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The new loan modification federal laws can uncover fraudulent lenders New loan modification federal laws, which have been approved during last year, have helped homeowners to avoid foreclosure and to make their monthly mortgage loan payments affordable. The government has aided both lenders and borrowers with this set of new rules. The primary laws that set the rule of thumb for mortgage loans are the following: 1. The Fair Credit Reporting Act (FCRA) encourages trueness, promotes correctness and concealment of information of the borrowers’ documents. When you file for a loan modification, the bank issues a financial report; with the help of FCRA you have complete access to the information they issue. For example, if you have applied for a credit card and have been denied, you will have been given a file in which their decision is justified, explaining the necessary measures you need to take in order to loan repayment calculator meet their demands. You have the Fair Credit Reporting Act (one of the new loan modification federal laws) to thank for this. 2. ECOA (Equal Credit Opportunity Act) interdicts any favoritism in loan approval, taxing racism and religious, national, sex or age discrimination. Discriminating an individual does not only imply the fact that the mortgage loan modifications will not be approved, but also the fact that some banks might profit from minorities by offering them unprofitable mortgage conditions. 3. The Truth in Lending Act (TILA) obligates the lender to offer the borrower information regarding the APR, the annual percentage rate, the length of the new loan and the total sum, including the primary loan and the interest rates, before the loan is approved. All this information must be provided to the customer before he signs the contract. Furthermore, the bank is supposed to issue monthly statements. 4.