Lenders Mortgage Services

Margie Said:

How do mortgage companies make their money?

We Answered:

Lenders price individually using a procedure called hedging. Some lenders have a higher cost of doing business and so will hedge accordingly.

One thing to check though is to find out if the lender quoting you 6.5% has the same APR as the one quoting you 6.75%. If the APR is higher on the lower rate, there are extra costs in there someplace.

For a 30 year fixed rate today my rate sheet says that 6.75% is at par (no buying the rate down) with a 1% loan fee on a 30 day lock. 6.5% costs an additional 1% in discount to buy down to that rate.

Clara Said:

Has anyone successfully completed a Mortgage Modification under the new Making Home Affordable Act?

We Answered:

Unfortunately not. My loan is serviced through First Horizon and every couple of weeks that I call referring to it, they say that they don't have any details and their still working on it! This has been going on since March.

Allen Said:

Credit experts, lenders, mortgage underwriters?

We Answered:

Check the sites thoroughly. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.

http://bankruptcy-info.we.bs/
http://www.loan-house.info/2009/09/choos…

Colleen Said:

What information/services should a mortgage broker provide?

We Answered:

If you did not receive a GFE (good faith estimate) and TIL (truth in lending) then your broker has violated RESPA and that is a huge fine. I would recommend working with someone else now before you close and see astronomical closing costs. They should have been provided within 3 business days of pulling your credit. The appraisal issue now that is not uncommon as if the loan does not close then the loan officer is responsible for the fee. Your are correct as the lender is the only one who can give a pre-approval but your loan officer can issue a pre-qualification and that is determined by pulling your credit and analyzing your debt, income and credit scores. I hope this helps you and answers your questions but if you have any further questions or need any assistance feel free to email me.

Lee Said:

What to do about those chain stores, banks, mortgage lenders, and state agencies, etc., that are facilitating?

We Answered:

Thanks for the message Zoe, and to bring awareness to the problem of illegal immigration that result to INEQUALITY between taxpayers and non-tax payers, the latter consuming our resources. Those pundits of illegal immigration will keep denying illegals usurping WELFARE because they dont have papers. Outright lie. They dont ask WELFARE for themselves being the illegal parents, but for their anchor babies. They are extended beneficiaries of WIC, Medicaid, soup kitchen etc,. Give them more incentives not to report that they work. When responsible people think of prosperity thru planned parenthood, safe environment for their offspring, college education for their children, illegals procreate (not in the same values we hold apparently for starting a family) because they KNOW for decades that a citizen child is their meal ticket. The government never ask if you're undocumented, only if you are qualified, and having an anchor child qualifies you for anything in California. Why do we get penalized by paying for the illegals crowding our schools and bankrupting the hospitals? Why elected goverment officials keep on trying passing a law giving driver licenses to illegal aliens, when they dont even want to learn the language? It is not RIGHT to impose on taxpayers making them wary who would be driving next to them in the freeway, if they succeed. Do you think these people will have car insurance? Nope, after they cause you injury or death they will just drive straight to the border.

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