Posts Tagged ‘lender’
Watch Mortgage Payments During Transfers
236/365 doing the sums: courtesy obo-bobolina @ flickr
North Carolina Mortgage Loan Transfers
Mortgage lenders typically sell the servicing of mortgage loans shortly after closing a loan. The mortgage loan can still be sold at any time to another lender to allow the mortgage loan company to free up capital. In North Carolina, the mortgage lender is required to provide you with at least 15 days notice of the sale of your mortgage loan to another lender. This is supposed to provide adequate opportunity to ensure your mortgage payment is mailed to the right lender.
Charlotte Mortgage Double Paid
Here in the Charlotte, NC area, this procedure did not work as intended. According to Channel 9 News (Charlotte, NC), a local Charlotte man was paying two mortgage companies for the same home loan! It seems that the mortgage was sold by GMAC Mortgage to another lender, but GMAC was still collecting payments that were being drafted from his bank account. Even after complaining to GMAC, they claimed they could not find any records of taking more than $2300 in mortgage payments. Finally, Channel 9’s “Action 9″ team got involved and got his money back.
NC Law and You
This highlights a couple things. Although North Carolina requires notice of the sale of a mortgage loan to another lender, this does not guarantee that the original lender will have their ducks in a row and follow through as they should. So one should keep an eye on the transition between lenders. NC mortgage law could not stop the problem from happening, so it is up to you to make sure they don’t run away with your money. Additionally, the Charlotte man paid his mortgage by bank draft, which allowed this to happen. If you are paying your mortgage (or any other bills) using a direct debit bank draft from your checking account, you are giving total control over to the party that you agree to pay. Errors happen, and even the best of money trails can get lost. With the age of online banking, one should consider paying their mortgage using online banking rather than bank draft. Then you are in total control over who gets that mortgage payment!
Article ID: cmc963
Exciting News!
A Step Forward
Dear friends, clients and partners;
It is with great excitement and anticipation that I am pleased to announce that the Carolina Mortgage Connection has joined Residential Mortgage Center in Charlotte, NC.
Residential Mortgage Center is a licensed Mortgage Lender serving both North and South Carolina and is located at 205 Regency Executive Park Suite 200 Charlotte, NC 28217.
With this move to Residential Mortgage Center, we will continue to offer the best mortgage rates and service in the Charlotte area! In addition to that, there will be on site loan processors to get your mortgage loans closed faster than ever!
Greater Flexibilty
Working with a mortgage lender will give us greater flexibility in the marketplace. In today’s volatile mortgage market, flexibility will be a key difference in getting results! With the ability to adapt mortgage programs to fit the individual needs of our borrowers, the Carolina Mortgage Connection can custom tailor the right program just for you! And because you are working directly with the lender, mortgage rates will be more competitive than ever!
Focused on You
Change can be a scary thing. But in this case it is very exciting! This business maneuver will allow us to focus on providing our clients and partners with unparalleled service while allowing us to pursue our mission of educating, inspiring and assisting in the American Dream!
As always, you can always contact us by calling 877-411-9327 or via the website at www.EdNailor.com
Sincerely,
Ed Nailor
100% Financing has new Requirements
According to a Countrywide bulletin this morning, the private mortgage insurance companies have raised the bar for 100% mortgage loans in Charlotte and the entire country. Now to qualify for a conforming conventional mortgage loan, you will need to have Read the rest of this entry »
The Chicken and the Pig
A chicken and a pig were walking down the road. Soon they were both very hungry. In discussing what they should eat, the chicken came up with a solution. “Let’s eat eggs and bacon. We have all we need right here!” The pig was not so excited with this suggestion. “For you, it’s a simple donation,” said the pig. “For me, it means total commitment!”
So what has that to do with mortages or real estate? Read the rest of this entry »