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meadandale
ParticipantNice wine cellar….
ParticipantNice wine cellar….
ParticipantNice wine cellar….
ParticipantThe fact that the broker has not yet provided a GFE for the loan and closing 3 weeks into the lending process and a week from close is indefensible regardless of any of your other points.
Respectable people who are still in the industry should take every opportunity to call people like this out–they are the very essence of what has been wrong with the industry over the last several years.
I had a horrible experience with my mortgage broker when I bought my house in 2003. He misrepresented the loan terms in the GFE and I didn’t find out until I was sitting in the escrow office sitting in front of a stack of documents. Knowing what I know now, I’d have walked out and refused to sign. However, at the time I was ‘under’ educated–I knew what I was signing and didn’t like it but didn’t know the ramifications for the sale if I balked at closing. I’d be paying a much lower interest rate if I hadn’t gotten pinned with a 5 year prepay.
Bottom line, I loved my RE agent and highly recommend him but there is a special place in hell for people like my broker. I’d just hate to see someone else get screwed over.
ParticipantThe fact that the broker has not yet provided a GFE for the loan and closing 3 weeks into the lending process and a week from close is indefensible regardless of any of your other points.
Respectable people who are still in the industry should take every opportunity to call people like this out–they are the very essence of what has been wrong with the industry over the last several years.
I had a horrible experience with my mortgage broker when I bought my house in 2003. He misrepresented the loan terms in the GFE and I didn’t find out until I was sitting in the escrow office sitting in front of a stack of documents. Knowing what I know now, I’d have walked out and refused to sign. However, at the time I was ‘under’ educated–I knew what I was signing and didn’t like it but didn’t know the ramifications for the sale if I balked at closing. I’d be paying a much lower interest rate if I hadn’t gotten pinned with a 5 year prepay.
Bottom line, I loved my RE agent and highly recommend him but there is a special place in hell for people like my broker. I’d just hate to see someone else get screwed over.
ParticipantThe fact that the broker has not yet provided a GFE for the loan and closing 3 weeks into the lending process and a week from close is indefensible regardless of any of your other points.
Respectable people who are still in the industry should take every opportunity to call people like this out–they are the very essence of what has been wrong with the industry over the last several years.
I had a horrible experience with my mortgage broker when I bought my house in 2003. He misrepresented the loan terms in the GFE and I didn’t find out until I was sitting in the escrow office sitting in front of a stack of documents. Knowing what I know now, I’d have walked out and refused to sign. However, at the time I was ‘under’ educated–I knew what I was signing and didn’t like it but didn’t know the ramifications for the sale if I balked at closing. I’d be paying a much lower interest rate if I hadn’t gotten pinned with a 5 year prepay.
Bottom line, I loved my RE agent and highly recommend him but there is a special place in hell for people like my broker. I’d just hate to see someone else get screwed over.
ParticipantThe fact that the broker has not yet provided a GFE for the loan and closing 3 weeks into the lending process and a week from close is indefensible regardless of any of your other points.
Respectable people who are still in the industry should take every opportunity to call people like this out–they are the very essence of what has been wrong with the industry over the last several years.
I had a horrible experience with my mortgage broker when I bought my house in 2003. He misrepresented the loan terms in the GFE and I didn’t find out until I was sitting in the escrow office sitting in front of a stack of documents. Knowing what I know now, I’d have walked out and refused to sign. However, at the time I was ‘under’ educated–I knew what I was signing and didn’t like it but didn’t know the ramifications for the sale if I balked at closing. I’d be paying a much lower interest rate if I hadn’t gotten pinned with a 5 year prepay.
Bottom line, I loved my RE agent and highly recommend him but there is a special place in hell for people like my broker. I’d just hate to see someone else get screwed over.
ParticipantThe fact that the broker has not yet provided a GFE for the loan and closing 3 weeks into the lending process and a week from close is indefensible regardless of any of your other points.
Respectable people who are still in the industry should take every opportunity to call people like this out–they are the very essence of what has been wrong with the industry over the last several years.
I had a horrible experience with my mortgage broker when I bought my house in 2003. He misrepresented the loan terms in the GFE and I didn’t find out until I was sitting in the escrow office sitting in front of a stack of documents. Knowing what I know now, I’d have walked out and refused to sign. However, at the time I was ‘under’ educated–I knew what I was signing and didn’t like it but didn’t know the ramifications for the sale if I balked at closing. I’d be paying a much lower interest rate if I hadn’t gotten pinned with a 5 year prepay.
Bottom line, I loved my RE agent and highly recommend him but there is a special place in hell for people like my broker. I’d just hate to see someone else get screwed over.
ParticipantMore info….
http://www.finweb.com/mortgage-loan-education/tila-respa.html
Looks like it is RESPA not TILA that mandated the GFE. My bad…
“RESPA mandates that borrowers receive disclosure documents at various times during the loan process. At the time of application, or within three days afterward, the lender must provide the borrower with the Good Faith Estimate”
ParticipantMore info….
http://www.finweb.com/mortgage-loan-education/tila-respa.html
Looks like it is RESPA not TILA that mandated the GFE. My bad…
“RESPA mandates that borrowers receive disclosure documents at various times during the loan process. At the time of application, or within three days afterward, the lender must provide the borrower with the Good Faith Estimate”
ParticipantMore info….
http://www.finweb.com/mortgage-loan-education/tila-respa.html
Looks like it is RESPA not TILA that mandated the GFE. My bad…
“RESPA mandates that borrowers receive disclosure documents at various times during the loan process. At the time of application, or within three days afterward, the lender must provide the borrower with the Good Faith Estimate”
ParticipantMore info….
http://www.finweb.com/mortgage-loan-education/tila-respa.html
Looks like it is RESPA not TILA that mandated the GFE. My bad…
“RESPA mandates that borrowers receive disclosure documents at various times during the loan process. At the time of application, or within three days afterward, the lender must provide the borrower with the Good Faith Estimate”
ParticipantMore info….
http://www.finweb.com/mortgage-loan-education/tila-respa.html
Looks like it is RESPA not TILA that mandated the GFE. My bad…
“RESPA mandates that borrowers receive disclosure documents at various times during the loan process. At the time of application, or within three days afterward, the lender must provide the borrower with the Good Faith Estimate”
Participanthttp://en.wikipedia.org/wiki/Truth_in_Lending_Act
The Truth in Lending disclosure document (i.e. good faith estimate) is one of the first things you should have gotten from your broker, especially if they’ve already ‘found’ you a loan product.
You are 3 weeks into the lending process and a week from closing escrow and your broker hasn’t even disclosed the terms of the loan? Has she even locked your rate?
I’d fire her immediately and consider contacting the attorney general..but that’s just me. No house is worth getting screwed over for. It could end up costing you alot of money beyond the broker fees.
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