Instamortgage.com Isaoa/ATIMA Pff Mortgage Preapproved with no appraisal no income verification then turned down and charged $350.00 Springfield Ohio

My name is Jerry Graham. I am the loan originator that issued an approval to this client. I stumbled across this posting as a potential client mentioned the 2 complaints logged against Instamortgage.com and I happened to recognize this client. It was compelling enough for me to post. While the client is correct that he was pre-approved for a "streamline" refinance with us not requiring income/asset verification or an appraisal, he is leaving out a few details. He may have not comprehended or understood when I thoroughly reviewed with him at the time that a roadblock was presented during this process. I find no fault with him for this but would like the opportunity to clear my name and my company as we strive to treat our clients like family.

As far as qualification purposes are concerned, one must have excellent credit and an extremely low risk profile to qualify for a mortgage loan with virtually no verification of income/assets and a waiver of an appraisal. Mr. "client" did rightfully qualify for this program based on his high FICO score and based on the information that he gave me at the time of his initial application.

The reason why this did not end up as a "hassle-free" mortgage experience is because the federal government (FEMA)declared his entire county in CA a federal disaster area during the time his loan was in process. At that point, our investors require a full appraisal in order to fund this loan. When the appraisal came in substantially lower than Mr. client's initial estimate, it threw off the whole terms of his initial approval. While it was unfortunate and perhaps an inconvenience to the client, it was clearly not a rip-off.

After the appraisal was completed, alternative financing was explored but ultimately to no avail. During this "workout" period and trying to give Mr. client a counteroffer, it became apparent that it would not work. This was communicated to the client by telephone and e-mail as each correspondence from the client was returned personally by me and not any loan processor or any other agent of our company. After several attempts, he explained that he was going to have his current loan re-structured by his current lender. He requested a copy of his appraisal. As he had paid for it, I promptly faxed the detailed appraisal. In the end, he was charged $350 by us which covered his appraisal.

As far as the home owner's insurance is concerned, we were almost ready to close on the loan before the FEMA declaration was declared. We were to be listed on the mortgagee clause. Once the loan was cancelled, our request was withdrawn.

I sincerely hope that the client was able to work something out with his current lender. It was an unavoidable situation as far as refinancing with us. However, It would be refreshing for him to respond to this and acknowledge my post. Thank you.

If you didn't already. Why are they listed as any loss payee when they have absolutely no vested interest in this house?
You better make sure they are removed pronto and find out exactly what your insurance company was told by them.