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  #1  
Old 09-25-2005, 12:36 PM
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Question

Refinance truth in lending concern

What is the name of your state? Connecticut, During the refinace process, when a mortage company gives a client an unconditional verbal guarantee (multiple times) as to which companies they package and sell their loans to, is that a binding verbal contract? Need help asap. Thanks
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Old 09-25-2005, 01:40 PM
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What difference does it make, the instant your loan is closed it can be sold to anyone by any of the people you were told they sell to, so in the end you do not really have a choice anyway.

For instace if you are trying to avoid abc servicing your loan there is NO guarantee abc will not eventually end up with your paperwork!
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Old 09-26-2005, 10:14 AM
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The mortgage company is only required to disclose the percentage range of loans they sell. (ie 75-100%, 50-75% etc) I don't think the originator's comments about who they sold loans to would be binding.
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