mortgage law: mortgage audit - are you kidding me? - 08/25/09 10:44 AM
I recently did a search on Google for "mortgage audit" and came up with 369,000 entries. I am amazed at how many "forensic loan auditors" there now are. I know of companies charging anywhere from a couple hundred bucks to ten thousand. I am a practicing attorney and my focus is … (1 comments)
mortgage law: LOAN MODIFICATION - ATTORNEY / BROKER / NEITHER? - 01/25/09 12:52 PM
I remember two years ago thinking, what are all of these loan officers and real estate agents going to do after the contraction of the industry? Well i think most of know the answer. Loan Modifications have become more than just a cottage industry. As a mortgage attorney and real estate … (1 comments)
mortgage law: duty of an agent - 05/29/08 11:38 PM
I have a client that fell victim to an unscrupulous realtor. Basically the client was pursuaded to purchase 3 homes as investments which would be flipped within a couple months. The problem was that it happened to be end of 2006. There are other details involved, but my issue is this; … (3 comments)
mortgage law: Good Faith Estimate disclosures - 05/26/08 06:01 PM
I've been asked a few times recently what happens if the Good Faith Estimate is inaccurate or never provided after origination. RESPA requires certain initial disclosures, some of which are included in the GFE. The law requires they be sent out within 3 days of application. Noticeably silent is a requirement … (4 comments)
mortgage law: Disclosure of fees - 05/21/08 10:27 PM
One of the things we check for on all cases is the accuracy of the fees disclosed to the borrower. When a borrower signs there loan they receive a Truth In Lending Disclosure Statement. This form, which disclosed the APR, etc., satisfies the "material disclosure" requirement of the Truth In Lending … (2 comments)
mortgage law: business loans secured by primary residence - careful! - 05/20/08 12:44 AM
Given the implosion of the mortgage industry, I am noticing more and more advertisement for business loans. Many former hard money lenders are now focusing on "business loans". Many lenders mistakenly think these loans are not subject to the Truth In Lending Act. I am handling several lawsuits under this exact … (0 comments)
mortgage law: right to rescind - 05/08/08 07:09 PM
I have seen a tremendous influx in the amount of information (and misinformation) pertaining to the extended right to rescind provided for by the Truth In Lending Act (TILA). TILA is a very powerful tool for consumers but it is often misunderstood. Still, violations of TILA should be raised as appropriate … (10 comments)
mortgage law: Loan Modification scams - 05/07/08 12:14 PM
Is it me or are "loan modification" companies becoming as prevelant as mortgage broker shops were a couple years ago? I don't mean to be overly critical, and i understand many do good work, but I have heard stories of "former industry professionals" charging thousands of dollars to negotiate with the … (268 comments)
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I recently did a search on Google for "mortgage audit" and came up with 369,000 entries. I am amazed at how many "forensic loan auditors" there now are. I know of companies charging anywhere from a couple hundred bucks to ten thousand. I am a practicing attorney and my focus is … (1 comments)
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