Consumer complaint received 2022-02-03 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Point Digital Finance, Inc.
State: FL

Complaint narrative:
In the third week of XX/XX/XXXX, I applied for an Equity Investment Agreement loan with Point Digital Finance Inc. I was provided an Option Agreement Estimate based on the company 's Original Agreed Value of my property at {$370000.00} with a equity pay out amount of {$88000.00} prior to closing costs pending an appraisal. Point 's automated valuation models ( AVM ) listed an Appraised Value of {$450000.00}. The property was appraised XX/XX/XXXX. After multiple attempts to inquire on the delay of the appraisal results, the appraisal was submitted to Point on XX/XX/XXXX. The appraisal came back considerably lower than the initial valuation at {$360000.00}. I was informed by Point representative, XXXX XXXX, via email that Point offered the appraiser ( 7 ) seven additional comparable properties in my area for inclusion to the appraisal report to increase my property valuation. The Point representative, XXXX XXXX, informed me the appraiser rejected Point 's request and therefore my application was declined. I acquired another third party appraisal because the initial one was so delayed. I inquired why they did not acquire a second appraisal? I was given no reply. I felt, based on comments by the Point appointed appraiser when on our property, that she may have a XXXX bias and submit a lowball appraisal of our property. I desired to have a comparison valuation to see if my suspicions were valid. A complete and comprehensive appraisal completed XX/XX/XXXX by XXXX XXXX XXXX showed our property value assessed via AVM at {$480000.00}. And that was based on the County Assessor 's square footage of 1215 and not the full 1882 square foot as specified in the Point appraiser 's calculations. A XXXX representative, XXXX XXXX, also performed a detailed onsite inspection and confirmed the property 's value was easily near XXXX XXXX in value. The appraisal completed by the Point contracted XXXX excluded 2 comparable home sales directly across the street from our property whose sales took place within the last 6-7 months. I informed XXXX XXXX of Point of this. I feel the appraiser concentrated her comparable properties to areas that reflect lower sales prices and a XXXX and XXXX demographic as opposed to including properties within a 1-3 mile radius of our property that reflect a higher XXXX demographic and much higher home values/sales. I also feel the Point 's appraiser 's use of the Cost Approach and the replacement value did not reflect the current market rates for construction materials, construction fees, etc. and was severely under valued and a poor reflection of our property and the improvements made therein. I also hold Point culpable, since they refused to perform a second appraisal and denied my application even though they obviously disagreed with the results of the appraisal report they originally contracted for.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation