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Empire110
12 Posts |
 Posted - 05/13/2008 : 2:44:59 PM
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| I had a customer come to me because he was working with another mortgage guy and he wasn't getting a good feeling. I reviewed his docs from the other lender, and the details of transaction section of the 1003 was left blank (actually, it was obvious that the original page 4 of the 1003 was taken out and replaced with another one). Everything else on the forms was populated, including the rate and sale price, but that entire section was blank except for a notation that read "see good faith estimate". However, there was NO GFE or TIL included in the package. This borrower has no idea what he's paying. I've never conducted business this way, and I didn't even know that this was allowed. Please let me know if this sounds as shady to you as I think it is. I'm struggling with whether I should talk to the Real Estate Broker about this. Thanks! |
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Empire110
12 Posts |
Posted - 05/13/2008 : 3:04:35 PM
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| Thanks! I didn't want to put the added stress on the Customer. I'm really just trying to find out if this is legal to do. Mortgage guys like this are what give us a bad name, at least I think so anyway. Taking advantage of people who are not in the business and just want a home is so wrong. I appreciate your response! |
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scramsey
550 Posts |
Posted - 05/13/2008 : 3:05:42 PM
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| Sure, tell the Broker in Charge, but also send it to you state banking commission. The broker will let the LO get away with it. The state probably won't. |
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Empire110
12 Posts |
Posted - 05/13/2008 : 3:14:35 PM
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| That's a great idea, and you're right. I am going to let the NJ Banking Commission and the Attorney General know about this. |
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