Say Anything Blog

Having been in the mortgage industry for 6 years now, I think I can answer his question:

Mr. Conrad,

You sir are a liar.  The loan officer most certainly gave you a TIL (truth in lending form) to sign.  You know, the same TIL that is mandated by federal law.  The same TIL that every mortgagee must sign and which outlines each and every fee or cost of the loan, such as the origination points and discount points.  They gave you the loan and you are not accusing the loan officer of anything illegal, ergo you signed the TIL that had big, fat goose egg in the box next to origination and/or discount.

Hopefully, this explanation will help you with your every evolving story.

Sincerely,
kbiel

When I was getting my mortgage, I was told how many points I was goinng to get, how my credit rating affected my mortgage, ect.

The amount of money normal citizens plunk down and go into debt for a home is something they don’t forget.

I too think he is full of crap.

‘A government big enough to give you everything you want, is strong enough to take everything you have.’  - Thomas Jefferson.

Very nice kbiel - I remember that form from our mortgage, but I couldn’t think of the name for the life of me.  That would be a pretty damning piece of evidence, wouldn’t it?

I have been in the mortgage finance business considerably longer than kbiel, and I agree 100%.  As I wrote earlier in the week, Mr. Conrad is either too dishonest to hold public office, or too stupid.

The loan he was given did not fit Fannie guidelines, so it was almost certainly “portfolio-ed”, that is, it was held by Countrywide rather than being bundled and sold off elsewhere.  The original loan file, including the Good Faith Estimate and the aforementioned Truth-in-Lending statement, with the Conrads’ signatures should still be available in Countrywide’s files.  A subpoena should work just fine.

Incidentally, I mention both Conrads’ signatures, because there is little doubt that the Senator could not qualify solely on his own income, and would have to use the income, and tax returns, of his wife to get the loan.

That is, unless this was a No Income Verification, or “NO Doc” loan… a loan which would have carried a substantially higher than Fannie/Freddie par rate of interest.  Which would mean that Conrad got an even bigger deal for being a “Friend of Angelo” than he has let on.

“Capitalism is optimism monetized.”

Leave it to Bat One to find my mistake.  I should have said GFE (good faith estimate) instead of TIL.  The GFE has the origination and discount points disclosure.  The TIL just has the amount financed, rate, payment, first payment date, etc.

Sorry, but it still makes Conrad a liar as he had to sign the GFE before the loan could be finalized and it shows every fee or lack there of.

Am I reading this right in seeing that a loan officer gave a guy with $160,000 in Senate income a million dollar loan?

And he has the gall to tell us that he’s careful with money when he’s going into debt to the tune of six or more times his annual income?

My guess is that the real “payment” (bribe) here is in the $50k range—or in a manner of speaking, quite a bit more, since he may not have the ordinary means of paying such a loan back.

(and he’s got the gall to tell us he’s honest about this?)

kbiel,

More important is whose signature(s) are on that GFE and what type of loan was this.  Conrad’s discount on the rate was already more that what has been intimated, given that the loan was a “Jumbo” and on an investment (income-producing) property.

It will be very interesting to see just how big of a discount on the rate the Conrads actually received for being a “friend of Angelo.”

“Capitalism is optimism monetized.”

It will be very interesting to see just how big of a discount on the rate the Conrads actually received for being a “friend of Angelo.”

The citizens of ND should file suit againt Conrad and Countrywide…

I don’t see any purpose behind a lawsuit.  However North Dakota would be much better served by someone else than Conradwide.

1% of Americans pay 40% of the income tax.
5% of Americans pay 60% of the income tax.
10% of Americans pay 70% of the income tax.