mortgage ethics: Ethics and Deceit..........Can anyone confirm???
- 02/06/08 12:03 AM
I'm involved in a transaction currently in the state of GA. Binding agreeement was Jan 8th.......due diligence done on Jan 20th. One of the special stips of the contract is that the loan had to clear underwriting, which it did before the end of due diligence as they could not give committment without underwriting approval. Another stip is it has to appraise at purchase price or higher. HOWEVER, in the process the loan broker changed companies and took the loan with him! We're way past due diligence and the terms of the loan have now changed with the new lender......my contract … (1 comments)
I'm involved in a transaction currently in the state of GA. Binding agreeement was Jan 8th.......due diligence done on Jan 20th. One of the special stips of the contract is that the loan had to clear underwriting, which it did before the end of due diligence as they could not give committment without underwriting approval. Another stip is it has to appraise at purchase price or higher. HOWEVER, in the process the loan broker changed companies and took the loan with him! We're way past due diligence and the terms of the loan have now changed with the new lender......my contract … (1 comments)
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