Archive

LIABILITY AFTER FORECLOSURE – WHICH BOX TO CHECK?

Two innocent looking disclosures, but who knows the evil that lurks within. Loan Estimate: Liability after Foreclosure Taking this loan could end any state law protection you may currently have against liability for unpaid debt if your lender forecloses on your home. If you lose this protection, you may have to pay any debt remaining even after foreclosure. You may want to consult a lawyer for more information. Regulation: Section 1026.37(m)(7) requires the Loan Estimate […]

Read More…

CFPB V LOS VENDORS – SHOT ACROSS THE BOW

In remarks at the recent Mortgage Bankers Association Convention Consumer Financial Protection Bureau Director Richard Cordray conceded that the implementation process for CFPB’s new “Know Before You Owe” mortgage disclosure rule (aka as TRID) has not been as smooth as the agency would have hoped. But Cordray faulted vendors, not regulators. “Quite frankly, I have been disturbed by reports I have been hearing about the vendors on whom so many of you rely,” he said. […]

Read More…