Capital Briefs: Home Repair Loan Securitization Tightened

Responding to an increase in home repair scams, the American Financial Services Association on Friday said its members will not buy home improvement loans unless both the contractor and consumer certify the work is complete.

"By implementing this standard, we are serving notice to home improvement contractors that, if they want full payment from the lender, they must deliver what they promise to the customer," said Randy Lively, the group's president and chief executive officer.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER