Predatory Lending
Everything You Thought You Knew About
Mortgage Loans and Why You Are Wrong
5 clock hours
C-4421
 

taught by Gordon Schlicke

Mortgages from the consumer viewpoint.  How to avoid getting trapped in a loan you don't want.  Intended for all who may be shopping for a mortgage loan or real estate professionals interested in how predatory lenders can defraud the unwary consumer.  The class will examine various loan sources; how interest rates are quoted and misquoted; the most important part of your Good Faith Estimate and how it can be used to fool you; what the four main government boxes really tell you on your Truth In Lending statement; how some lenders will attempt to change your loan documents; how to deal with loan servicers who may be miles from you; and six common frauds committed by unscrupulous predatory lenders.

In addition, the student will:

• Know how to compare different sources for a mortgage loan

• Possess ten specific methods to protect against fraud when borrowing money

• Understand the difference between Note rate and Annual Percentage Rate

• Recognize what to do to protect against fraud when filing a loan application

• Know how to protect against fraudulent Note and Mortgage modifications

• Define predatory lending and learn six popular loan scams

• Become a better informed consumer regarding mortgage loans