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WASHINGTON - Homeowners looking to refinance their mortgage loans can expect confusing and sometimes inaccurate information when shopping among different lenders, according to a new survey released by Consumers Union.
Meanwhile, the refinancing maze could become even more difficult for consumers if Congress moves to eliminate consumers' right to cancel mortgage loans within three days after closing the transactions, as is currently allowed under the Truth in Lending Act.
The provision is part of a banking-deregulation proposal in two bills under consideration in the House. The law currently allows borrowers to receive a full refund of the upfront fees they paid when applying for mortgages. A Senate banking bill wouldn't do away with borrowers' rights of loan recision.
The Consumers Union survey, which included telephone calls to 33 lenders in four states and the District of Columbia, found that in follow-up calls, 26 offices gave different information about loan-to-value requirements and fees to lock in mortgage interest rates than they had originally.
The survey's one bright spot found that consumers who have little home equity can find lenders willing to allow them to borrow as much as 95 percent of their property's value. Some 62 percent of loan officers said they'll make mortgages up to 90 percent of property's value.
But complicating the process are lenders' policies regarding locking in interest rates for borrowers through the scheduled loan-closing dates, said Mary Griffin, Consumers Union's insurance counsel. She noted that only 32 percent of the loan officers offered free lock-in protection for consumers for 60 days or more.
However, 79 percent of lenders charged for the interest-rate lock-in protection, with fees ranging from one-eighth of a percentage point to 1.5 percentage points. Borrowers like locked-in rates to protect against the possibility that interest rates will increase before settlement occurs.
Getting rid of the three-day loan recision cooling-off period would take away one of the few consumer protections that home-mortgage borrowers have when refinancing their loans. Because loan officers will not guarantee an indefinite-length quoted interest rate through closing, homeowners must pay upfront fees to lenders in terms that are subject to change before closing, Griffin said. Those fees can run about $400 or more for the costs of property appraisals and credit-history checks.
"The second-best thing for lenders to do would be to offer a 60-day free lock-in," said Griffin. However Warren Lasko, of the Mortgage Bankers Association of America, said, "It would be unrealistic and unfair to expect lenders to provide this (lock-in) protection free of charge."
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