The David M. Damaré Mortgage Newsletter

Do you know the definition of each of these terms: origination fee, origination charge, points, broker fee, and commitment fee?

Most consumers don’t and many uneducated and/or unethical lenders use these terms synonymously to purposely confuse consumers. Dodd Frank, who made many changes to financial institutions and mortgage lending regulations, added to the list of terms. Origination charge which actually combines some fees together to make it more confusing.

One helpful tool is to ask for an itemized list of charges when a lender presents you with a good faith estimate and truth in lending statement- a “Fees Worksheet.” You may recognize it as the old good faith estimate that actually listed all of the charges associated with closing your loan.

Dodd Frank abolished this worksheet in favor of the new good faith estimate slanted toward ensuring that you know how much commission the lender is making on your mortgage.

Yet, Dodd Frank did not include language requiring banks and lending institutions to disclose their commissions on the new good faith estimates. Consumers that use a large banking institution run the risk of receiving false information and flawed pre-approval confirmations along with paying thousands more in commissions that are not disclosed.

To receive reliable and trustworthy information from an independent mortgage consultant and lender, contact The David Damaré Team, 919-851-0999.

ADR Mortgage and The David M. Damaré Team remain independently owned and operated, never accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients and a penchant for platinum customer service that ensures our continued success and livelihood.

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.
David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’.  All rights reserved.

Now more than ever, it is imperative that you work with a mortgage lender you can trust when obtaining mortgage financing. Why? Those responsible for the recent changes in the lending industry are not directly involved in the day-to-day operations.

Many mortgage lenders don’t realize the impact of new rules and regulations designed to protect the consumer and make it easier to understand the terms, conditions and charges associated with obtaining a mortgage.

In many cases new legislation has had the opposite effect. Large banking institutions do not provide qualified loan originators, and consequences lead to consumers losing upfront fees for false pre-qualification.

Do you know the right questions to ask? Consult The David Damaré Team, 919-851-0999.

ADR Mortgage and The David M. Damaré Team remain independently owned and operated, never accepting nor requiring any government assistance.  We are a boutique lender operating in many states with low cost, the savings of which we pass on to our clients as a penchant for platinum customer service that ensures our continued success and livelihood.

“Mortgage Lending is Our Business: Customer Service is Our Passion.”

Stay tuned and stay in touch with your mortgage professional.  Thank you for the opportunity to serve you.
David.  919.851.0999.

Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damaré.  All rights reserved.