In-House Mortgage Brokers
11-11-2012 01:30 PM
My wife and I are currently buying a house from Ryan Homes in the DC metro area in a new development. We are required by contract to apply for their in-house mortgage lender aka broker, NVR Mortgage. They peddle $7,500 closing cost assistance but of course this is built back into the loan with origination fees and other padded fees. I am just curious as to how this is legal as it seems like all of these companies are co-mingled together. NVR Inc., owns Ryan Homes, NV Homes, NVR Mortgage, and NVR Settlement Services. I also assume they get paid when they sell your loan as well?
Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 635 (15 APR 2015), Equifax: 685 (15 APR 2015), Experian: 662 (15 APR 2015)
Goal Score:All scores All scores at least 680+ by Jan 2016!!
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