Foreclosure Daily News Update ⋅ November 14, 2022
- FRAUD STOPPERS Daily update ⋅ November 14, 2022
- Get In Touch
- When you join FRAUD STOPPERS Private Members Association (PMA) today you will get:
- How significant a risk is noncompliance with consumer protection laws?
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Learn how Cancel Secured and Unsecured Debt Obligations through Strategic Litigation
It has been reported that the too-big-to-fail banks, mortgage lenders, and mortgage loan servicers have been caught violating state and federal laws created to protect American homeowners and consumers. Sometimes it may appear that government agencies responsible for policing the banks are more concerned with investigating companies and people (including attorneys) who advertise foreclosure help services to homeowners fighting foreclosure and mortgage fraud, then they are at holding the banks responsible for the mortgage fraud and foreclosure fraud they commit. The government agencies must do both because the foreclosure help industry is a cesspool of conmen and rip-off artist who prey on uninformed homeowners and consumers.
FRAUD STOPPERS provides foreclosure help resources to our private members, including formal legal education, so they can improve their odds of success getting the legal remedy they deserve, while avoiding common traps, pitfalls, and swindles existing in the foreclosure help and mortgage fraud industry.
If you or someone you know is facing foreclosure or having trouble with a mortgage and you are looking for real honest Foreclosure Help and accurate legal information, consider joining FRAUD STOPPERS today to get the facts & evidence you need to make the best decision regarding your legal options for remedy.
When you join FRAUD STOPPERS Private Members Association you get a preliminary mortgage transaction analysis and consultation to determine what options your current mortgage loan or foreclosure situation qualifies for. In addition, you also get foreclosure help resources that are designed to help you in your fight to save your piece of the American Dream. Learn more by clicking here to see if we can give you the foreclosure help that you’ve been looking for.
When you join FRAUD STOPPERS Private Members Association (PMA) today you will get:
- Federal Forensic Mortgage Fraud Audit (sample attached)
- Voluntary Liens Report (VLR) Title Report
- Chain of Title Analysis
- Bloomberg Securitization Search & Trust Verification
- Administrative Documents (to stop foreclosure sale and lay ground for litigation)
- Professional Consultation (with licensed mortgage fraud investigator & foreclosure defense lawyer)
- Federal FDCPA Mortgage Fraud Complaint (petition for damages)
- Discounts on Members Only Products & Services
To Join Now Click Here
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Facts About Bad Mortgage Loans
How significant a risk is noncompliance with consumer protection laws?
The mortgage industry is struggling to comply with consumer protection laws. A remarkable report published by the FDIC Office of the Inspector General reveals that during 2005 (which was the peak year of the mortgage boom measured by number of loans originated), 83% of federally supervised banks that made loans were cited for patterns of “significant compliance violations.” The percentage was presumably higher for state-licensed, non-depository lenders who were responsible for originating 52% of subprime mortgages and are subject to a much broader patchwork of state regulation. Violations of consumer protection laws can result in rescission (effectively canceling the loan), defense against foreclosure, fines, penalties and (both civil and criminal) damages that can exceed the original principal balance of the loan.
You may download the report (Report Number 06-024) from the FDIC website. There are also additional reputational risks associated with charges of predatory and discriminatory lending. Investors – including anyone in the chain of title for whole loans and the securitization trust for securities – can be liable, even though the violator waste broker or originating lender. In other words, the investor can be held liable and suffer damages for actions outside its control and for which had no knowledge. What consumer protection laws does FRAUD STOPPERS PMA cover and how are these compliance requirements applied to a mortgage loan?
FRAUD STOPPERS PMA provides a comprehensive analyzes of electronic loan data to determine whether a mortgage transaction complies with over 300 federal and state consumer protection laws related to mortgage lending. Specifically, FRAUD STOPPERS PMA automated mortgage compliance audits reviews mortgage loans for compliance with the following consumer credit issues: truth-in-lending disclosures, usury, predatory lending, impermissible fees, interest rate accrual restrictions (such as negative amortization and balloons payments) and prepayment penalty enforceability.
It is important to understand that any number of laws may apply to a particular mortgage transaction. Knowing which laws apply is not a simple task, since it depends on how the lender is licensed or chartered. Licensed lenders operate under the licensing authorities of the various states with which they do business. Most states have multiple licenses granting lenders the authority to make loans. Each such license imposes different substantive requirements governing loan terms. For instance, certain licenses allow subordinate lien loans while others govern loans with higher interest rates.
In some states, more than one license may authorize lenders to make the same loan, although subtle differences in the consumer protection requirements apply to the loan terms. FRAUD STOPPERS PMA determines if lenders and brokers are properly licensed (and in good standing) or exempt, and then applies the correct laws based on that licensing status. It does this by leveraging its proprietary nationwide licensing database, described in the License Verification and Monitoring section of this site.
Chartered financial institutions—such as state and national banks and federal savings banks—are subject to different regulatory requirements. For instance, most chartered institutions “export” interest rates from their home state to the target state in which the loan is made. This results in a complex synthesis of both the home state’s and target state’s consumer protection laws —an analysis that is difficult to perform efficiently without automation. Likewise, chartered institutions may in certain cases preempt states laws and in other instances must observe them. Again, FRAUD STOPPERS PMA bases its reviews on how an institution is chartered and what permissible regulatory elections it is making.
Once the lender’s license or charter authority is known, as well as its elections, the review must consider the specific transaction terms—such as the APR, interest rate, loan balance, lien position, occupancy type, etc.—to determine which out of the several laws that might apply to the lender govern a particular mortgage loan. No other automated compliance solution provides this degree of detail and precision to its analysis, and this is the reason no other provider equals FRAUD STOPPERS PMA in quality.
Join FRAUD STOPPERS PMA today and let our professional auditors and investigators examine your mortgage loan documents for legal violations, errors, and fraud that could give you the upper hand in getting the legal remedy you deserve. Let us take the guess work out of your mortgage loan options. When you join FRAUD STOPPERS Private Members Association (PMA) today you will get:
- Federal Forensic Mortgage Fraud Audit (sample attached)
- Voluntary Liens Report (VLR) Title Report
- Chain of Title Analysis
- Bloomberg Securitization Search & Trust Verification
- Administrative Documents (to stop foreclosure sale and lay ground for litigation)
- Professional Consultation (with licensed mortgage fraud investigator & foreclosure defense lawyer)
- Federal FDCPA Mortgage Fraud Complaint (petition for damages)
- Discounts on Members Only Products & Services
JOIN NOW
To Join Now Click Here
LIST OF FORECLOSURE LAWS BY STATE
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Michigan
Minnesota
Mississippi
Missouri
Montana
Nevada
New Hampshire
New Jersey
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Get In Touch
Phone / Fax
Phone: 800-459-1215
Fax: 844-318-3941
info@fraudstoppers.org
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The information about Foreclosure law and other legal information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; FRAUD STOPPERS and its members do not recommend or endorse the contents of the third-party sites.
Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter. No reader, user, or browser of this site should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction. Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client relationship between the reader, user, or browser and website authors, contributors, contributing law firms, or committee members and their respective employers. This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances.
The views expressed at, or through, this site are those of the individual authors writing in their individual capacities only – not those of their respective employers, FRAUD STOPPERS, or committee/task force as a whole. All liability with respect to actions taken or not taken based on the contents of this site are hereby expressly disclaimed. The content on this posting is provided “as is;” no representations are made that the content is error-free.For instant access to an affordable local competent attorney click
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