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 patlucas633
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charlesarmbruster
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Posted: Sun May 18, 2008 11:56 am Post subject:
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Dealing directly with the lending institution is usually the fastest, simplest, and most effective approach. Most companies value their customers and in most situations will be responsive to your concerns.
The 'mortgage industry' includes the banks and brokers that write the loans and the servicing agents that receive the monthly payments during the term of the contracts, as well as the investors who may buy the assets in the market; some lenders service their own contracts and hold the assets, while others will sell the contract and the assets for their purposes. Also, the industry includes the investors who trade the assets in the marketplace.
Tangentially, the title and insurance agencies are part of the mortgage industry, as are the realtors and the builders. Title and insurance agents are paid by the lenders when monies are escrowed. HOAs, homeowner associations, are normally paid directly by the deedholder.
Lenders are governed by the state laws in which they do business and by federal law. If the lender holds the mortgage, they are responsible. If the mortgage is securitized and sold to Fannie Mae or Freddie Mac, then the public is essentially responsible, and it is regulated by HUD, the US Dept. of Housing and Urban Development.
Federally chartered banks have federal oversight and do not require state licensing; they can normally write loans in all US states. State chartered banks are licensed in their individual states. Savings banks are all regulated at the national level.
In my State of Arizona, a lender must be licensed to business with the public. Lenders are regulated by the Arizona Dept. of Financial Institutions -- residents can file compliants with the Consumer Affairs Divison of that department. Financial institutions include State Chartered Banks, State Chartered Credit Unions, State Chartered Savings and Loans, and Trust Companies and Trust Divisions.
All lenders must comply with The Equal Credit Opportunity Act, The Fair Housing Act, The Fair Credit Reporting Act, The Truth in Lending Act, and The Real Estate Settlement Procedures Act and all applicable state and federal laws and regulations.
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Chuck Armbruster
Phoenix, AZ
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Jessica
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cliff3
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Mortgage Forums 
but anyway, I'd say a few words too. Each state has a Housing Finance Authority/Agency which offers low down payment first time buyer loans, even to those having low credit. Then they also provide down payment assistance programs.
