Product: Mortgage

XXXX XXXX XXXX XXXX XXXX XXXX XXXX NJ, XXXX XXXX XXXX XXXX Address of Property Being Build : XXXX XXXX XXXX, XXXX PA XXXX Property Type : Single Family Home ( New Construction ) Purchase Price : {$720000.00} Appraisal Value : {$17000.00} Closing Date : XX/XX/year> Subject : Complaint Against Builder and Associated Parties for Real Estate Transaction Issues Dear Sir/Madam, I am writing to formally lodge a complaint against XXXX XXXX  XXXX the builder from whom I recently purchased a home, and their associated parties, including Salesperson XXXX XXXX XXXX Loan OfficeXXXX XXXX XXXX of NVR Mortgage XXXX and my real estate agent XXXX XXXX XXXX The series of issues I have encountered have caused significant financial and emotional distress, and I am seeking the CFPB 's prompt intervention to address these matters. 

Overpriced Home and Failed Appraisal : I recently purchased a home from XXXX XXXX. The property was sold at a price that has since been proven to be significantly overpriced. The appraisal, ordered by the builder 's lender NVR Mortgage, failed because recent comparable sales were not used, resulting in the home being appraised {$17000.00} below the purchase price. This has long-term implications for me, especially if I were to refinance in the future. The appraisal report is attached for your reference. 

Misleading Information from Salesperson : When signing the contract, I inquired with Salesperson XXXX XXXX about involving a real estate attorney. She replied that it was not required and would only delay the transaction. Trusting her advice, I proceeded without an attorney, which I now realize was a mistake. 

Advice from Real Estate Agent : My real estate agent, XXXX XXXX, also advised against involving a real estate attorney, suggesting it would upset XXXX XXXX. This additional advice further influenced my decision to proceed without legal counsel, which has had negative repercussions. 

Construction Issues : Since purchasing the home, I have encountered multiple construction issues. Despite bringing these to the builder 's attention, I have had to personally travel to the property weekly to point out the problems. Although the builder is currently working on addressing these issues, the lack of initial communication and transparency has been extremely frustrating. A detailed list of these construction issues is attached. 

Lack of Response and Transparency from Loan Officer : I signed a rate lock agreement with Loan Officer XXXX XXXX. When I inquired about purchasing a float-down option, he failed to respond despite multiple emails. After a considerable delay, he disclosed that the float-down option was not available. This crucial information was not disclosed to me earlier, which has added to my frustration and financial burden. 

Unresolved Appraisal Issue : It has been 11 days since I acknowledged the appraisal issue, yet there has been no update from either the builder or the lender. Salesperson XXXX XXXX is unwilling to reduce the purchase price to match the appraised value. I have involved a real estate attorney to assist me with this transaction, but since then, I have received no response from the builder, lender, or my real estate agent regarding this matter. 

Difficulty in Securing Alternate Lender : I reached out to other banks to explore the possibility of selecting an alternate lender. However, they have refused to accept the current appraisal due to outdated comparable sales. This has further complicated my situation. 

Lack of Timely Communication : Since involving my real estate attorney, neither my real estate agent, Salesperson XXXX XXXX, nor Loan XXXX XXXX XXXX has responded to my communications in a timely manner. This lack of responsiveness has exacerbated my frustration and delayed the resolution of the issues at hand. 

Issues with Builder 's Credit and Rate Lock : I am currently locked in with the lender on 30-year terms to use the builder 's credit to buy points. I asked XXXX XXXX if I could use the builder credit towards closing costs as I less than 30 days away from closing, and if there would be any penalty or wait period if I were to refinance. He has refused to reply, citing company policy against responding once an attorney is involved. This refusal to provide necessary information is a red flag, as it raises concerns about potential wrongdoing. As a consumer, I have the right to know the terms and conditions of my loan and any associated penalties. 

Considering the above issues, I request the CFPB to intervene promptly and investigate the following : The appraisal process and the use of outdated comparable sales. 

The lack of communication and transparency from the builder and their lender. 

The misleading information provided by Salesperson XXXX XXXX and XXXX XXXX regarding the involvement of a real estate attorney. 

The advice from real estate agent XXXX XXXX against involving an attorney, which has negatively impacted my decision-making. 

The construction issues that were not initially communicated and the builder 's accountability. 

The lack of timely communication from all parties involved after the involvement of my attorney. 

The refusal of Loan Officer XXXX XXXX to provide information about the use of builder credit and potential penalties for refinancing. 

I have attached all relevant documents, including the appraisal report and a detailed list of construction issues, for your review. Your prompt attention to this matter would be greatly appreciated.