The known criminal activity in the mortgage industry is enough to make anyone sick. It wasn't just OCWEN that was engaging in fraud and wrongly foreclosing on a huge number of mortgages. This garbabe was standard procedure with several large lenders. Why are these lenders allowed to continue in business? The evidence is clear that they basically stole billions of dollars from consumers across the country. Why would anyone want OCWEN servicing their loan? Reading these reports, it is clear that anyone who is applying for a mortgage should start the process at least 60 days before you plan to start shopping for a home? Lenders need to be investigated thoroughly. Find out ahead of time who will be servicing your loan? Many loans were/are sold 1-2 months after closing. You might have been approved and closed with George Mason Bank only to recieve a notice a month after closing that your loan is now being serviced by Countrywide. We all saw how that turned out.
It's not always a bad idea to shop for loans using a mortgage broker, but it might be a bad idea to make a rush decision on choosing a lender to provide you with a mortgage. Shop and compare before you decide. Ask your real estate agent if you are already working with one. But don't just agree to use a certain lender just because your agents broker has an affiliate arrangement with that lender.
http://www.nationalmortgagesettlement.com/
Some things in real estate still need to be done the old fashioned way!
Jeff Pearl / Lic in VA
Remax Distinctive - McLean VA
703-727-4876
Homes / Land / Farms / Historic
Equal Housing
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