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I first got a lot of disclosures from my broker which I signed and fed-ex back, now he tells me there are more from the investor?

Who are the investors? Why am I getting 2 sets of disclosures? Is this normal? by WesleyHotlz64 from Grapevine, Texas. May 10th 2011 Reply


Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions

If you are working with a broker, then the broker will have initial disclosures at the time of application. Then once the loan is submitted to the funding lender (investor) they will also send you disclosures. Disclosures are to make sure you are the applicant, and to disclose the terms and costs of the loan. Keep in mind that GFE's are always over stated, because they changed a new law, that you cannot increase fees, only they can be lowered. Your actual costs should be less than the initial GFE

May 10th 2011
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Jake Belcher (JakeBelcher)
#18 ranked lender in Kansas - 87 contributions

How about getting the numbers correct the first time.

May 10th 2011
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Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions

The person that says "How about getting the numbers correct the first time." is obviously someone who does not understand wholesale lending. The broker will always give you disclosures and then you will also receive them from the lender once the broker places your loan. This is perfectly normal and has nothing to do wit the accuracy of the first set of disclosures.

May 10th 2011
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