Mortgage Info for Homes and Small Business Financing

Category Archives: RESPA & Regulations

Preparing for the New Loan Estimate and Closing Disclosure

The Dodd Frank Act directed the Consumer Financial Protection Bureau (CFPB) to implement regulations to combine the disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). New Loan Estimate and Closing Disclosure The purpose of these changes was to simplify the required information provided and increase consumer… Continue Reading

Common Mortgage Fraud Tactics in Origination and Lending

There are countless schemes for illegally obtaining funds through mortgage fraud tactics.  However, all fraudulent schemes share the use of one or more of the following deceptive and illegal practices.  Some of the practices commonly used in fraudulent lending transactions include the following. Mortgage Fraud Tactics Inflated Appraisals Inflated appraisals have historically been one of… Continue Reading

Qualified Written Request | Need Info or have dispute with your Mortgage Servicer?

Perhaps you are not sure how your mortgage servicer has calculated your current loan balance.  Maybe you want to dispute how and when one of your payments was credited to your account.  In either case, there are special rules that borrower borrower and servicer must follow if a phone call does not satisfy your quest.… Continue Reading

Right to Receive Appraisal Disclosure gets a facelift

Rules have changed.  Compliance has changed.  Now, as a result disclosures are changing. The Consumer Financial Protection Bureau (CFPB) released new rules that went into effect at the beginning of the year.  The rules updated the Right to Receive Appraisal Disclosure requiring the name of the borrower, the loan number and a disclosure date within… Continue Reading

PreApproval Triggers Additional Virginia Disclosure Requirement

Preapproval letters or notification requires additional disclosures from a loan originator in Virginia. The question to ask yourself is, ‘am I getting what I think I am getting or expecting?’ Mortgage originators or companies licensed in Virginia who provide consumers with a pre-approval for a mortgage loan must also provide consumers with a separate written… Continue Reading

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