FLAGSTAR BANK ripoff This is the most heinous company you could ever deal with. TROY Michigan
This is the most heinous company you could ever deal with. They review their property appraisals with a management company who deliberately cut the values back so they can screw the borrower.
They don't care about honest appraising and blackball any appraiser who doesn't misrepresent the appraisal to their liking. Call them on their dishonesty and you are thrown off their approved list and are unapprovable as an appraiser. They prefer to use misinformation so they can discriminate and misrepresent. Avoid this company at all cost they are extremely dishonest.
Jerry
dallas, Texas
U.S.A.
2 Updates & Rebuttals
Stacey
Traverse City,Michigan,
U.S.A.
I have used Flagstar bank and they do scam
#3Consumer Comment
Mon, August 29, 2005
We were approved for a mortgage with Flagstar
bank. We found our house and started the
process. Things came up with the house and
decided not to purchase. After telling Flagstar
bank that we decided not to purchase this
particular house, they went ahead with the
appraisal anyways and then charged us $350. We
have refused to pay it and will never deal with
them again.
Bill
Phoenix,Arizona,
U.S.A.
Use better appraisers
#3Consumer Suggestion
Wed, August 24, 2005
I have personally worked with Flagstar Bank as a mortgage broker for 15 years and never had one single appraisal cut or even harshly looked at. The problem is that you are using appraisers who are junk. Choose appraisers who don't overvalue properties and you will have no problems. The issue is with you, not with Flagstar. Quit your bitching.