I recently jumped through many hoops on a loan, paid for an extremely high ($575) appraisal and was waiting for the loan to close. The appraisal supported the value of the home but Flag Star didn't like the appraisal and backed out of the loan at the last minute, leaving me out $575.
and a lot of wasted time. I would advise anyone against using them. Evergreen Mortgage in Eugene, Oregon was the broker and I wouldn't brag on them either.
The brokers should be able to vouch for the lenders that they use. If Flag Star were reputable they would have accepted the independent appraisal, instead they stiffed the borrower with no remorse in doint so.
Product or Service Mentioned: Flagstar Bank Mortgage.