Specific charactristics of morgage [mortgagedealstips.blogspot.com]
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"Nevertheless, that does not seem to explain May's abrupt drop. After all, if anything, mortgage interest rates have been drifting up in recent months. The implication seems to be that either lenders or borrowers, or potentially both, became more ... Mortgage repayments above lending
Therefore a mortgage is an encumbrance on the right too the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property. Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage loan, either directly or indirectly and often throug state intervention. Other aspects that define a specific mortgage market may be regional, historical, or driven by specific charachetistics of the legal or financial system.Lenders provide funds against property to earn interest income, and generally borrow these funds themselves.
The price at which the lenders borrow money therefore affects to cost of borrowing.
Ther are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements. Interest may be fixed for the life of the loan or variable and change at certain pre defined period the interest rate can also of course be higher or lower. When the amount a company or government repays in bedt exceeds the amount they currenlty borrow. Paydown is also when a mortgage borrower pays the principal and of a mortgage. In doing so, the borrower is paying down his or her debt. In ganaral, paydown also refers to repatment of any outstanding loan. It could mean paying down a car loan, cradit card debt, school loan or any other type of debt.Mortgage in which the underlying terms and conditions meet the funding criteria of fannie mae and freddie mac. About 35 to 50% of mortgages depending on market conditions and consumer trends, are conventional mortgages. In other words, fannie mae and feddie mac guarentee or purchase 35-50% of all mortgages. Conventional mortages may be fixed rate or adjustable rate mortgages. Related Specific charactristics of morgage Articles
Question by Futbol4Ever: How can I help my friend that got scammed by morgage lender? I have a close friend that got scammed by a morgage lender and my friend didn't even know that his loan was going to be a variable rate. They gave him no copies of the docs, and not only that, they lied about his income to qualify him. I feel so bad for my friend and I wish I can help him somehow. The only doc he did see was one that said the loan amount and it had the interest rate on it, but it was dated three days prior to when he signed it, and they told him that it was because if he didn't sign it that he couldn't get that rate. But it also never said that the rate was adjustable. He is very desperate and bummed out. It's been three weeks, and he just told me this last night. Please give me some tips. This is for California. Thanks in advance. Best answer for How can I help my friend that got scammed by morgage lender?:
Answer by Business Mom
first teach your friend "buyer beware"...never sign anything without the proper docs and without seeing the item first. since he signed on the dotted line, this is pretty much beyond you...he is going to need the assistance of a real estate attorney. good luck
Answer by Tim
http://www.dre.ca.gov/ This is the link to the California Department of Real Estate. Sounds like every law in the books was broken. You can file a complaint at that website.
Answer by ANDREA
Call the department of professional regulation and report the bastard....
Answer by spadezgurl22
call state department of real estate and report this person and company. also bbb.org better business bureau, report the business and their unethical law breaking.
Answer by MJ
Rip off report .com is another site to list or complain about the mortgage company. However, if he only saw and "signed" a few docs, he may not have actually closed. If he hasn't signed everything, he is still OK. They may have just given him RESPA docs for the proposed loan. A true closing is more than just a few docs. However, in the likelihood that he has actually signed a loan, he can also report it to the mortgage company directly. Assuming the mortgage officer was a broker and not employee of a direct lender. If fraud was truly at issue (and I'm not saying it was), the true lender would like to know and you might be able to accomplish something there. Also, there may be a government agency (I'm not in CA) in California that deals with regulation of CONSUMER credit. Check out your government "blue pages" or call the Attorney General's office/Consumer Affairs division. They can direct you to the correct agency. You can also file a complaint with AG's office, too.
Answer by CommonCents
Was there a notary present when he signed docs ? If a notary signed predated docs, they could lose thier license, and may be liable for fraud. The borrower signed the application that lied about his income, BUT he signed them, so he commited loan fraud. If thats the ONLY doc that he saw, then he doesn't have a loan. It's that simple. I believe that they lied to him, but it sounds like he may be lying to you.
Answer by lotusraee
Did he actually do the closing? He would have been infront of a notary or went to a title company to sign about 50 pages. In those 50 pages it goes over the terms of the loan and tells you if it's variable and prepay and ect. There are alot of bad loan officers out there that just don't care about what they do to people and it gives the rest of us a bad name. I would say if he has already closed on the loan and feels he was tricked (which sounds like it) then turn the company into the DRE. If the company is a broker then the Loan Officer must be DRE licensed and they can look into it and take further action. If you would like to privately email me the company and the loan officer's name I can better direct you on how to file a complaint. Maybe also just get better info from your friend. I am thinkg maybe he just signed the intial disclosures which do not obligate h im to anything. Is he refinancing or purchasing? Jayme Dickey HomeLoan USA Work with a Lender you can Trust! PH: 909-322-0305
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