If you have either gotten a last-minute mortgage loan denial or are going through a stressful mortgage process. This is for one reason and one reason only. The borrower was not properly qualified by their loan officer and the loan officer did not know two important things:
The Home Loan Process
Below you will see the step by step process of purchasing a home. While there are numerous amount of loan products out there, the process is similar across the board. Once you get to closing/funding you will get a set date and time to meet at a title company. A Title Company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title. The link below is a basic cost (rate) sheet from Edwards Abstract a local Title Company to South Texas.
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Nick Smith is licensed with multiple lines in the State of Texas. This can cause some concern with RESPA & protocol of each transaction. To help assist anyone with concerns we have linked here the CFPB rules and regulations with Affiliated Business Arrangements that may take place when a person purchases, re-finances, or simply gets pre-qualified for a residential property. (4-Units or less)
An affiliated business arrangement is defined in section 3(7) of RESPA (12 U.S.C. 2602(7)).
An affiliated business arrangement is not a violation of section 8 of RESPA (12 U.S.C. 2607) and of § 1024.14 if the conditions set forth in this section are satisfied. Paragraph (b)(1) of this section shall not apply to the extent it is inconsistent with section 8(c)(4)(A) of RESPA (12 U.S.C. 2607(c)(4)(A)).
means the relationship among business entities where one entity has effective control over the other by virtue of a partnership or other agreement or is under common control with the other by a third entity or where an entity is a corporation related to another corporation as parent to subsidiary by an identity of stock ownership. Source: CFPB
Gold Financial Mortgage Services (in CA) and Gold Financial Services (AZ BK-0938299) are DBAs of AmCap Mortgage, Ltd. (AZ BK-0929916) - NMLS ID# 129122 – visit www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/129122 to see all state licenses and locations. Corporate location and additional disclosures: 9999 Bellaire Blvd. Suite 700, Houston, TX 77036. Phone: 713-586-0500. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act – License No. 603H785. MA Mortgage Lender License ML129122. Oregon License # ML-5441. Lender License: Rhode Island Licensed Lender. Some products may not be available in all states. This is not a commitment to lend. Equal Housing Lender.
Branch NMLS #1014698 | AN EQUAL HOUSING LENDER
Gold Financial Services is a division of AmCap Mortgage, Ltd. (BK-0929916) (NMLS ID# 129122 – www.nmlsconsumeraccess.org), an Equal Housing Lender. | Regulated by the New Mexico Financial Institutions Division. Sponsored Branch licensed in Arizona (BK-0938299).
TREC: Sales Agent License #: 716158
TREC Sponsoring Broker #: 9002921