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Choosing A Lawyer Hot Topics Articles

 

Choosing A Lawyer
Hot Topics
Articles

 

Articles on a few of the hot topics in lender law today are set forth below:

The Mortgage Crisis, Causes and the FHA Solution

Federal Reserve rate increases and the collapse of the mortgage backed securities (MBS) market played a significant role in the Mortgage Crisis. New FHA programs offering flexible loans in high cost areas up to $729,750 may help ease the crisis in the months to come.

Predatory Lending

TILA and many state lending laws have addressed predatory lending, imposing special disclosure requirements and a number of restrictions on certain high cost/high interest loans.

Truth in Lending, Right to Rescind

Under certain circumstances, a borrower can rescind a loan, requiring the lender to release its interest in the real property security before the borrower returns the loan proceeds.

Financial Privacy

Federal and State Laws protect consumers' Financial Privacy and govern the use of nonpublic personal financial information.  Financial institutions, including lenders and brokers, must give notice of their privacy policy, protect the security of such information and contract with their vendors to assure that the information is secure in the vendors' hands.

Credit Reporting

Federal and State laws impose requirements on credit reporting agencies, credit reporters and users of credit reports.  Identity theft rules may prevent a lender from selling a loan, or sending it for collection, if a Credit Reporting Agency upholds the borrower's claim of identity theft.

YSP's and Broker Fees

Brokers have a number of ways of earning compensation in originating loans, some highly regulated, some nearly free of regulation.

 

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