********** This is a new and added service to Home Purchasers and New Refinances**********
This service is to STOP Predatory Lending before it happens to you.
Premier Mortgage Auditing, Inc.
Purchasing your first home or upgrading to another home should be an exciting and thrilling time for a family, or a single person. A home is usually your largest item purchased and you’re largest out lay of money. A commitment that is extremely important because it’s one that typically last for years (30 to 50).
When making that very important commitment, make sure that you are not one of the MILLIONS of American families that have been put into FRAUDUELENT MORTGAGES. These devastating mistakes have not only cost hard working families their homes, it has cost them their marriages, families, belongings, savings and some time lives. It can be just that devastating. Ask someone that has gone through it; I assure you that you will not like to hear of their horrifying experience and typical ending. It has even had a devastating effect on our economy.
All too common is the over valuing of homes or the violations of laws and regulations that have been set in place to protect (you) the American consumer. These include but are not limited to the, Truth in Lending Act (TILA), the Consumers Protection Act, the Real Estate Settlement Procedures Act (RESPA) at 15 USC §1601et seq., and 12 US §2601 et seq., the Home Ownership and Equity Protection Act (HOEPA), the Home Mortgage Disclosure Act (HMDA) and applicable State Laws. Just a small (YSP) Yield Spread Premium, Broker Comp or Discount Points can cost you thousands of your hard earned dollars over the term of the loan. There are other charges that may be included in your HUD-1 Settlement Statement that should have never been charged to you. One of the largest commitments of corruption is the fraudulent schedule of payments shown on the TILA disclosure where the Finance Charge is grossly understated by tens of thousands of dollars. Is your loan a Fixed or Adjustable interest rate.
For your protection there are laws to protect you but how do you know which one is legal or not.
The Federal Truth in Lending Act was enacted on May 29, 1968, as title I of the Consumer Credit Protection Act (Public Law 90-321), thus, the Truth in Lending Act implemented by Regulation Z (12 C.F.R. 226) became effective July 1, 1969. The Federal Reserve Board’s Commentaries (Supp. I.) on Regulation Z also provide a wealth of information about the purpose of this Federal law and its need to protect consumers from inadequate and misleading disclosures.
The intent and purpose that Congress envisioned behind this Federal law is to ensure that credit terms are fully disclosed in a meaningful way. Therefore consumer(s) namely borrower(s) can compare credit terms more readily and knowledgably [15 U.S.C. §1601.1(a)] and certainly before ‘consummation’ i.e. before being contractually obligated on a credit transaction Regulation Z, 12 C.F.R.226.2(13).
The Federal Truth in Lending Act also promotes the informed use of credit [Regulation Z, 12 C.F.R.226.1(b)] and in so doing brings an awareness to a potential borrower (which he or she did not have before) as stated in 15 U.S.C. §1601.1(a). This awareness requires and places a legal obligation on creditor(s) to fully explain the nature, cost and effect of credits terms including definitions, which would otherwise would result in undisclosed credit terms.
When complying with the disclosure requirements (both oral and written) a consumer then is able to ‘more readily compare credit terms’ with other institutions and most notably before consummation [Regulation Z, 12 C.F.R.226.2(13)]. The consumer then has the freedom and choice to choose whether or not what has been explained is appropriate for their needs. A creditor who conceals or misrepresents a term or fails to explain its impact whether at the outset or during the course of the loan, whether paid outside closing or at or during closing, violates this Federal law and is subject to civil liability 15 U.S.C. §1640(a).
Before you make such an important decision, make sure that you are protected and that your decision is the right one, one that you and your family will be happy with. Contact PMA before making that decision and insure that you are not paying one dime more than you’re legally liable to pay. All this protection for the small sum of $300; could be the best $300 you will ever spend.
With a purchase of a home, you must demand a copy of your closing documents the day before the closing and fax it to us so we can insure that you fully understand ever charge and its purpose. We will have these documents with your understanding of every charge on your HUD-1 Settlement Statement returned to you the same day and answer any questions you may have. Most importantly will be your complete understanding of every charge and are the charges legal or not!
