Myers Park Mortgage Matthew Taylor, Charles Myers They use bate and switch tactics. Charlotte North Carolina

In response to Matt Taylers comments I would like to say that I have filed a complaint against the appraiser and an investigation is pending. The appraiser could have contacted the tax office to get the information for the house that sold two weeks prior to my appraisal for $270 and in addition there were other homes just like mine that the appraiser did not use.

The credit card company would not honor my dispute since it was an authorized transaction and a service was provided. The State on the other hand after providing additional information found favor in my argument and sent another letter to Mr. Charles Myers the owner of Myers Park Mortgage.

After a couple phone conversations Mr. Charles Myers agreed to refund the full appraisal fee which I received on May 30, 2012. The owner did the right thing and I thank him.

I am glad that the customer shows that we do respond pretty quickly to our clients. I hope this speaks to our service levels.

His claim of bait and switch is unfounded. His home appraised for less than he anticipated which resulted in 2 things. A higher loan to value and a lower loan amount which crossed pricing thresholds.

I spent more than a week working with our appraisal vendor supplying additional comps and refuting the appraised value. Unfortunately the comps the client wanted us to use were not as recent or as comparable as the ones the appraiser used. In regards to the single comparable for 270k that sold; it had not been recorded in MLS or on the tax records. The appraiser cannot use a sale that isn't documented.

Luckily for the client pricing improved and he was able to lock in better terms without an appraisal with another lender. Loans that do not require appraisals are typically priced higher and we did not offer these types of loans at that time.  Unfortunatley he feels we are responsible for the low value of his home and did not agree with the pricing thresholds that are common with every lender. Had his home appraised for his estimate, he would have received the terms we promised.

This client filed a complaint with his credit card company not to pay the appraisal and with the State licensing board. Both his credit card company and the State agreed that my practices were within legal and ethical boundries and sided with me and my company.

We maintain a AAA rating with the Better business bureau and have been in business for over 20 years. We manage a large amount of business and unfortunately in this business things like this do happen.

The appraisal was never an issue because I was willing to pay down the principle to maintain the 80% loan to value. Why was this a problem for Myers Park Mortgage but not an issue for American Securities Mortgage who did a far more superior job then Myers Park Mortgage. The difference is that this is how Myers Park Mortgage makes more money by coming up with ways to charge it's customer's points. MATTHEW TAYLOR NEVER GOT THE PAPER WORK RIGHT AFTER THREE TRIES AND ALL HE HAD TO DO WAS COPY THE INFORMATION OFF THE PAPER. Even my loan officer with A.S.M. said they have employees that used to work for Myers Park Mortgage that left because of their crooked ways. Myers Park Mortgage should reimburse the appraisal fee because of their negligence.

This complaint is centered around the appraised value coming in significantly lower than what the customer thought it should appraise for. Appraised values in the United States have declined 34%

on the average from 2006... it is in the news everywhere you look. As you can see in this complaint, the customer thought his home should appraise between $250,000 and $270,000. We took the customer's word and we relied on this value when we locked the loan and quoted the terms and began the work. 

It is important to note that Federal laws, in an effort to keep the value objective and arms length, do not allow us to select the individual appraiser. This same federal legislation does not allow us to discuss values with the appraiser-- we have no influence over the appraised value. However, the customer is able to talk about values and comparable sales with the appraiser as did this customer, and the home still didnt come in as high as the customer wished.  When the appraised value changed, naturally the terms of the loan changed-remember, the loan terms, including the interest rate, were based on the value the customer told us.

Our loan officer, Matt Taylor, did a good job to rebound from this new information/value term, to come up with a loan product/offer that would still work at a loan amount greater than 80% of the value that did not have mortgage insurance. This new loan product, based on this new value, did have a rate of 3/8% higher. Remember, we relied on this information from the customer in order to quote the interest rate and the customer's value was quite different than the appraised value. 

We make it clear to every customer that we cannot control or influence the appraised value and that if the value does come in lower than the customer would like or if it precludes the loan transaction from proceeding, the appraisal fee charged by the appraiser, will not be refunded by the independent appraiser to the customer.  The appraiser performed the appraisal per guidelines. Generally, appraisers will not refund the appraisal fee simply because the value was lower than the customer wanted.  This appraisal service was performed and paid for and the customer received a copy of the appraisal.

One could argue that the borrower/customer pulled a classic bait and switch on Myers Park Mortgage by giving us inaccurate information on which we based the quote. It is important to note that Myers Park Mortgage has a ton of time and labor in this transaction that will not close, because the value estimate we received from the borrower/customer was not accurate and Myers Park Mortgage will not be paid $1 for our efforts. We only get paid if the loan closes so we are very motivated every transaction we can on the best terms available given the individual qualifying circumstances. 

Interest rates, guidelines and home values change almost every day and no one has any control over this -- no matter where you go to do your mortgage.