Mortgage Law - US
- ABA - Consumer Financial Services Committee
The Consumer Financial Services Committee caters to lawyers that practice in the area of consumer financial services law. Committee membership represents both industry interests and consumers, and hails from private practice, government, the non-profit sector, and educational institutions. The Committee focuses on new developments in consumer financial services law relating to residential mortgage and personal property finance; truth in lending; financial privacy, credit reporting, information security and identity theft; federal preemption of state and local laws; electronic delivery of consumer financial services; stored value and credit cards; credit discrimination and access to financial services; litigation and arbitration; and debt collection and consumer bankruptcy.
- Fair Housing Act
Discrimination in mortgage lending is prohibited by the federal Fair Housing Act and HUD's Office of Fair Housing and Equal Opportunity actively enforces those provisions of the law. The Fair Housing Act makes it unlawful to engage in the following practices based on race, color, national origin, religion, sex, familial status or handicap (disability) * Refuse to make a mortgage loan * Refuse to provide information regarding loans * Impose different terms or conditions on a loan, such as different interest rates, points, or fees * Discriminate in appraising property * Refuse to purchase a loan or set different terms or conditions for purchasing a loan.
- FHA Mortgage Limits
Welcome to the FHA Mortgage Limits page. This page allows you to look up the FHA mortgage limits for your area or several areas, and then list them by state, county, or Metropolitan Statistical Area.
- HUD - Departmental Enforcement Center (DEC)
The DEC focuses on assuring the highest standards of ethics, management and accountability in the resolution of HUD's troubled properties. The DEC's primary goal is to bring owners to full compliance so that there is no compromise in the quality of America's housing. To a large extent, owners have agreed to work with HUD to prevent possible enforcement action. Such a proactive stance on the part of owners is in the best interest of all parties, especially for residents.
- HUD - Federal Housing Administration
HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
- HUD Approved Housing Counseling Agencies
HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. This page allows you to select a list of agencies for each state below. You may search more specifically for a reverse mortgage counselor or if you are facing foreclosure, search for a foreclosure avoidance counselor.
- Mortgage Borrowers' Rights
This may be the largest and most important loan you get during your lifetime. You should be aware of certain rights before you enter into any loan agreement.
- Mortgage Fraud and Identity Theft Resources - Victims of Mortgage Fraud
When homeowners or borrowers suspect they may be a victim of a Con-Artist’s work, they have many legal resources available to help them. Potential victims need to report mortgage fraud, mortgage scams, or predatory lending practices as soon as there is an indication these might exist. Waiting to make sure can be costly. Both on the national level and on the state level, government and private organizations are available to answer questions and provide help.
- Mortgage Law - Definition
A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.
- Mortgage Law - Overview
A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land. The mortgagee, usually a financial institution, is the provider of the loan or other interest given in exchange for the security interest. Normally, a mortgage is paid in installments that include both interest and a payment on the principle amount that was borrowed. Failure to make payments results in the foreclosure of the mortgage.
- Negotiable Instruments Law
Negotiable instruments are mainly governed by state statutory law. Every state has adopted Article 3 of the Uniform Commercial Code (UCC), with some modifications, as the law governing negotiable instruments. The UCC defines a negotiable instrument as an unconditioned writing that promises or orders the payment of a fixed amount of money.
- Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks. It also supervises the federal branches and agencies of foreign banks. Headquartered in Washington, D.C., the OCC has four district offices plus an office in London to supervise the international activities of national banks.
- Office of Thrift Supervision
The OTS supervises a national thrift industry that is built on the bedrock of the American dream of homeownership—supplying affordable home financing for Americans from all walks of life.
- Predatory Lending
Over the last several years, our nation has made enormous progress in expanding access to capital for previously under served borrowers. Despite this progress, however, too many families are suffering today because of a growing incidence of abusive practices in a segment of the mortgage lending market. Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation’s economic success.
- Real Estate Settlement Procedures Act
HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. The "New RESPA Rule FAQs" were comprised from industry questions and are posted to facilitate implementation of these new requirements.
- Secured Transactions Law
A security interest arises when in exchange for a loan a borrower agrees, in a security agreement, that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. A security interest also provides the secured party with the assurance that if the debtor should go bankrupt he or she may be able to recover the value of the loan by taking possession of the specified collateral instead of receiving only a portion of the borrowers property after it is divided among all creditors.
Organizations Related to Mortgage Law
- Americans for Fairness in Lending (AFFIL)
Americans for Fairness in Lending (AFFIL) and Americans for Financial Reform (AFR) are partnering to reform the nation’s lending industry and financial system to protect Americans’ neighborhoods, homes and pocketbooks.
- Federal Home Loan Mortgage Corporation (Freddie Mac)
* Company Profile o Our Mission o Our Leadership o Our Business o Our Role State-by-State o FAQs o Contact Us * News and Information Center * Corporate Citizenship * Investor Relations * Careers Company Profile Every day we help millions of families in neighborhoods across America buy their own homes or enjoy quality and affordable rental housing by linking them to the world's capital markets. In the process we reduce the costs of housing finance and expand housing opportunities for all families, including low-income and minority families. It is a unique mortgage finance system that makes homeownership a reality for more of America's families.
- Federal National Mortgage Association (Fannie Mae)
Fannie Mae operates in the U.S. secondary mortgage market. Rather than making home loans directly to consumers, we work with mortgage bankers, brokers and other primary mortgage market partners to help ensure they have funds to lend to home buyers at affordable rates. We fund our mortgage investments primarily by issuing debt securities in the domestic and international capital markets.
- Government National Mortgage Association (Ginnie Mae)
At Ginnie Mae, we help make affordable housing a reality for millions of low- and moderate-income households across America by channeling global capital into the nation's housing markets. Specifically, the Ginnie Mae guaranty allows mortgage lenders to obtain a better price for their mortgage loans in the secondary market. The lenders can then use the proceeds to make new mortgage loans available.
- Making Home Affordable - Mortgage Relief
In February 2009, the Obama Administration introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis to get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure.
- Mortgage Help Now
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation's largest and longest serving national nonprofit credit counseling organization. The NFCC's mission is to promote the national agenda for financially responsible behavior and build capacity for its members to deliver the highest quality financial education and counseling services. NFCC members annually help more than two million consumers through nearly 1,000 community-based offices nationwide.
- Mortgage Servicing Fraud
These companies do not loan money. They operate in the lending industry after-the-fact. They take on a function that a lender doesn’t want - the backroom functions of handling payments, escrow accounts, annual statements, dealing with borrowers, collections, etc. The perpetrators of the loan servicing scam acquire the servicing rights to loans that other companies have already made. (Loans that were deliberately constructed by predatory lenders are ideal for processing through servicers that specialize in aggressive collections or rapid foreclosure processing, but the loan servicing scam can be operated against any mortgage loan if the servicer acquires the rights from the lender.)
Publications Related to Mortgage Law
- ABA Committee on Consumer Financial Services - Mortgage Loans
Consumer credit can be complicated. From the unusual legal terms to the complex mathematical formulas, understanding how credit works can be a big task. The Committee on Consumer Financial Services of the Business Law Section of the American Bar Association has created this website to provide you with the tools to help you on your way to financial success.
- HUD - Federal Housing Administration (FHA) Handbook
The Federal Housing Administration (FHA) Handbook portal contains the Single Family Housing handbooks in Information Mapping format as well as links to Mortgagee Letters and other resources on the Housing and Urban Development (HUD) website. The online 4155.1 and 4155.2 Handbooks incorporate and consolidate guidance from Handbooks 4155.1 REV-5, 4000.2 REV-3, 4000.4 REV-1, 4165.1 REV-2 and related Mortgagee Letters.
- National Mortgage News
National Mortgage News is a weekly newspaper covering the mortgage sector in the United States.
Articles on HG.org Related to Mortgage Law
- What Is a Bank LevyImagine getting a letter in the mail informing you that your mortgage payment has been rejected by your bank for insufficient funds. This may be because your bank account has been levied by another creditor whom you owed money.
- Debt Recovery in TurkeyThis article is an overview of Debt Recovery Procedure in Turkey
- Do You Have a Great Credit Score? Can You Keep It??If you have a good or even a great credit score, many other people will be trying to steal your information and ruin your credit score. Identity theft is on the rise throughout America. In a way it is a silent crime that can do severe damage to a person's credit score and financial situation. Chances are, either you, some family member, or someone you know has been negatively affected by theft of their identity.
- As the FED Buys $40 Billion Worth of Mortgages a Month, Homeowners Need to Pay AttentionWill the FED's actions affect you?
- I Owe More than My House is Worth and Waiting on the Bank to Threaten Foreclosure --- What Can a Homeowner Do?The United States is going through one of the worst recessions since the Great Depression. Bankruptcy filings have increased, unemployment is high and home values have decreased exponentially since 2007 highs. Many home owners are finding they have a lot of debt, a house that is not worth what they owe, no ability to refinance and no ability to sell a home because they owe more than it is worth.
- Government Agency Established to Curb Large Banks from Committing Fraud Is Now Targeting HomeownersLearn how a federal agency, made to protect homeowners, has now turned on them.
- Wage Garnishments and How to Deal With ThemWhen you are unable to pay your bills, creditors have no choice but to try various means to collect from you for monies that are owed to them. One of the options available to bill collectors is to get a writ of garnishment against you and proceed to garnish your wages. If you are having trouble making ends meet the way it is, how are you ever going to be able to get by with up to 25% of your wages being taken from you via a garnishment from one of your creditors?
- Foreclosure and Bankruptcy Both Have a Negative Effect on Your Credit ScoreFor many people in Arizona considering to surrender their house in a foreclosure. There are some things to consider. Your credit score will suffer significantly. A comparable option is to file for bankruptcy protection. Declaring bankruptcy offers a debtor protection from lawsuits and the ability to wipe out all or a portion of his unsecured debts. Plus, within the bankruptcy a person can surrender their home and not have to have both a foreclosure and a bankruptcy on their credit report.
- The Consequences of Forgetting a CreditorDuring the bankruptcy process a debtor has to list all of his creditors on his bankruptcy petition. Sometime during this process the debtor forgets a creditor or two. It is completely normal to forget to list a creditor. Debtors are under extreme stress and sometime have to keep track of many creditors. If this occurs it is best to seek the advice of a bankruptcy attorney.
- Managing Student LoansStudents these days blindly sign up for student loans to pay for college without realizing the big picture of having to pay them back. It is not usually until after college that the students realize the massive loans they now have to pay off. Student loan debt is a more acceptable loan compared to, say, credit card debt, but still needs to be repaid.
- All Debtor and Creditor Law Articles
Articles written by attorneys and experts worldwide discussing legal aspects related to Debtor and Creditor including: bankruptcy, collections, credit and mortgage, debt recovery and insolvency.