Class Action Attorneys should be drooling over the Big Banks making up their own rules!

I am just amazed at how some of the big banks are still making up their own rules after having to to paying and settling huge lawsuits!

Here are just a few things that come to mind:

• Requiring buyers to get "pre-qualified" with them Prior to ever even being able to upload an offer on one of their listings even if they are pre-approved with another lender.  (My solution would be to require a larger earnest money that is non refundable based on financing if they don't at least prequal with the selling lender);
• Requiring buyers to provide their address, birthday and first 5 digits of their social security numbers with an offer in order to be able to "upload" it into the system since these are required fields without ever having the buyers sign any type of disclosure of why this data is requested or how it will be used.  I am confident it is so the selling lender can do a credit report on the buyer without their consent! (I just instructed one listing agent to insert "000-00" as the social and the offer date as the birth date until we get a copy of the banks disclosures).
• Requiring certain title companies be used in the transaction (as a listing broker, you probably are not allowed to sole source your favorite lender or title company yet they can?)
• Requiring buyers to put everything in writing, while simultaneously refusing to commit their statements to writing! (In Idaho we have the Statute of Frauds which means it all has to be in writing yet they ignore that too).
• Requiring "wet signatures" still even though it has been over a decade since "electronic signatures" were approved by the FTC.