Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

what is Consumer Mortgage Protection Act

Posted on: 19th Jan, 2006 12:14 pm
Hi, I wanted to know about what types of transactions are included as mortgage loan transactions under the Consumer Mortgage Protection Act?
Hi as far as I know, this act covers home improvement contracts which are secured by first liens, loan transactions, subordinate liens or other liens and land contracts on real property and used by the borrower as its principal dwelling, and which real property is designed for occupancy by 4 or fewer families.
Posted on: 19th Jan, 2006 12:37 pm
hi freddi and blythe,

blythe what you said is very true plus in addition to it there are few more thing like,

the statute does not cover the following loan transactions:
  • loans in which the loan proceeds are used to purchase a dwelling. these loans are sometimes referred to as "purchase money loans."

  • reverse mortgages.

  • open-end credit in which the lender reasonably expects the borrower to access multiple advances.

in essence, the act covers first lien mortgage loans (other than those to acquire a dwelling), refinance transactions, subordinate lien mortgage transactions, home improvement contracts in which a first or subordinate lien is taken on real property (other that home equity lines of credit), and land contracts in refinance transactions.

freddi do let us know if you have any other doubts also.

god bless you,

thanks,
samatha
Posted on: 19th Jan, 2006 01:13 pm
Thanks, the information you people have provided will help a lot and could you let me know one more thing as to if commercial loans are also subject to the provisions of the Act?
Posted on: 19th Jan, 2006 01:49 pm
You are more than welcome to put all your queries and we will try our best to answer them.

The fact is that commercial loans are subject to the Act only to the extent a commercial loan transaction includes a lien on residential real property.

God Bless You,
Thanks,
Samatha
Posted on: 19th Jan, 2006 01:57 pm
Thanks Samantha and Blythe, I was really confused about this act but the information you have provided was all I needed to get a grip over it. :)
Posted on: 19th Jan, 2006 02:06 pm
I have a203k loan the constructor is not living to his end of the contruct what recourse do i have
Posted on: 31st Mar, 2011 08:42 am
Hi richard,

You should try and negotiate with the constructor so that the person tries to finish the work asap. If you have signed a formal contract with the constructor, then you'll be able to take legal actions against the constructor.

Thanks
Posted on: 31st Mar, 2011 10:00 pm
Page loaded in 0.236 seconds.