The modern world of mortgage finance and real estate lending practices are filled with mis-information and a lack of fiduciary ethics. John A. Long provides some in-depth analysis on these subjects as well as insight into possible reform within the industry.

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“Heed The Alarm” by Attorney John Long

Scotsman Guide Residential Edition, December 2005

An alarm is sounding in the mortgage-broker industry. Brokers are attempting to avoid or mitigate losses resulting from regulatory audits and civil actions because of inadequate quality controls and accountability. Few mortgage brokerage executives recognize the impact of the enormous losses that American homeowners are sustaining from abusive lending practices. U.S. Rep. Emanuel Cleaver (D-Mo.) told a U.S. House of Representatives subcommittee that predatory mortgage lending costs Americans more than $9.1 billion annually. Read More…

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 An Eye on Regulation” by Attorney John Long

Scotsman Guide Residential Edition, July 2006

 Nationwide, state regulatory agencies are reviewing and revamping their regulations for mortgage professionals. As such, the face of the mortgage industry may change as brokers and loan officers across the country comply with increased regulation, a greater number of annual continuing-education credits and more oversight. This will help assure consumers that the origination of their home loans is in the hands of licensed, qualified professionals.

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long0807-how contracts lead to buy backs_Page_1How Contracts Can Lead to Buybacks

Scotsman Guide Residential Edition, August 2007

Not long ago, mortgage lenders demanding that brokers buy back “bad loans” essentially didn’t exist. Today, however, they are becoming more common. Although many factors contribute to the increase in buyback demands — from an increase in fraud and default rates to concern about predatory-lending practices — a major motivating factor has been governmental guidance and warnings to lenders.

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“Brokers Face a New Fiduciary Duty” by Attorney John Long

Scotsman Guide Residential Edition, June 2008

The federal government and several states are proposing stricter mortgage industry regulation. Some of these proposals focus on creating a fiduciary duty for mortgage brokers toward their clients. Some also propose increased criminal penalties for brokers who commit fraud or knowingly mislead borrowers and expand or clarify disclosure requirements. On the national level, for instance, Congress is considering a number of proposals…

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Call The Law Offices of John A. Long at (425) 427-9660 to speak with a friendly but aggressive real estate law attorney and foreclosure defense lawyer.

The Law Offices of John A. Long