Lender 'internal audits' long after closing (5%, mortgage, mortgage company, banks)
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We've gotten two letters now from our lenders, as did my mother(who gave us some cash to help close) asking us if different info (bank account amounts, etc) was accurate at the time of closing. I'm just ignoring these as they are nothing more than a nuisance. Has anyone else experienced this? We closed and make our mortgage payments, now leave us alone!
We've gotten two letters now from our lenders, as did my mother(who gave us some cash to help close) asking us if different info (bank account amounts, etc) was accurate at the time of closing. I'm just ignoring these as they are nothing more than a nuisance. Has anyone else experienced this? We closed and make our mortgage payments, now leave us alone!
Those are either internal, external or government audits. All they want to do is confirm that the books aren't cooked, and that the mortgage company is following the rules. Those letters are sent out randomly to a selected sample size based on the number of transactions.
Just answer the questions and return it in the pre-address, postage paid stamp. What's the big deal?
Those are either internal, external or government audits. All they want to do is confirm that the books aren't cooked, and that the mortgage company is following the rules. Those letters are sent out randomly to a selected sample size based on the number of transactions.
Just answer the questions and return it in the pre-address, postage paid stamp. What's the big deal?
They specifically say internal. I played 20 million questions during underwriting. That is the big deal.
"The big deal" in some cases, might be the discovery or suspicion that the loan was made based on false information ... and that a person's income, payment history, or debt is not as presented.
It may be only an administrative hoop, but, ignoring it could raise a red flag. Since you have nothing amiss in your loan application, it shouldn't be a big deal to do this one time -- or at least call them and ask why you shouldn't simply ignore their request.
101% chance you signed what we call an error and omissions form, a document acknowledging you have agreed to make the loan "whole" after closing, should there be any issues insuring that the loan is saleable on the secondary market, or, face the loan being called (making it due and payable now) in the event you do not cooperate. If it was a government or State bond loan, things will get pretty ugly about the time the first payment comes due. And it doesn't meant you should ignore the request for a conventional loan.
You decide, do you really want to put your foot down at the risk of having your loan called? I have never worked for a lender where this form was not employed nor enforced, albeit it gently at first.
You know, it boggles my mind when people get so indignant about answering questions, providing paperwork, etc to obtain a mortgage loan. They are LOANING you hundreds of thousands of dollars, based on your promise to repay that money. Why shouldn't they do everything they can to confirm that you have the financial ability and personal history of repaying your debts!?
Sure lenders make money from doing the loan, but that's fine with me too - they are supplying a service and assuming considerable risk in the transaction. Why shouldn't they make a profit!?
You know, it boggles my mind when people get so indignant about answering questions, providing paperwork, etc to obtain a mortgage loan. They are LOANING you hundreds of thousands of dollars, based on your promise to repay that money. Why shouldn't they do everything they can to confirm that you have the financial ability and personal history of repaying your debts!?
Sure lenders make money from doing the loan, but that's fine with me too - they are supplying a service and assuming considerable risk in the transaction. Why shouldn't they make a profit!?
They've already done this, given us the money and we've made scheduled payments. Now its about them leaving us the hell alone.
We've gotten two letters now from our lenders, as did my mother(who gave us some cash to help close) asking us if different info (bank account amounts, etc) was accurate at the time of closing. I'm just ignoring these as they are nothing more than a nuisance. Has anyone else experienced this? We closed and make our mortgage payments, now leave us alone!
You seem to be stubborn and pig headed. Why create problems for yourself? Just give them what they ask for or you might open up a can of worms. Just tell them that yes it was accurate info. Do you think Banks have nothing better to do, they are probably required to get this info under the Dodd-Frank Act.
5%--7% of loans are required to be audited by the lender.
Borrowers sign a document at closing agreeing to cooperate with the lender in the audit.
The best thing to do would be to pay off the loan, and then they pretty much leave you alone.
Alternatively, you could honor the agreement you made at closing in order to get the money to buy.
People should just pay cash for their homes, and intrusive banks would be much less of an issue to them.
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