Good Faith Disclosure
How accurate do good faith estimate have to be.
If 5% 0pts if dislosed on the good faith and the mortgage ends up being 7% & 3 pts, isn't the lender supposed to me a new good faith b4 drawing loan docs.
I ran into that this AM when I went to sign loan docs. The points and margin on the arm changed.
Thepoints we had talked about (to buy-out the pre-pay penalty), but not the margin
I do not know what the legal definition is.
I would call the switch to be a bit extreme. If the mortgage broker wants to do business in the future I would have expected a heads up and an explanation as to what happened.
Did you go forward with the deal as is?
As you talked about the points and therefore understood where they came from did the MB offer any new insight into the rate?
John
[addsig]
It actually was w/ Wamu direct. and I did take the deal after they discounted the apprasial.