Consumer complaint received 12-06-2017 about Mortgage (Conventional home mortgage) with Envoy Mortgage Ltd. (CO).
Issue: Closing on a mortgage

Complaint: We went under contract ( XX/XX/XXXX ) for a house and 10 days later there was a appraisal done on the house. The published appraisal ( XX/XX/XXXX ) came back at the price we offered for the house. Over 3 weeks later ( a couple days before closing XX/XX/XXXX ) I get a email from the mortgage company ( Envoy Mortgage ) stating they did not agree with the appraisal and had a ( emailed on XX/XX/XXXX ) desk review appraisal done. This appraisal came in at XXXX dollars less than the original. And they stated we needed to come up with the XXXX dollars before closing. We were already putting just less than 100,000 down on the house and XXXX more was not possible. Also that day the lady who sent the email stated in the email she was out for the whole day and not available and to talk to her boss ( email/number provided ). She stated he understood the problem. So I called him and explained our house ( we were living in ) was being sold the same day as the closing on the new house. And by this email we were homeless come monday. He thought we had a couple weeks before closing and not a couple days ( I understand now these reviews are around 3 days after the appraisal and not 3 weeks ). So he hung up to get the story. After an hour ( still XX/XX/XXXX ) he came back and said the desk review stands ( XXXX less ) but because this put us in a PMI situation they would pay for it because of the lack of communications. Next the regional boss of the mortgage company wished to talk to me. After several minutes of him selling me on how good this was for us. He offered to pay half of the PMI as good faith money. And he stated he bullied the sellers to drop their price by XXXX dollars. I told him that the other manager offered the whole PMI and he stated he did not have the authority to do that. So I stated I had a PDF document stating they would pay. I email it to him and he stated they would pay ( but was not happy about it ). And that was the last I heard from him. So I call the first manager to ask if the first appraisal or their appraisal would be the one of record. He stated the lesser one. So I rised my concern over them using an appraisal in which people did not see the house or all the remodelling done to it. They used appraisals of houses with XX/XX/XXXXXXXX XXXX decor. which fell into that lower range. My complain is this : The review was relayed to ALL parties on XX/XX/XXXX 3 weeks + after the appraisal ; They dropped the value of the house so now we are XXXX dollars over the value ; They treated everyone like it was our doing and not theirs ; At the closing they tried to have my girlfriend sign a document stating we were aware of the second appraisal and she was Ok with that action, and I did not get that same paper being co-owner ( we did not sign it ). This company treated us poorly, they change the appraisal without telling anyone, until it was to late to do anything about it. Although they paid the PMI everyone felt they were just trying to sweep it under the table so they did not get a black eye over it. And why add the paper in the signing to state it was Ok what they did, that made me think they did something very wrong.

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