Consumer complaint received 2019-09-19 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Metropolitan Home Mortgage, Inc.
State: FL

Complaint narrative:
We did our due diligence in searching for a lender to refinance our home with and found Intelliloan.com through another online service XXXX. Intelliloan seemed to have good reviews on multiple sites and so we reached out on XX/XX/2019. At this point we had already received 3 other quotes on a home loan and we informed XXXX XXXX ( Home Loan Specialist ) who was working with us at this time. On our initial phone call with XXXX, we disclosed our income, assets and gave information regarding other competitive quotes we received. XXXX assured that our initial debt to income level looked good. Later that day we uploaded to their portal all the requested supporting docs that showed our current income, assets, debts, etc. After review, XXXX sent over this email ... ( " Thanks so much! I just went through the uploaded documents and everything looks good! '' ) XXXX later sent over a formal quote with " locked '' rate based on our disclosures. Because of Intelliloan 's competitive offer and a locked in quote, we decided to move forward and order the appraisal to continue to loan approval process. This is where we chiefly fell victim to Intelliloan 's bait and switch tactics because the entire offer completely changed from this point on and this gets to our two main complaints against Intelliloan. First, Our thorough disclosures that were provided to Intelliloan at the start should have been sufficient to provide an accurate " locked '' rate and quote. The initial offer was for a loan rate locked in at 3.625 % on a 30year mortgage. Regrettably, after getting what we thought was an assured offer and locked rate, we stopped communicating with other lenders ( including our own bank ). Again, this is where we fell victim to Intelliloan 's bait and switch because later they would amend their offer to a 4 % rate on the 30yr mortgage. Secondly, our complaint against Intelliloan is due to their lack of addressing our repeated attempts to get a completed appraisal. We paid {$450.00} for the appraisal ( to Intelliloan ) on XX/XX/2019 and appraisal was completed at our home the following week. There were multiple red flags when we reviewed the appraisal report, chiefly that the appraiser had included a " comparable sale '' of a home that was still an active listing on the market ( it was not a sold home ). We made multiple contacts to Intelliloan to get this resolved. Ultimately, we discussed this with XXXX XXXX, Sales Manager, who never would address our specific concerns about an incomplete appraisal that included an active listing as a comparable sale. We were also provided a copy of XXXX XXXX XXXX evaluation of our appraisal which showed that it was a " high risk '' appraisal ... basically showing it was illegitimate and incomplete. We requested a refund of our {$450.00} appraisal fee since they would never get this completed ... and, ultimately, Intelliloan will not return our communications. We have given them sufficient time to respond and make this right, however, we must now file a formal complaint because of their fraudulent practices.

Company response to consumer: Closed with explanation