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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » 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?

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 the 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.


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

  1. Kevin C says:
    Banks don’t use 1003′s, only Mortgage Brokers/Lenders. It seems you have a 5 yr balloon loan. It will be due in five years. You may be able to refi and get a better rate in the current marketplace. You need to check your area for the limits on FNMA or FHA loans.
  2. Killer Queen says:
    BB&T must be retail lenders not wholesale lenders. Wholesale lenders would be mortgage brokers who don’t lend money, they just find banks who will. Look at the chart on this link and you can see who does what.
  3. Independ"ant" says:
    Loan officer, mortgage broker, loan originator are the same person….people just use different titles.

    Mortgage companies do not fund the loans….they act as the 10cent middlemen out to get as much money out of you as they can. They have to send your loan application(with all the necessary paperwork) to banks or finance companies who will approve you for a the loan.

    1. Usually….maybe its could be a new type of loan, they probably did use it but your forgetting.
    2. Nope…usually they are lazy about calling especially after the papers are signed….This is why its best to get loans from a local Bank….you can call their supervisors who will make them return calls. At 10cent brokerage firms even Wells Fargo/Wash mutual you have riff raff working for them….they just hire someone who can sell.
    3.It sounds like a balloon payment type of loan…if you have saving and plan on paying it off right away great…otherwise you have to refinance or go into forclosure. I personally think its a stupid loan unless you are rich or are buying cheap property.
    4. Refinancing will be your only option if you can’t payoff the last(balloon) payment. Again, this is why its best not to do this type of loan. Mtg. brokers know you will have to refinance which means more money in their pockets.

    Your post is a little off.
    It doesn’t matter if he jotted your info down on the wall as long as the application were filled out properly later.

    I guess your needing to refinance that is why you’re calling him?

    If so you don’t need him to do so….go to a local bank and ask to speak to someone in the loan dept about refinancing your home.
    If you can’t qualify with them(credit/income problems)….then go to another brokerage company that has been in business more than 15-20 yrs in a nice area of town.

    I used to be in the business and know how criminal minded and useless they can be.

    Get a 30 yr. fixed rate loan…you can pay it off early if you want.
    This is what you should have been placed in from the get go.

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