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A lawfirm that fights mortgage institutions for the public interest. Mortgage servicing fraud, banking fraud, consumer protection, real estate settlement procedure act, Mortgage servicer, real estate settlement procedure act, mortgage banking, mortgage fraud, mortgage lender, consumer protection, mortgage servicing rights, A mortgage servicer is a company to which some borrowers pay their mortgage loan payments and which performs other services in connection with mortgages and mortgage-backed securities,

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Frustrated Good

 

 

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our philosophy help people, The Servicemembers Civil Relief Act (SCRA) of 2003 protects United States active-duty military members from civil court proceedings (such as foreclosure) while serving their country. The SCRA also limits the interest rate which an active-duty military member can be charged on any outstanding debt (secured before their deployment) to 6% (six percentage points). In spite of these special protections granted to active-duty military members, news reports surfaced in which large mortgage servicers and investment banks illegally overcharged military families with members on active duty on their mortgages.[7] In January 2011, JP Morgan Chase, the United States' second-largest bank based on market share, admitted that it had illegally overcharged some 4,000 active-duty military members on their home mortgage and accidentally foreclosed on as many as 14 families. Facing pressure from a United States Marine's lawsuit over the violations, Chase announced that it would work to reverse the illegal foreclosures and was mailing $2 million to the 4,000 military families as compensation, implying the mortgage bank overcharged each family an average of $500 on their mortgage. Lawsuits regarding the overcharges are still pending as of January 2011.[8] Delaware Attorney General Beau Biden sent a letter to several large lending institutions demanding they review their operations in order to safeguard active-duty military members from illegal mortgage overcharges and fraudulent foreclosures. Those institutions included Citigroup, Inc., Bank of America Corp., Wells Fargo & Co., PNC Financial Services Group Inc., Ally Financial Inc. and Goldman Sachs Group Inc.'s Litton Loans.

 

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For Profit Public Interest, consumer protection, losing mortgage institutions in court to pay reasonable damages, attorney fees, costs and expenses under federal law. The controversy over mortgage servicing mistakes is not confined to the United States. Over 18,000 British homeowners holding adjustable rate mortgages with Yorkshire Bank and Clydesdale Bank found in July 2010 that their monthly variable interest rates had been miscalculated by a software error. The resulting corrected amortization schedule for their mortgage resulted in increased payments on an average of several hundred pounds a year.[10] In Ireland, 436 mortgage holders with Allied Irish Bank learned in 2009 they were overcharged by an average of €900. In a statement, the bank claimed, "The error happened when customers were charged an interest rate that did not match the loan-to-value ratio on their account."[11] An Australian businessman who owned 3 blocks of property with several business partners won a judgement against National Australia Bank in 2010, in which the Supreme Court of New South Wales found that the bank had incorrectly charged excess interest on the related mortgages on two separate occasions. During one period of time, the interest rate on the mortgage was to be fixed at 5.65%, but NAB incorrectly charged 5.85%. At another point during the servicing of the mortgage, National Australia Bank incorrectly charged a "default" interest rate of 20%, when it should have charged less than 6%, as the loan was not in default. Even if the Australian bank had a legitimate reason to charge such a default rate, that rate should have only been an additional 4%, not 14% according to Justice Stephen Rothman's judgement. The entire proceedings lasted six years

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Effective July 21, 2011, the Real Estate Settlement Procedures Act (RESPA) will be administered and enforced by the Consumer Financial Protection Bureau (CFPB). The Real Estate Settlement Procedures Act (RESPA) ensures that consumers throughout the nation are provided with more helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices. The most recent RESPA Rule makes obtaining mortgage financing clearer and, ultimately, cheaper for consumers. The new Rule includes a required, standardized Good Faith Estimate (GFE) to facilitate shopping among settlement service providers and to improve disclosure of settlement costs and interest rate related terms. The HUD-1 was improved to help consumers determine if their actual closing costs were within established tolerance requirements.

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