Buying a home is stressful enough, but some financial institutions and other organizations linked to home buying fees are accused of predatory lending practices. Among the alleged practices are charging excessive mortgage fees and closing fees, violating the Truth in Lending Act, abusing force placed insurance, illegally foreclosing on homes, and discriminatory lending practices
Charging Excessive Fees
The Truth in Lending Act (TILA) was created to protect consumers from lending fraud by requiring lenders to provide clear and accurate information regarding the terms and costs associated with a loan. Failure to do so—either by misrepresenting the fees or loan structure or by omitting important information—may result in the borrower terminating the loan and recovering all interest and fees returned to them.
In 2015, Wells Fargo agreed to settle a lawsuit concerning property inspection fees that were charged to borrowers who fell behind on their mortgage payments by 45 days or more. These inspections were ordered every 25 to 35 days until the borrower managed to get the mortgage payments up to date. Plaintiffs alleged the inspections were unnecessary and the true nature of the fees was hidden.
Predatory Mortgage Lending
It is illegal for a person or organization to encourage a mortgage applicant to lie on the application to secure a mortgage.
It is illegal for lenders to commit mortgage discrimination. Under the Fair Housing Act (FHA), it is illegal to discriminate in any aspect of residential real-estate transactions. This includes approving loans to buy, build or repair a dwelling; selling, brokering or appraising residential real estate; or selling or renting a dwelling.
Discriminatory practices include discouraging a person from applying for a mortgage, rejecting a mortgage application, imposing higher interest rates on a loan or requiring a larger down payment for discriminatory reasons such as age or race.
Mortgage Servicing Fraud
Further, they say they've had the insurance force-placed even when they have an up-to-date insurance policy. Finally, some argue that when they provide proof of a new policy, the force-placed policy is not removed quickly enough. Some financial companies face allegations they received kickbacks for using force-placed insurance from certain companies and customers wound up paying for those bonuses.
In January 2016, PNC Bank NA agreed to pay $32.3 million to settle a lawsuit in Florida alleging the company overcharged consumers for force-placed insurance. Bank of America NA and HSBC Bank USA NA have also agreed to settle lawsuits linked to force-placed insurance.
In September 2016, a lawsuit was filed against Nationstar Mortgage, a mortgage-servicing company, alleging the company refused the payments of a homeowner, then charged thousands of dollars in fees for property inspections and disbursement insurance. According to reports, the lawsuit alleges negligence, fraud, and breach of contract.
Mortgage Fee Legal HelpIf you feel you qualify for damages or remedies that might be awarded in a possible mortgage related lawsuit, please fill in our form to submit your complaint to a lawyer who will review your claim at no charge or obligation.
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United lawyers use flagrantly racist stratagems if a black person dares to challenge their fraud. Unlike their many white fraud victims, they have destroyed me. This is a story that is going to receive national attention.
I am in the process of writing to the Federal Reserve Board of Trustees to report the gross misconduct. Stay Tuned.
Posted by Flo smith on
Posted by david and monica gowdy on
United Bank West Virginia used extreme mortgage servicing fraud to force me into a mediated settlement whereby the bank could ultimately foreclose on a high equity property.
United Bank West Virginia was Not crediting payments for 7 to 20 days.
Once United Bank West Virginia took over 35 days to credit payments to mortgage and HELOC accounts. An investigation by the bank would find the teller gave receipts but then didn't know what to do with the payments so he put the checks on a bank vault shelf and forgot about them.
United Bank Virginia Accepting payments For a loan they did not own for over six years. Giving time / dated receipts in person on due date.
United Bank Virginia had the same look, and same name, same logo's, same letterhead, same colours as the United Bank West Virginia bank. On their website it to this day references being able to use offices in a multi state area.
United Bank West Virginia And United Bank Virginia employees at all times referred to separately owned financial institutions as a 'branches' !!!
a judge ruled years after fraud was completed United Bank West Virginia and United Bank Virginia were totally separate banking institutions. Bank employees were told to deceive about separate institution status at every turn. So much so that in a deposition their bank officer continually referred to the separate bank as a 'branch'. Even knowing the deposition was to establish whether the bank was one company or two.
United Bank West Virginia Denying me copies of my HELOC statements for over 4.5 years, to force the banks control of my money, my payments and my accounts.
United Bank West Virginia ginning up excel spreadsheets in lieu of producing HELOC statements as required by law.
United Bank West Virginia's lawyer denying the existence of HELOC statements in Jan of 2012. No one made mention of HELOC statements again until August of 2012 when a complaint was attempted to be filed with the federal reserve in Richmond. Suddenly within six hours statements were delivered. Only to avoid a 20 million dollar fine. Damage had already been done, credit destroyed small woman owned business gone due to banks practices and procedures. Yet federal reserve must have assisted the bank in avoiding a mandatory fine.
Forcing me to open a checking account in United Bank Virginia when allowing me to open the account in United Bank West Virginia would have allowed me to transfer all payments myself and to see all statements on both mortgage and HELOC myself.
United Bank West Virginia fraudulently denied me access to my accounts online as well as mailing HELOC statements.
Continuing mortgage transfers while stopping payments of only the HELOC,
AT THE SAME TIME instructing their collections person she would be terminated if she notified me of the bank was creating a default situation.
United Bank West Virginia Fraudulently reporting my HELOC account late for three months. Yet United Bank West Virginia had instructed their people not to notify me they stopped transferring funds. Balance was sufficient at all times with no further deposits from me, to keep loan current at all times.
United Bank Virginia allowing the release of over $100,000 from my checking account with no permission from me. Based so let on a phone call from United Bank West Virginia. No paperwork was ever asked to be formally signed until after damage was done to credit.
Refusing to correct my falsely destroyed credit knowing it would destroy my small woman owned business. United Bank West Virginia had based the income approval in my loans based on my business doing well. United Bank West Virginia Knew destroying my once successful business would force me into foreclosure.
United Bank West Virginia Created and mailed a letter with fraudulent Information on my payment status and denied ever transferring any monies across state lines when they clearly were documents lies, created to make it look to my legal representation that I had continuously made my payments late. Every single payment was made in person on or before the due date each and every month.
United Bank West Virginia Fraudulently stated in same letter I was lying about what had happened with my payment status. I was the one who could not be believed. Yet this was diametrically opposed to the documented receipts that I stood in line personally to get.
United Bank West Virginia And UNITED BANKSHARES INC have walked away Scot free from any charges relating to mortgage servicing fraud and as a reward for their behavior are getting a high equity property.
Loretta Lynch promised us these white collar criminals would go to jail. When is going to start. I am willing to supply all my documentation for a index case.
Posted by AlwaysGrace on
Posted by Martin marine on
Posted by Kentucky on