Mortgage Daily Logo
mortgage news from industry experts

MBA Launches Stop Mortgage Fraud Consumer Education Campaign To Prevent Predatory Lending

MBA Launches Stop Mortgage Fraud Consumer Education Campaign To Prevent Predatory LendingWASHINGTON, DC (March 12, 2002) — To help prevent predatory lending, the Mortgage Bankers Association of America (MBA) today unveiled a consumer 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.

“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:

  1. 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.
  2. 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.
  3. Where to Report Suspected Predatory Lending – consumers can either visit the www.stopmortgagefraud.com Web site or call 1(800) 348-3931 to get information on what steps to take to file a complaint. Consumers calling the 800 number will receive a brochure that contains information also found on the Web site.

MBA members who have endorsed the consumer education campaign have been asked to provide a link on their Web site to www.stopmortgagefraud.com and to help promote consumer awareness of the resources that are available to them. Companies who have already signed on to the campaign include Chase Manhattan Mortgage, Countrywide Home Loans, Wells Fargo Home Mortgage, Washington Mutual and Bank of America Mortgage. (See below for full list).

A Spanish version of the campaign will be available in the next several months. The English version will be translated into Spanish by The Mortgage Bankers Association of Puerto Rico (MBA of PR). “We are a strong supporter of this initiative and will do what we can to ensure that Spanish speaking customers are also protected,” said Ricardo Domenech, President, MBA of PR.

“We applaud MBA and its members for this effort to help protect consumers from predatory lenders. Through this program consumers will know how to recognize and report unethical activities to appropriate authorities”, said New Orleans Mayor and U.S. Conference of Mayor’s President, Marc Morial.

The Stop Mortgage Fraud consumer education campaign is one part of MBA’s three-pronged approach to solving the problem of predatory lending. The other two are enforcement of current laws against predatory lenders and reform and simplification of the entire mortgage transaction.


MortgageDaily.com           

MBA is the national association representing the real estate finance industry. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership prospects through increased affordability; and to extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters excellence and technical know-how among real estate finance professionals through a wide range of educational programs and technical publications. Its membership of approximately 2,800 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mbaa.org.CONTACT:
Laura Armstrong
202.557.2730

Tisha Richardson
202.557.2871

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION