Lendello Mortgage Ray Ave, Fayetteville

Worst mortgage company out there! First they picked and ordered the appraisal for the home I'm purchasing in NC and gave me a closing disclosure in writing stating the appraisal fee would be $550. Then said the appraisal would only be accepted by an appraiser if the appraisal fee was raised. I specifically asked how much additional it would cost me. They stated over the phone that it wouldn't cost me anything additional because they would pay for the additional cost. When the appraisal came in for more then we needed to borrow, the underwriter Jeffery Jack, who is in Buffalo NY rejected the appraisal because it had 30% in adjustments to account for the 21 acres of land the home sits on, and I quote"how am I supposed to know how much an acre of land is worth, I'm in Buffalo NY and you can buy an acre of land for $1500. I told him "THATS WHY YOU REQUIRED AN APPRAISAL!" The underwriter then stayed that the home would need to appraise for the same amount I wanted to borrow only counting 5 acres of land, and not the 21 acres it actually sits on, because the additional 16 acres "isn't worth anything." And he rejected their own appraisal, and sent me a bill for $900 to cover the appraisal fees. I'll be sending them a check for the $550 in appraisal fees given to me in writing in the closing disclosure as per NC State Real Estate Law, and Lendello can argue with my attorney in court should they chose to do so! Stay away from this company, they can't even seem to abide by the law, let alone common sense! Update; after speaking with the underwriter he agreed that the appraisal was unsatisfactory and did not meet FHA loan requirements and agreed to drop the appraisal fee, and would be looking for a better Appraisal Management Company. Which I appreciate, but it doesn't change the fact that the AMC has costed both the lender, seller, and buyer a lot of waisted time, money, and effort. Or that at the end of the day I am now 4 months into my purchase contract, and still waiting on an appraisal with a new lender...

Wow. The WORST mortgage experience of my life. Wasted thousands of dollars and time on processing a mortgage, only to find that at the very end, 1 week before the closing, they requested a letter for the underwriter that I could not provide, so now my family and I are homeless. You royally screwed us over Lendello. Now I have to speak with a lawyer about getting the money back that was practically stolen during the transaction. What a SCAM!

Absolutely the WORST company you can ever go through. Put us through the ringer for going on three months asking for unnecessary documents a day before closing, putting off our closing date for almost a month. In the end we backed out because it was too much and who knew if we were ever going to close. I would highly recommend going and taking your services ANYWHERE else. Uncommunicative, unprofessional and rude.