We closed eight days ago, escrow recorded & disbursed three days ago, and the payoff is in NFCU's hot little hands. Or at least it'll be there when they open their doors on Tuesday.
gratifyingly high appraisal of the property caused the lending bank's
underwriting division to ask that we raise our homeowner's insurance. (We're now paying additional premiums to insure the value of a
storage shed, used solar panels, landscaping, and lava-rock walls.) So this appraisal has turned out to be the gift that keeps on giving, or at least until we can get out of the spotlight and return our insurance coverage to the way we want it.
Here's the e-mail we sent to the mortgage processor:
Mr. M's appraisal photos
We got the title company's final HUD-1 and our escrow check today, along with J's confirmation that NFCU will receive their FedEx payoff no later than the 17th without a late fee. Thanks again for handling our refinancing.
Now that escrow is finished, we have a comment on the appraiser's conduct. We know that appraisers are hard to find, especially during busy times, and that this may have been an isolated incident. We're not asking you to do anything. Our comments are just for your information and any action you deem appropriate in the context of his overall performance.
The appraisal took 11 days despite our giving him copies of the home's previous appraisal with all the property's dimensions & floor plans. (We even offered to supply photos.) We think this delayed the closing.
On the 11th day (Saturday morning), he called to ask to shoot a second set of photos. He said that he'd given his camera card (containing our home's photos) to a friend to show them our solar photovoltaic array. The friend had mislaid the card and Mr. M felt that a re-shoot was the quickest way for him to finish the appraisal.
We're not happy that we gave up our privacy for a business reason but ended up having our home's pictures passed around for personal reasons and without our knowledge. We're proud to show off our solar array, and have even had photos in the Honolulu Advertiser and on a number of websites. We would have been happy to do the same for Mr. M had he asked. It seems unprofessional to share our information for personal reasons without even asking for our permission.
We were not comfortable confronting him while he was in a position to affect the refinancing. He readily admitted why he needed to shoot a second set of photos and he didn't even seem to be aware of how his actions would be perceived. It's difficult to discuss these concerns with the appraiser when he's essentially holding the loan approval in his hands.
We've cooled off considerably in the last few weeks, and we're not expecting any answer. It's just good to get past this...