How To File A Complaint Against Mortgage Broker
When trying to apply for a home mortgage, it is not advisable to go to the mortgage loan company on your own, so, it is very much advisable or very necessary to hire mortgage brokers.
A mortgage broker also can be called a mortgage adviser acts as an intermediary who brokers mortgage loans on behalf of individuals or a group. They help with mortgage applications and ensure that they find a bank or direct lender that an individual or group seeks with the specific range of home loan the individual or group is seeking.
However, as the increased rate of mortgage applications have become very competitive, the role of a mortgage broker have become more significant in any economy and has also become more popular.
The mortgage brokers are also liable in locating the best mortgage companies (that is, finding the company that will offer the best interest rate or deal in accordance to specifications of the mortgage seeker).
Buying a home can be the best or worst of times, when it falls under the worst of times; buyers are often compelled to file complaints against their mortgage broker.
On other matters that are related to your home. But when complaints like this come up, the first thing to do is to resolve whatever problem that has come up directly with your mortgage bank or broker. But if resolving is not successful, it is very much needed to contact a lawyer to discuss your legal options.
The legal options is based on checking if the laws governing the conduct of mortgage brokers have been violated so that you can file a law suit against the mortgage broker, after doing this, you can make an official complaint to various government agencies.
Information about the government agencies that complaints can be made to:
1. Federal Deposit Insurance Corporation: they handle complaints about FDIC insured state banks that are not part of the Federal Reserve System. Complaints submission are easy because you can submit a complaint about your mortgage broker by filling the FDIC form online.
2. Comptroller Of The Currency: this office is a bureau of the United States Department of the Treasury. They handle complaints about the National Banks. You can also submit complaints online regarding your mortgage broker.
3. Office of Thrift Supervision: they handle the complaints relating to federal savings and loans and also federal savings banks. Complaints can be mailed or faxed to them their OTS customer complaint platform.
4. Federal Trade Commission: offices that receives complaints concerning non-bank lenders, such as finance and mortgage companies, as well as, sate credit unions. Complaints made to them could be about non-financial companies, business practices, identity theft and violence in the media. And the online complaint system can be used as a platform to submit related complaints. Read: How to Find Affordable Life Insurance for Seniors Over 70
5. Department of Veteran Affairs: as the name implies, handles complaints about loans guaranteed by Veteran Affairs.
it is very much advised to report and submit complaints to any federal agencies in case any discrepancies arise and this would mutually benefit all the parties.