The Role of Mortgage Brokers in the Mortgage Finance Market: Hearing Before the Subcommittee on Housing and Community Opportunity of the Committee on Banking and Financial Services, U.S. House of Representatives, One Hundred Fifth Congress, Second Session, March 27, 1998 |
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Page 91 - Charges or premiums for insurance, written in connection with any consumer credit transaction, against loss of or damage to property or against liability arising out of the ownership or use of property...
Page 74 - ... of credit transactions to determine appropriate claims and defenses their clients might have. As a result of our daily contact with these practicing attorneys we have seen examples of predatory lending to low-income people in almost every state in the union. It is from this vantage point—many years of dealing with the abusive transactions thrust upon the less sophisticated and less powerful in our communities—that we supply this testimony today.
Page 170 - SECTION 1. NATURE OF RELATIONSHIP. In connection with this mortgage loan: * We are acting as an independent contractor and not as your agent. * We will enter into separate independent contractor agreements with various lenders. * While we seek to assist you in meeting your financial needs, we do not distribute the products of all lenders or investors in the market and cannot guarantee the lowest price or best terms available in the market. SECTION 2. OUR COMPENSATION. The lenders whose loan products...
Page 76 - Board of Governors of the Federal Reserve System and Department of Housing and Urban Development, Joint Report to the Congress Concerning Reform to the Truth in Lending Act and the Real Estate Settlement Procedures Act, July 1998.
Page 90 - amount financed" may be a lesser amount than the "principal" on your mortgage note if you are financing some of your settlement costs which are also called "prepaid finance charges.") The FINANCE CHARGE consists of two separate kinds of charges A. Interest to be paid over the life of the loan B. "Prepaid finance charges," which include settlement "closing
Page 170 - The retail price we offer you - your interest rate, total points and fees - will include our compensation. ln some cases, we may be paid all of our compensation by either you or the lender. Alternatively, we may be paid a portion of our compensation by both you and the lender. For example, in some cases, if you would rather pay a lower interest rate, you may pay higher up-front points and fees. Also, in some cases, if you would rather pay less up-front, you may be able to pay some or all of our compensation...
Page 1 - US HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON HOUSING AND COMMUNITY OPPORTUNITY, COMMITTEE ON FINANCIAL SERVICES, Washington, DC The subcommittee met, pursuant to call, at 2:09 pm, in Room 2128, Rayburn House Office Building, Hon.
Page 41 - When a district judge. In making in a civil action an order not otherwise appealable under this section, shall be of the opinion that such order involves a controlling question of law as to which there is substantial ground for difference of opinion and that an Immediate appeal from the order may materially advance the ultimate termination of the litigation, he shall so state in writing in such order.
Page 115 - It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the season of Light, it was the season of Darkness, it was the spring of Hope, it was the winter of Despair...
Page 44 - Secretary US Department of Housing and Urban Development 451 7...