CFPB protects owner occupant borrowers, who protects investors?

[Curt Smith]

This is a case of read every thing you sign,,, but it's interesting.

A lender loan from a portfolio lender. All discussion was about the loan being 30 yr amortizing. HUD had "conv no ins" checked, the lenders own fee disclosure was fuzzy. Said loan type "other".

I missed the Fee statement issue.

At signing of course I did not read every thing in detail.  The 2 yr pre pay penalty that was not disclosed was buried in fine print.

What is insane, is the lender sent to the closing attorney a NEW set of mortgage docs 2 weeks after closing who then emailed to me asking me to sign and send back and he;d notarize and send back to the lender.  Yes yes this is a big red flag re the sanity of this lender.  The closing attorney is stuck in the middle.

The new loan docs I was asked to sign said 30 yr interest only in BIG clear font.  There was no such doc that I remember at closing 2 weeks prior.

My question after this sorry story, what my recourse?   Who does an investor have to complain to and seek a remedy?  The state Banking division issued these guys their license... 

So I just answered my own question.  If they don't "fix" this bait and switch I'll call the state banking division hot line.

LOL don't waste time here asking about the insanity of a lender botching things so badly they sent new loan docs to be signed 2 weeks after closing... That too is a symptom of a poorly run org.  OMG!!!

Folks: make sure the HUD and fee disclosure for your investor loans clearly show ALL terms. Ask for the doc to be updated with the agreed to terms. Or else the docs you sign at closing may be different than what was "said". :(

This is EXACTLY why the CFPB was created, yet investors complain about it's existence...