About Jacqueline Kounkel Expertise I am able to lend in every State. I specialize in large money deals, jumbo and super jumbo home loans, construction, permanent financing, refinancing, purchases, lines of credit and cash out transactions for residential homes. I can answer questions for you regarding what to look for when choosing a lender or Mortgage Broker. I can assist with questions that you should always ask when shopping for a loan. I will help you to protect your credit score while shopping for a loan. I understand that shopping for the best mortgage is about more than just a rate and my clients needs are always kept in my best interest. Besides getting you the most competitive rate, I will also help you decide which program guidelines are most likely to accept your unique qualifications. Together we will determine which programs will ultimately save you the most money. I will make sure you avoid “bait-and-switch” offers, prepayment penalties and hidden fees. Sometimes a low rate on the wrong loan could COST you thousands of dollars! I can help you to understand your Closing documents, Your Good Faith Estimate, the dynamics of your loan and how it works. I work with my clients for the life long relationship, the lowest rates, and conservative closing costs.
Experience I can offer clients an unmatched variety of loan programs designed to suit the borrowing needs of every lifestyle. Whether you are looking for a conventional program or one especially suited to a unique circumstance, I have the necessary tools to serve the best interests of my clients and provide mortgage financing to all kinds of buyers. I have worked in the financial industry for 15 yrs and love what I do.
Organizations Chamber of Commerce, DRA, SMDRA, Colorado Business Group and SEC Kids Care Volunteer Publications
Education/Credentials ACC degree in Banking and Finance
Awards and Honors Top Producer, Circle of Excellence, Customer CARE, President's Club Member
Question Our mortgage bank is in Troy, Michigan, and they recently became our new mortgager after a refinancing of our home in California. Last month they informed us that the dwelling coverage for our property is not sufficient to cover the current mortgage balance of 416K. They said "The State law for replacement cost allows us to accept the mortgage balance or the total estimated cost to replace the improvements new, whichever is less. As indicated on your appraisal, this is 428K." Our home insurance company says that we carry "218K in dwelling coverage, calculated by Farmers as the Replacement Cost to rebuild your home in the event of a covered loss." Also, according to our Insurance company, in California "it is illegal for a lender to require that the borrower maintain a limit of insurance that covers the loan balance and exceeds the replacement cost determined by the insurance company." They provided me a copy of California Civil Code 2955.5 and they forwarded it to the bank. They also asked the insurance department at the bank to provide details as to why our insurance should be increased (it would be about a $450 increase annually) but the bank has not replied. The bank has threatened to increase our mortgage plus a penalty against us if a change endorsement from our insurance is not made by August 15. That was the bank's "final request."
We feel that the bank's request is illegal. We have notified the FTC about this. If we cave in to the bank's request, do we have any recourse?
Answer David,
Yes, unfortunately the bank does have the right to request an increase in your insurance based on replacement value of the home. Just as if you were financing a car, if financing, the bank has the right to request a certain amount of coverage on the vehichle. You may want to contact your insurance agent as well as a real estate atty.
You want to protect yourself from the bank placing forced place insurance on the home which is very expensive.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
