Mortgage Lenders

Hi I have a simple but little tricky question.
I believe there are three ways to purchase a house.
1.Pay cash – If you are a millionaire..
2.Hire Mortgage Broker – They will contact with Wholesale Lender
3.Contact with Bank directly – Bank has it’s own Loan Officer.
*If someone doesn’t tell the difference between mortgage broker and loan officer, go to yahoo and search "mortgage broker vs. loan officer" .
Here is my story.
Year 2004 I met Mr.Kim who was a mortgage broker.He always tell others that if someone wants to buy a house, they have to hire a mortgage broker to process their loan(He was acting that option #3 does not exist. That way he could get more jobs to sell.). *Someone might say "Why did you trust the mortgage broker? You are stupid…" You will be surprised to know how so many people have no knowledge about these whatsoever.
Anyway I trusted him and year 2005 I purchased my first house.
I filled out loan application and prepared all the documents which was prepared by Mr.Kim. The loan was approved: both first and second lender was major Banks. Exactly 2months later, I received a check book by XX (also major bank) bank. I asked my mortgage broker about this and he said that this was a home equity line of credit by XX bank (3rd mortgage): it was issued based on the current value of my property (there’s no loan application and no appraisal report..ect.) and my excellent credit. I had no doubt about this at that time (because it was issued from a major bank) and I used the money for home improvement. My mortgage broker, Kim was sentenced for financial fraud for other cases(currently he is in federal prison)
In the mean time, my mortgage payment was increased dramatically because it was a MTA program which I had no idea what that was at that time… My monthly payment doubled after 2 years and I had reached a point where I could not make all three mortgage payment including the 3rd mortgage. As the real estate market crashed, the value of my house dropped greatly and I could no longer able to make payment. I knew something was not right. I heard about Mortgage Audit from internet one day and decided to do that. I requested all the documents (including original loan applications..) from the all three lenders.
I was surprised to see that there were loan officer’s name which I had no idea because I had never met any loan officers. Not only that but also the information on the loan application had wrong information which was prepared by mortgage broker?? or the loan officer??
Since the lender was not a whole sale lender, I had learned that the loan officer from the lender must meet with the borrower directly(Patriot Act?).
What do you think about this whole loan process? I want to know how big crime it is when the loan officer never contacted the borrower and accept all the documents from the mortgage broker and approve the loan despite of all the wrong information on the loan documents??
* Some of you might say, "You signed the documents at the settlement and it is your responsibility"
However both the mortgage broker and the title agent are currently imprisoned. During the settlement, it is almost impossible to review every single document and sign them. I had to trust whatever I sign because it was conducted by title lawyer. Who would not trust "LAWYER" ?? DO YOU THINK LENDER GAVE US A MONEY BECAUSE THEY ARE CHARITY WORKERS?

You may find it impossible to read everything before you sign it, but it is not impossble. I have done it several times. We take a break of an hour or so and I read every word. If you sign stuff blindly, the conclusion is that the terms don’t matter to you and you would have signed it regardless of the terms.

Hi I have a simple but little tricky question.
I believe there are three ways to purchase a house.
1.Pay cash – If you are a millionaire..
2.Hire Mortgage Broker – They will contact with Wholesale Lender
3.Contact with Bank directly – Bank has it’s own Loan Officer.
*If someone doesn’t tell the difference between mortgage broker and loan officer, go to yahoo and search "mortgage broker vs. loan officer" .
Here is my story.
Year 2004 I met Mr.Kim who was a mortgage broker.He always tell others that if someone wants to buy a house, they have to hire a mortgage broker to process their loan(He was acting that option #3 does not exist. That way he could get more jobs to sell.). *Someone might say "Why did you trust the mortgage broker? You are stupid…" You will be surprised to know how so many people have no knowledge about these whatsoever.
Anyway I trusted him and year 2005 I purchased my first house.
I filled out loan application and prepared all the documents which was prepared by Mr.Kim. The loan was approved: both first and second lender was major Banks. Exactly 2months later, I received a check book by XX (also major bank) bank. I asked my mortgage broker about this and he said that this was a home equity line of credit by XX bank (3rd mortgage): it was issued based on the current value of my property (there’s no loan application and no appraisal report..ect.) and my excellent credit. I had no doubt about this at that time (because it was issued from a major bank) and I used the money for home improvement. My mortgage broker, Kim was sentenced for financial fraud for other cases(currently he is in federal prison)
In the mean time, my mortgage payment was increased dramatically because it was a MTA program which I had no idea what that was at that time… My monthly payment doubled after 2 years and I had reached a point where I could not make all three mortgage payment including the 3rd mortgage. As the real estate market crashed, the value of my house dropped greatly and I could no longer able to make payment. I knew something was not right. I heard about Mortgage Audit from internet one day and decided to do that. I requested all the documents (including original loan applications..) from the all three lenders.
I was surprised to see that there were loan officer’s name which I had no idea because I had never met any loan officers. Not only that but also the information on the loan application had wrong information which was prepared by mortgage broker?? or the loan officer??
Since the lender was not a whole sale lender, I had learned that the loan officer from the lender must meet with the borrower directly(Patriot Act?).
What do you think about this whole loan process? I want to know how big crime it is when the loan officer never contacted the borrower and accept all the documents from the mortgage broker and approve the loan despite of all the wrong information on the loan documents??
* Some of you might say, "You signed the documents at the settlement and it is your responsibility"
However both the mortgage broker and the title agent are currently imprisoned. During the settlement, it is almost impossible to review every single document and sign them. I had to trust whatever I sign because it was conducted by title lawyer. Who would not trust "LAWYER" ?? DO YOU THINK LENDER GAVE US A MONEY BECAUSE THEY ARE CHARITY WORKERS?

Charity workers? I doubt it. Greed is more like it.

Sounds like you’re reaching out for validation since only attorneys are qualified to give advice in your situation. Unfortunately, you are among the countless of others victimized by the unethical practices of predatory lending. Thankfully, some of those involved in your transaction are getting their just due now in prison. Sadly, too many others guilty of the same predatory lending practices are still amongst us. The travesty is their "crime" has resulted in this financial crisis ALL of us are now experiencing.

If you’re wondering what now to do, accept your situation, confront it head on and deal with it through those now servicing your loan. On the upside, the nation is sympathetic to those like yourself especially if your loan(s) is with one of those who’ve received bailout assistance. They are expected to work with you. Suggest a no-cost refinance at their lowest interest rate. If the payment(s) is(are) still too high at the lowest rate, request a longer amortization schedule, for example a 40-yr loan.

Your anger is understandable, however, get past it and get help. I sincerely hope help comes to you quickly.

Hi I have a simple but little tricky question.
I believe there are three ways to purchase a house.
1.Pay cash – If you are a millionaire..
2.Hire Mortgage Broker – They will contact with Wholesale Lender
3.Contact with Bank directly – Bank has it’s own Loan Officer.
*If someone doesn’t tell the difference between mortgage broker and loan officer, go to yahoo and search "mortgage broker vs. loan officer" .
Here is my story.
Year 2004 I met Mr.Kim who was a mortgage broker.He always tell others that if someone wants to buy a house, they have to hire a mortgage broker to process their loan(He was acting that option #3 does not exist. That way he could get more jobs to sell.). *Someone might say "Why did you trust the mortgage broker? You are stupid…" You will be surprised to know how so many people have no knowledge about these whatsoever.
Anyway I trusted him and year 2005 I purchased my first house.
I filled out loan application and prepared all the documents which was prepared by Mr.Kim. The loan was approved: both first and second lender was major Banks. Exactly 2months later, I received a check book by XX (also major bank) bank. I asked my mortgage broker about this and he said that this was a home equity line of credit by XX bank (3rd mortgage): it was issued based on the current value of my property (there’s no loan application and no appraisal report..ect.) and my excellent credit. I had no doubt about this at that time (because it was issued from a major bank) and I used the money for home improvement. My mortgage broker, Kim was sentenced for financial fraud for other cases(currently he is in federal prison)
In the mean time, my mortgage payment was increased dramatically because it was a MTA program which I had no idea what that was at that time… My monthly payment doubled after 2 years and I had reached a point where I could not make all three mortgage payment including the 3rd mortgage. As the real estate market crashed, the value of my house dropped greatly and I could no longer able to make payment. I knew something was not right. I heard about Mortgage Audit from internet one day and decided to do that. I requested all the documents (including original loan applications..) from the all three lenders.
I was surprised to see that there were loan officer’s name which I had no idea because I had never met any loan officers. Not only that but also the information on the loan application had wrong information which was prepared by mortgage broker?? or the loan officer??
Since the lender was not a whole sale lender, I had learned that the loan officer from the lender must meet with the borrower directly(Patriot Act?).
What do you think about this whole loan process? I want to know how big crime it is when the loan officer never contacted the borrower and accept all the documents from the mortgage broker and approve the loan despite of all the wrong information on the loan documents??
* Some of you might say, "You signed the documents at the settlement and it is your responsibility"
However both the mortgage broker and the title agent are currently imprisoned. During the settlement, it is almost impossible to review every single document and sign them. I had to trust whatever I sign because it was conducted by title lawyer. Who would not trust "LAWYER" ?? DO YOU THINK LENDER GAVE US A MONEY BECAUSE THEY ARE CHARITY WORKERS?

Your question gave me a headache.

I would suggest strongly that you contact an attorney that specializes in real estate.

To me it sounds like you may have a case based on fraud, simply on the basis that your broker seemed to have filled out and filed papers on your behalf with out your approval.

Good luck.

Anyone know any wholesale lenders who will loan on undeveloped raw land for SIVA in WA? First Mutual does, but requires full doc, seems like all the other banks have given raw land the ax.

i’ve been trying to buy some vacant land in Penna. Wachovia Bank has lot loans – you have to go thru same basic application process as a mortgage – higher closing costs percentage wise – appraisal, title search, possibly perc test

I run a small branch of a HUD approved lender and have a lot of brokers who want to work for me to close their fha loans, but close everything else under their own license. I trust most of these people since I used to close loans with them as a wholesale AE. I am thinking of charging a flat fee per loan and then letting them retain 90% of the total commission on the loan.

It sounds to me like "moon lighting". When you were hired, did you sign anything telling you that you were not allowed to pick up a second job in a similar field?
I would not outright ask your employer for advice, but there is nothing they can do to prevent you from doing this in CT. I don’t know where you live.

If 100% is not avail., then what are the maximum ratios and which wholesale lender offers this particular leding product.

Indymac with a 720 will do 95%
GN Mmortgage does 100% with 720
Chase does no Ratio with a 700

Not sure what the cap is on the loan amount, they might not do a jumbo but I don’t have that info right now.

That was as of 5 minutes ago anyway… in 5 minutes that could all change!

I rarely have anything to do at work and when my boss does give me something to do, it’s always something impossible that can’t be done.

I.E. today I am charged with finding a wholesale mortgage loan lender who does jumbo loans in the 5% range.

It actually makes me laugh. And at the same time the stress wrinkles on my forehead are becoming more defined.

Yes he asked me to take his mother-inlaw out. or face the sack’ i chose the sack’ cause she already had 1”?

program from amongst various wholesale lenders products that the borrower would qualify for?
Mortgage Broker, I found most wholesale lenders have website for that but I want a program that links in somehow and searches all the different one programs and tells me if that borrower is qualified for that program.

Are you a real estate broker or a mortgage broker?

Try north pointe bank.

2006 phone call to refi. promised great deals. promised to be done in 10 days. 1 month without paying mortgage. we used that money to pay off bills. days and wks past and nothing. because of that one month w/out paying our mort. we fell behind. 3 months past & close to foreclosure. Empire states that they will pay back payments, but we have to give up our name on our house. pay monthly payments on time for a yr., if not they will take house away. 1yr. past 11/2007 they called and we paid on time each month. now we can get our house back on our name. once again we did not close out until late 2/2008. and our mortage went up $421.00 month and we owed 240,000.00 now we owe 307,500.00. who can i contact of help.

Don’t look for answers on this forum for such a complicated situation. You need a very good real estate attorney ASAP.