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| *Loan,banking and credit>>>mortgage loan |
What actions can be taken against against a mortgage broker who fails tp disclose all terms of the loan after |
after the 3 day right of retraction . After the recission period if discovered that terms and fees were not disclosed until the closing date, is there recourse after funding has occured? Depends on your state, but those issues are handled and enforced by the Department of Banking and Insurance. The name may be different in your state, but there is a department that polices lenders in every state. If you can't find it, your state's attorney general can tell you where you need to go. You would need to contact the Division of Real Estate. However, in order to obtain the loan, the LO had to have all disclosures signed by you and submitted to the lender. The GFE (good faith estimate) needs to be disclosed within 3 days of signing the application, and will disclose your approximate charges for the loan. The final GFE has to be signed at closing showing what the actual fees are. The problem you are going to have is that at clsoing you signed at a minimum the HUD 1 that shows an exact breakdown of costs. By signing it you agreed to the terms of the loan. Also you were awarded a 3 day right of recision, which is in place for you to go back through your paper work from title and make sure you still want to do the loan. If you did not cancel with in the 3 day period, then you confirmed for the second time that you were in agreement to the terms and costs of the loan. What was so different between the the initial GFE and the Final GFE? ASK Financial Services keith.ader@westgatedirect.com Modified 1 year ago |
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