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You'll see that 22 years from now 90% of your payment goes to principal and 10% to interest. I have been in this industry for 18 years and have worked for direct lenders and brokers. Just like every other industry there are good and bad people. I just wanted to chime in on this little discussion on Accredited Home/Home Funds Direct.
Either Home Funds Direct, Accredited's retail division, or a broker using Accredited's programs put your loan together. Since the initial complaint did not mention Home Funds Direct, it is obvious you went through a broker and have no idea who you were even dealing with. I look at my situation and I know I had a few credit issues but my credit wasn't horrible, my middle score was 620 at the time, it's 680 right now . The loan officer did not offer to lock my rate and she didn't lock my rate, so my rate went from a promise of 7.2% to 8.299% on the 1st mtg and from 10% to 11.02% on the 2nd mtg. I was told that my closing costs could be capped to as close to $5,000 as possible (builder was paying $4,500), that too was a lie. I RECEIVED AN EMAIL, MIND YOU, NOT A PHONE CALL, to advise me that instead of the $500 I was initially told to bring to closing had been changed to $1,900.
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In response to your complaint, whatever broker you went through made his money by charging you more on rate and points than what Accredited would charge you if you used their retail outlet and got the loan directly. Accredited is not responsible for how much brokers charge on top, and bottom line you were responsible for not making sure you were getting the best deal. I have seen a lot of people complain about Accredited Home Lenders and thought I would chime in with my opinion.
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Under the flat-rate plan, we pass these fees on to your account without markup. I am always glad to hear that folks with less-than-perfect credit can purchase a home with little money down and take advantage of such an excellent investment. Show customers why they should trust your business over your competitors... PACER charges $0.10 per page with a 30 page (or $3.00) cap for all documents, except transcripts which have no cap. For example, a five page document is $0.50 and a 50 page document is $3.00.
Certain state courts, mostly in California, charge for access to some documents. When accessing for-pay state courts, you will always be given an option to accept or decline the payment. On March 9, 2007 a real property mortgage foreclosure case was filed byAccredited Home Lenders Inc, againstMarco Island Civic Association Inc,Mortgage Electronic Registration,Stone, Warren et al. in the jurisdiction of Collier County.
How to Avoid High Interest Rates
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I listened to the advice of a close friend, that is the only reason I signed the papers in the end, knowing I could refinance in 2 years. I stopped working with a loan officer from another mortgage company (gave up a 7.5% one mtg loan with no PMI) to accept this deal because I honestly believed in the crap the Home Funds Direct officer was feeding me. I did want to reply to John, who seemed pretty happy that no one mentioned having problems with Home Funds Direct. Well I will say that although in the end, I did sign my mortgage paperwork with Home Funds Direct , I was really pissed about the way my situation was handled. I was blatantly lied to about the deal the Sr. loan officer said she would bring to the table.
How to avoid high interest rate loans...
I also was totally aware that Accredited would sell the servicing to this mortgage almost immediatly and sure enough they did. It is very difficult to provide low rates if the borrower does not bring good credit and often a large down payment to a purchase loan. Many banks can not even offer 100% financing on a purchase as Accredited did in this instance.
NONE of the fault falls on the wholesale lender, Accredited. If someone thinks our rates our high they are more than welcome to take thier business elswhere. If anyone believes Accredited is as fault on this complaint you give me a valid reason they are at fault.
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If you are not down graded enough, because you are in pre-foreclosure, they send a company out by the name of CBCInnovis to pull into your driveway, take pictures of the hours and peep through your windows to see if the house is still occupied. And if you pull into the driveway and find them there, they will quickly try to pull out and do major property damage to your car. Or if you come out to protect your property, you will also be in the wrong according to Accredited. Of course the loss mitigation staff will deny that they had anything to do with this because it supposedly comes from an attornies office in Pa although the notice of intent to foreclose comes from Dallas, TX.
As I have only just begun to deal with Accredited Home, I really cannot complain. And I honestly do not believe I will have a problem with them as my mortgage is being paid automatically through my Bank of America checking account, so I won't have to deal with them much, if at all. This is the best way to manage and repair your business reputation. Consumers want to see how a business took care of business. Docket Alarm uses PACER to access Federal Court documents.
I would happily provide you with that contact information if you need it. The good point that you bring up is that until the underwriter signs off on the loan, and the notary is sitting in front of you with the loan docs, it's all talk. Even a loan lock is not a commitment to give you a loan at any given rate. Many loan officers/companies even put in writing a better offer than they can deliver on. You need to go with your gut, find a loan officer broker you feel you can trust, and bottom line if the deal changes and you're not happy DON'T SIGN. Many things change your rate and term form when a proposal is made to when the loan signs... Appraised value, title issues or leins that need to be paid, payoff amounts, all of which we are estimating when we make a proposal.
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Before I can respond, someon else looking at the home chimes in and starts arguing that he can offer a better deal to me. I am laughing at the fact that these two brokers or loan officers or whatever are fighting for my business, and I wasn;t even on the market for it. Jason, your comments have nothing to do with the complaint at hand. Point is Accredited was blamed for charging a customer high rates and the facts show that in no way was the wholesale lender, in this case Accredited, to blame for what happened in the initial complaint. If you don't have comments that are pertinent to the original complaint go find a blog somewhere to tell your little stories on.
I used to work for their retail division and honestly the rates are not competitive at all to what you probably would have gotten out there. Your not alone and this type of comments I hear all the time from clients trying to refinance their current loan to a lower rate, the best thing is to know what your credit report has on it and also what type of loan you are looking for. The higher the amount you borrow the higher the risk to the investor, which in turn leads to higher rates then if you were to put a down payment on the purchase. Another big factor is how you report your income, do you have enough to prove you can afford the property or do you need a specialty program that will make the income work so you can buy the property?
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