crooked mortgage broker

[bmcgar45]

No... I was led to believe that I was getting a 30 year note at 7% according to everything we'd talked about or i'd seen. At the closing it turned out to be 7% for 3 years.. than increases rather dramatically after that.

 

[amortgageman]

This might help settle and clarify matters, simple question, "Did you receive a little blue book called, "Consumer Handbook on Adjustable Rate Mortgages?"

If you did not, then the broker has committed a violation and will not be able further pursue collecting his fees. At the very least you should have received a TIL Disclosure Statement when you applied. On this form is a variable rate feature. Is that box checked?

 

[HomeGuru]

No... I was led to believe that I was getting a 30 year note at 7% according to everything we'd talked about or i'd seen. At the closing it turned out to be 7% for 3 years.. than increases rather dramatically after that.

**A: and what documentation did you actually "see" and receive?

 

[bmcgar45]

No I didn't receive a book from the mortgage broker about adjustable mortgages.

My Loan application I filled out was for a fixed rate.

Here is what i wrote earlier about the TIL

Unfortunately,when i received the disclosure statement from the lending institution I called my broker because nothing on it looked right.. Not the address.. %, loan amount, and infact it was broken down as an ARM. When I called to complain about all those things, my broker told me that it doesn't matter, that they were just getting my name into the computer and that likely nothing on that form is correct and i should just tear it up and throw it away. Frankly, i was glad to hear that, so i tore it up as he suggested.

I didn't find out till a few days after closing how important that document really is.

Thanks for the info. on where to complain.

 

[cathey1963]

You mean you brokers have that problem too!!!! I thought that was only reserved fror the Mortgage Broker 's in New Mexico. I don't like the tactics that are played on the client either. Sometimes we get pre approvals but when we send in the documentation to the lender they turn it down. So we have to go looking for another program and rate. But the client should know at all times what is going on and a new good faith should be given. I agree call the licenseing board I am a broker too and I would like to stop this bad behavior of theiving brokers.