The big topic amongst residential real estate professionals these days is of course the impact the new CFPB regulations will have on the industry when they are finally implemented on October 3, 2015. The Consumer Financial Protection Bureau (the “CFPB”) was created by the Dodd-Frank Act passed by Congress as a response to the 2008 financial crisis. The goal of the regulations is a noble one- to give consumers as much information as possible in an understandable format before making a financial...
Did your Lender fraudulently place expensive insurance on your home? The 7th Circuit doesn't seem to think so.
The recent case Cohen v. American Security Insurance Company, No. 11-3422, 2013 WL 5890642 (7th Cir. Nov. 4, 2013) explains why your mortgage lender forces you to sign and acknowledge the hazard insurance provision at least three separate times at the closing table.If you bought or refinanced your home on more than one occasion, you may recall being required to repeatedly sign the hazard insurance disclosure in your loan documents.