Do Laws Protect Borrowers?
Over the years, the federal government instituted many laws to protect the residential consumer. Lenders tend to follow the necessary guidelines; however, through our legal and origination experience, we have encountered many clients with numerous federal and state statutory violations. With the lure of easy money and huge bonuses, lenders and their agents bypassed many of the consumer protections.
- Truth in Lending Act (TILA)
- Homeownership and Equity Protection Act (HOEPA)
- Real Estate Settlement Procedures Act (RESPA)
- Illinois Consumer Fraud and Deceptive Practices Act
- What About Bankruptcy?
- Types of Bankruptcy