Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
There are really just too many unknown variables that are needed to say exactly what went on. Could've been shoddy underwriting and maybe you never should've been able to pay that off in the first place, could've been the lock expired and needed to be re-locked thus a huge decrease in the commission and thus as much of a broker credit couldn't be given, could've been something really fishy too. You'd have to be presented with all documents on the loan in order to figure out your loan officer's thinking & see exactly where calculations went wrong. I'd send an email to the manager asking him to explain what went wrong like he is talking to another loan officer, copy and paste the manager's response (removing personal data) here and we'll be able to decipher what happened for you.
why don't we start over. i am having a really hard time following your posts. they just aren't making sense and realize you don't have a firm understanding of what is going on. so break it down for us.
what was the purpose of this loan? purchase or refinance?
if refinance, was there cashout or was it rate term? if cashout how much?
what was your old rate and loan(s) amount and what is the new?
This is a refinance loan with consolidation of debt. When we were first ready to close, we were told we would need to pay at closing. We told the mortgage broker that we wanted to cancel the deal because we did not want to pay at closing. They came back and put a 1340.00 broker to borrower credit on the HUD so that we did not have to pay at closing. We signed that HUD. We received the final HUD and checks to creditors 12 days later and on the final HUD, they removed one of the creditors, for 917.00, and reduced the broker to borrower credit to 333.83. Other amounts on the HUD did change as well, minor, except for the additional interest my first mortgage company charged because they took so long to fund the money. Is it legal for them to give us the credit and then take it back by dropping a creditor that was agreed upon and signed for to be paid?
Look, the legal review on this forum isn't going to do a thing for you. The little bit you have said to me has alarms going off. I think it's worth the $200 to go see a real estate attorney for a legal opinion. There could be multiple violations, RESPA being the first.
We don't have the needed facts, nor are we familiar with your state laws. On a forum, you get what you pay for, you know? That's not what you want to do on a loan that is for 10's of 1000's and for 30 years.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
