Mortgage Broker lie-ability

[troubleman]

What is the name of your state? California

I'm wondering if there is such a thing as a home mortgage post mortem - an independent service or arbitrater that can look over all the final signed documents for any irregularities?

We had a nightmare of a process for our first time home buying experience using Wells Fargo. The broker essentially lied to his own underwriters about our combined incomes. This didn't come to light until a few days before closing. To get out of the situation and save the sale, the broker had us close with an interim loan from another lender (at a higher rate), just to get the seller his funds. Until the broker could work out a refi, he was kicking back to us the difference between the closing interest rate and the rate we were promised. Of course, he also picked up all the costs of the refi. Or did he? Now that we have finished the refi I am really wondering if everything is kosher. Would love for someone more knowledgable than I to look over the docs and give me their take on things. If something else is fishy I guess then I could consult a lawyer to find out if Wells is liable for their broker's screw-ups.

Thanks

[MortgageGuru]

The post-mortem place you speak of is typically a lawsuit. Take all of your initial disclosures as well as all of the closing paperwork to a real estate attorney. There are a handfull of things that had to have happened in order for what you are describing to make sense but without seeing the docs then it's really hard to say.

[MORTGAGEman]

I'm very sorry to hear about that, especially since I work at a Wells Fargo Home Mortgage in Sarasota, Florida.

I just hope that you don't think that everyone from Wells Fargo does business like the one you worked with. I guess every big company has a few screw ups.

Hope you get everything worked out!

[Ciarraine]

Originally Posted by troubleman

What is the name of your state? California

I'm wondering if there is such a thing as a home mortgage post mortem - an independent service or arbitrater that can look over all the final signed documents for any irregularities?

Yep it's called a lawyer.

Originally Posted by troubleman

We had a nightmare of a process for our first time home buying experience using Wells Fargo. The broker essentially lied to his own underwriters about our combined incomes. This didn't come to light until a few days before closing.

That sounds like your run-of-the-mill stated income loan.

Originally Posted by troubleman

To get out of the situation and save the sale, the broker had us close with an interim loan from another lender (at a higher rate), just to get the seller his funds. Until the broker could work out a refi, he was kicking back to us the difference between the closing interest rate and the rate we were promised. Of course, he also picked up all the costs of the refi. Or did he? Now that we have finished the refi I am really wondering if everything is kosher. Would love for someone more knowledgable than I to look over the docs and give me their take on things. If something else is fishy I guess then I could consult a lawyer to find out if Wells is liable for their broker's screw-ups.

Thanks

Weird, but to me it seems like he's doing right by you. See a lawyer if you think otherwise.

[troubleman]

Had a feeling that "see a lawyer" was going to be the ultimate answer. Was hoping that there was an intermediate step. As I said, I'm not sure that there is anything funky with the final docs. But with everyhing else that went wrong and the actual lies the broker was spinning to all involved parties, including his own underwriters, I just wanted a final review to ease my own mind.

[Ciarraine]

Doc sets for residential real estate closings are highly standardized so they can be traded on the secondary market, and particularly at a large bank like Wells Fargo, unlikely to contain anything fishy. If there are funky issues, you'll more than likely find them on one of two documents: The HUD-1 Settlement Statement, and the Truth in Lending form.