Did You Know?
One of the main goals of Loan CSI is to create awareness of an issue affecting millions of homeowners. Along with the recent exposure of mortgage fraud and predatory lending, we want to reveal the fact that mistakes are made far too often within the borrower's mortgage documents, as well as, with the procedure in which they were obtained.
Did you know that in a mortgage transaction all required documentation is subject to State and Federal Regulations? The recent changes in legislation, the complexity of new hybrid products, and the high volume of loan originations have attributed to many of the mistakes and lack of required disclosures by mortgage professionals.
To obtain a mortgage you are asked to sign many legal documents.
Did you know these documents contain information such as interest rates, interest indexes on Adjustable Rate Mortgages, dates, signature lines, and formulas to calculate the A.P.R.?
Did you know that in some cases, the Lenders failed to inform the borrower of possible violations after post-closing reviews!
Did you know that Loan CSI is the first company created to help the borrower by reviewing your mortgage documents and inform you of any violations and/or mistakes.
Why this is important to you? If a mistake is found within any of these areas, you may have recourse against the Mortgage Broker or Lender! At the very least, you might have enough leverage to negotiate better terms or stop a foreclosure action with the help of legal assistance.
Investigating your loan is quick and easy! Call 305-924-8224 or click here for online registration.
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Our Experience
With the 30 years of experience Loan CSI has in processing mortgages, the following are some of the disclosure problems that are frequently missed or improperly disclosed:
- The improper amortization of your mortgage.
- Not disclosing in the TIL ("Truth in Lending") that the mortgage is not an Adjustable Rate Mortgage.
- Not disclosing the Pre-Payment Penalty.
- Using the incorrect Index as per the Note (Adjustable Rate Mortgages Only).
- Not properly disclosing Pre-Paid Finance Charges.
- Incorrect date in the ROR ("Right of Rescission").
- Not counting the 3 days of the Rescission period correctly.
- Not dating the ROR ("Right of Rescission") as per regulation.
- APR Differences.
- Not disclosing that the loan is a High Cost Finance Loan (HOEPA).
- Not all fees are Prepaid Finance therefore under-disclosing the APR.
- Mislabeling fees at closing causing an incorrect calculation of the APR or violating High Cost Finance (HOEPA).
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