August 22, 2009

98% Of Mortgages Have Truth in Lending Violations

The Consumer Mortgage Audit Center (CMAC) warns consumers of mortgage violations. According to CMAC, the vast majority of mortgage violations tend to be in the form of:

1) Missing documents

2) Bad Good Faith Estimates

3) Bad Truth in Lending Documents

4) Hidden or misrepresented payments and fees

5) Lack of income documentation for borrowers

6) Double-dipping brokers

In fact, CMAC estimates that 98% of all mortgages are potentially eligible for renegotiation due to just the Truth in Lending Act violations. CMAC advises that some of these violations appear to be mistakes, while many still appear to be intentional.

CMAC advises borrowers to pay attention to their documentation, while that may not always "be fund to deal with". They advise that an attorney might be in order if you are seeing varying Good Faith Estimates from lenders.

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