Complaint Review: Greenlight Financial - Internet
- Greenlight Financial Internet United States of America
- Phone:
- Web: www.greenlightloans.com
- Category: Loans
Greenlight Financial Greenlight Loans, Greenlight Home Loans Appraisal Chargers???? Why am I paying for an extra cost for an appraisal when the person doing the appraisal is not paid what I am charged? Internet
*General Comment: Appraisal Management Companies
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My mother recently got a loan from Greenlight and paid for an appraisal but the appraiser said the fee he got was much less. Why is Greenlight not paying the appraiser what I pay? Is 30 years of interest not enough? My mother asked the appraiser about her grandson doing appraisal work, but the appraiser said it was not a good time to be an appraiser. When my mom asked why he said the lender splits the fee so the pay was not good and very unfair. He was only being paid $200. She asked about where the rest of the fee she paid went and he said he it goes to a management company...who keeps 35% of the fee. What is wrong with this picture?? I am filing a complaint with the BBB also.
This report was posted on Ripoff Report on 03/16/2011 04:35 PM and is a permanent record located here: https://www.ripoffreport.com/reports/greenlight-financial/internet/greenlight-financial-greenlight-loans-greenlight-home-loans-appraisal-chargers-why-706911. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 General Comment
Appraisal Management Companies
AUTHOR: Raymond - (United States of America)
SUBMITTED: Saturday, April 02, 2011
What you've experienced is the result of Mortgagee Letter 2009-28. Appraisal Management Companies have been created and now an extra layer exists between Lenders and the Appraiser, and that extra layer costs money to operate. So the fee your Mother paid the Appraiser is used to pay the Appraiser and Appraisal Management Company.
It'd be better to complain to HUD, because they're the entity that created it. Nobody else can do anything about it.


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