[Deserted]

HLS, I must disagree.

The Federal Good Faith Estimate form was specifically enacted into law to prevent the exact “bait and switch” tactic that B of A attempted to perpetrate in my case.

Although “estimates” for such items as title insurance, overpayments (or underpayments) on the prior loan due to the timing of the closing, and other costs not under the control of the lender are obviously “estimates”, the financial terms of the lender must be accurate.

Once one applies for a new mortgage and one’s credit is run, pretty much forget about going to another source for a loan. So you are locked in with the lender and they know it. The Federal law enacting the Good Faith Estimate was a small battle won against the banking industry. I guess their lobbyists were on vacation that week.

And I wouldn’t gloat about mortgage brokers being exempt from this same behavior. I helped a friend review her her re-fi about 2 years ago where the mortgage broker tried to rip her off for about 2 points. In fact, I went to B of A because I had an excellent mortgage experience with them 5 years ago. I guess TARP has caused them to WARP.

[Deserted]

HLS, I must disagree.

The Federal Good Faith Estimate form was specifically enacted into law to prevent the exact “bait and switch” tactic that B of A attempted to perpetrate in my case.

Although “estimates” for such items as title insurance, overpayments (or underpayments) on the prior loan due to the timing of the closing, and other costs not under the control of the lender are obviously “estimates”, the financial terms of the lender must be accurate.

Once one applies for a new mortgage and one’s credit is run, pretty much forget about going to another source for a loan. So you are locked in with the lender and they know it. The Federal law enacting the Good Faith Estimate was a small battle won against the banking industry. I guess their lobbyists were on vacation that week.

And I wouldn’t gloat about mortgage brokers being exempt from this same behavior. I helped a friend review her her re-fi about 2 years ago where the mortgage broker tried to rip her off for about 2 points. In fact, I went to B of A because I had an excellent mortgage experience with them 5 years ago. I guess TARP has caused them to WARP.

[Deserted]

HLS, I must disagree.

The Federal Good Faith Estimate form was specifically enacted into law to prevent the exact “bait and switch” tactic that B of A attempted to perpetrate in my case.

Although “estimates” for such items as title insurance, overpayments (or underpayments) on the prior loan due to the timing of the closing, and other costs not under the control of the lender are obviously “estimates”, the financial terms of the lender must be accurate.

Once one applies for a new mortgage and one’s credit is run, pretty much forget about going to another source for a loan. So you are locked in with the lender and they know it. The Federal law enacting the Good Faith Estimate was a small battle won against the banking industry. I guess their lobbyists were on vacation that week.

And I wouldn’t gloat about mortgage brokers being exempt from this same behavior. I helped a friend review her her re-fi about 2 years ago where the mortgage broker tried to rip her off for about 2 points. In fact, I went to B of A because I had an excellent mortgage experience with them 5 years ago. I guess TARP has caused them to WARP.

[Deserted]

HLS, I must disagree.

The Federal Good Faith Estimate form was specifically enacted into law to prevent the exact “bait and switch” tactic that B of A attempted to perpetrate in my case.

Although “estimates” for such items as title insurance, overpayments (or underpayments) on the prior loan due to the timing of the closing, and other costs not under the control of the lender are obviously “estimates”, the financial terms of the lender must be accurate.

Once one applies for a new mortgage and one’s credit is run, pretty much forget about going to another source for a loan. So you are locked in with the lender and they know it. The Federal law enacting the Good Faith Estimate was a small battle won against the banking industry. I guess their lobbyists were on vacation that week.

And I wouldn’t gloat about mortgage brokers being exempt from this same behavior. I helped a friend review her her re-fi about 2 years ago where the mortgage broker tried to rip her off for about 2 points. In fact, I went to B of A because I had an excellent mortgage experience with them 5 years ago. I guess TARP has caused them to WARP.

[Deserted]

HLS, I must disagree.

The Federal Good Faith Estimate form was specifically enacted into law to prevent the exact “bait and switch” tactic that B of A attempted to perpetrate in my case.

Although “estimates” for such items as title insurance, overpayments (or underpayments) on the prior loan due to the timing of the closing, and other costs not under the control of the lender are obviously “estimates”, the financial terms of the lender must be accurate.

Once one applies for a new mortgage and one’s credit is run, pretty much forget about going to another source for a loan. So you are locked in with the lender and they know it. The Federal law enacting the Good Faith Estimate was a small battle won against the banking industry. I guess their lobbyists were on vacation that week.

And I wouldn’t gloat about mortgage brokers being exempt from this same behavior. I helped a friend review her her re-fi about 2 years ago where the mortgage broker tried to rip her off for about 2 points. In fact, I went to B of A because I had an excellent mortgage experience with them 5 years ago. I guess TARP has caused them to WARP.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

I had a remarkably similar scenario. Also with Bank of America.

I refinanced a 15 year 5.25 loan with B of A into a 30 year 4.875 no point loan. Locked it for 60 days with the appraisal fee about 6 months ago.

“Don’t worry, 60 days is more than enough for us to get this processed.” Right. And we’re just here to help you.

I submitted all paperwork within a week and the appraisal was done within 30 days. After about 90 days I called to ask when we were closing. “Oh, underwriting is really backed up. Don’t worry. Everything’s fine.”

Well past 120 days, I got a fed-ex package. “Sign all the documents and return it IMMEDIATELY or you’ll lose the lock in four days.” OK. Let’s look at the documents. Wait – what’s this 0.625 in points? This is a no point loan. “Oh, you’re appraisal didn’t come in right.” Really? Still less than 70% LTV even with the bank’s low-ball appraisal. And what about that Federal good-faith estimate form you sent me specifying the terms originally agreed to?

I crossed off the 0.625 points, recalculated their numbers and fed-ex’d back. They funded.

What is it with these guys? How big a crook do you have to be to unilaterally alter a major financial document and then rush someone into signing? Disgusting — and a Federal crime. I’ll bet they get away with it every day.

[Deserted]

Woody Guthrie circa 1930s:

Now as I look round, it’s mighty plain to see
The world is such a great and a funny place to be;
The gamblin’ man is rich and the workin’ man is poor
And I ain’t got no home in this world anymore.

[Deserted]

Woody Guthrie circa 1930s:

Now as I look round, it’s mighty plain to see
The world is such a great and a funny place to be;
The gamblin’ man is rich and the workin’ man is poor
And I ain’t got no home in this world anymore.

[Deserted]

Woody Guthrie circa 1930s:

Now as I look round, it’s mighty plain to see
The world is such a great and a funny place to be;
The gamblin’ man is rich and the workin’ man is poor
And I ain’t got no home in this world anymore.

[Deserted]

Woody Guthrie circa 1930s:

Now as I look round, it’s mighty plain to see
The world is such a great and a funny place to be;
The gamblin’ man is rich and the workin’ man is poor
And I ain’t got no home in this world anymore.

[Deserted]

Woody Guthrie circa 1930s:

Now as I look round, it’s mighty plain to see
The world is such a great and a funny place to be;
The gamblin’ man is rich and the workin’ man is poor
And I ain’t got no home in this world anymore.

[Author]

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