© 2016 by Richland & Falkowski, PLLC. 

A New York Business Law Attorney on Lender & Servicer Representation

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Lenders and servicers play critical roles in the completion of a majority of all real estate transactions. With ever increasing regulatory guidelines from local, state and federal authorities, lenders and servicers find themselves under more scrutiny than ever.

 

 

 

 

 

 

 

 

 

Increased Litigation

Individuals who face foreclosure and default are increasingly fighting back. When individuals and class representatives file a suit, they name lenders and servicers as a matter of course.

 

 

 

 

 

 

 

 

 

Issues in Litigation

Claims involve matters such as:

 

  • Predatory lending

  • Mortgage fraud

  • Wrongful foreclosure

  • Wrongful eviction

 

Additionally, homeowners are seeking relief as a result of their inability to qualify for any of the various solutions offered under the Home Affordable Modification Program (HAMP), and lender and servicer practices are called into play as a result.

Compliance and the Myriad of Regulations

Among the guidelines regulating the mortgage lending industry that your attorney must be familiar with include:

 

  • Real Estate Settlement Procedures Act (RESPA)

  • Home Ownership and Equity Protection Act (HOEPA)

  • Truth in Lending Act (TILA)

  • Fair Debt Collection Practices Act (FDCPA)

  • Fair Credit Reporting Act (FCRA)

     

     

     

     

     

     

     

     

     

Proactive Considerations

As in most areas of business, it is far better to anticipate and protect against potential issues in litigation than to await the filing of a lawsuit and react. To that end, lenders and servicers can review and revise their internal servicing processes affecting loans, train and monitor their staff in the implementation of proper loan protocols, implement corrective measures for addressing mistakes found in loan documents and understand the impact of pending legislation on the mortgage community.

 

 

 

 

 

 

 

 

 

Call Us Today

Lenders and servicers are on the forefront of the mortgage industry. Those who have remained in business through the crisis years must be proactive. Understand what the law requires to be in compliance and make sure that when you are forced to commence a foreclosure action, you are well armed and well represented. For all lender and servicer questions, call the lender support team at Richland & Falkowski, PLLC. 212-390-8872.