NLIC.org

Delores Said:

I am trying to get a re-finance loan.?

We Answered:

I would speak to a reverse mortgage lender first and/or now.

Alicia Said:

My banks branch manager revealed personal information to a relative. Any recourse?

We Answered:

Contact the home or district office for the bank and file a formal complaint. If you can find a website for the bank, look it over carefully and see if they have policies and privacy information anywhere that you can use as concrete evidence that it was a breech of bank policy. Or, go to another branch of the bank in person and ask for a copy of the privacy policies governing accounts.

Rene Said:

HELP. My sister just refinanced and the paper work has many fees.?

We Answered:

All of these fees except for the Appraisal fee are monies going into the pocket of the mortgage broker. They are each called a different thing, but all are profit to the broker for doing the loan.

And what tops it all off? They also get a kick-back of $8,000-$12,000 (if not more, depending on how high the interest rate they sold her) from the investor, the one who puts up the money. It sounds like somebody made a great deal of money on this loan and your sister ate it.

All the mortgage broker does is file the paperwork. Pretty good business to be in if you enjoy cheating people. I left that business a few years ago, couldn't live with myself.

Your sister paid these fees and there's nothing she can do about it. Your good friend lied, but probably didn't have control over anything here, anyways.

When the money is placed in front of the person wanting the money, they are betting that all these costs won't matter so they put them at the highest they can. She had to have received an estimate of costs prior to the closing (this is a law)...she should have looked them over. These charges are outrageous but unregulated so they can get away with major robbery...and they did.

Sorry.