I am an attorney in bushnell, sumter county, florida. I am defending a foreclosure case in which it appears to me that the bank failed to comply with part 34 - real estate lending and appraisals, subpart d - lending standards, section 34.62 - real estate lending standards, appendix a to subpart d - interagency guidelines for real estate lending as set out in title 12 of the code federal regulations. Specifically, i am interested in the supervisor loan-to-value limits. The bank, which is a national bank, claims that it is not required to comply with the ltv limits set out in the regulations. In essence, the bank loaned my clients 85% of the appraised value of the property. The purchase price of the land was $400,000, the loan was for 280,000, and the appraisal was $330,000. My clients did not know of the appraised value until more than a year after the loan closed. The loan officer told my clients they were getting a 70% ltv loan. The property was unimproved raw land that was owned by the bank. The bank had purchased the property for $325,000 3 months before they entered into a contract to sell it to my clients. The bank had intended to use the property for a branch location but found a better site. If the bank was required to follow the regulations in making the loan, then i would like to retain your services as an expert witness.+9 Other Responses
Looking at the mortgage bankers association benchmark report for the first quarter of this year, we are earning an average of 80 bps less than our peer group. How are they beating us so badly? What can we do to improve our results. I am looking for help with workflow and best execution for the sale of our loans.+10 Other Responses
National Association Of Mortgage Brokers
We are seeking an expert witness, preferably from the national assoc of mortgage brokers to assist in a case in toledo, ohio.
Someone with a high degree of knowledge in the 2006 era of the mortgage boom. Needs to be able to clearly identify the duties of a mortgage broker/loan officer. Also would need knowledge of an underwriter's duties.+5 Other Responses