Quote:
Originally Posted by myslakod
All, be very, very aware of doing business with Citizens first Wholesale mortgage Co.! In our experience with them their licensed employees and their management provided us incorrect information, miss-represented information, would not stand by their word and made numerous mistakes on very important loan documents! Their management was very arrogant and basically just paid lip-service, and blew us off knowing we were just days before our close. They were very unprofessional and un-apologetic as they have a lock on the Villages. Also, the appraisals are very suspect, as our home was $30,000 more/reduced yet the final appraisal came in about $8,000 dollars from the actual price, yet for over a year The sale asking price was over $20,000 dollars more than the appraisal price, so if the house sold for over 20K move would the appraisal be skewed to allow the sale? Will post real documents soon!
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So what exactly happened?
Lenders do not control the appraisal any longer. All appraisals are outsourced to a 3rd party management company.
They have no motivation to NOT close your loan. The lender makes no money (in fact would only LOSE money) until and unless they close and deliver your loan to Fannie Mae.
I think there is more to this story.