THE MBA HAS LAUNCHED A CONUSMER education Campaign Called Stop Mortgage Fraud. The campaign, endorsed by more than 100 MBA members and applauded by the U.S. Conference of Mayors and the Department of Housing and Urban Development (HUD), was launched at MBA's 2nd Annual National Housing Summit in March.
"No reputable lender endorses predatory lending practices. We support full enforcement of consumer protection laws and efforts to make the mortgage process more consumer friendly?" said John Courson, MBA's chairman-elect. "The Stop Mortgage Fraud campaign demonstrates our commitment to prevent predatory lending. We believe consumers will learn how to protect themselves and, at the same time, help weed out predatory lenders through the complaint process."
Stop Mortgage Fraud is a nationwide consumer education campaign designed to provide consumers with three important tools they can use to help prevent them from being subject to predatory lending practices:
A Borrower's Bill of Rights, which provides a detailed listing of consumer rights during the mortgage transaction from the first contact with a lender/broker to the closing of the loan.
The Ten Warning Signs of Predatory Lending, which lists the 10 common warning signs of predatory lending. These include everything from being asked to leave signature lines blank to being encouraged to include false information on a loan application.
Where to Report Suspected Predatory Lending, where consumers can either visit the www.stopmortgagefraud.com Web site or call (800) 348-3931 to get information on what steps to take to file a complaint. Consumers calling the toll-free number will receive a...