Lander trying to pull a fast one
We made the mistake of purchasing a new car and a house at the same time. The mortgage loan officer asked us if we bought a car, because she saw a credit inquiry from the dealer, we said yes. She did not ask any further questions. The loan was approved and we closed over 90 days ago. Today she sent an email stating that the mortgage is being audited and that we need to sign a document stating that we told her that we bought the car with cash but then changed our mind and bought it with credit but did not think of telling her.This is of course is a lie. We do not want to sign such a document as it did not happen that way. We are now stressed out and thinking of retaining a lawyer. what are the possible repercussions from this unreasonable demand? by evgeniav777 from , . Jun 11th 2015
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Once your loan is funded, there is nothing they can do, unless they can prove YOU committed loan fraud... you are required to sign any lingering documentation they might have missed, and for some stuff, it's even ok to back date it, however the info on those doc's has to be accurate or you would be subject to repercussions. If you told the lender you had purchased a new car and you have an email or text proving it.. then I would be sure to retain that info and make copies just in case.. Typically, loans are sold on the open market and to be sure the quality of the loans are good, they will do spot checks and randomly select files for audit.. If someone missed something, then the lender who purchased the loan can make the broker purchase the loan back because a guideline was missed... This doesn't happen often, but it does happen.. When it comes to purchasing other items while at the same time, getting a mortgage, then debt to income ratios are very important.. if the purchase of the new car resulted in added debt, and that added debt pushed you out of the allowable debt to income for qualifying purposes, then your loan would have been denied.. If your loan officer knew that your ratios were out, yet she didn't disclose the new purchase, then they deserve to buy back the loan, but regardless, unless they can prove you lied, you will be fine.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Thank you Mr. Acres for that info. Unfortunately, we do not have any such email or text. We do, however, have a purchase agreement for the car dated February 13, 2015, indicating the fact that it is financed. In the letter where she penned her fantasy, she states we talked to her on Feb 14, 2015 and according to her changed our mind about purchasing the car with cash later. This of course makes no sense as the car was already purchased the day before. Essentially she is saying we lied to her - to clearly cover her own behind!!! We will be contacting a lawyer tomorrow. Unbelievable!!!
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The lender appears to have made a mistake. it happens. The good news is, your loan has closed. There is nothing that can happen to your loan, and you do not need to sign anything you are not comfortable signing after closing to fix their mistake. The lender appears to now have an unsellable loan, and will either have to service the loan, or take a loss on the loan. Either way, it doesn't effect you. On the other hand, for everyone else, please do not confuse a missed signature or missed document request from your lender as something to ignore. Minor crossing of the T's or dotting of the I's after the fact are common and normal. Failure to respond is very costly to the lender, and as with anything else, those losses are passed on to everyone else in the form of higher rates and fees.
Lorne Harvey (lorneharvey)
#77 ranked lender in Washington - 439 contributions
The lender should have required a letter of explanation regarding recent credit inquiries, which they failed to do. You answered the question correctly. Also, your final paperwork you signed at title/escrow company should have contained a disclosure asking you if there has been any new debt opened since you applied.Sounds like they missed both. You might want to check your closing package for this particular question that you have to answer for the escrow officer. It clearly makes you answer the question as to whether you have opened any new debts.
Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions
At this point getting a lawyer involved is your best course of action.
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