Lender's Beware of Typed Final (1003) Applications

Lenders Beware of Typed Final (1003) Applications is correct and not intended as a cute into to another boring secondary mortgage loan article. This in my opinion is the one thing Lender's often will do, but legally cannot, when making a loan.

It's true that over 80% of all loans fall into the category of typed, well, computer generated loan applications.Problem: And half of the 80% (homeowners’) could get out of their loan, receive back a refund of points and fees or even have their loan in cut in half as a settlement.

Here’s why -

Because anything that is misstated on the borrower application is unlawful. Really, and subject to criminal punishment. But the lender is at an advantage and has a fiduciary responsibility to the borrower. This is given when considering the expertise and sophistication need for making a loan.At borrowerhotline.com, we see countless complaints by borrowers who cannot afford their loans.

And this argument about handwritten versus an inintial and final computer genreated application is so true, especially when the borrowers are not in budget. You see cops and school teachers making $10,000 to $25,000 month. (not to say they don't deserve it....but come on).

Now, without a handwritten application, how can you hold the borrower to the argument that it’s they who lied and the lenders was just doing their job? Borrower is not telling the truth, huh!
Then show me the handwritten application monsieur lender.

By the way, does and underwriter or quality control person ever check salary web sites for average earnings for professions?

If you have a grievance with a lender, and did not complete a handwritten 1003 application - - - then call us for more information. We are http://www.borrowerhotline.com/ 925-550-1826