Consumer complaint received 2021-05-04
Company: BANCO POPULAR DE PUERTO RICO
State: PR
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XX/XX/XXXX ATTN : POPULAR MORTGAGE After reviewing the appraisal for my primary residence, I would like to request further clarification and investigation by the appraiser. Base on the additional facts on this statement, that can be found on public and private record, I would like to ask for a reconsideration of value base on the following points : This Property was purchase at XXXX in XXXX ( consider under value at that time ), including the fact that some areas were not functional, but it was habitable. 
This appraisal performed in order to refinance my property, was completed by same appraiser from XXXX, when property was purchase, which should have been a random selection, so there is no bias. 
Value considered by appraiser= XXXX XXXX inflation from XXXX to the present is at a 3.61 as per bls.gov which is a federal goverment source, for this reason current price of the property without the upgrades can be calculated at {$220000.00}. 
If previous amount is subtracted only around {$1200.00} was added in value after completed renovation and almost 2 yeas of rising prices. 
Not recently renovated, with more than 6 months of appraisal, outdated interiors and smaller properties were compared on the appraisal, the most similar property will be the one from the XXXX XXXX because has the same view and is located on the same area on a higher floor, but this property was value more than ten months ago. 
The main fact of disagreement on the appraisal is that there are no properties currently on the market under XXXX around 1,200 sq ft located in this area recently renovated with 3 bed, 2 bath, laundry and 2 parkings ( 1 car garage ). Renovated areas and the amount of parking should be considered to add value to any property in this location. 
Another fact is that prices in the area since XXXX until moment still rising in addition to the lack of inventory in the entire island adds even more value. 

Upgrades 1. Flooring removed and renovated 2. Added 3rd room with closet space 3. 2 bathrooms were renovated, 2nd bathroom ( guess bathroom ) was made functional 4. Removed walls from walking closet located at master room which added more space to the room 5. New Laundry area with sink 6. Plumbing system, added stopcock inside the apt ( not available in most of the apt on the building ) 7. Electrical system 8. New Doors for all rooms 9. Fully painted Location 1. Closest residential building to best beach club on the island XXXX XXXX XXXX XXXX ) XXXX. Gated condo with beach access, playground, gym, pool, laundry facility, meeting room and 4 elevators. 
3. XXXX hotel next to the building also less than XXXX minutes walking distance from XXXX XXXX and Since XXXX to XXXX XXXX hotel. 
4. One of the few exclusive view to the Airport landing track 5. Partial ocean view at each bedroom Attached you will be able to find sales prices of properties in the area that were recently sold with similar spaces that can be consider comparing also some of the receipts for the renovation.

Company response to consumer: Closed with explanation