Quick Loan Funding
Manipulated/inflated 6-month libor index, ripped off federal funds costa mesa
- 08-28-2006
- 5
September 2 of our Mortgage Loans were Originated by Quick Loan Funding. The program was an Adjustagble Rate Mortgage. 2 year fixed and carried the following:
7.0% max it can rise each change date and 16.250% CAP
APR= INDEX MARGIN YSP
9.250 = 1.861% index 6.0% margin 1.389% YSP
1.1795- actual 9 index. 1.861% is inflated by adding. 6815
A yield Spread Premium and originating cost was not enough. Greed took its toll and this is what it does. It will get caught one way or the other and when it is exposed like this for everyone to check their Loan docs and comparing ARM INDEX then these Fraudsters got no place to hide anymore. First they hide behind the Law now they hide behind an INDEX? This is the end of the line.
To all homeowners out there - please check your loan documents and pull the page that reads: arm disclosure. Find the index and compare it to historical data from this site:
mortgage-x.com/general/indexes/default.Asp
this will uncover pandoras box.
NOW HERE IS THE BEST PART: The historical index data shows that the 6-MOnth Libor index rate on 9 was: 1.1795. Based on what Quick Loan Funding used at a value of: 1.861, a difference of. 6815 is made. Little it may seem for the unassuming Borrower just like stealing cents to the dollar for every homeowner victimized in total would be CATASTROPHIC in losses to the Federal Government. Siphoned funds by adding a percentage to the index gets carried over as the Loan size grows in succeeding refinances. Amortized the. 6815 to different Loan amounts turned to be a lot of Money!!!
APR:
A measure of the cost of credit, expressed as a yearly rate. It includes interest as well as other charges. Because all lenders follow the same rules to ensure the accuracy of the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans, including mortgage plans.
INDEX:
A published measure of economic conditions usually relative to other financial instruments such as Treasury notes or Treasury bills. The lender uses a particular index to calculate the interest rate on an adjustable rate mortgage (ARM) by adding a fixed margin to the index
MARGIN:
The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.
YSP (YIELD SPREAD PREMIUM)
A bonus the Broker receives from the Bank for charging the client a higher interest rate than what they really qualified for. A bonus to the broker that the client pays all throughout the term of their Loan w/interest. An unnecessary expense with no gains for the borrower. Avenue s mortgage document auditing services, ca lic# 2838913 robert (ror redacted for security purposes) palmdale, ca 93552
P.S.
I dont mind posting my info for all to see. I may be of help to anyone that needs it. The only way to stop mortgage fraud is by educating ourselves and reaching out to others. Thank you very much.
ROBERT
palmdale, California
U.S.A.
Sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company your comments on this policy are welcome!
Company: Quick Loan Funding
Country: USA
State: California
City: COSTA MESA
Address: 535 ANTON BLVD. SUITE 600
Phone: 8005000000