Mike Richard



I had recently applied for a rate term refi through a broker friend of mine. We had purchased a 3 bd 2 ba, 2 story home in Folsom in Oct. 2010 which appraised and was purchased for $310k. Since that date we have had a 50yr comp roof installed, 25yr Duration paint job completed, remodeled our downstairs bathroom, roofed our patio cover, installed a 36" house fan, and a gas insert. When Mike Richard showed up he was pleasant, but didn't even ask about upgrades. Any realtor that sells in Folsom will tell you that in the past year prices have gone up due to low inventory. Mike incorrectly valued our home at approx $299k. When I had called him to discuss he politely informed me that though I may have paid him, his client was the lender. By this time my broker was all over it. He had a Folsom realtor pull correct comps supporting our value (remember, we're not taking cash out). The lender agreed and sent the comps to Mike for his review - no change. This lender lost a loan with stellar applicants. Lenders beware.