AboutJames Setters Expertise I can answer questions regarding residential home mortgages for both purchases and refinances. I have extensive experience in both prime, sub-prime and real estate investing. I approach mortgage lending with a focus on a client's overall financial life and worked for more than 10 years as a financial advisor and planner in the investment and insurance field. My specialty is debt elimination and providing systematic, disciplined plans that show families how to become debt free in 6-11 years, including their mortgage, with no increase in their monthly payments. Feel Free to ask me how!
I have access to over 130 of the nation's leading mortgage lenders and most national banks.
Experience I have more than 17 years of experience in financial services, and have worked in mortgage lending since 1992.
Organizations National Association of Mortgage Brokers.
Ohio Association of Mortgage Brokers.
Home Buiders Associations.
Education/Credentials Life Accident and Health Licensing, passed exam.
NASD Series 6 and 63 licensing, passed exam.
Licensed Mortgage Broker
Question Hello, i signed a contract to buy a home and applied for a VA loan. Loan officer informed me that I need $4000 cash for the closing. i told her that i don't have that much money but i will try my best to ask my friends, even will try car title loan etc. She asked my latest bank statement and i sent it to her. I had very little money in my account and i couldn't come up with that much money for the closing. she got upset and still approved this loan and faxed the approval paper to the seller side so i loose my deposit. I asked her to deny my loan so i can get my deposit back but she was upset! anyway. i lost my deposit and moved on. but a year later i am facing a law suit from the seller of the house saying that i changed my mind about this loan according to loan officers approval paper! i tried to contact to this loan officer and she doesn't return my calls! i called this mortgage company manager/owner and he doesn't sound like he will help. Basically they approved the loan which should be denied and marked for "insufficient funds to close the loan". This loan didn't meet the conditions because my bank statement shows i had little money and she suppose to deny this loan right away after receiving my bank statement and my e-mail stating that i don't have funds to come up with that much cash to close this loan. i am going to call this mortgage company again to send me a paper stating that my loan suppose to be denied but mistakenly approved and this statement can end this law suit i think. please tell me how can i make this mortgage company manager to help me? is there any department to complain about them? as you know, that is why we are facing housing melt down right now because they kept approving loans to EVERYONE! if i don't have money, i shouldn't be approved for this loan and i wouldn't be facing this law suit now. I fought for this country outside of the USA but i feel like i am facing the real enemy here in the USA! I am getting sued for $26K because the builder sold this house to someone else 2 mos later with lower price! Can i sue this mortgage company for creating all this mess? what can i do?
Answer Hakan,
Contact your State Department of Financial Institutions or the agency that oversees Mortgage Brokers.
According the the information you have provided to me, you did not have a loan approval. I would recommend you gather the following information and present it to both the broker and the attorney for the builder.
Original Good Faith Estimate.
Original 1003 (application)
Copies of bank Statements submitted to broker.
I would inform the builder that you could not qualify for the loan since you did not have the necessary cash to close and that you have contacted the appropriate agency that oversees the mortgage broker.
Lastly, I would contact the broker and ask again for the letter, and an explanation indicating that you were unable to obtain financing or you will have no choice but to contact the oversight agency, the state Attorney General and also the Veteran's Administration. As a veteran myself, this type of activity is wholly unacceptable, and if they would treat you like this, they would treat other vets this way too.
Although, I have cursory details, I would say this broker is not following good lending practices.
Is there a relationship in place between the builder and the broker? If there is a relationship between the broker and the builder, was the relationship disclosed with an Affiliated Business Arrangement Disclosure.
Were you referred to the broker/loan officer by the builder? Were you given more than one option for financing?
It strikes me a little odd that a Loan Officer would be "upset" that you could not come up with the money necessary to close a loan.
