classification of the town home.  The higher rate no longer saved me enough to make it worthwhile, so I declined, and told him I would like the $400 I paid for the appraisal to be refunded.  

John, as well as his superior argued that the mistake was not their fault, but the property mis-classification was clearly their mistake.  Because of John's mistake, and M&T Bank's refusal to refund my money, I spent $400 for nothing.  Several other lenders I spoke with and told my story to said this was clearly M&T Bank's mistake, and that they should refund my money.  Now my credit report shows a serious delinquency since I refused to pay the $400 charge based on non-performance by M&T Bank for the service they had assured me I would obtain from them.  

By law I have the right to refuse to pay for a loan rate that was locked in but later revised. It does not seem fair to me that I had to pay for their error in classifying my town home correctly due to negligence on their part.  Due to John's error in mis-classifying the property, I paid $400 for nothing. Trying to get me to accept a higher interest rate loan and I paid for the appraisal seems like "bait-and-switch" to me.

This report was posted on Ripoff Report on 05/19/2012 03:13 AM and is a permanent record located here: http://www.ripoffreport.com/reports/m-t-bank/lake-oswego-oregon-97035/m-t-bank-mt-bank-west-region-loan-center-mt-bank-would-not-refund-400-i-paid-for-rea-884951. 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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Updates & Rebuttals

#1 Consumer Comment

Appraiser Still Needs to be Paid....

AUTHOR: Jim S - (United States of America)

The appraiser who did the work should be paid for the work performed; that person doesn't work for the bank.  The fee to be paid is generally on the borrower who is appliying for the loan or a refinance.  Now you should review the agreement prior to the work being performed, but in very rare cases is any of the fee returned to the borrower in case the loan doesn't go through, for whatever reason.  I understand other borrowers said the bank should pay for the fee - the problem is that they're simply parroting a line you want to hear in order to get your business.  The other banks know better.  If those other banks had done what M&T had done, you would not be getting a refund of the fee from them either.

Now incurring a deliquency on your credit report is absolutely nonsense; pay the fee.  If you have to take out a loan for anything in the near future, you either won't qualify, or you'll pay more than $400 in increased interest and fees for this deliquency.  Now, if you REALLY believe the bank did you wrong, then take the bank to small claims court.  They may settle the full $400 without a fight.  Maybe they won't.  In court, you may win or you may lose and letting a 3rd party decide the dispute is far better than what you're going through now......

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#2 REBUTTAL Individual responds


AUTHOR: JK - (United States of America)

The county records said his home was a Single family residence

On the application that he signed, initialed and dated also said his home was a single family residence.  By signing the application the customer agrees to what has been said about his property

And he is incorrect again. His property is a CONDO, not a town home.

And he was reimbursed $200.00 of the appraisal.

TRUE references for JOHN KENNEDY

I wanted to thank you for all the help you gave me with my refi.  Everything went very smoothly, and I appreciate how responsive and helpful you were throughout the process.  That was by far the easiest and least stressful home loan I've ever done. 

My escrow balance from my previous loan is just over $7k!  That will really help pay down my credit card loan, which was an added bonus.

Thanks again!  I'll recommend you to anyone I know who is looking to for a home loan.


Doug J

I would like to give special thanks for all that you have done for me. I will send people your way. It is hard to find good honest people like you. Keep up the good work and I know your company must be proud of all the fine work you perform.

Thanks again.

James Z


John Kennedy went FAR above and beyond to assist us in not only finding and securing our financing but also in finding the home we wanted. His responses to our numerous questions were extremely fast - usually getting answers to our messages/emails within minutes, even very late at night and on the weekends.

We initially worked with other realtors and loan companies, but decided to trust all of our business to John not because of the best rates/fees (which were more or less on par with other companies) but because of John's willingness to go the extra mile for us. 

If/when we ever look into purchasing other properties; John will be the first person we call.

Josh & Jennifer W


Hi Mr. Kennedy,

I would like to thank you for helping me to obtain the mortgage to refinance my house in California. Your  professional guidance has made the process to be very smooth from the beginning to the end and I will absolutely ask for your help again if I ever need a mortgage in the future.




Dear John,

Shawn and I just wanted to extend a very big "Thank you" for the great service you provided. It was truly a
pleasure working with you. We wish you and your family the best.


The Powell Family


John thanks for your quick responses to my questions during the refinance of my home. Having a house with large acreage usually is difficult to get a loan at a good rate yet you were able to acquire me not only the rate I wanted but also the cash in hand I requested to further upgrade my dwelling. Since this all took place during some of the bleakest economic times in history is a credit to you and how you get things done.

From 1st email contact it took 30 days to have cash in my bank account. That is outstanding. Should you ever need a reference please use this email as confirmation of work performed.

Thanks again John for the hard work,

Bret M

Thanks John for your expertise and for a flawless re-fi, by far the best I have been involved with. Your references were telling the truth.

Mike D

John, I wanted to give a sincere thank you for all your "creative methodology", and your tremendous help through
this monumental task. You are awesome!

Shirley F


You have done a great job here and worked hard. I so appreciated the fast replies to my questions by email. I wish you the best of luck in the future and thanks again so much!!!

Dana and David G
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