Secure One Capital Corporation Mortgage Complaint

Secure One Capital Corporation Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker New Jersey

Our house was built -/-/- and it is located in -, -, a town that has been entered onto the National Register of Historic Places pursuant to the National Historic Preservation Act of -/-/-. We purchased our house in -/-/-, and over our 25 years of ownership, our home has been completely renovated to exacting standards consistent with the - - era. I had refinanced my home mortgage loan in -/-/- with Secure One Capital Corporation, - - -, - -, - - ( - ) - -. This refinance was initiated by a " cold call '' suggesting that I refinance at a lower interest rate and that the loan would be structured in such a way that I could receive a cash out from the equity in my home. As is customary in refinancing, our house was appraised and a market value of $440000.00 was established. The appraiser, - -, was selected by Secure One Capital and I paid $550.00 for her appraisal fee. Although a bit unusual, Secure One Capital closed on my loan contingent upon us repairing sections of the house identified by - - as needing repairs. These repairs included adding vinyl siding to sections


as the existing siding was 10 years old and we wanted to maintain the aesthetics and consistency of the exterior of the house. We spent about $20000.00 on those repairs even though we had already closed on the refinance and we could have ignored the agreed upon contingency repairs. Upon closing, Secure One immediately sold the mortgage to -, -, -. Purely on a spec basis, the house was appraised in -/-/- at a value of $480000.00 by - - - ( no fee ). My lender, -, approached me for a refinance -/-/- and had the house appraised at $450000.00 by - - - ( I paid the $550.00 appraisal fee ) and they adjusted my interest rate down and included a minor cash out. - then sold my mortgage to - -/-/- but they continued to service our loan. - was then bought by -, - -, -. I subsequently received another cold call from Secure One -/-/- with an offer to again refinance my mortgage with an interest rate reduction of 1 %. I again paid $550.00 for the appraisal which was conducted by - -, the same person who previously appraised our home for Secure One Capital, this time under the company name of Secure One Capital Corp.--. It was my understanding that lenders/brokers were prohibited through Dodd-Frank from selecting or " steering '' appraisers. After nearly $120000.00 invested in improvements in a - market appreciating at 5.5 % to 9.9 % ( - ), - - appraised the house at $430000.00 or $10000.00 less than she had valued the house - year earlier. After voicing my concern, I no longer heard from anyone from Secure One Capital. -/-/- we then heard from my contact at Secure One, stating that he was in the hospital with stage - - - and he asked if would I consider staying with Secure -. I did, I paid another $550.00 for a second appraisal, and this appraisal came in at $420000.00. This appraiser was employed by - - - ( one of many companies that - - was affiliated with and or owned by Secure One ). As such, the value of our house, appraised by Secure One with over $120000.00 in improvements went from a value of $440000.00 to $420000.00 in under one year, while the house was appraised at $450000.00 and $480000.00 inside of that one year by other appraisal firms.