ComplaintsforFirst Commonwealth Mortgage Corporation

• Initial Complaint

  12/02/2021

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  When going through the process of refinancing my home, First Commonwealth ordered an appraisal. I made my loan officer aware that I still had some cosmetic finishing to do to the home. They told me those would not be a problem. I paid $555.00 for the appraisal, and afterward, due to fraudulent wording and claims by the ********* company, first Commonwealth said they could no longer process my loan, due to the cosmetic issues they were made aware of beforehand.

  

  Business response

  12/06/2021

    The clients' ********* was paid to *** ********* ******* and I have attached the receipt for the appraisal, which shows the company that collected the monies.   FCM informed the client that a third party does the appraisal, and an independent appraiser gives the results. .  The appraiser listed the home subject to completion; according to the appraiser, the home is "an ongoing new construction state with some cabinets not yet installed, no flooring in the foyer.  Custom wood flooring is ongoing. The fireplace installation is not yet complete, the Kitchen is not yet complete,  no baseboard or trim installation at the time of the appraisal.  No Final inspection of the electric panel was noted; there is a final inspection sticker of the HVAC, but no final inspection of the plumbing noted, and the Bathroom sinks are not installed.  These are far more than "Cosmetic, Repairs."   We are happy to supply the appraisal report to the BBB to review if requested.  First Commonwealth Mortgage cannot lend on the home until all of these items have been completed. The home is the collateral to which we lend, and the home must be completed  as we offer permanent financing.  Please see attachments
  

  Customer response

  12/07/2021

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  [As stated in my original complaint, FCM acknowledged that cosmetic issues would not be a problem. All issues listed by FCM in their response that are not cosmetic, are not true. The appraiser did not visually see an inspection sticker and failed to verify it with the county. They list a fireplace installation that is not complete. There is no actual "fireplace" in the house. It is a bump out in the wall made to look like a fireplace. This is cosmetic. As far as the issue with the house being unfinished cosmetically, it is irrelevant. I am asking for a refinance of 201,000. The ********* listed the land itself as being worth 190,000. The house in its cosmetically unfinished condition is surely worth the remaining 11,000. I should be refunded my ********* fee. ]
  
  Regards,
  
  ****** *******

  

  Business response

  12/08/2021

  Please see page 8 of the 38 of the ********* report attached.  Page 8 list all of the repairs that are required for the home be completed from the appraiser.  Again, First Commonwealth Mortgage did NOT collect the money for the report the ********* management company did.  We cannot refund money we did NOT collect.  We are happy to release the ********* to the client as it is his report.  However, we are unable to lend on the property with the amount of repairs required.  This is not a FCM rule, this is a Fannie and Freddie rule, our hands are tied.  He would need to take a construction loan , permanent financing cannot be granted due to the repairs required on the ********* report.  Please feel free to contact me anytime to discuss at ************.  

  Customer response

  12/09/2021

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  [I had no direct dealings with the ********* company other than setting a time and date. FCM sent me a form to fill out containing my credit card information, they processed the payment to whatever ********* agency they use, therefore they should be the ones to refund my ********* fee if they cannot move forward with the financing after assuring me that cosmetic issues would not be a problem.]
  
  Regards,
  
  ****** *******

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩