Lets not act surprised. New headache to some that have to actually work and explain the package in detail. Ah those days of zooooming by… sign here, initial here are long gone.
That YSP is just a fee we can add to your mortgage…”We can roll it into the mortgage so you don’t need to bring any $$ to the table”.
WASHINGTON – April 26, 2010 – As the real estate industry makes the transition to a revised Good Faith Estimate (GFE) launched by the Department of Housing and Urban Development (HUD) earlier this year, feedback from lenders and consumers suggests that the new process may be confusing and impractical.
Closings have been dragged out as brokers and title insurers strive to understand the longer, more detailed document and explain it to home buyers; and some lenders have been forced to create their own forms in an effort to explain what is reflected in the GFE.
The GFE changes are well-intentioned, aiming to provide new transparency on costs to buyers, who have long complained of hidden fees; better allow comparison shopping between lenders; prevent kickbacks and referral fees; and make lenders more accountable for mistakes or misrepresentations.
But, says Pava Leyrer of Heritage National Mortgage in Grandville, Mich., “borrowers are looking at this form and saying, ‘This doesn’t make any sense for us, why can’t we have something that’s more simple?'”
Among the areas causing confusion are previously itemized costs that are now are lumped together; the inclusion of some seller-paid costs, like title insurance fees, that inflate the estimate by thousands over what the borrower would actually pay at settlement; and the absence of a total monthly payment estimate on the GFE, which borrowers must now calculate on their own by referring to other documents.
Stop trying to get through the front door…use the back door…Get a Forensic Audit!
Not all Forensic Auditors are alike! FMI may locate exactly where the loan sits today.
This will make your lender WANT to communicate with you. Discover what they don’t want you to know. Go back in time and start from the minute you might have seen advertisements that got you hooked ” No Money Down” “100% Financing” “1% interest” “No income, No assetts” NO PROBLEM! Were you given proper disclosures on time, proper documents, was your loan broker providing you fiduciary guidance or did they hide undisclosed fees from you? Did they conceal illegal kickbacks? Did your broker tell you “Don’t worry before your new terms come due we will refinance you”? Did they inflate your appraisal? Did the developer coerce you to *USE* a certain “lender” and *USE* a certain title company?
If so you need a forensic audit. But keep in mind FMI:
DO NOT STOP FORECLOSURE
DO NOT NEGOTIATE ON YOUR BEHALF WITH YOUR BANK OR LENDER
DO NOT MODIFY YOUR LOAN
DO NOT TAKE CASES that is upto your attorney!
FMI does however, provide your Attorney with AMMO to bring your Lender into the negotiation table.
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