August 21, 2007 - So countrywide had to call an $11 BILLION credit line.
Surprised?
Not really. After attempting to refinance my house over the past few months, it seems every smaller bank and mortgage broker, when asked where are you sending my mortgage application, they all replied, "Countrywide". The backup, as they referred to it, was Wells Fargo.
I felt like calling up these brokers and aksing them today, who they are sending these apps to?
Countrywide, when I called them directly (I figured why pay a mortgage broker), and applied offered me a loan. However, when I declined the 7.25 offer as being HIGH, the rude person repsonded "WHAT WITH YOUR CREDIT SCORE, YOU'LL NEVER GET A LOAN...".
All I can say is I hope this person in their Houston call center has lost their job.
And I did get my loan. Locally.
So to all those banks and mortage brokers that jammed people through at Countrywide....
Good Luck.
Showing posts with label Mortgage. Show all posts
Showing posts with label Mortgage. Show all posts
Tuesday, August 21, 2007
Thursday, August 09, 2007
Mortgage Center at RentLaw.com
August 9, 2007. RentLaw.com, The National Landlord Tenant Guide today announced an updated Guide to Mortgages.
In making the announcement, RentLaw.com publisher David Dorfman said "we want to inform our readers about mortgages in a clear and concise manner". Dorfman continued, " I am just about done with a refinance on my home and I can't tell you what I went through. I thought it would be a simple process and I relied on "friends" who were mortgage brokers. I finally wound up at a larger, but local, bank who quickly took the app and processed it, in person. There was intelligence in making the loan decision."
Dorfman said the on-going goal at RentLaw.com is to simplify the Real Estate transaction. "There are just many, many chances for errors or misunderstanding" said Dorfman. "It's an ugly process with all the forms, the tensions, and fear of buying or selling a home". On Mortgages and Credit, Dorfman said "today, with the mortgage market the way it is due to the lax lending practices, lenders have once again gotten tougher. In his opinion and experience, Dorfman believes this has enabled the lenders or brokers to abuse people based on their credit score. Abuse by way of charging a higher rate for questionable credit scores. "
For more information on Mortgages, Home Equity and Credit, please visit Rentlaw.com at these sites:
Mortgages
Home Equity
Credit
Learn more today at Rentlaw.com - The National Landlord Tenant Guides.
In making the announcement, RentLaw.com publisher David Dorfman said "we want to inform our readers about mortgages in a clear and concise manner". Dorfman continued, " I am just about done with a refinance on my home and I can't tell you what I went through. I thought it would be a simple process and I relied on "friends" who were mortgage brokers. I finally wound up at a larger, but local, bank who quickly took the app and processed it, in person. There was intelligence in making the loan decision."
Dorfman said the on-going goal at RentLaw.com is to simplify the Real Estate transaction. "There are just many, many chances for errors or misunderstanding" said Dorfman. "It's an ugly process with all the forms, the tensions, and fear of buying or selling a home". On Mortgages and Credit, Dorfman said "today, with the mortgage market the way it is due to the lax lending practices, lenders have once again gotten tougher. In his opinion and experience, Dorfman believes this has enabled the lenders or brokers to abuse people based on their credit score. Abuse by way of charging a higher rate for questionable credit scores. "
For more information on Mortgages, Home Equity and Credit, please visit Rentlaw.com at these sites:
Mortgages
Home Equity
Credit
Learn more today at Rentlaw.com - The National Landlord Tenant Guides.
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