Gramm-Leach-Bliley is an Act of Congress that strengthens consumer privacy. Its requirements force lenders to hold borrower personal information as sacred and not share it unnecessarily with other parties. Among the protections it offers consumers of loans and other financial products are:
- Your lender must disclose to your any intent to share your private information with another party
- You have a right to direct your lender not to share your personal information
- A lender may not share account numbers and similar information to other parties for marketing purposes
In addition, your lender must provide you with a written policy of its privacy protection practices annually. This written statement should address the lender’s policy regarding disclosures of personal information with third parties, disclosures of personal information of people who are no longer customers of the institution, and how the lender protects consumer information. Your lender must keep you informed of which types of third parties may gain access to your personal information, the categories of personal information it may share with such parties, and the lender’s policies for protecting your information.
Failure to comply with the Gramm-Leach-Bliley Act could lead to stiff penalties for your lender. A mortgage document review can determine if your lender is in violation of the Act.
Loan modification attorneys are special people. You help people keep their homes and get them at affordable mortgage rates so that they live within their means. In the worst cases you are up against some tough predatory lenders. And if you have the right tools at your disposal you’ll beat them. Here are some loan modification terms you should know in order to win in court and at the negotiating table:
- Loan Modification - Any change to an existing loan, usually that is favorable toward the borrower.
- Loan Settlement Statement - A document given to a borrower at closing that shows all disbursements being paid to all parties involved in the transaction.
- TILA - Truth In Lending Act. Passed in 1968.
- Regulation Z - A part of TILA. Most often cited for its right to rescission for the borrower.
- HOEPA - Home Ownership And Equity Protection Act. Affords protections to consumers of high interest and high fee loans.
- RESPA - Real Esate Settlement Procedures Act. Protects consumers of loans on HUD homes.
- ARM - Adjustable Rate Mortgage.
- Loan Auditor - An individual who does not represent either party to a loan transaction, but is capable of reviewing loan documents and finding lender violations
- Lender Violation - Any law that a lender has broken intentionally or unintentionally while servicing a loan.
- Mortgage Document Review - An independent review of a homeowner’s mortgage documents and analysis regarding whether any lender violations exist.
- Forensic Loan Audit - A thorough, scientific investigation of a loan to determine whether a lender has violated any federal, state, or local laws in the servicing of the loan.
- Foreclosure Defense - A strategy used to help stop the foreclosure process before the homeowner loses her home.
These are just a few of the terms a loan modification attorney should be familiar with in order to help homeowners keep their homes and save their mortgages. Hope it helps you succeed.