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2.8
Updated by user Dec 25, 2016

Here's the response I received from AimLoan:

"We are disappointed to hear about your experience with AimLoan.com. As you stated in your review, the issue we had was that the kitchen in question was not permitted.

Our investor guidelines don't allow for this. AimLoan is in the business to make loans and only is paid if we close the transaction. In our instance the loan simply did not meet guidelines. This isn't something we could have foreseen until an appraisal was obtained which then identified this issue.

"

This response is a perfect example of how AimLoan sidesteps responsibility for their deceptive practices.

As I stated in my review, the problem is NOT with their "investor guidelines" nor their unwillingness to use standard practices to resolve correctable issues. THE PROBLEM IS they do NOT disclose this ahead of time nor the potential consequences to their customers.

Notice how AimLoan changed "Fannie and Freddie guidelines" to "Our investor guidelines" after I called them on their gross misinterpretation of those guidelines. Since they can't blame Fannie and Freddie, they accuse the disgruntled customer of unfair accusations.

The remedy I request is not for me (it's too late); it's for you potential AimLoan customers.

I simply want AimLoan to disclose their "investor guidelines" up front. Customers need to know how AimLoan is different than a local mortgage broker, and what AimLoan is willing and able to do and what they're not. Obviously from AimLoan's response, they feel this is not in their "business" interest. Since my previous post, the offending "kitchen" (i.e.

a two burner electric stove top) was removed and a different appraiser gave our local mortgage broker the green-light. It looks like we'll be closing on time despite AimLoan.

Original review posted by user Dec 07, 2016

If your loan is low risk with no complications, AIM Loans will give you a great loan rate. If not, count yourself lucky if all you experience is a bit of inconvenience.

In my case, they cost me over $60,000. You could fare much worse. The problem is not their criterion for issuing loans. Itโ€™s that they hide it from you.

They let you discover it on your own and accept no responsibility for problems that might arise. At best, they may offer an impractical solution with no willingness to consider workable alternatives. In my case, I chose AIM Loans' 3.25% rate lock over a local mortgage broker's rate of 3.625%. After rates had risen significantly, AIM Loans rejected my loan simply because the appraiser found a two burner electric stove top installed in an outbuilding that could easily be removed.

This building didnโ€™t even contribute to the appraised value of the property. Their only solution to this problem was โ€œfor the city/county to permit the storage/cabana building in its current state (no alterations).โ€ However, this is impossible since the stove top must be removed to comply with local zoning codes as the appraiser pointed out. Several times (both in writing and on the phone) I requested they ask the appraiser to verify the stove top has been removed and provide an โ€œas isโ€ appraisal. The "Home Valuation Code of Conduct" permits such limited communications between lender and appraiser.

If the appraiser was unwilling, AIM Loans could have ordered a new appraisal. Both actions are standard practices. But AIM Loans didnโ€™t even acknowledge my requests. AIM Loansโ€™ goodbye to me included โ€œWe underwrite according to Fannie and Freddie guidelines and they do not allow for unpermitted kitchens.โ€ This is a gross misinterpretation of the guidelines especially in this particular case.

Up to the very end they tried to hide their true intention of not wanting to deal with any complications. In the meantime, the local mortgage brokerโ€™s rate rose to 4.125%. Fortunately he has dealt with issues like this many times in our local area and it wasnโ€™t a problem for him. So why didnโ€™t AIM Loans warn me?

Simple, they donโ€™t want to scare off potential customers.

Just let the process filter out the undesirable ones regardless of the consequences to them. So now youโ€™re forewarned.

Reason of review: deceptive practices.

Preferred solution: Warn customers about your limitations and the potential consequences to them..

Aimloan Pros: Loan originator, Web site, Loan originator was patient and responsive.

Aimloan Cons: Staff, Ethics, Underwriter, Lost over 60000 dollars.

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