A loan modification is an agreement between the homeowner and the mortgage servicer to permanently change one or more of the terms of the mortgage contract to make payments more manageable. More importantly, before paying an upfront or advance fee for such services, consumers should first consider working directly with their loan servicer or contacting the Minnesota Homeownership Center to take advantage of their free loan modification service.Ī growing number of consumers are being contacted by companies or individuals offering loan modifications. The Minnesota Department of Commerce urges consumers to check the license status of any company offering mortgage loan modification services in Minnesota. ![]() Write to: FmHA, US Department of Agriculture, Washington, DC 20250. Call 65įarmers Home Administration offers mortgage loans for low-income rural residents. Paul Housing Information center provides low-interest mortgages, education and counseling for residents of St. Minneapolis Community Planning and Economic Development Agency offers information about housing and low-interest mortgages for Minneapolis residents. Home Ownership Center provides a confidential review of your finances and helps determine what mortgage loan programs will be the best. Minnesota Housing Finance Agency offers below-market loans to buyers with low or moderate incomes and to first-time buyers. You are welcome to call the department with questions about a problem you may be having however, an investigation cannot begin until the department receives written documentation of the problem. In addition, attach copies of any documents to support your complaint, such as mortgage applications, advertisements or cancelled checks. Include a phone number where you can be reached and your mailing address. In your letter, write the details of the dispute and include as many facts as possible such as dates, what was said, etc. If you have a complaint against a mortgage originator, write a letter to the Department of Commerce explaining the complaint. If further violations occur, the mortgage originator's license can be suspended or revoked. The Department of Commerce has the authority to "censure," or publicly reprimand, a mortgage originator for failing to abide by the law. Or use our online document search tool for enforcement actions. Use our License Look up Tool for license information. Could I do better with a different mortgage company?īefore you select a mortgage company or an individual mortgage loan officer, call the Minnesota Department of Commerce or check the website to see if they are licensed or if any actions have been taken against the license of the mortgage originator.Do I qualify for a better loan product that you don't offer?.Is this the best rate and terms that I can qualify for?.To make sure that you are getting the lowest interest rates and fees, meet with several mortgage companies to learn what products they can provide. Not all lenders offer the same mortgage products. Finding the Best RatesĬomparative mortgage rate charts are published in the real estate section of many local newspapers, and it's a good place to start when looking for a mortgage company. Or, look in the yellow pages of the telephone directory or watch for advertisements in newspapers and on television. If you have a friend or relative who recently purchased a home, they could provide a referral. ![]() If you are already working with a real estate agent, that agent might have recommendations for a lender. There are several ways to shop for a mortgage company. The department also licenses mortgage servicers who process the mortgage payments, among other activities. Mortgages are also available from other lenders, including banks and credit unions, which are regulated by other agencies. The Department of Commerce licenses mortgage originators, also known as mortgage companies or mortgage lenders.
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