Consumer complaint received 2019-03-14
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Academy Mortgage Corporation (CA)

On or about XX/XX/XXXX, Academy mortgage was contacted through my real estate broker, XXXX XXXX, in regard to financing for a home at XXXX XXXX XXXX in XXXX, NV. 
I was contacted by XXXX XXXX, a loan officer from Academy mortgage, and the process was initiated and XXXX signs were received by me and immediately signed digitally and returned promptly. In addition, many documents were uploaded to the Academy mortgage portal as requested by Mr. XXXX. 
At that time, I had a credit score of XXXX, as relayed by Mr. XXXX, also as I had no debts, liens, or any other negative information on my credit report. 
On XX/XX/XXXX Academy mortgage requested and received immediately a {$540.00} appraisal fee as part of the loan process. That fee was paid with my visa credit card through the Academy mortgage portal. 
On or about XX/XX/XXXX I was notified by my real estate broker, via text, that she had talked to XXXX and he said youd find out an answer in regards to the appraisal, as it was relayed to me that there was a problem, my agent then stated in the same text message that he would get back to her with an answer but never did that day. To the best of my knowledge he never did recontact again. 
I did make contact with Mr. XXXX, via email, and this was his response : Dear XXXX, I spoke with XXXX late yesterday about the property and situation with the property description. She indicated that she wanted to speak with you. 

Title had sent us the prelim stating that the property was converted to XXXX. We in fact processed your loan as such. Upon receipt of the appraisal XX/XX/XXXX. It was deemed by our underwriter and manager that the property in fact must remain as manufactured housing and not as XXXX  even though bolted to a perimeter foundation. The title report was in error mentioning the above information. 

XXXX does not allow, or purchase manufactured homes as investment, only as 2nd homes or primary residence. Our underwriter was willing to consider as 2nd home, I asked that the appraisal be updated for this option. The underwriter then explained that you would be required to occupy the property within 60 days of closing as 2nd homes fall under the Primary residence category. I verified with XXXX late yesterday that the tenant is in place until XXXX, as we did not have the lease to review, so this option would now not work with Academy either. 

So, Academy would not be able to complete the transaction for financing based on the current situation with the tenant in place. I have now requested that the declination letter be sent to you. You also should have received a copy of the appraisal that you paid for. This can be reassigned to another lender as I had also discussed with XXXX. I have also attached a copy for you. Most Sincerely, XXXX I immediately replied to Mr. XXXX, via email, that being a mortgage financial institution they know full well that and appraisal can not be taken to another institution for use. All mortgage companies use their own appraisers and do that for specific reasons. Im sure XXXX XXXX does the same thing. 

It also came to my attention through my realtor that XXXX XXXX, or at least this particular branch, as closed for business and is no longer in operation. 

I have made email requests and voicemails to XXXX XXXX to satisfy this situation but have received no responses whatsoever. 

At this point I have disputed the {$540.00} charges on my credit card through the bank XXXX XXXX XXXX, and done so under the basis I was defrauded. 

I have also attempted to contact corporate headquarters in XXXX Utah in an effort to talk to XXXX XXXX, Mr. XXXX I was told by the person who answered the phone at the corporate office is the one that handles these types of situations. All I got in three phone calls was voicemail and messages were left with no response from Mr. XXXX, at least at this point. 

My demand in this situation is return of the {$540.00} paid for the appraisal fee that was done in error and apparently hastily prior to them closing their office doors. Due to that appraisal fee that was done in error the underwriter did not approve the loan. 

I still have not received a certified copy of that appraisal as is said that I could use that, though not true, to go on to other places for financing. 

This issue was totally at the fault of the preparation and execution of the appraisal done on the property and at no point was this default borrower, me XXXX XXXX. I have a XXXX-credit rating, I have little to no debts other than household expenses, I have no liens, lawsuits, judgments, or any other issues that would prevent me from being approved from this loan. Also, in excess of {$200000.00} in assets. This was entirely the fault of Academy mortgage and whatever the issues are involved there of them closing the office.