Mortgages USA, Davin Unreliable Company Dallas Texas

After talking with a representative from Mortgages USA, this complaint was resolved. The $350 in question was used for an appraisal on my home. The remainder of the issue was caused by two things: constant changes in the laws and policies governing the financial market and conflicting communication between my spouse and myself based on information provided by Davin Palmquist. The information we were provided was factual, but could have been expressed in a clearer fashion, and we developed misunderstandings as far as the certainty of the loan being processed. It is my observation that this company is honest and a creditable organization.

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I am the aformentioned loan officer that Kevin Cotton has written about. I dealt with his wife throughout the transaction and spoke to Kevin on one ocassion. I informed his wife at the beginning of the refinance process that beacuse their house was listed for sale up to the day before they decided to refinance, that the under writers would consider the file on a case-by-case basis. Cash-out refinances where the property is listed for sale within 6 months of application are underwrited on a case-by-case basis. I informed Mrs. Cotton of this before i collected the $350 appraisal deposit fee. A week into the refinance process, fannie mae changed it's cash-out refinance guideline to limit the loan to value of cash-out mortgages that have been listed for sale to 70%. I informed the Cotton's of this change immediately after the change in guidelines had been made. I maintained contact with the Cotton's as I worked with underwriting. The initial underwriter denied the file due to thier proprty being listed the day before thier application for a substancial amount less than the appraised value. I escalated their file up the underwriting heirarcy three time until we had the file in front of the head of underwriting. The refinance was ultimately denied. I worked hard for the Cotton's and unfortunately could not get their file approved due to guideline changes and the tightining restrictions on credit. I did not make a dime for my work on their file, which i worked on for weeks. How could I have ripped them off? For them to list me by name as an un-trustworthy loan officer is RIDICULOUS. I informed them at the beginning of the process that because their home was listed for sale, the loan might not go through. This is exactly what happened. I made them aware of this before any appraisal fee was collected. I have helped many people obtain home loans and loans for refinancing and have NEVER had a complaint against me. Please remove this posting, as it is false, misleading, and directly hurts my reputation. I wish the Cotton's the best of luck in life, but i hope in the future, they will not liable someone who worked hard for them, was completely honest with them, and took the time to take their file to the highest level of underwritin. I truly care about my clients and have many thank you letters from past clients. If you would like a copy of them, let me know.

Thank you,

Davin Palmquist