Loans, Debt & Credit - View Single Post - Buy Back

03-02-2008, 11:29 AM

Welcome to the forum and thank you for joining....

That letter has me confused, they are asking you the borrower to indemnify this obligation and Broker buy back....hummmm, that is extremely confusing in that this is known as confirmed material misrepresentation and the broker is generally the indemnifying party and the party they look to for the Buy Back...your income, your husbands debts?

The TIL is not an underwriting function, it is a closing function and as such a QA problem on sale of the loan or delivery of the loan for funding between the financial entities...however it would be rescission issue for you if this were a refinance loan. Which it appears that it is not, it is a purchase loan, over 1 year since origination and inception/funding so no relief there.

Can you please recite the letter that you received in a post...I need to see the actual language that was used in order to determine just how they read this problem and who they are assigning "blame" to. I have no other way to effectively address the situation and understand the issues that you are facing and provide adequate advice for you. I am not an attorney, but I have forced buy back and dealt with multiple confirmed misrep problems, with in the industry and assigned the "blame" as to who did what to whom and just who was the party that we went after for recourse in the matter.

So far if there was income used from other than the borrower...that is a huge problem, the only income on a front end loan that can be used is the borrower's income, if you ain't on the loan, your income does NOT enter into the equation for qualifying purposes....that in itself is misrep...I need to see the actual wording of this letter.

Please answer me this, were you aware that the broker used your income to qualify on the loan in your husband's name at the time of origination, and if so what were you told by the broker regards this? I need to know a little more on that end as well....

With that information and perhaps more, depending on the data that you post, I may need some other questions answered, I might be able to direct you to an appropriate source of remedy/relief in PA.

03-02-2008, 11:29 AM	#2 (permalink)
Mary Salzer Guest Posts: n/a	Re: Buy Back - Material Misrepresentations? Welcome to the forum and thank you for joining.... That letter has me confused, they are asking you the borrower to indemnify this obligation and Broker buy back....hummmm, that is extremely confusing in that this is known as confirmed material misrepresentation and the broker is generally the indemnifying party and the party they look to for the Buy Back...your income, your husbands debts? The TIL is not an underwriting function, it is a closing function and as such a QA problem on sale of the loan or delivery of the loan for funding between the financial entities...however it would be rescission issue for you if this were a refinance loan. Which it appears that it is not, it is a purchase loan, over 1 year since origination and inception/funding so no relief there. Can you please recite the letter that you received in a post...I need to see the actual language that was used in order to determine just how they read this problem and who they are assigning "blame" to. I have no other way to effectively address the situation and understand the issues that you are facing and provide adequate advice for you. I am not an attorney, but I have forced buy back and dealt with multiple confirmed misrep problems, with in the industry and assigned the "blame" as to who did what to whom and just who was the party that we went after for recourse in the matter. So far if there was income used from other than the borrower...that is a huge problem, the only income on a front end loan that can be used is the borrower's income, if you ain't on the loan, your income does NOT enter into the equation for qualifying purposes....that in itself is misrep...I need to see the actual wording of this letter. Please answer me this, were you aware that the broker used your income to qualify on the loan in your husband's name at the time of origination, and if so what were you told by the broker regards this? I need to know a little more on that end as well.... With that information and perhaps more, depending on the data that you post, I may need some other questions answered, I might be able to direct you to an appropriate source of remedy/relief in PA.