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Lender Recall Loan After Sold

We purchased our first new home in Texas earlier this year (in April). We used our builder's preferred mortgage company due to the waiver of closing costs. Upon closing, the loan was immediately sold to another mortgage company. Our loan is in good standing, with payment made on-time and early for May - September.Recently, I've began to receive calls and emails from the originating broker stating that a FEMA inspection should have been performed as part of the closing process, and they now need to do so to "close my file". This inspection would consist of a thorough inspection, inside and outside of the home, complete with pictures. They are telling me that I do not have control over this, and that if I do not comply, they will recall my loan and request the full balance due. How can they do this when the loan has been sold for months and is in good standing?By the way, I called FEMA directly, and they told me they do not require a FEMA inspection as part of a home closing process and referred me to the FEMA fraud line.Any takers on this question? by nicktrisdale202 from , California. Sep 27th 2016 Reply

Erik Kinsley (
#1082 ranked lender in California - 3 contributions

Call your current mortgage servicer to make them aware. If they concur that they do not need this inspection, then you need to file a complaint with the NMLS and do as FEMA says and file a fraud case against the originating broker. Threatening to call your loan due an payable for performance when in fact it is not required is coercion.

Sep 27th 2016
Lorne Harvey (lorneharvey)
#79 ranked lender in Washington - 433 contributions

I do not believe they can call your loan due, it sounds like a pressure tactic.The investor could make the originating lender buy the loan back, but not call the loan due. When you signed your closing papers, you signed a compliance agreement, meaning you would cooperate if any items came up as a result of an audit of your loan file. I would call the originating lender and ask to speak to the underwriting manager.

Sep 28th 2016
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