Mortgage Broker V Underwriting Responsibility
We are currently working on an ohio case where there is a descrepancy between what the duties of a mortgage broker are versus the duties of lender's underwriter circa 2006. For example, who has responsibility to determine the trustworthyness of a specific document, who generates thee final closing documents, was the atmosphere in 2006 at such a frenzy that much could be overlooked in the closing instructions by the settlement agent and more.
Our case involves a wrongly accused broker being held liable for a material misrepresentation regarding a document.+19 Other Responses
We are seeking feedback on new home mortgage lenders. Who recently closed a home mortgage, and found unexpected fees and costs? Who received excellent customer service? How was the process, easy or mind bending? Did your final interest rate stay as quoted? Any info provided is to be used for my personal needs, and i will not share your comments.+3 Other Responses
I am an attorney in bushnell, sumter county, florida. I am defending a foreclosure case in which it appears to me that the bank failed to comply with part 34 - real estate lending and appraisals, subpart d - lending standards, section 34.62 - real estate lending standards, appendix a to subpart d - interagency guidelines for real estate lending as set out in title 12 of the code federal regulations. Specifically, i am interested in the supervisor loan-to-value limits. The bank, which is a national bank, claims that it is not required to comply with the ltv limits set out in the regulations. In essence, the bank loaned my clients 85% of the appraised value of the property. The purchase price of the land was $400,000, the loan was for 280,000, and the appraisal was $330,000. My clients did not know of the appraised value until more than a year after the loan closed. The loan officer told my clients they were getting a 70% ltv loan. The property was unimproved raw land that was owned by the bank. The bank had purchased the property for $325,000 3 months before they entered into a contract to sell it to my clients. The bank had intended to use the property for a branch location but found a better site. If the bank was required to follow the regulations in making the loan, then i would like to retain your services as an expert witness.+9 Other Responses