What is the name of your state? TEXAS
Hello everyone,
Im in a pickle here and hope someone can help.
My mortgage lender has been SLOOOW. Mortgage application was signed on 06/04/05 and the Good Faith Estimate was not signed by the Loan Officer until 07/11/05 despite my complete cooperation and timely mailing of documents.
I have read on the HUD website and on many other websites that RESPA Laws state that Lenders must provide a the GFE no later than 3 business days after the application was signed. If this is true and I am not misinterpreting the law, my lender is in breach of federal law by not having supplied me with the GFE no later than 3 days after the date the mortgage application was signed.
Subsequently this has caused me to be in breach of my agreement of sale as the agreement of sale states that Mortgage approval is due 30 days from the mortgage application date. I have questions about this but I'll post it on the Buying forum.
Can anyone confirm the RESPA Law in respect of GFEs and help me understand what my rights to recourse are for this increadible delay?
Ideally I wish to inform the lender that they are in breach of Federal Law (if that can be confirmed) and request the refund of my application fee. Any help with a letter to this effect would be much appreciated.
Thank you so very much,
Sarah
Hello everyone,
Im in a pickle here and hope someone can help.
My mortgage lender has been SLOOOW. Mortgage application was signed on 06/04/05 and the Good Faith Estimate was not signed by the Loan Officer until 07/11/05 despite my complete cooperation and timely mailing of documents.
I have read on the HUD website and on many other websites that RESPA Laws state that Lenders must provide a the GFE no later than 3 business days after the application was signed. If this is true and I am not misinterpreting the law, my lender is in breach of federal law by not having supplied me with the GFE no later than 3 days after the date the mortgage application was signed.
Subsequently this has caused me to be in breach of my agreement of sale as the agreement of sale states that Mortgage approval is due 30 days from the mortgage application date. I have questions about this but I'll post it on the Buying forum.
Can anyone confirm the RESPA Law in respect of GFEs and help me understand what my rights to recourse are for this increadible delay?
Ideally I wish to inform the lender that they are in breach of Federal Law (if that can be confirmed) and request the refund of my application fee. Any help with a letter to this effect would be much appreciated.
Thank you so very much,
Sarah