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Franklin American Mortgage Company / Honoring HUD1

1 United States Review updated:

Franklin American provided a GFE (good faith estimate) for my loan. The actual amount, provided at closing, was thousands more. I was given no notice, and was told only that everything is fine along the way. When I asked why, they said "these things happen, it is only an estimate" and was bullied, basically being told "pay or we don't close." I am very unhappy and would never consider using them again.

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  • Ka
      19th of Aug, 2009
    0 Votes

    File complaints with the Better Business Bureau, with the Attorney General and mortgage licensing authority for the state in which the property is located. If that's Tennessee, the licensing is through the Tennessee Department of Financial Institutions. The Good Faith Estimate is required to be as close as possible to the final HUD-1. If this was a "retail" loan (made by Franklin American's own Loan Officer, rather than through a broker), there shouldn't be any costs that they can't estimate accurately at application. Also, write to Franklin American's Compliance Officer in their home office and demand a refund of any fee that changed substantially.

    If the loan was originated by a broker and closed by Franklin American, you'll have to complain to the broker's home office, and you're less likely to be compensated.

  • Bl
      14th of Oct, 2009
    0 Votes

    i would want to know what changed between the GFE and the HUD1...was there inaccurate fees such as Insurance, and title fees, or other third party fees that the Loan Originator did not know about in order to take into consideration. The GFE is an estimate, and an estimate only. We try to get as close as possible, however there are things that come up, sometimes because the buyers do not disclose things to us properly, either case you would not be eligible for any type of refund as you did close on the loan. and if it were a refinance there was a recission period. There are new laws into effect now that would prevent this if the fees change the APR by .125% then the TIL would need to be redisclosed prior to closing.

  • Ha
      21st of Jul, 2011
    0 Votes

    I work at FAMC it's horrible. Call Raquel Hernandez AVP Support and Post Purchase Manager
    Direct: 469.375.1984 [email protected]

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