Mortgage Appraisal Document
can i sue a mortgage loan office for backing out last minute?
my father and i have been in the process of refinacing and the loan company just pulled out at the last minute because they made a mistake.. they had all the information from the beginning and i have copies of the original offer that was made we were supposed to close yesterday but they back out stating that they thought we had a single home dwelling when in the appraisal which is a legal document states that the house is clearly a duplex. it was theyre mistake and now after all this time of dealing with them we are now stuck without the funds we need to pay for the loans we took to remodel the house.
Unfortunately, the answer is no. Until you get loan committment, you signed papers saying they would “try” to lend you the money.
If you could sue for stupidity and incompetence, I’d be a richer Realtor 
which is why you should consult with a Realtor…. we don’t tend to use the companies that pull this garbage, because it affects our income and many lives, lost transactions, sleepless nights.
If you don’t know an agent, then ask your friends, get some recomendations from them, because I’ll guarantee you that most often if you use the mortgage person the agent uses, this would not have happened.
Mortgage Loan Application Documents: What You Should Know
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal Document. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal Document
What information/services should a mortgage broker provide?
Are they responsible for the good faith estimate and truth in housing documents? If so, when are they to be provided? What other documents should they be providing?
Our broker asked us to prepay the appraisal. My experience has been it normally is paid when the loan closes? Is it typical to pay for it upfront?
Also, I have heard that a broker cannot legally provide a pre-approval letter that it must come directly from the lender. Is this correct?
If you did not receive a GFE (good faith estimate) and TIL (truth in lending) then your broker has violated RESPA and that is a huge fine. I would recommend working with someone else now before you close and see astronomical closing costs. They should have been provided within 3 business days of pulling your credit. The appraisal issue now that is not uncommon as if the loan does not close then the loan officer is responsible for the fee. Your are correct as the lender is the only one who can give a pre-approval but your loan officer can issue a pre-qualification and that is determined by pulling your credit and analyzing your debt, income and credit scores. I hope this helps you and answers your questions but if you have any further questions or need any assistance feel free to email me.