Consumer complaint received 2015-10-01
Company: ATLANTIC PACIFIC MORTGAGE CORP
State: VA
Product: Mortgage
Sub-product: Other mortgage
Issue: Credit decision / Underwriting

Complaint:
My fianc and I are purchasing a home. With the assistance of a trusted broker, we were provided conditional approval from Atlantic Pacific Mortgage for a USDA Rural loan. All of our information was disclosed immediately regarding my business that I operate from home. XXXX None of this was kept from them. My business was established because I felt I should be held accountable for the monies earned and to be responsible for paying taxes just like everyone else. On our original application it was stated that my company, [ XXXX ] XXXX XXXX, is my source of income. They awarded conditional approval from this. ThAfter conditional approval had been awarded the appraisal was requested and paid for on my credit card. The appraisal was scheduled and fee charged to my credit card prior to the appraisal taking place. The appraiser did not contact to schedule and had to be basically tracked down in order to schedule. The appraiser was supposed to contact the seller of the property as he has the key. The appraiser was not heard from so myself and the broker made every effort to get things scheduled. The appraiser dropped the ball and had to be followed up with by the APM manager/owner. Appraiser was scheduled to meet with the seller at XXXX. The appraiser showed up around XXXX. Luckily the seller had come to the area early as he lives XXXX hours away to take care of some other business and saw that someone was there at the home. The appraiser was less than polite and had incorrect information. The appraisal was complete and submitted, at some point, to Atlantic Pacific Mortgage. Eventually we received our copy. 
Now, Atlantic Pacific Mortgage decided after conditional approval, submission and completion of a nearly {$500.00} appraisal, that they do not lend on FARMS. I am a person. The property we are purchasing is acreage covered in hardwoods. It states on the appraisal it is NOT FARMED LAND nor is it income producing in any way. They brought up AFTER doing all of the hoop jumping, follow up questions, and CHARGING MY CARD FOR THE APPRAISAL, that they do not lend on FARMS which it is in no way, shape or form. After extensive research it is clear that they have absolutely no ethical business practices occurring within the company and it is possible that their ultimate goal is to basically destroy people who are trying to get ahead in this world. They sent us the denial letters which were received via USPS. 
My broker agency proceeded to reach out to another lender, XXXX XXXX. They agreed to accept the original appraisal as it is still within the 90 days and valid. All the required documentation was submitted to terminate with Atlantic Pacific Mortgage and to transfer MY APPRAISAL to XXXX. The paperwork was signed and submitted to Atlantic Pacific Mortgage!!! They REFUSE to acknowledge receipt of the paperwork and REFUSE to forward MY APPRAISAL to QuickenLoans. My loan has been approved! XXXX is now waiting ONLY ON MY APPRAISAL from Atlantic Pacific Mortgage to be transferred. 
They are holding my appraisal hostage and screwing us over! They processed everything, hit our credit, and now are trying to destroy us. They have knocked our credit score with a vengeance and are now holding us over a barrel because, why? The appraisal just needs to be sent to XXXX XXXX. Atlantic Pacific Mortgage needs to be trained in ethical business practices and should immediately have their lending abilities revoked! 
We simply want the appraisal. I just want them to do their job and stop ruining my life

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation