The Federal Reserve has proposed significant changes to existing mortgage laws—prompting a response from companies like Hotline America.
Marlton, NJ -- (ReleaseWire) -- 08/24/2012 --Ever since the banking crisis that began in 2007, federal lawmakers have pursued various avenues for protecting consumers while reinvigorating the economy. According to Bloomberg BusinessWeek, multiple federal agencies have united around a proposal that could offer greater accountability for mortgage loans. The Federal Reserve, along with five additional regulatory agencies, have unveiled a proposal for new appraisal requirements, affecting high-risk mortgage loans and complying with the Dodd-Frank Act. The Fed is actively seeking comments and opinions about the new proposals—and they have already received feedback from major companies like Hotline America.
According to BusinessWeek, the proposed rule would require banks and mortgage lenders to employ trained and certified appraisers, who would prepare written reports based on a physical inspection of the property. The federal regulatory agencies have also proposed the requirement of creditors to disclose the purpose of the appraisal to loan applicants, and also to furnish them with free copies of the report once it is complete.
The Dodd-Frank Act categorizes mortgage loans as higher-risk if they are backed by the borrower’s home and maintain interest rates that exceed a certain level. The Federal Reserve has made a public request for feedback on its proposal, and Hotline America has obliged, with a new statement to the press. As a leading player in the real estate industry, Hotline America reviews new developments in mortgage law on a regular basis.
“Full lender disclosure to consumers is absolutely in the best interest of the mortgage marketplace,” says Hotline America CEO Thomas Ingram, in the company’s press statement. “Emphasizing to the borrower all details of the mortgage, loan servicing components, and insurance requirements just makes good business sense.”
A Hotline America reviews the proposal, it concludes with a note of optimism about what it might mean for the entire industry. “This will go a long way towards improving consumer confidence in this key component of the real estate industry,” says Ingram.
The proposed changes are sponsored by the Federal Reserve alongside the Consumer Financial Protection Bureau, Federal Deposit Insurance Corp., Federal Housing Finance Agency, National Credit Union Administration, and Office of the Comptroller of the Currency.
Hotline America is a company that seeks to assist real estate agents in utilizing the most advanced technology to generate leads and attract new customers. The company provides toll-free hotlines for customers to call, providing around-the-clock information about current listings. Additionally, Hotline America offers its expertise in matters related to mortgage and mortgage law, ultimately seeking to help real estate agents do their job as efficiently as possible.
About Hotline America
Hotline America is a company devoted to the idea that advanced technology, when made accessible and easy to use, can empower real estate agents to attain remarkable levels of efficiency and success. The company delivers diverse lead generation services to realtors across the nation, including individualized, toll-free phone lines that consumers can call to obtain up-to-date information about current listings, 24/7. Hotline America’s goal is to help real estate agents make use of technology that will ensure they never miss a lead again. For more information about the company, visit HotlineAmerica.com.