In response to the consumer complaint regarding her condominium refinance, the borrower has slandered Green Mill Mortgage without cause. The condominium was not a Fannie Mae/Freddie Mac approved condominium, and therefore, the property itself did not meet the criteria for approval. The condominium in question was recently an apartment converted to a condominium. Fannie Mae/Freddie Mac are very selective about condominiums since they have lost billions on their foreclosures.
Without paying a $150 fee to condocerts.com by the borrower, as standard practice, the condominum association would not release information about the occupancy and other required information needed to make an underwriting decision on the loan. The borrower flatly refused to pay for this cost to help in the approval process, which would have greatly aided and sped along in obtaining a lender bank to purchase her loan. Metlife's representative stated that they would not approve the property appraisal and none of the other national lender banks including Wells Fargo, Bank of America, Suntrust Bank, Everbank, and Fifth Third Bank, would accept the property, either for the aforementioned reasons.
In an effort to help to aide in the borrower's approval, we paid the $150 ourselves in an effort to advance the file forward to achieve the borrower's refinance.The consumer/borrower had the opportunity to take a non-Fannie Mae/Freddie Mac loan to resolve the matter but refused to do this since the rates were slightly higher than Fannie/Freddie approved loans. We attempted, in earnest, to locate a lender bank to approve the borrower's loan. Several banks we queried even stated that the property wouldn't be approved regardless and not to waste their time in underwriting the loan file as they knew upfront that they would not accept a non-Fannie/Freddie condominium property that are only recently converted from apartments.
One has to wonder, if the borrower is so right in her comments, then why hasn't she found any other lender bank to accept the property under Fannie Mae/Freddie guidelines. The appraisal can be updated and used again for one year until October 2010 for minimal cost. The borrower is flat out wrong and was angry that the property was not acceptable and attempted in subtle veiled threats that we could "part friends" if only we would reimburse the cost of her appraisal. Those monies were paid to the appraiser, not Green Mill Mortgage. We never took a penny from borrower and spent our own time and money in attempts to help the borrower obtain financing.
Since our founding 1996, we have closed over sixteen hundred loans without complaint. In fact, this is the only complaint that we have ever had, and it is unfounded in merit. The State of Texas has researched the complaint and to date, July 2010, has found no error on the part of Green Mill Mortgage.
