Any mortgage people around here?

"MUSASHI66" (musashi66) 10/22/2019 at 10:39 • Filed to: None

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We just bought a house and are refinancing it. The company that serviced our loan sold it already. We made no payments yet.

Well, I called the new company to get the payoff for the refi and it is $3259 lower than the original loan amount. As I said, we made no payments, that wouldn’t be the payment amount anyway , it doesn’t match the escrow amount.... it is just a random number.

Thankfully, it is in my favor, but I wonder if they will come after me down the road because they potentially made a clerical error.

Can it be anything else but a clerical error? Ha s anyone ever heard of a mortgage company selling a loan, and the new company wants less than the original loan amount??

Dr. Zoidberg - RIP Oppo > MUSASHI66 10/22/2019 at 11:33

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Both of my mortgages were immediately sold. In fact, my last one was sold twice. Anyway, last year I apparently overpaid into escrow and received a nice little check, so these things can happen. I would, 1) make a note of this fortune, 2) remaining cautiously optimistic for about 12 months, and   3 ) celebrate later if you really are off the hook for over $3k.

MUSASHI66 > Dr. Zoidberg - RIP Oppo 10/22/2019 at 12:35

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I am waiting on my finance guy to figure out what’s up with the title company. I think we close on Saturday, and I hope this end up being good fortune, but I am ready for a letter telling me how they messed up and I need to pay.

Thomas Donohue > MUSASHI66 10/22/2019 at 12:44

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I’m guessing pre-payments you made at the closing, but it looks like you’ve already looked at the escrow amounts for taxes, insurance and interest (and possibly your first payment was lumped in)?

What is the date on the payoff? You’ll need to add a payment/interest amount for every day past that date.

Also how did you close in the last 60 days and are already refinancing?  Why not just pay to adjust the rate before you closed?

Arrivederci > MUSASHI66 10/22/2019 at 12:47

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I’m interested in why you’re already refinancing before you’ve even made a single payment - how are you not getting crushed with fees?

Back to your question - the only thing I can think it might be would be they took too much for escrow; however, I don’t know why they’d be acting like it was applied to principal.  What I’d think you should owe is the principal amount plus whatever interest has accrued between the close date and today.

PatBateman > MUSASHI66 10/22/2019 at 12:51

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There is no such thing as “an error in your favor” in the mortgage industry. If it is an error, it will be found and, per the contract that you signed, you will be held liable for whatever amount is missing from the payments.

Get with the mortgage broker that did the financing, compare what you signed up for Vs what the new lender states you owe, and find the discrepancy ASAP.

Source: I’ve been in the banking/finance/investment industry for the better part of 20 years. 

MUSASHI66 > PatBateman 10/22/2019 at 21:04

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Well, there is something that seems in my favor now. I presume it is an error, and I presume they’ll find it sooner or later and will make me pay the difference which is not a big deal.

MUSASHI66 > Arrivederci 10/22/2019 at 21:06

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It was a dirt build, and in order to get all the discounts we had to finance through the builders lender. They didn’t have good rates for a 15 year mortgage, so we chose their 30 with lowest closing cost and highest (4.75%) interest, and then we refinanced to a 15 year at 3.125% with no points and only $3000 in closing fees.

This was still cheaper than their best 15 year loan option.

MUSASHI66 > Thomas Donohue 10/22/2019 at 21:06

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None of the numbers make sense - see above for reasons for quick refi. 

Arrivederci > MUSASHI66 10/23/2019 at 07:17

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Oh okay - I figured it still had to be some incentivized loan.