Posted by NCLisa on 5/3/06 8:31pm
Msg #117568
Bait & Switch
Got a call this afternoon asking if I traveled to Raleigh, duh.... They say that the loan has to be signed today, and that I need to call borrower and arrange the signing. I get ahold of the borrower and schedule for 7:30 pm. Run home, print & copy docs...get to the closing at 7:20. Look at ID's, sign the hud, get to the note, and interest rate is 9.59% fixed for 2 years, with a 24 month prepayment penalty. Borrower pulls out the docs he got in the mail on Saturday...they state the interest rate is 7.75% 30 year fixed witn no prepayment penalty. I tell borrower to call his broker, which he does. Guy on the phone tells him that since it is a 95% loan that it has to be that way. Borrower says he will think about it, but doesn't like the prepay...broker tells him that in NC a loan over $ 150,000 is required to have a prepay. I just about fell of the chair laughing at that one. Borrower asks broker about a 1st & 2nd or just a Heloc. They tell him he doesn't qualify.
No this wasn't Ameriquest, but obviously this lender isn't any better. Makes me very happy that I added a blurb to the bottom of my email stating that *By contracting me to do this closing you are agreeing to pay 100% of my fees whether the borrower completes the closing or refuses to sign the documents."
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