One of the biggest issues with mortgage loan services is within the function of the service itself. One of the biggest issues faced by homeowners and mortgagee themselves is the charges of unreasonable fees like late fees, foreclosure costs, inspection fees, and more. Some mortgage servicer is not able to provide justification about these kinds of fees therefore some homeowners tend to be doubtful about the fees they need to accomplish. The mortgage servicer is the middle man between the homeowner and the lender, it is the lender’s right to charge late fees to the homeowners due to failure to pay the fee on time. One issue these days is that servicers add certain amounts without consulting with the lender first and simply requiring the homeowner to pay. It is ideal for homeowners to always monitor the process of required fees by consulting the lender first before paying any amount. There are also instances wherein servicer generates unreasonable fees through unnecessary inspections and property preservation. Inspection is a regular thing to keep the property’s value protected. However, it is possible for servicers to launch too many inspections even if the property is regularly inspected. They can gain $15 dollars or more for each inspection. Some servicers also use the factor of default related fees to gain more money from homeowners. Some homeowners aren’t even notified about such fees and the servicers don’t inform them. This is a common issue and easy to understand, however the process of this immoral act is very complex and hard to navigate. Every aspiring individual who plans to enter the mortgage industry should have integrity and respect for homeowners. This issue needs to be address from all over the world since it is a universal problem and has been causing suffering to millions of people. There are so much more branches under this unreasonable charges made by servicers, this will result to the borrowers with heavy burden and borrowers with bad reputations.
Free Mortgage Loan Services Essay Sample
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