505 East Jackson Street-Suite 303 - Tampa, Florida 33602
Phone: (813) 387-7724 - Fax: (813) 387-7727
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505 East Jackson Street-Suite 303 - Tampa, Florida 33602 Phone: (813) 387-7724 - Fax: (813) 387-7727
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Mortgage Law Overview Mortgage law is and emerging area of law which has already been acknowledged by the Bar Association of five states (FL, SC, KY, TN, and AL). Mortgage Law is a sub practice of the Real Estate Law profession in which knowledgeable attorneys use their expertise to guide and protect clients through the mortgage process. Consumers benefit from the counsel of a Mortgage Attorney in many ways. Understanding Disclosure is not the same as understanding, when applying for a mortgage loan, the government requires the lender provide a number of legal documents to ensure the borrowers understand the different options and costs. The large number of documents contain terms like APRs and Yield Spread Premiums and make the process all but impossible to understand, benefiting the loan officer. A Mortgage Attorney will explain these terms in order to educate the Consumer throughout the mortgage process. Representation Loan officers do not represent the borrower’s best interest. Loan officers are independent contractors and do not have the duty to protect consumers. As a result, the client is often overcharged or forced to pay a higher interest rate than necessary. Commission Free Advice Borrowers traditionally look to the loan officer to guide them through the mortgage transaction. However, most consumers are unaware of the variety of loan programs and that different loan programs pay varying amounts of commission to the loan officer. Many times the advice borrowers receive is based upon the commission paid to the loan officer. A Mortgage Attorney cannot receive any monies, including Commission, from the lender. Advice is based solely upon the client’s best interest.
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