If you’re a lender and you haven’t seen this video you should take a look (Complaint). CFPB is now posting videos of consumer complaints to bring about awareness of the recourse available when they think they have been wronged by a lender. Interestingly, in the video posted here, the consumer happens to be an immigrant. Although we do not get…
Are you aware of what you are certifying to on an FHA loan transaction? Are you aware of the False Claims Act? Read on! The False Claims Act is the federal government’s primary tool in combating fraud against the government. With respect to some recent cases involving mortgage lenders, the Department of Justice (DOJ) has asserted that certain lenders falsely…
If you’ve been following my blog lately (and I sure hope you are), then you know I’ve mentioned on more than one occasion the outlook for housing, and how that relates to lending. Here’s another one. Recently, Mark Fleming, the chief economist for First American, commented that he believes a slight interest rate hike by the Fed would not have…
Let’s not let the facts get in the way of a good legal action. That seems to be the mantra of the current Administration when it comes to having HUD take action against lenders for what they believe is “disparate impact” in their lending practices (Abuses). According to the National Fair Housing Alliance, “Disparate Impact” is a legal doctrine under…
Heard that one before and it usually means trouble. This time it could be true. CFPB has launched a site to provide Realtors with information about the new TRID disclosures, their use and benefits to the consumer (Know Before You Owe). The information is intended to educate Realtors on what has changed, what information a lender needs to provide a…
The FHA premium cut and agency low down payment loans were intended to increase homeownership among first-time and low to moderate income home buyers. It hasn’t worked so far. The premium cut tends to have just redirected borrowers from traditional conventional loan programs into an FHA-insured loan. Also, those who recently closed using FHA insured loans refinanced those same loans…
