| Do we have to use 1003 Loan Application when we purchase residential house?

Do we have to use 1003 Loan Application when we purchase residential house?

Sung A asked:


Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?

P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.

Thanks.

Related posts:

  1. Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ? mattndel3 asked: we got a pre approval letter on a...
  2. What are the steps required to buy a house from parents below (way below) market value of the house? 24K asked: I want to purchase my parents house from...
  3. I am a loan officer in ohio and have an investor that has 61 mortgages reporting on his credit? jason p asked: I need to find a lender that...
  4. My loan officer under estimate our loan process and now hurting our contingency (10 days) ? tensy asked: Our loan officer Under estimate our lender loan...
  5. Does anyone really know how a mortgage is created? amacmedic asked: The true facts about how a mortgage is...

Filed Under Renting & Real Estate |

Tagged With , ,

Comments

3 Responses to “Do we have to use 1003 Loan Application when we purchase residential house?”

  1. Big Deal Maker on May 31st, 2009 5:09 pm

    Well first off. I would check with a real estate attorney about the legal part of your father signing a loan like this. You could say that the broker sold you one loan and your father signed a totally different loan. So go see that real estate attorney.

    Added part. I would go for a loan modification.

  2. Sharon T on June 1st, 2009 10:08 pm

    You signed a blank loan application? That was a pretty big clue of trouble ahead.

    Modify or refinance.

  3. Noneya on June 6th, 2009 3:16 am

    It sounds like you signed up for a 5 year balloon mortgage which means you need to refinance or come up with 400K to payoff the loan.
    I have never seen anyone use anything other than a 1003 for a mortgage application.
    If the loan documents that were signed at closing by your father were different from what you agreed to you may have a grievance to file with your local state attorney generals office. Just because you were not there to sign does not excuse the broker from pulling a switch on loan programs.