Wells Fargo Home Mortgage
FHA Loan Back-End Points of 5% Not Disclosed by Loan Officer

My name is Hugo R, I'm a Real Estate agent from Highlight Realty, me and my wife Margarita M just bought a villa townhouse 2 months ago, and after two months a decided to talk to a financial advisor and they told that I was ripoff in the back end of our FHA 30years loan, by 5 points that mean in a loan of 74,000 they make a profit of 3,700.00 after they said to me, the loan officer Luis Kercado, that as a bank they only charge a upfront fee of 800.00.

My interest rate is for 30yrs fixed FHA at 4.750% but didn't know anything about APR!!! The APR is 5.44%. The difference between the APR and The Interest rate makes what banks profit in the back end, by law they do not have to disclose this!!! But 5point in the back end is illegal!!! I don't have any information if FHA loans has changed the maximum allowance of points in the back end, but I will like to sue this company and the individual loan officer,

Hugo R

Company: Wells Fargo Home Mortgage
Country: USA
State: Florida
City: West Palm Beach
Address: 1400 Centrepark Blvd #601
Phone: 18669358169
Site: wfhm.com

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