Does This Seem Legit
We are refinancing a rental property....after several headaches, we finally got the "clear to close", we signed all the docs tonight, however the funds were amost $1100 short....closer could not get ahold of the mortgage company and mortgage broker called his person to check the numbers...turns out the tax was calculated incorrectly....the broker said they are the ones who funded the loan...why would the mortgage brokerage cut the check and not the lender?
some mortgage brokers have their own warehouse lines and fund their own deals, then will assign them to other lenders who buy from them, so it is not out of the ordinary for mortgage broker to fund a deal, but it is true that some mortgage brokers will just use another lenders money
CHWeber - Just wanted to say I'm happy that your loan closed before Christmas!
Thank you so much Devlon.....and only 42 days since we originally applied...I am so glad it is over...thanks so much for your (and everyone's) advice...happy holidays