Do you see any violation in this situation?
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I bought a house last year.Seller was my friend and also a mortgage broker . She wanted to sell her house to me with reasonable price. She also wanted to be a mortgage agent on this loan.
So I did fill out the loan application(1003form)with her -she was acting like an interviewer -and she (seller &mortgage broker) hired appraiser. After 15 days ,loan was approved by wholesale lender and the settlement was completed.
About two months later I found that the seller asked appraiser to inflate the value of the property, over $100,000.00 than the actual value.
What should I do . PLS I need your opinion on this.
Q&A
1 Seller and mortgage broker at same time -conflict of interest?(I didn't know)
2 Neither seller nor buyer can not contact the appraiser.
3 I received original loan application from the lender- it was not the one that I filled out. The seller eventually forged my signature and changed few informations regarding my income & misc.
Do you see any violation in this situation?You have the BIGGEST case of loan fraud that I have ever seen on Yahoo Answers.
However, that isn't true that the seller nor buyer can contact the appraiser....there is no law against that and that isn't considered a conflict of interest....b/c the appraiser is supposed to remain objective.
I guarantee the loan officer/seller ran the loan through the wholesale lender under someone else's name in the office (look at the final 1003 that you signed at closing on the bottom and see if her name is on it...I bet it isn't).
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