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Expertise
Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there.
Experience in the area
More than 25 years in loan production and underwriting in Southern California.
Organizations
Mortgage Bankers of America (Southern California Chapter)
Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.
Education/Credentials
MBA (Finance)
Average Ratings
Recent Reviews from Users
K = Knowledgeability C = Clarity of Response T = Timeliness P = Politeness| User | Date | K | C | T | P | Comments |
|---|---|---|---|---|---|---|
| Lauren | 11/17/09 | 10 | 10 | 10 | 10 | |
| Shan | 09/23/09 | 10 | 10 | 10 | 10 | Dear Eric; It is very kind of ..... |
| Charli | 09/09/09 | 10 | 10 | 10 | 10 | |
| Steve | 09/04/09 | 10 | 10 | 10 | 10 | Just what I suspected! Gotta be careful ..... |
| Hung Out Buyer | 09/04/09 | 8 | 8 | 10 | 10 |
Recent Answers from Eric Forster
2009-11-17 Mortgage Broker Ethics:
I don't know if talking to the wife's broker will accomplish anything, but how about talking to the wife? after all, her commission is on the line, too. If he doesn't arrange the loan, she doesn't get
2009-11-17 Mortgage Broker Ethics:
Lauren, The lender (and/or broker) is required to provide you with all state and federal disclosures no more than 3 days after you've applied for the loan, and that includes the Truth-in-Lending disclosure
2009-11-11 Refinance and the CMT index:
Jeff, The CMT stands for Constant Maturity Treasuries, and the 3 year CMT is equivalent to the average interest rate on US Treasury notes maturing in 3 years. The best analogy is this: Your lender
2009-11-11 Refinance and the CMT index:
Jeff, The 3/1 ARM, tied to the CMT index, is a fine loan, and due to the nature of the index (a moving average) you should not have to wory about any unpleasant surprise. Having said that, the 30-year
2009-09-23 buying a new home while selling old one:
Michelle - It can be done, but it's not easy. For most people, making payments on 2 homes is not financially feasible, and because of that, lenders look very carefully at the proposed transaction.
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
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