Saying it wants to help consumers and its member credit unions combat predatory mortgage lending practices, the California Credit Union League has become the first credit union organization to provide a link on its website to the English and Spanish versions of the website of the Stop Mortgage Fraud campaign launched by the Mortgage Bankers Association of America.
The site, www.stopmortgagefraud.com is accessible from www.ccul.org.
"As the league's Predatory Lending Practices Task Force emphasized, predatory lending is a growing and nationwide concern," said Steve Renock, League Senior VP-Marketing and Communication.
The Stop Mortgage Fraud site contains a "borrower's bill of rights," which provides a detailed listing of consumer rights during the mortgage transaction from the first contact with a lender/broker to the closing of the loan, and 10 common warning signs of predatory lending, which include being asked to leave signature lines blank, and being encouraged to falsify information on a loan application.
