The opinion of the court was delivered by: (judge Vanaskie)
This is one of several actions brought by purchasers of property in the Pocono Mountain region of Pennsylvania. The plaintiffs in these lawsuits claim they were the victims of a predatory lending scheme aimed at low income, unsophisticated home buyers lured into Pennsylvania by misleading advertisements. The plaintiffs assert claims under the Racketeer Influenced and Corrupt Organizations Act ("RICO" or "Racketeering Act"), 18 U.S.C. §§ 1961-1968, and violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law ("UTPCPL"), 73 P.S. §§ 201-1 to -9.3. These actions are brought against three categories of defendants: (1) the developers who sold the properties and arranged for financing;*fn1 (2) the parties who appraised the properties; and (3) the lending institutions that provided the financing.*fn2
In this action, all three (3) categories of defendants move for summary judgment against all seven (7) plaintiffs. Defendants' motions will be granted as to all Plaintiffs with the exception of Almus and Marilyn Wilson. As to the Wilsons' claims, the Lender Defendants' motions will be granted, but the Developer and Appraiser Defendants' motions will be granted only in part. Finally, the Lender Defendant's motion for summary judgment on its counterclaim against Plaintiff Natalie Wilson will be granted.
On August 6, 2004, seven (7) individuals, claiming to be victims of an alleged predatory lending scheme, filed this action against twenty-seven (27) defendants. (Dkt. Entry 1.) The Plaintiffs, Almus and Marilyn Wilson, Charmaine Cooper, Marco and Maria Yagual, and Rayon McLean and Natalie Wilson, purchased four (4) different properties in the Pocono Mountain Region of Pennsylvania. The three groups of Defendants in this case are as follows: (1) the PK Defendants -- the developers who sold the properties and arranged for their financing;*fn3 (2) Lisa Marie's Appraisal Service, Inc. and Lisa Marie Gibson (sometimes referred to collectively as "Lisa Gibson"), and Jenny Centrella -- the parties who appraised three of the four properties at issue in this case; and (3) Bankers First Mortgage Inc. and Bankers 1st Mortgage Co., ("Bankers First"), New Century Mortgage Corporation ("New Century"), Ocwen Federal Bank ("Ocwen"), Firstar Bank, N.A. ("Firstar"), Keystone Financial Mortgage ("Keystone"), Bank of America Mortgage ("Bank of America"), Irwin Mortgage Corporation d/b/a IFC Mortgage Corp. and Irwin Mortgage Corporation ("collectively known as the "IMC Defendants"), IndyMac Bank ("IndyMac"), Bank One, N.A. ("Bank One"), and West Coast Realty Services, Inc. ("West Coast") -- the lending institutions. In response to Plaintiffs' complaint, the majority of Defendants filed Motions to Dismiss.*fn4
On February 7, 2006, this Court granted in part and denied in part Defendants' Motions to Dismiss. (Dkt. Entry 104.) Specifically, this Court declined to dismiss the first three counts of the Complaint, which asserted RICO claims. Lisa Gibson's Motion to Dismiss was denied for failure to file a supporting memorandum of law. As to the claims under the UTPCPL (Counts Five, Six, Seven and Twelve), the Court denied the PK Defendants' Motion to Dismiss,*fn5 but granted the Lender Defendants' Motion to Dismiss Counts Five and Six and dismissed Plaintiffs' claims under the UTPCPL against the Lender Defendants without prejudice. The Court granted Defendant Bank One's Motion to Dismiss under the Home Ownership and Equity Protection Act ("HOEPA"), 15 U.S.C. §§ 1639, et seq.*fn6 Plaintiffs' claims under the Real Estate Settlement and Procedures Act ("RESPA"), 12 U.S.C. §§ 2601, et seq. (Counts Nine and Ten), were dismissed without prejudice, affording Plaintiffs leave to amend.*fn7 Finally, the Court dismissed with prejudice Plaintiffs' claim of negligent misrepresentations against all Defendants.*fn8
On June 15 and 16, 2006, Bank One and Indymac filed Motions for Judgment on the Pleadings. (Dkt. Entries 147, 148.) The Court granted both Motions and dismissed Bank One and IndyMac. (Dkt. Entry 221.) In addition to Motions for Judgment on the Pleadings, the following activity occurred after the Court resolved Defendants' Motions to Dismiss: Defendant West Coast was dismissed for Plaintiffs' failure to effectuate service of process (Dkt. Entry 136); Defendant Bankers First was dismissed because Plaintiffs did not file an Amended Complaint with respect to Counts Five, Six, Nine and Ten -- thus Bankers First was no longer included in the case (Dkt. Entry 135); Plaintiff Charmaine Cooper agreed to the dismissal of Bank of America (Dkt. Entry 178); the PK Defendants agreed to dismiss without prejudice their cross-claim against IndyMac (Dkt. Entry 197); and Defendant New Century Mortgage Corporation filed a Suggestion of Bankruptcy, thus staying this litigation as to it. (Dkt. Entry 228.)
As a result of pretrial rulings and voluntary dismissal of parties and claims, the following are the extant claims of each group of Plaintiffs: Rayon McLean and Natalie Wilson have RICO and UTPCPL claims against the PK Defendants and Lisa Gibson. Almus and Marilyn Wilson have RICO and UTPCPL claims against the PK Defendants and Lisa Gibson, as well as a RICO conspiracy claim against Firstar and Ocwen. Marco and Maria Yagual have RICO and UTPCPL claims against the PK Defendants as well as a RICO conspiracy claim against the IMC Defendants. Finally, Charmaine Cooper has RICO and UTPCPL claims against the PK Defendants and Jenny Centrella, as well as a RICO conspiracy claim against M&T Bank.
Following discovery, the remaining Defendants moved for summary judgment. Additionally, Defendant IndyMac has filed a Motion for Summary Judgment on its Counterclaim against Natalie Wilson. (Dkt. Entry 287.) The motions have been fully briefed and are now ripe for resolution.
Because the seven (7) Plaintiffs in this case purchased four (4) different properties and obtained their financing and appraisals from different entities, the factual background of each property and the parties involved will be set forth separately.*fn9
A. Natalie Wilson and Rayon McLean
After reading advertisements in New York City newspapers and a booklet provided by Harmon Homes, Plaintiffs Natalie Wilson and Rayon McLean traveled to the Pocono Mountain region of Pennsylvania to investigate the homes for sale. (PK Defs.' App. Mem. Supp. Summ. J. Re: Wilson & McLean, Dkt. Entries 181-3 to -4, at 156a, 246a-247a.) Thereafter, following several telephone conversations and additional visits to Pennsylvania, Ms. Wilson selected Lot 9 in Orchard View Estates, Monroe County, and executed an agreement for the purchase of this property from Eagle Valley Homes. (Id. at 117a, 118a.)
Ms. Wilson made a down payment on her home in two separate installments: $2,000 on July 2, 2000 (id. at 124a), and $8,000 on July 14, 2000. (Id. at 125a-126a.) On July 16, 2000, Ms. Wilson paid for an appraisal and credit report, and also signed a mortgage application, authorizing Nations 1st Mortgage Co. to obtain financing for her home.*fn10 (Id. at 124a, 126a.) It is disputed whether the PK Defendants disclosed to Ms. Wilson and Mr. McLean that they owned and controlled Nations 1st Mortgage Co.*fn11 (Id. at 148a.)
Ms. Wilson and Mr. McLeans' attempt to secure financing to construct a home ultimately failed when Nations 1st Mortgage Co. could not obtain a lender. As a result, Ms. Wilson and Mr. McLean wanted to withdraw their deposit, but Nations 1st Mortgage Co. allegedly insisted on keeping the deposit and purportedly coerced Ms. Wilson and Mr. McLean into purchasing an already constructed home on Lot 8 in Mountain Terrace. (Id. at 207a-208a.)*fn12
After Ms. Wilson decided to purchase Lot 8 in Mountain Terrace, Nations 1st Mortgage Co. obtained two mortgages for her, the first mortgage from IndyMac Bank in the amount of $188,000 and the second mortgage from Bank One in the amount of $47,000. (PK Defs.' App. Mem. Supp. Summ. J. Re: Wilson & McLean, at 132a-135a.) The PK Defendants allegedly advised Ms. Wilson and Mr. McLean that the assistance of an attorney at the closing would not be necessary.*fn13 (Id. at 227a.)
Ms. Wilson executed the mortgage agreements on September 11, 2000, and September 14, 2000, respectively. (PK Defs.' App. Mem. Supp. Summ. J. Re: Wilson & McLean, at 132a-135a.) At the closing of the second mortgage with Bank One, Ms. Wilson had insufficient funds to close, so the PK Defendants lent her an additional $2,598.65 to cover the difference between her loans and the total costs (including closing costs).*fn14 (Id. at 136a.)
As part of the loan application process, Lisa Marie Appraisal Service appraised Ms. Wilson's property on August 7, 2000, at $235,000, and subsequently submitted the appraisal to IndyMac Bank.*fn15 (Id. at 137a-146a.) Ms. Wilson and Mr. McLean assert that the appraisal proved problematic because it listed the acreage and square footage of the structure incorrectly, and included a non-existent hood range, fire place, refrigerator, washer and dryer. (Id. at 148a.) In 2003, after seeing a copy of their appraisal, (id. at 147a), Ms. Wilson and Mr. McLean felt the appraisal was wrong and purportedly commissioned an appraisal of their property.
Thomas Hill, the Chief County Assessor for the Monroe County Assessor's Office, relying on an equalized property value from the year 1989, valued Ms. Wilson and Mr. McLeans' property at $139,132. (PK Defs.' App. Mem. Supp. Mot. Summ. J. (Aff. Hill ¶ 8.), Dkt. Entry 181-4, at 232a.) The appraisal commissioned by Ms. Wilson and Mr. McLean purportedly valued the property at $175,000. Ms. Wilson and Mr. McLean have not included the latter appraisal in the record or indicated by whom it was performed. IndyMac Bank also hired an appraiser, who conducted a review appraisal of Lisa Marie Service's original appraisal. The IndyMac appraiser concluded that the accurate value of the property in August of 2000 was $233,000. (Id. at 149a-153a.) Finally, the PK Defendants allegedly conducted another appraisal which valued the property as of January of 2004 at $258,000.*fn16 (PK Defs.' Mem. Supp. Motion Summ. J. Re: Wilson & McLean, Dkt. Entry 181, at 4.)
Mr. McLean experienced financial hardships after September 11, 2001, when the barbershop where Mr. McLean worked raised the price on the chairs he rented. (PK Defs.' App. Mem. Supp. of Summ. J. Re: Wilson & McLean, at 154a-157a, 242a-245a.) Mr. McLean then switched his employment and drove trucks for several different companies. (Id. at 241a-242a.) Meanwhile, Ms. Wilson and Mr. McLean received financial assistance from charitable organizations such as the American Red Cross and Salvation Army in the amounts of $3,312.78 and $1,638.48. (Id. at 249a.) Finally, when Ms. Wilson and Mr. McLean could no longer afford the mortgage payments on their home, they attempted to refinance, but to no avail. (Id. at 224a.)
Ms. Wilson and Mr. McLean claim that, because the actual worth of their home was substantially less than its initial appraised value (the alleged inflated appraisal), they were unable to refinance their home. (Id.) No corroborative evidence for this assertion has been supplied. Ms. Wilson and Mr. McLean filed applications for the Emergency Mortgage Assistance Program with the Pennsylvania Housing Finance Agency, but were denied. (Id. at 190a, 191a; PK Defs.' Mem. Supp. Mot. Summ. J. Re: Wilson & McLean, at 5.) They then decided to bring this law suit. At the time of the commencement of this litigation, Ms. Wilson and Mr. McLean had halted mortgage payments and IndyMac Bank had instituted a foreclosure action on the property. (Id. at 184a-187.)
B. Almus Wilson and Marilyn Wilson
In the Spring of 1999, Almus Wilson and his wife, Marilyn Wilson, after reading advertisements similar to those read by Mr. McLean and Ms. Wilson, traveled from their home in Queens Village, New York to visit Eagle Valley Homes in the Pocono Mountains of Pennsylvania. (PK Defs.' App. Mem. Supp. Mot. Summ J. Re: Wilsons, Dkt. Entry 240-5, at 198a-200a.) Following the visit, the Wilsons and Eagle Valley Homes exchanged several phone calls, discussing the potential purchase of a home. (Id. at 205a.) On June 20, 1999, the Wilsons executed an Agreement for the Sale of Real Estate for Lot #503 in Candlewood Estates, Tunkhannock Township, Monroe County, Pennsylvania, for the amount of $184,900.*fn17
(Sale of Real Estate Agreement, Dkt. Entry 240-3, at 116a-b.) The Wilsons made an initial down payment of $6,000 and paid an additional $1,000 on July 7, 1999. (PK Defs.' App. Mem. Supp. Mot. Summ J. Re: Wilsons, Dkt. Entry 240-6, at 293a-294a.)
On July 6, 1999, the Wilsons filled out a Uniform Residential Loan Application for $165,600 in order to secure financing for their home. (PK Defs.' App. Mem. Supp. Mot. Summ J. Re: Wilsons, Dkt. Entry 240-3, at 122a-123a.) The next day, the Wilsons received a Good Faith Estimate from Eagle Mountain Mortgage Co., estimating their monthly payments at $1,623.99.*fn18 (PK Defs.' App. Mem. Supp. Mot. Summ J. Re: Wilsons., Dkt. Entry 240-4, at 124a.) As part of the loan process, Lisa Marie Appraisal Service, Inc. performed an appraisal of the property and newly constructed home on July 15, 1999, assessing a value of $195,000. (Id. at 125a-134a.)
At the closing on August 4, 1999, the Wilsons signed a Note and Mortgage Agreement in favor of New Century Mortgage Corp. in the amount of $166,140 at an 8.95% annual interest rate.*fn19 (Id. at 143a-152a.) The Wilsons also signed a Prepayment Rider Adjustable Rate Loan and an Adjustable Rate Rider Addendum. (Id. at 153a-154a.) When the financing came up short, the PK Defendants lent the Wilsons $9,200 to cover the remaining costs. (Id. at 142a-143a.)
The Wilsons, at an unspecified date, went to the Monroe County Tax Assessor's Office, and saw that their property was valued at $117,889.*fn20 (Pls.' App. D, Dkt. Entry 250, at 111.) The Wilsons commissioned Charles Roth to conduct an appraisal. In a report dated May 16, 2001, Mr. Roth valued the Wilsons' property at $150,000, some $35,000 less than they had paid for it. (Id. at 123-134.) Ocwen Realty Advisors also solicited Nasser Appraisal Service, Inc. to perform an appraisal of the Wilsons' property. Nasser Appraisal Service, Inc. valued the Wilsons' property at $140,000 as of February 22, 2002.*fn21 (Id. at 112-114.)
On August 12, 1999, New Century assigned the Wilsons' loan to Defendant Firstar.*fn22
(Ex. H, Dkt. Entry 235-4, ¶ 7.) On August 1, 2001, New Century transferred the servicing rights on the Wilsons' loan to Defendant Ocwen. (Ex. S, Dkt. Entry 235-7, at 6.) There is no dispute that Ocwen was not involved in the marketing of property or financing the transaction. (Ex. F, Dkt. Entry 235-3, ¶¶ 12-16.)
As noted above, the Commonwealth of Pennsylvania conducted an investigation of the appraisals performed by Lisa Gibson. (Consent Agreement, Dkt Entry 249, at 84-106.) The investigation focused on three properties appraised by Lisa Gibson, one of which was the property bought by Almus and Marilyn Wilson. As a result of its investigation, the Commonwealth initiated a proceeding against Lisa Gibson before the State Board of Certified Real Estate Appraisers. The action ultimately settled when the parties reached an agreement, resulting in the assessment of a $3,000 penalty, the costs of investigation, and a twelve month suspension followed by a period of probation. In the agreement, Lisa Gibson (identified as the Respondent) made the following admissions:
d. Respondent represented that the land use described neighborhood at the time of the appraisals was 100% one family use.
e. Contrary to Respondent's representations, more than half the Township of Tunkhannock is dedicated to Open Space-Wetlands (OSW) and there are also small retail businesses, hospitality, a service station, etc., and the Pocono Raceway in close proximity . . . .
f. Respondent's representations concerning the Candlewood Court, Estates Drive and Candlewood Estates*fn23 neighborhood boundaries were unreasonably broad . . . .
i. In the neighborhood sections of the Candlewood Court and Estates Drive Appraisals, Respondent represented that the single-family housing values in the neighborhood ranged from a low of $60,000 to a high of $250,000 with a predominant value of $150,000.
k. The true low sales price in the neighborhood (i.e., Tunkhannock Township) during the one (1) year period preceding the effective dates of the Candlewood Court and Estates Drive Appraisals was $18,500.
l. The true high sales prices in the neighborhood (i.e., Tunkhannock Township) during the one (1) year period preceding the effective dates of the Candlewood Court and Estates Drive Appraisals was $203,000.
q. Respondent's representations concerning the low, high and predominant sales prices of single-family housing in the Candlewood Court and Estates Drive Property neighborhoods during the one (1) year preceding the effective dates of the Candlewood Court and Estates Drive Appraisals were not supported.
v. In the Sales Comparison Approaches to the Candlewood Court, Estates Drive, and Candlewood Estates Appraisals, Respondent utilized properties of questionable comparability and/or Respondent failed to properly adjust the sales prices to accurately reflect the strengths and weaknesses of the comparable sale properties.
x. In each of the Candlewood Court, Estates Drive, and Candlewood Estate Appraisals, Respondent reported the sales price of Comp 2 to be $195,000.
y. Contrary to Respondent's representations Comp 2 actually sold for $174,500. (Consent Agreement, ¶ 4.) Lisa Gibson adopted these findings in ¶ 12 of the Agreement, when she verified "that the facts and statements set forth in this Agreement are true and correct to the best of Respondent's knowledge, information and belief."*fn24 (Id. ¶ 12.)
In a separate action, the Pennsylvania Attorney General's office initiated a criminal suit against Annette M. Peterson, owner of Mountain Valley Abstract. During the ensuing trial, Dana Kleintop, a former employee of Eagle Valley Homes and Eagle Valley Mortgage, testified to the manner in which the PK Defendants conducted their business affairs. Ms. Kleintop testified that the PK Defendants were "using an inflated appraisal for $200,000 when the house was truly being purchased for $180,000," falsifying sales agreements and other documents, inflating sale prices, and using the HUD-1 Statements to cover the fact that the borrowers did not have down payments.*fn25 (Kleintop Dep., Dkt Entry 255, at 307, 311.)
On March 23, 2006, Defendants Parisi and Kishbaugh signed a Consent Petition to resolve criminal charges filed against them by the Office of Attorney General, Bureau of Criminal Prosecutions. (Pls.' App. F, Dkt. Entry 246, at 244.) In the agreement, the PK Defendants agreed to refrain from violating certain provisions of the Pennsylvania Consumer Protection Law, the Federal Truth in Lending Act, 15 U.S.C. §§ 1601-1605, and Regulation "Z", 12 C.F.R. 226, et seq. Defendants Parisi and Kishbaugh agreed to be permanently enjoined from any business activity as a mortgage banker, mortgage broker, or mortgage salesperson in Pennsylvania. (Id. at 246.)
Parisi also agreed to remit to the Commonwealth of Pennsylvania the sum of $1,000,000 in restitution, penalties and costs, and pay $750,000 to the Commonwealth of Pennsylvania to be used to create a consumer restitution fund for the forty-one (41) consumers who filed complaints against the PK Defendants. (Id. at 248.) One criterion guiding disbursements from the fund was "the amount of any 'bona fide' disparity between the appraisal originally obtained when buying/building a home and a subsequent appraisal by a Pennsylvania licensed appraiser." (Id.) The Consent Petition anticipated that Parisi would enter a plea of "nolo contendere" to one count of forgery, and Kishbaugh would enter a plea of nolo contendere to one count of securing execution of documents by deception. (Id. at 250-251.) The PK Defendants entered this agreement without any admission of wrongdoing. (Id.)
C. Marco and Maria Yagual
Marco and Maria Yagual, similar to the other Plaintiffs, read several advertisements circulated in publications near their home in New Jersey listing homes and properties for sale by the PK Defendants. The Yaguals then decided to travel to the Pocono Mountain Region of Pennsylvania to see the properties and tour the homes. After several phone calls and meetings with the PK Defendants, on August 12, 2001, Mr. Yagual entered into a sales agreement to purchase Lot #42, Terrace Drive, Mt. Terrace Estates, Chestnuthill, Pennsylvania for the price of $44,000. (PK Defs.' App. Mem. Supp. Mot. Summ J. Re: Yaguals, Dkt. Entry 223-2, at 116a.) On that same day, Mr. Yagual executed a purchase order for the construction of a two-story home in the amount of $158,000. (Id. at 117a-118a.) Mr. Yagual stated that he was not subjected to any excessive sales pressure by the PK Defendants in purchasing his home. (Id. at 166a.) He also signed an Affiliation Disclosure form acknowledging the common owner of Eagle Valley Homes, Inc., P&K Developers, and Nations 1st Mortgage Company. (Id. at 216a.)
The Yagauls made a $40,000 down payment to Eagle Valley Homes and P&K Developers, Inc., (id. at 165a), and later, on August 12, 2001, executed a series of documents with Nations 1st Mortgage Company, which included a Borrower's Certification and Authorization, Mortgage Broker Fee Agreement, Servicing Disclosure Statement, Internal Revenue Form 4506, Borrower's Certification and Acknowledgment, Mortgage Loan Origination Agreement, Notice of Applicant Right to Receive Copy of Appraisal Report, Housing Financial Discrimination Act of 1977 Fair Lending Notice, and Disclosure Notices. (Irwin's Statement of Facts, Dkt. Entry 218, ¶ 4.)
On September 9, 2001, Mr. Yagual signed a Good Faith Estimate procured by Nations 1st Mortgage Company for a mortgage in the amount of $178,269 with an annual interest rate of 9%. (PK Defs.' App. Mem. Supp. Mot. Summ J. Re: Yaguals, Dkt. Entry 223-4, at 139a; Yaguals' Statement of Facts, Dkt. Entry 238, ¶ 9.) The estimated monthly interest payment was $1,905.39. (Id.) On November 8, 2001, Nations 1st Mortgage Company prepared another Good Faith Estimate, which included Mr. Yagual's down payment of $40,000, for a mortgage of $170,500 at an interest rate of 8.25% and a monthly payment of $1,607.33.*fn26 (PK Defs.' App. Mem. Supp. Mot. Summ J. Re: Yaguals, Dkt. Entry 223-4, at 140a; Ex. F, Dkt. Entry 219.) These estimates were based on an appraisal performed by Stan Cheslock of NEPA Appraisal Services on August 17, 2001, valuing the Yaguals' property and home at $206,000.*fn27 (Id. at 125a-137a.)
The closing took place on December 14, 2001, at which Mr. Yagual executed a Note in favor of IMC Mortgage in the amount of $170,500 with an interest rate of 8.25% and a monthly payment of $1280.91, and a mortgage on the property in favor of IMC Mortgage. (Exs. G, H & I, Dkt. Entry 220.) Mr. Yagual asked whether he would need an attorney and was told he would not. (PK Defs.' App. Mem. Supp. Mot. Summ J. Re: Yaguals, Dkt. Entry 223-5, at 220a.) Mr. Yagual also received a Notice of Assignment and a Notice of Sale or Transfer of Servicing Rights from IFC Mortgage to Irwin Mortgage Corporation. (Irwin's Statement of Facts, ¶ 9.)
Shortly after the closing, the Yaguals received their 2002 tax notice, which increased due to the improvements on their property. As a result, the Yaguals allegedly contacted the Monroe County Assessment Office, who had valued their property at $129,948 for tax purposes. Suspecting some type of fraud, the Yaguals allegedly commissioned independent appraiser Scott Evans, who appraised their property at $177,000 as of June 16, 2003.*fn28 (Ex. N, Dkt. Entry 220, at 58-59.)
The Yaguals filed a complaint with the Pennsylvania Attorney General's Office, Bureau of Consumer Protection. The PK Defendants, as indicated in the Wilsons' case, negotiated a Consent Petition with the Attorney General in which, inter alia, they pleaded "nolo contendere" to the counts of fraud against them.
In 2002, Mr. Yagual acquired employment as a longshoreman making $16 per hour. (PK Defs. App. Mem. Mot. Summ J. Re: Yaguals, at 169a.) That same year, he halted his mortgage payments. The following year, Mr. Yagual applied on two different occasions for assistance from the Pennsylvania Housing Finance Agency, (id. at 171a-176a), but was denied on both occasions because he was not suffering financial hardship as required by the agency guidelines. (Id. at 173a, 176a.) Mr. Yagual brought this action on August 8, 2004, and subsequently conveyed title of the property to his wife in 2005. (Ex. J, Dkt. Entry 220, at 45.)
After reading advertisements in the New York Dally News of homes for sale, Plaintiff Charmaine Cooper became interested in owning her own home. (Cooper Dep., Dkt. Entry 269-5, at 22.) Ms. Cooper then decided to travel to the Pocono Region of Pennsylvania to explore the possibility of purchasing a home. (PK Defs.' App. Supp. Mot. Summ. J. Re: Cooper, Dkt. Entry 281-6, at 290a.) She looked at homes owned by LTS, a real estate company in the area, but decided against purchasing from it. (Id. at 290a-291a.) Later, Ms. Cooper contacted Eagle Valley Homes and, after receiving a promotional video and printed materials, scheduled an appointment to view its homes. (Id. at 293a.)
On January 16, 1999, after viewing several homes owned by Eagle Valley Homes, Ms. Cooper agreed to purchase Lot 501, Candlewood Estates, located in Tunkhannock Township, Monroe County, Pennsylvania. (Cooper's Statement of Facts, Dkt. Entry 285, ¶ 1.) She executed an Agreement of Sale for Real Estate with Steve Parisi and Donald Kishbaugh in the amount of $29,500. (Id. at ¶ 2.) On February 27, 2009, Ms. Cooper signed a Construction Agreement with Eagle Valley Homes for $165,500. (PK Defs.' App. Supp. Mot. Summ. J. Re: Cooper, Dkt. Entry 281-3, at 118a-119a.)
Ms. Cooper applied for financing with Bankers First. (M&T's Statement of Facts, Dkt. Entry 267, at ¶ 2.) Bankers First, in response, provided Ms. Cooper with two Good Faith Estimates regarding a potential mortgage, which disclosed an estimated loan amount of $185,000, an interest rate of 7.75%, and a total monthly payment of $1,670.61. (PK Defs.' App. Supp. Mot. Summ. J. Re: Cooper, Dkt. Entry 281-3, at 125a-126a.) The Good Faith Estimates, dated February 23, 1999, advised Ms. Cooper of her obligation to pay real estate taxes as well as premiums for private mortgage and hazard insurance. (Id.) The PK Defendants do not operate or manage Bankers First. (Id. at 320a.)
As part of the loan process, Jenny Centrella, a Pennsylvania licensed real estate appraiser, performed an appraisal on Ms. Cooper's property for Bankers First.*fn29 (Jenny Centrella's Statement of Facts, Dkt. Entry 258-2, ¶ 8.) Ms. Centrella priced Ms. Cooper's property at $197,500 as of March 3, 1999. (Id. at ¶ ...