Respa Tila Ecoa SAFE ACT NMLS Licenses HECM Locke

(800) 557-6580

We audit compliance with Federal Regulations.
Violations are serious matters and
may create important rights and remedies.

The United States has enacted four basic areas of law that regulate the Mortgage process. The legislative intent is to make guidelines uniform and ensure fair administration for all. Lenders are required to follow these rules whenever making mortgage loans, or even taking mortgage applications where no subsequent funding occurs.

Those rules, regulations and procedures are spelled out in the Real Estate Settlement Procedures Act (RESPA), the Truth In Lending Act (TILA), Equal Credit Opportunity Act (ECOA) and Fair Credit Reporting Act (FCRA).

Real Estate Settlement Procedures Act (RESPA) - The Real Estate Settlement Procedures Act (RESPA) requires lenders to give a "good faith estimate" of all closing costs you are likely to pay. The concept is to protect a borrower from undisclosed fees at closing. RESPA also requires that borrowers receive certain disclosures at specific times. Some disclosures explain the costs associated with the settlement, some outline lender servicing and escrow account practices and some describe affiliated business relationships between settlement service providers and others.

Truth In Lending Act (TILA) - The Truth In Lending Act (TILA) is also known as Regulation Z. It requires that the lender disclose an annual percentage rate (APR), the term of the loan and total estimated costs prior to extending credit to the borrower. This information must be clearly stated in an obvious way on certain documents presented to the consumer before signing.

Equal Credit Opportunity Act (ECOA) - The Equal Credit Opportunity Act (ECOA) prohibits any discrimination based on race, creed, religion, national origin, sex, marital status or age. The legislative intent is to ensure all consumers are given an equal chance to obtain credit. The "equal chance" is the goal; nothing is guaranteed. Many things are considered when a lender makes a decision regarding granting a mortgage loan request.

ECOA also protects you when you deal with any creditor who regularly extends credit, including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Anyone involved in regularly granting credit is covered by the law.

Fair Credit Reporting Act (FCRA) - The Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. When you apply for a mortgage, the lender pulls a credit report. The FCRA guarantees you will have access to that report. It also gives you certain rights when the report contains incorrect information.

Reverse Mortgage Forensic Auditing requires special knowledge of this Industry. At a minimum, the auditor should have a solid understanding of HUD and FHA regulations and Mortgagee Letters. EWS is expert at Reverse Mortgage Forensic Auditing.

Expert Lender and Witness Services LLC
15921 SW 14th Street - Pembroke Pines, FL 33027
(800) 557-6580 FAX (954) 251-4923
nl@ewsnow.com

Main Navigation