Do not forget the buyer/writer is a licensed real estate agent. In CA, a real estate agent is also qualify as a loan officer.
The RESPA Real EstateSettlement Procedures Act stated that a mortgage broker/lender has 30 days to make decision after receiving the loan package with all necessary suportment and unrefundable application fee. Most time, in CA, the borrower never pay an application fee at the time of applying. So the mortgage broker does not need to count 30 day at all.
I do not say the mortgage company did a good hob, just not violate any law. So no need to take response.
This is one of misleading articals I usually read in Chinese newspaper.
The RESPA Real EstateSettlement Procedures Act stated that a mortgage broker/lender has 30 days to make decision after receiving the loan package with all necessary suportment and unrefundable application fee. Most time, in CA, the borrower never pay an application fee at the time of applying. So the mortgage broker does not need to count 30 day at all.
I do not say the mortgage company did a good hob, just not violate any law. So no need to take response.
This is one of misleading articals I usually read in Chinese newspaper.
