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Adrian Said:

Is bank of america a mortgage lender with Fannie Mae or Freddie Mac?

We Answered:

I am sure that Bank of America sell some of their loans to Fannie Mae and Freddie Mac that are immediately qualified to be sold to these two and as others become qualified they are also sold to the two agencies.

Bank of America is considered a direct lender. Direct lenders make their own loan decisions and fund the loans themselves under their own company name.

At times when a loan application is identified as one that can immediately be sold to the two agencies then the underwriter make sure that the guidelines of the two agencies are met. If the loan approval criteria of these two agencies are met then Bank of America can immediately sell the mortgage to one of them.

If the criteria of the two are not immediately met then there is a holding period of which the borrower has to make anywhere from 12-24 months of payments without missing a payment.

Once this criteria has been met then Bank of America can sell these to the two agencies.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Heidi Said:

I recently decided that it was time to buy my first home and went to LendingTree to get pre-approved?

We Answered:

Because online lenders have no commitment in your community and no reason to hold your hand or treat you right. They are impossible to deal with, and can screw up your deal with lies and non-performance. Please take the advice of the real estate community and use a respected LOCAL lender that you meet with in person. These people are dependent on the referrals that come from the local real estate agents and will do everything possible to get your loan done - on time, honestly and correctly. An online lender can jack you around big time, and cause you to lose the house or your earnest money.

Felicia Said:

My mortgage has been owned by 3 different lenders last year. Will I get 1099 forms from each one, or only one?

We Answered:

Cameron,

My mortgage has been passed around recently as well. In the past I received 1099s from each company who owned my mortgage. I looked into this and found that each one is *required* to if they received a payment check from you. The 1099 is a report of the interest you paid on your mortgage, and a part of each check that you send them is interest you paid to the lender and must be reported through the 1099.

Thus you can expect a 1099 from each lender that owned your mortgage (assuming each of them owned it for more than 1 month and thus received a payment check from you). I hope this helps.

John

Pearl Said:

Anyone have good/bad experiences working with Bank of America as a mortgage lender?

We Answered:

I had trouble obtaining customer service. In fact, locating the appropriate person to talk to is nearly impossible. Then they act like you are poor and stupid.

I never work with them and do not even view their foreclosures that require I qualify with them. The thought of talking to those people turns my stomach.

Wells Fargo and Countrywide and 1000 times better. I LOVE Wells Fargo! They have the greatest staff and make sure that I always understand exactly what is going on. I hold 10 mortgages with them, and would have more, but that is all they allow.

Shane Said:

Does anyone know if these are good lenders?

We Answered:

As mentioned, make sure you are comforable with them and get a Good Faith Estimate from each. They are required to provide that. Make sure you understnd what all the charges are. Some will quote you what seems to be a great rate but pile on all sort of junk charges. You will be giving them a lot of personal information so it has to be someone you trust.

I have never heard of ResurectYourMortgage and it may very well be a legitimate company but you have to be very careful with the internet companies. I went to the site and looked around. I thought it was odd that when I clicked the "Contact Us" link at the bottom of each page so I could see where they were located and get a phone number for them that it didn't take me anywhere, only back to the top of the page. Could just be a problem they're having, who knows. The search engine on the site doesn't seem to work either. Just my personal opinion obviously, but I certainly wouldn't be too keen on using them.

As far as a place to look, for any company you have concerns about, try Ripoff Report. They have lots of info on shady companies.