New Source Lending Florida Capital Bank, Axis Appraisal New Source Lending shared my credit card info with Florida Capital Bank in Florida. They charged my account for an appraisal, then declined the re fi I had completed. I did not authorize sharing of Santa Ana, California

Some of the comments in this complaint show that the consumer who felt ripped off does not know very much about residential lending. The consumer says that "who pays for an appraisal prior to a loan" The facts are the almost every one has to pay for an appraisal prior to funding a loan. It is part of the package. Without an appraisal, the loan cannot be underwritten correctly. Does the consumer expect to have a bank lend on a house with out having an appraisal. It's unfortunate if the person taking the credit card information at Florida Bank told the borrower that the credit card would not be charged. My personal experience is with Sierra Pacific Mortgage who also works with AXIS Appraisal, my loan officer told me they would charge the credit card, they usually do, I don't know of any one that would not charge the credit card once it is given. To me it sounds like someone who was upset because their appraisal did not come in at the value they wanted. The appraiser still did the work and deserves to be paid.

We did not share credit card information with Florida Capital Bank. Information was not shared. Appraisal order was authorized and ordered through Axis, an appraisal management company.
 
1.    Application was received for a home mortgage.
2.    Application was reviewed and prequalified.
3.    Credit Card information was obtained and an appraisal was ordered.
4.    New updated information obtained indicated loan qualification was unlikely.
5.    Appraisal was placed on hold.
6.    Further analysis and research indicated no other options available.
7.    Loan was denied.
8.    Return of funds was confirmed subject to a cancellation fee of $15 from Appraisal Management Company.
9.    Customer upset about charge of $15, we agreed to work with Appraisal Management Company to return funds.
10.  Customer wrote complaint information on this forum.
11.  We are continuing to work with the Appraisal Management Company to return the $15 charge.
 
It is our desire to provide the best service possible. Unfortunately, even when we process a loan to the best interests of the client, sometimes things happen that make it difficult on all of us. If the loan was processed and funded, everyone would be happy. However, because the loan was denied, and even though we took steps to stop the appraisal process, the customer was not happy. I wish we could do more, nevertheless, we must work within the framework (regulatory and procedural) as required.