| Greenlight Financial Services |
| Greenlight Financial Services Joann Pham loan fee scam, unfair appraisal fee, RESPA issues Irvine, California |
| 24th of Aug, 2011 by User657397 |
In as much as it may not be a RESPA violation, the practice of Greenlight Financial Services by overcharging for appraisal services is not uncommon to the industry these days under the Frank/Dodd Financial Reform act. Many mortgage companies like Greenlight Financial Services and Crestline Financial Services will often have their own AMC's (appraisal management companies) and these organizations were initially designed to place a firewall between the home owner/Realtor and the mortgage loan officer. Unfortunatelly mortgage lenders are actually making money with these entities at the expense of homeowners. As the complaint mentions, the appraiser was only paid $200 for the appraisal by Greenlight's Appraisal Management Company when you were charges $400-$450 for the appraisal. It's actually the one of the least worst scenarios because if you go to Bank of America or even Citibank the banks use an outfit called PCV out of Ontario which keeps $225 from each appraisal and hires appraisers which are the low cost provider in select markets. Don't worry about a few hundred dollars, sell your home before the market is in free fall and colapses in 2012. The National Association of Realtors is citing major problems with appraisals as the reason for failed escrows. Certified Mortgage Planning Specialist
San Diego, California |
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I happen to be a long term customer of Greenlight Financial Services and have refinanced my home with them along with 2 other homes I own about 3 times over the last four years. It is because of Greenlight's low rates and fees model coupled with great customer service that keeps me coming back. I literally almost fell out of my chair in laughter when I saw this post mention B of A in a positive light. In fact, I researched other banks and lenders, B of A being one of them,
and I would like to comment on the results I found. Where do I
begin...B of A was charging grossly more fees than Greenlight Financial...almost double in fact. Oh, and B of A, according to others I have spoken to who have had a mortgage transaction in process with them, is taking 3 and 4 months to close a loan!!! Talk about outrageous! I cannot speak about what Greenlight does internally in regards to the appraisal portion of the transaction, but I do know that I have had 2 different appraisal companies do the appraisal on my homes and the fees seemed very reasonable to me. Especially since they charge about $1, 800 less than most of the other banks and lenders. One last parting note: Did anyone else besides me witness Warren Buffet recently invest $5, 000, 000, 000 into a struggling B of A in an attempt to bail them out yet another time?!! And yes, that was
9 zeroes behind that 5...this of course is on top of all the TARP money they were given. Going out on a limb here, but I don't think Greenlight Financial was given any TARP money and they have been doing business for close to 10 years. Just my two cents. Thanks Greenlight Financial for always being there for me and my family!!
Greenlight Fan
Tustin, California |
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