Q&A: Mortgage Broker?

Posted on Sep 25, 2012 in Unique Loan Programs

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Question by SadToday22: Can anyone tell me more about the Making Home Affordable Program? Will I qualify? *Read More*?
I have owned my home for 5 years, about it refinanced for debt consolidation twice, site the last time being in 2005. I technically have an ARM loan that was supposed to adjust over a year ago but due to the failing economy the automatically made my ARM extended with no adjustments until 2014. I am struggling to pay all my bills, visit web however I have not gotten behind on my mortgage payments whatsoever. My DTI is very high and my husband filed bankrupsty on his credit card debt after he lost his job a couple of years ago and went unemployed with no unemployement pay for 6 months. He tried continously to find work and was damn lucky to get the job he has now. In the mean time I had to take a pay cut and a HUGE cost of health insurance increase. Between the two of us we were doing much better financially 5 years ago than we are now even though we planned 5 years ago to have our annual income be double what it actually is thanks to our poor economy. ANYWAY, because of all of this he has crappy credit, I have very high DTI ratio due to student loans and my home is not worth the $ 97,000 we owe on it, I would imagine it would be worth more around $ 80-85k. What is this new program? My mortgage company said it is coming soon and I read over the documents they provided me with but it seems like a lot of jargon. My mortgage is through Wells Fargo. Is what I am hoping for is for them to refi me at a lower monthly payment OR at the very least just make my ARM fixed for minimum 15 more years. What do you think my options are going to be?

Best answer:

Answer by kcgpulice
One reason I don’t think you would qualify is because you have to owe between 80% to 105% of your home’s value. You owe more than that, sounds like. Read some of the facts sheets here, http://www.financialstability.gov/
I worked with Wells Fargo too. They are clueless about what this program is. All the counseling numbers I called, they are cluesless too. But if you call your state’s HUD numbers from the MHA website, they may tell you your best options. I learned a lot from a few phone calls.
I think you can and should refinance with a lower fixed interest rate. And they are low for everyone now. Record lows. You will have to pay about $ 400 for a refinance application. Then the closing costs and everything, if you wish, could be added to your mortgage amount. That could be up to $ 2000. Sounds like a lot, but with a lower rate, you’d be better off.
If Wells Fargo says they can’t help you, go to your local bank and ask to have a sit down with someone about refinancing. They might help, or at least give you free advice.
Good luck.

What do you think? Answer below!
Question by sunnylv702: Mortgage Broker?
We’re working with a Mortgage Broker who seems inexperienced. Does anyone know what they are responsible for; what their duties are? Also, viagra if she forges any documents that go to the underwriter are we liable? She told us we were approved but came back to us saying the underwriter needs more docs, try letters of explanation, side effects etc. Some of the stuff we just don’t have and I get the feeling we will be denied if we can’t provide them. She says she’ll get it done “one way or another”. We’ve been denied once. We’re exhausted with the whole process and can’t understand why she says we’re approved and then needs more stuff!!!!

Best answer:

Answer by Biggie @ Arbor Mortgage
If she write an explanation letter, you will have to sign it @ close. She can’t forge any docs. If you don’t provide what they are asking for, you will not get the loan! It’s as simple as that! The reason she is asking for more docs is because the underwriter is asking for more.

It sounds like you don’t trust her & if that is the case, find another broker.

Know better? Leave your own answer in the comments!

5avg.rating 29 votes.

3 Comments

  1. First of all, a broker should be able to explain what it is they do. And there are many sites where you can get that information from credible sources. To me, that is enough reason not to work with this woman.

    I’m sorry to say that it does not sound like you are approved. In fact, to even be properly PRE-approved you should have been required to submit your income and asset statements, and had your credit pulled. Your employment and housing history may have been requested later as a “condition” by the underwriter to verify the info supplied on the application.

    It’s too important a transaction to work with someone who has you feeling uncomfortable, and you can choose a knowledgeable, honest broker to work with (though it seems you do know how to identify one). This woman may not know all of the loan programs that could potentially (and legitimately) suit your needs.

    The fact is, if you don’t qualify, you don’t qualify. But if someone forges documents, and you sign them, you have both committed fraud. It’s a federal offense … not golf camp.

    If I were you, I’d step back to catch my breath and clear my head. I’d go ask another broker to seek PRE-approval (for free, quickly, and you are not obligated). If you can qualify in a legal and compliant manner … great. If not, at least you will know what the issues are that need to be addressed, and then you could work on it and try again later.

    Be careful, and good luck.

  2. One way or another does not necessarily mean fraud, but you should definitely ask for an explanation. For example, if the underwriter wants to see tax returns or W2, and you can’t find them, there are ways to get copies of them directly from the IRS. This is perfectly legal.
    What documents can’t you find?

  3. I will say this, you may be working with an inexperienced broker, the crisis has weeded out some less ethical people as it should. Many brokerages are hiring new people. Also remember that laws change every day for the states and brokers (I am one) can be licensed in mulitple states, thus making it very difficult to keep the mountain of paperwork straight. That being said, it is their job to understand the paperwork and have a working knowledge of what is required. Are you liable, no, it’s not your job to know what docs have to be signed for regulatory/audit purposes, you job is to ask questions, know what program you are being offered and pick the best option that fits your families dreams today, next year and 20 years from now. Bob had a point, to be truely pre-qualified, you should have provided some documents. Underwriters will require more docs, they always do. It’s rare that anyone gets everything to an underwriter on the first try. Each lender has their own underwriting requirements thus I completely understand the frustration on your part, but this is what the mortgage crisis has done, lenders are crossing every T and dotting every I. If you feel they are committing fraud, request a copy of the commitment letter from the bank so you can see the conditions for yourself. Ask me a question if you need to as well. Be patient, ask questions and be fully informed. good luck