Consumer complaint received 2017-05-28
Company: BANK OF THE WEST
State: CO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
RE : Mortgage Refinance Loan Wrongful Denial.
I applied for a Loan with Bank Of The West ( BOTW ), on XX/XX/XXXX. This Loan application was Wrongfully Denied on XX/XX/XXXX. I will provide several reasons why ( XXXX XXXX appraisal ) appraisal on XXXX XXXX XXXX XXXX.
XXXX, CO XXXX, should have appraised for {$500.00} or more than the appraised {$96000.00} value and why I feel this loan was Wrongfully Denied. I will provide an explanation with documentation why ( XXXX appraisal ) appraised {$96000.00} value on ( XXXX XXXX XXXX XXXX. XXXX, CO XXXX ) should have been enough to qualify loan for 4 % interest. Balance on XX/XX/XXXX is actually {$540.00} less than the balance on transaction history in ( XXXX ) Enclosure, page 3. I received the first copy of ( XXXX XXXX appraisal ) " Date of Signature and Report XX/XX/XXXX '' in the mail from BOTW on XX/XX/XXXX stating appraised value of {$96000.00}. I noticed statement in this 1st copy of appraisal claiming that the ( Cost Approach Value ) of {$99000.00} supports the ( Sales Approach Value ) of {$96000.00}. I made a complaint to XXXX XXXX on XX/XX/XXXX about the appraisal stating : My '' Garage/Carport is listed as 405 Sq Ft at {$37.00} Sq Ft equaling {$14000.00}.
My '' Garage/Carport is actually 1,152 Sq Ft at {$37.00} Sq Ft equals {$42000.00}.
I received the second copy of ( XXXX XXXX appraisal ) " Date of Signature and Report XX/XX/XXXX '' via BOTW online portal.
This appraisal has a {$27000.00} correction that increased the ( Cost Approach Value ) {$17000.00} on appraisal.
Appraiser and XXXX XXXX insist this {$17000.00} increase to the ( Cost Approach Value ) to {$110000.00} still supports the ( Sales Approach Value ) of {$96000.00} and does not change appraised value of {$96000.00}.
( XXXX XXXX appraisal ) enclosure - page 12, ADDENDUM, FINAL RECONCILIATION I disagree with XXXX XXXX  statement. The ( Cost Approach to Value ) of {$110000.00} supports an Appraised value much higher than {$96.00}.
I DO NOT consider the " effective age '' of my property " similar '' when my home 's " effective age '' is 19 years newer than Comparable 2.
There should be a {$4000.00} credit on Comparable 2 " Actual Age '' column, due to my property being 20 years newer than Comparable 2.
The incorrect statement of six ( 6 ) rooms above grade on the ( XXXX XXXX appraisal ) is a deduction that should have been credited to my property on the ( XXXX XXXX appraisal ). There for increasing the property 's value.
The driveway actually being CONCRETE should increase property value a minumum of {$500.00}.
Total Principle paid on balance after Loan application date of XX/XX/XXXX prior to Loan Denial is {$620.00}. There by reducing the amount the property needs to appraise for by {$620.00}.
Appraisal of {$96.00} should have been enough to qualify for {$73000.00} loan at 4 % interest proposed.
This Loan application was Wrongfully Denied!
THANK YOU,

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation