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What, legally, can inhouse mortgage companies share with builders. More specifically is we are building a home and the builder has a mortgage arm and we apply for a mortgage with their sister company, what information can they legally share with the actually builder. Same parent company, different divisions.
The only thing builders are concerned about is your ability to qualify and close. Are you concerned that if the builder knows more, you will lose negotiating power? Have you shopped the loan elsewhere?
No. We filled out financial info for a home with a builder whose parent company owns a mortgage division. The info was sent directly to the mortgage division. The mortgage division then sent the info to the builder. I am trying to find out if that is legal.
No. We filled out financial info for a home with a builder whose parent company owns a mortgage division. The info was sent directly to the mortgage division. The mortgage division then sent the info to the builder. I am trying to find out if that is legal.
... does not matter what is "legal" as I really doubt that you want a criminal or civil suit from trying to buy / finance a home. If you are not comfortable, and have not signed anything / made deposit then you can stop dealing with these people.
If you have signed something / made deposit get an attorney to help you determine your best course of action.
I appreciate your response but I am not asking for a value judgement just the facts.
The facts are that you need to speak to an attorney in the state involved. Another fact is that seeking legal advice on an anonymous message board is precarious at best, and that's not a value judgement, just a fact.
The facts are that you need to speak to an attorney in the state involved. Another fact is that seeking legal advice on an anonymous message board is precarious at best, and that's not a value judgement, just a fact.
Wow..so much hostility. Not seeking legal advise, thought since so many professionals regularly peruse these boards someone might actually be familiar with the RESPA laws or whatever laws apply.
I am thinking you went with the builder's mortgage company to save $$ and making the same attempt to seek advice on this board. You get what you pay for.
I am thinking you went with the builder's mortgage company to save $$ and making the same attempt to seek advice on this board. You get what you pay for.
Nope....Wrong on both counts. But thank you for playing.
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