Mortgage Lending Reform Testimony
Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, Federal Reserve Mortgage lending reform Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S House of Representatives, Washington, D.C. March 11, 2009
Chairman Gutierrez…
Can You Pull Out Of Refinancing If Rates Drop?
If interest rates drop after you've started refinancing proceedings, what are you options? If your lender hasn't dropped your rate, you should shop around for a better deal. Then talk with your refinancing lender and let him know you won't sign unless he can offer a better rate. And be sure to have…
Closing Costs Differ For Refinancing
Why can closing costs vary so much between mortgage lenders, even if the interest rates are the same? It all depends on where you're buying the home, the amount of prepaid interest on the mortgage, size of your mortgage and your credit score. Real estate tax and insurance escrows could also play a…
Good Faith Estimate: Mortgage Lender Gives After Loan Is Applied For
A home buyer wonders about the limits of a good faith mortgage estimate and when a mortgage lender will offer one. A mortgage lender usually provides a good faith estimate after the home buyer has applied for a mortgage loan. Ilyce points out several good online resources to help the buyer select…
Closing Costs High: Cancel Mortgage Refinance At Last Minute?
Closing costs on a mortgage loan or mortgage loan that's gone through refinancing may change at the last minute. What can you do if your closing costs are suddenly much higher than estimated? One option is to cancel the refinancing and start over, but this can be cumbersome. Ilyce suggests…
Mortgage Lender Won't Send Good Faith Estimate
A mortgage lender approves a borrower but does not say it in writing. The borrower calls and writes the mortgage lender. The mortgage lender does not respond to the borrower. What can the borrower do?
Down Payment Amount Varies With Good Faith Estimate
What's an appropriate amount of earnest money or down payment? When you're buying a home you'll likely pay some earnest money to show your good faith - that you're really interested in the home. But how much money to put down as earnest money, which can later become your down payment, varies…
Good Faith Estimate For New Construction
When you're buying new construction you'll have to make a down payment, or a good faith estimate to show that you're interested in the property. Developers set their own standards for down payments or good faith estimates. To get the best deal on new construction it's good to hire a buyer's agent so…
One of the biggest complaints consumers have about the loan process is that the good faith estimate (GFE) is so often wrong -- and wrong in a big way. Instead of the closing costing less than anticipated, or even the same, it often costs a lot more than what the lender had estimated on the GFE.
For…
ThinkGlink Radio Show for Jan 29, 2006
Ilyce starts the show by talking about "good faith estimates" and continues a discussion on mortgage fraud. Ilyce then takes calls on topics from "cleaning up" a credit report to establishing credit.
A home buyer received a good faith estimate including an estimated amount for the private mortgage insurance. At the closing, the PMI amount was different. By choosing a different type of loan or increasing your loan amount, they could have affected the amount of the monthly PMI payment. However…
Mortgage Broker Forgets Refinancing Fee For Title Company
When you close on a mortgage refinancing you have to pay closing costs again. Among those closing costs may be a fee for a title company. What happens if your mortgage broker forgets to tell you about the title company fee until after the closing? Is it your responsibility to pay the title company…
Lender Baiting And Switching Mortgage Rate
A lender agreed to give a homeowner a certain interest rate when they signed a good faith estimate. Now the rate is higher and the borrowers are being told they never locked in the low rate with the lender. The lender may have pulled a bait-and-switch with the interest rate.
If a lender won't provide you with a good faith estimate, or any other important information you ask for, they might be trying to do some shady dealings. After discovering closing costs are too high and canceling the loan, a borrower asks about where to file a complaint against a lender. To find a…
Mortgage Broker Refuses Good Faith Estimate
After paying a $300 loan application fee, a homeowner has yet to receive a good faith estimate from the mortgage broker. Ilyce states that The Real Estate Settlement Procedures Act (RESPA) requires lenders to provide the good faith estimate in 3 days.
Good Faith Estimates: Applying For The Right Mortgage Loan
A home buyer wonders about the limits of a good faith mortgage estimate. Ilyce points out several good online resources to help the buyer select the right mortgage without a good faith estimate. Good fait estimates are usually provided after you apply for a loan.
Title Insurance May Protect Lender And Buyer
When you're buying a home your lender will likely ask you to buy title insurance. Title insurance covers the cost of a title search to make sure you have a clear title. Title insurance protects the lender in case it's later discovered that there's a problem with the title. When you're buying a home…
