Where to Locate Org. Loan Application?

[einstein]

Who would have the [I]original[I] copy of my loan application? I have contacted the agent-- who got me into my current predicament of an ARM adjusting this next year--and asked him to locate the app and to please get me the copy. I believe he overinflated my income on the application. He said he'd look into it (suuurre he would) and I haven't heard from him again.

How can I locate it myself? The original lender was Freedom Mtg but later sold to Homecomings. I guess it is located in one of 3 places: the broker, Freedom or Homecomings.

Whomever has it, are they obligated to send me a copy if I request one?

I'm self-employed and didn't notice that small detail 2 years ago when I bought my house. Could this be a TILA violation?

[Moe Bedard]

Yes, you can get your loan documents from Homecomings by writing a Qualified Written Request via section 6 per RESPA. In this letter you make a demand for the loan documents and they have 20 days to respond by law, and 60 days to fulfill your request or answer why they are not.

You broker should keep all paperwork for 3 years. They should have all your disclosures etc. in a file. Per the law.

I'm self-employed and didn't notice that small detail 2 years ago when I bought my house. Could this be a TILA violation?

If you signed it then you acknowledge this. You'll have to wait and see what the loan docs say.
Loan servicing complaints

Section 6 provides borrowers with important consumer protections relating to the servicing of their loans. Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer's required payment.

A borrower may bring a private law suit, or a group of borrowers may bring a class action suit, within three years, against a servicer who fails to comply with Section 6's provisions. Borrowers may obtain actual damages, as well as additional damages if there is a pattern of noncompliance.

Filing a RESPA complaint
Persons who believe a settlement service provider has violated RESPA in an area in which the Department has enforcement authority (primarily sections 6, 8 and 9), may wish to file a complaint. The complaint should outline the violation and identify the violators by name, address and phone number. Complainants should also provide their own name and phone number for follow up questions from HUD. Requests for confidentiality will be honored. Complaints should be sent to:


Director, Office of RESPA and Interstate Land Sales
US Department of Housing and Urban Development
Room 9154
451 7th Street, SW
Washington, DC 20410

[einstein]

Thanks again, Moe. This is, by far, the best forum out there--I've looked at many. I also appreciate the quick responses.

[Moe Bedard]

No problemo and thanks for the accolades . Answers served hot and fresh daily.

[Brian K.]

You can send a qualified written request for the documents. They are required to keep them for several years. You should send that request to the broker, lender, and title company. That way you should get all of the finger pointing out of the way all at one time as to why none of them have your 1003 (your application).

As for TILA violations, the application is not a place to look, but it could be a good fraud in the inducement case, or counterclaim. You need the TIL, the note, mortgage and the other disclosures to discover TILA violations. Do you have the closing package?

[einstein]

Yes--I've got the entire closing pkg...about 4 inches thick in it's entirety.

I'm going to send out a qwr to all three. In addition, I'm going to find a real estate lawyer to review everything. I need to find a good one in SoCAL (south Orange County)...