• Top 7 Mortgage Loan Oversights

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  Jan 28

  Obtaining a mortgage loan is one of the most important steps in buying Salt Lake Utah Homes. However, it’s not always that borrowers and lenders get the best deal in the transaction.  Something can go wrong and mortgage banking is not exempted from errors. Although it’s a highly profitable business with a great deal of leverage, mortgage bankers can still make very serious mistakes in their operation that can send them to jail and fined.  Moreover, these mistakes could further result to more restrictions in the lending industry. Dean Harrington, on his article “The Seven Deadly Sins of Real Estate and Mortgage Lending,” wrote the seven deadly mistakes made in real estate and in mortgage industry which have been prevalent ever since.  This report has been taken from the bank examiners and internal compliance auditor’s report from the most systemic violations in the real estate lending world today. 1. Good Faith Estimate (GFE) missing information, not filled out completely, or not delivered within three days 2. Truth-in-Lending (TIL): ditto GFE, same issues 3. RESPA disclosures not in file 4. Servicing Disclosure Statement is not provided to applicants 5. HUD-1 figures do not match up with GFE 6. FHA Addendum to Application

  Top 7 Mortgage Loan Oversights

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