Posted by DJ-nyc on March 16, 2007 at 20:52:35:
Have your attorney contact the mortgage broker and find out who the lender’s underwriter is. Put pressure on them and get the good faith estimate and preliminary HUD to see the fee breakdown.
Good luck,
DJ-nyc
procrastinating mortgage broker - Posted by Valerie
Posted by Valerie on March 16, 2007 at 17:38:00:
We are in the process of buying a townhouse. The mortgage broker has changed the payment plan several times. Each time she changes the monthly payment it is due to her checking our credit score…which goes down with each check. Now she is delaying our signing because she didn’t realize she left out an hoa fee. She is asking for a 7 day extension for the signing while she readjusts the paper work. She also said there maybe be $9000 more to pay for the down payment.
Why would the hoa fee have anything to do with the mortgage? And can she procrastinate in this manner. We haveto be out of our apartment 24March, and she is saying she will not have the paper work done until 23March.
Is all this possible and legal? What can we do?
Re: procrastinating mortgage broker - Posted by River City
Posted by River City on March 19, 2007 at 13:48:59:
It sounds to me that you have an inexperienced mortgage broker. She should submit the application to her lender and let them run it through LP or DU. That way when they run it through multiple times, it will not harm your credit score.
The HOA fees vary in amount and can sometimes be high enough that they may affect your ability to repay your mortgage loan. The amount of the HOA fee is calculated in your monthly payment ratios.