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Complaint Details
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Initial Complaint
04/26/2022
- Complaint Type:
- Billing Issues
- Status:
- Answered
At or around March 10 2022, I contacted ****** Morrow, at Home Federal Bank in Minden, Louisiana to be pre-qualified for a loan on a property in Minden. I was pre-approved and proceeded to make an offer on said property. The offer was agreed upon, but the seller breached the contract by removing certain items from the property that were to remain. At this point I backed out of the offer due to this breach of contract. On April 12, 2022, I received an email from ****** Morrow, Home Federal Bank, that I was liable for appraisal fees of $475 and title fees of $175. I was never made aware that I would be responsible for any of these fees, nor did I sign any such agreement. I received one invoice for the appraisal of $475, which is not sufficient as proof of debt. After several emails from Mr. Morrow, pressuring me to pay the invoice, I sent him an email stating that unless he could produce proof of debt, he should not contact me any further in this matter. He proceeded to contact me by email, one more time stating that the invoice was his proof and I should pay. Also, I have not even received a copy of this so called appraisal that I did not order.Business response
06/10/2022
Business Response /* (1000, 10, 2022/05/25) */ Thank you for contacting Home Federal Bank regarding your recent experience of purchasing an investment property dated 3/13/2022. We are sorry your investment property purchase did not work out. Regarding your comment for the appraisal cost of $475, typically, you would receive a copy of the appraisal three business days prior to consummation of your commercial loan. Your counter offer sales contract dated 3/13/2022, indicated the seller would pay up to $350 for your appraisal, if the loan closed. According to Regulation B, we are allowed to require applicants to pay a reasonable fee for the cost of the appraisal. This would have been taken care of at closing, but you chose to back out of the deal. A copy of invoice #XXXXX from ********* Network dated 3/23/22 in the amount of $475 for the appraisal was provided to you. Regarding the title fees cost of $175, we have an email from ******* Law & Title as proof of the $175 title fees cost and could have requested they prepare a formal invoice for your records. Typically for a commercial loan application, Bank staff collects the fees up front prior to ordering services on an applicant's behalf. Although these fees are the applicant's responsibility, the Bank will absorb the cost of these two invoices since you believe you were not made aware. Sincerely, ***** Rounds, CCBCO Compliance Officer CRA Home Federal Bank 222 Florida Street Shreveport, Louisiana XXXXX
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Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.