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| *Loan,banking and credit>>>mortgage loan |
Who is responsable when a mortgage company makes a mistake in the paperwork on a loan? |
Who is responsable when a mortgage company makes a mistake in the paperwork on a loan? It depends on what the mistake was. You also have the choice to NOT SIGN paperwork that you think is wrong. If it is a wrong rate, higher fees, pre payment penalty, etc. it is up to the borrower to complain right there and then and refuse to sign the paperwork until things are corrected. There are MANY unscroupulous loan officers who will knowingly complete a file very different from what they have told their clients hoping the client is so tied into the deal they will not back out on signing day. They give the rest of us a bad name- but ultimately they will get away with it as long as borrowers sign the closing documents. If you back these folks into a corner and refuse to sign if they don't correct it there and then you can usually get it corrected. It is also illegal in most states to disclose terms and fees in a broker contract and not adhere to them upon final paperwork. Depends on the mistake. YOU sign the docs; the county records them; they prepare them. Again; depends on what the mistake was. In your mortgage package you signed a document at the closing saying if there is any incorrect info, you will agree to change it. Call the bank and the closing attorney with the mistake. I work for a mortgage lender. i think you're screwed. your attorney is supposed to go over all the paperwork with you at teh closing. if you sign it all, and THEN find out there is a problem/issue... you're out of luck. sorry buddy... happens ALL too often. that is why pencils have erasers. Ultimately the mortgage broker is responsible. This has been the downfall of mortgage brokers who simply made a mistake. If you are still in recision, you should point out the mistake. I assume the mistake is in your favor since you have not been specific, and you should report it to the broker immediately. Here is what will happen, when the lender goes to sell the loan, if the mistake is noticed at that time, the lender will insist that all their money be paid back immediately. So that would be a lose lose situation for you, the broker, & the lender. Call your broker immediately. This is not what you want to hear, but it is the way that it works. I assure you if that lender cannot sell that loan because of the mistake they will get their money back. It may be a few months, but it will happen. |
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