Fighting Predatory Lending With Automation
New lending regulations fall under two umbrellasâ€”clarifying what constitutes a higher priced, high-cost or predatory loan and reforming the rules to disclose the costs of a mortgage. To avoid penalties for inadvertently funding a high-cost loan or messing up a disclosure, lenders must understand what the rules mean. More importantly, they need to implement systems to reduce the risk of funding a high-cost loan and improve the distribution of initial disclosures. DocuTech’s Fred Gooch explains these regulations and outlines how they can reduce risk in the April issue of National Mortgage News. Read the full article at National Mortgage Professional.