Reading the Fine Print of Those Morsels Offered in Loan “Postcards”
“Mortgage Mentor” Bill Ladewig posted something over at Active Rain about those ridiculous little postcards we all get trumpeting the 4.5 percent loans that are still available. He reviewed in detail all the fine print, made phone calls, and learned that maybe things weren’t as they appeared.
- It is questionable to me the advertised rate was ever available.
- The California Department of Real Estate requires the advertised company name and license number match exactly.
- hey also require the company to be a legal entity. Two DRE strikes? This guy is either gutsy or really stupid.
I believe RESPA requires the advertised rate and APR be shown in the same print size. I also believe the loan amount basis for the APR calculation must also be disclosed.
His findings and declaration that we need to do something about it remind me of this scene from Network. Also interesting is that actor Peter Finch playing Howard Beale was ranting about the economy, the jobless rate, and more! How timely!
CAUTION: Very strong language. Very strong. Careful if you’re watching from work.
September 4th, 2009 at 11:08 am
[…] more here: Reading the Fine Print of Those Morsels Offered in Loan “Postcards” Share and […]
September 4th, 2009 at 11:22 am
[…] more from the original source: Reading the Fine Print of Those Morsels Offered in Loan “Postcards” Subscribe to comments Comment | Trackback | Post Tags: active, active-rain, are-still, get a […]