Consumer complaint received 2020-06-26 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: GUARANTEED RATE INC.
State: NC

Complaint narrative:
ON XX/XX/XXXX, I APPLIED FOR A REFINANCE OF A 3 UNIT APT BUILDING WE OWN. I REACHED OUT TO GUARANTEED RATE MORTGAGE AND SPOKE TO MORTGAGE BROKER XXXX XXXX. I SUBMITTED ALL THE DOCUMENTATION ( PAYSTUBS, TAX RETURNS, INSURANCE POLICIES, ETC ). 

XXXX SENT ME A REQUEST FOR A {$500.00} CREDIT CARD PMT TO HAVE THE PROPERTY APPRAISAL COMPLETED. I PAID THIS ON XX/XX/XXXX. I DIDN'T RECEIVE ANY WORD FROM THEM ABOUT WHEN THE APPRAISAL WOULD TAKE PLACE. 

I EMAILED HER AND HER ASSISTANT XXXX XXXX A NUMBER OF TIMES. NO RESPONSE. 

I ASKED TWICE HOW WOULD THE APPRAISER DO HIS APPRAISAL IF THEY DIDN'T CONTACT ME TO LET THEM IN TO SEE PROPERTY AND TAKE PICTURES. AGAIN, NO RESPONSE. 

ON XX/XX/XXXX I RECEIVED AN EMAIL FROM XXXX SAYING THAT THE APPRAISAL WAS ORDERED AND AN APPRAISER WOULD BE IN CONTACT WITH ME. THIS WAS TO TAKE ABOUT A WEEK. 

ON XX/XX/XXXX XXXX TOLD ME THAT ALL THE PAPERWORK NEEDED WAS COMPLETED AND THAT ALL THEY WERE WAITING ON WAS THE APPRAISAL. 

TWO WEEKS GO BY. NO WORD FROM APPRAISER OR GUARANTEED RATE. 

I EMAIL XXXX ON XX/XX/XXXX ASKING WHY THE APPRAISAL WAS NOT DONE YET? ABOUT AN HOUR LATER AN APPRAISER CALLS ME TO SET UP TO SEE BUILDING. HIS NAME IS XXXX. HE SAYS HE WAS JUST ASKED ABOUT DOING THE APPRAISAL A FEW MINUTES AGO. THIS MEANS ALMOST A MONTH WENT BY BEFORE AN APPRAISER WAS ASSIGNED. I WAS TOLD BY XXXX THAT GUARANTEED RATE DID NOT WANT TO PAY THE HIGHER FEE CHARGED BY A PROFESSIONAL COMMERCIAL PROPERTY APPRAISER AND THAT SINCE THEY COULDN'T FIND A PROFESSIONAL COMMERCIAL APARTMENT APPRAISER IN GUARANTEED RATE 'S NORMAL CIRCLE OF APPRAISERS THAT WOULD DO IT FOR LESS THAN {$850.00}. ONLY PAID {$500.00} I WAS TOLD BY XXXX THAT HE JUST RECEIVED THE APPRAISAL REQUEST THAT MORNING THROUGH A COMPANY CALLED " XXXX. '' - AN APPRAISER LEAD AGGREGATOR. 

I CONTACTED XXXX ON THE SAME DAY XX/XX/XXXX, AND SHE SAID THEY WERE HAVING A PROBLEM FINDING COMPARABLE 3 UNIT PROPERTIES TO COME UP WITH A VALUE. SHE DIDNT TELL ME THIS UNTIL AFTER I ASKED IF THE APPRAISAL WAS DONE. 


ON XX/XX/XXXX I RECEIVED AN EMAIL FROM XXXX SAYING " WE HAVEN'T HEARD FROM YOU IN A WHILE ... '' AND ASKING ME TO UPLOAD MY PAY STUBS, BANK STMTS, ETC. THIS WAS ALREADY DONE. I ASKED WHAT WAS UP? SHE SAID " IT WAS AN AUTOMATED EMAIL '' (? ) SEEMED UNPROFESSIONAL. 

APPRAISER COMES OUT ON XXXX TO LOOK AT PROPERTY AND TAKE PICTURES. HE SAYS IT WAS THE NICEST APARTMENT BUILDING HE HAD SEEN. HE SAID MANY APARTMENT OWNERS DO NOT TAKE CARE OF THEM AND HE WAS VERY IMPRESSED. ( THIS IS MUCH MORE PRAISE THAN I HAVE EVER HEARD FROM AN APPRAISER IN THE PAST. 

TEN DAYS ( XX/XX/XXXX ) GO BY. NO WORD ON APPRAISAL. I REACH OUT TO XXXX TO SEE WHATS UP. NO RESPONSE. 

HE EMAILS ON XX/XX/XXXX AND HE ASKS ME QUESTIONS THAT EITHER HE OR XXXX SHOULD HAVE ALREADY ASKED ME LIKE HOW MUCH WERE THE LEASES FOR, WHEN THEY WERE SIGNED, ETC. I TELL HIM. I TEXT HIM LATER THAT DAY AND ASK HIM WHEN WE CAN EXPECT APPRAISAL. HE SAYS ITS DONE. I CHECK WITH XXXX. NO WORD. 45 DAYS HAVE GONE BY AND THEY ARE JUST NOW GETTING APPRAISAL. 

ON XX/XX/XXXX I ASK XXXX FOR AN APPRAISAL UPDATE. LATER THAT DAY SHE SENDS APPRAISAL. NO EXPLANATION OR FOLLOW UP. 

IN XXXX THE BUILDING APPRAISED FOR XXXX BEFORE SEVERAL IMPROVEMENTS MADE AND MARKET PRICE INCREASES SINCE THE DEPRESSION OF XXXX. 

THIS APPRAISAL CAME IN AT {$97000.00}. I HAVE HAD OFFERS IN EXCESS OF {$200000.00} WHICH IS WHAT I EXPECTED IT TO APPRAISE FOR. I TELL XXXX AND XXXX THERE HAS BEEN A HUGE MISTAKE BECAUSE THEY USED A NORMAL HOME APPRAISER TO APPRAISE AN APARTMENT BUILDING. GUARANTEED UNDERCHARGED OR UNDERESTIMATED THE COST OF WHAT IT WOULD ACTUALLY COST TO DO A PROFESSIONAL APARTMENT BUILDING APPRAISAL AND WAS NOT WILLING TO SPEND THE HIGHER AMOUNT TO GET THE JOB DONE CORRECTLY. 

I SENT THE XXXX APPRAISAL TO GUARANTEED RATE SHOWING THEM THAT THE VALUE WAS HIGHER THEN AND HAS ONLY GONE UP CONSIDERABLY SINCE THEN. I HAVE EMAILED AND CALLED THEM SINCE THEN ASKING FOR AN EXPLANATION OF WHAT THEY WERE GOING TO DO TO REMEDY THIS MISTAKE. THEY HAVE NOT RESPONDED WHATSOVEVER TO ANY EMAILS OR CALLS. THE LOAN STILL SHOWS AS OPEN AND IN PROCESS BUT I HAVE HAD NO COMMUNICATION SINCE XX/XX/XXXX. 

I WANT A REFUND OF THE FEES I PAID FOR THE APPRAISAL BECAUSE OF THE RUDE AND UNPROFESSIONAL WAY THAT THIS WHOLE APPRAISAL PROCESS WAS MISMANAGED BY GUARANTEED RATE.

Company response to consumer: Closed with explanation