Countrywide / Nonrefundable $400 Application Fee
On Mar 30, 2009 I spoke with a loan analyst (Corey Brown) and completed an application for a refinance over the phone. At the time of our phone application, it did not occur to me that a refinance loan with 1.5% points was not advisable for individuals looking to sell their homes within 12 months nor did the loan analyst articulate the % definition.
I simply was interested in consolidating our primary mortgage with a HELC. I immediately contacted Mr. Brown and requested that the loan be calculated without points. Once he did, it was determined that there was no financial incentive to refinance at this time. I was told at that time that the $400 application fee was non-refundable. I immediately cancelled the loan application but still got the charge applied to my credit card and received a large package of documents from Countrywide within 7 days of the phone application.
My concern is that if I cancelled the loan application process within 12 hours of the initial quote, where is the $400 charge being spent???? I did not want any paperwork from them, there was no appraisal ordered, there was no out of pocket expense for them (other than the fedex charge to deliver unwanted papers.) This should be illegal!!!
On Apr 2, 2009 I submitted a request on the countrywide website under the messages > send comments section of our loan page. I have yet to hear back from anyone in customer service even though your website clearly states that inquiries will be addressed within 48 hours of receipt.
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