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Review 10/26/2007
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In mid-August 2007 I was contacted by Mr. Merab (NEW WORLD MORTGAGE). He stated that I was pre-approved for a mortgage loan. We decided on a mortgage program that met my needs. He never sent me any HUD documents to review. He said “the appraiser coming to my home would be able to get the value necessary to process the loan and that the cost for the appraisal would be refunded”. The appraiser came to my home and I paid them $625.00 for the appraisal. A week went by with no call from Mr. Merab. So I called him to ask the status. He said the value provided by the appraiser was too low to process the loan. Since, they were not going to process the loan I asked for a refund of the appraisal fee I had paid. This was base on his guaranteed that the appraiser would be able to get the required amount to prcess the loan. He said he would talk to his supervisor and then call me. I contacted Mr. Merab the following day but he did not answer and he did not return my calls. I then contacted the company’s main number and spoke with his supervisor, Mike Ho. During the conversation he said he would talk to Mr. Merab and then talk to his managers about refunding the money paid to the appraiser and he would contact me. I waited two days, but no one from their company contacted me. So I call Mike Ho to find out the status. He said he had “submitted a letter to their refund department” and it would take two weeks to process. I have yet to receive a refund of the appraisal fee. Please beware of the unethical and dishonest business practices of these individuals.
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