District of Columbia Term Loan Agreement

State:
Multi-State
Control #:
US-EG-9010
Format:
Word; 
Rich Text
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Description

1st Modification of Amended and Restated Term Loan Agr. and Assignment btwn Dixon Ticonderga Co. and Dixon Ticonderga, Inc. dated September 30, 1999. 11 pages
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FAQ

What is it? Predatory mortgage lending, whether undertaken by creditors, brokers, or even home improvement contractors, involves engaging in deception or fraud, manipulating the borrower through aggressive sales tactics, or taking unfair advantage of a borrower's lack of understanding about loan terms.

Laws that Prohibit Predatory Lending There are several federal laws that defend homeowners against predatory lending, and these include the Truth in Lending Act, The Home Ownership and Equity Protection Act and The Real Estate Settlement Procedures Act.

Required loan disclosures. (a)(1) A licensee who offers to make or procure a loan secured by a first or subordinate mortgage or deed of trust on a single to 4-family home shall provide the borrower with a financing agreement executed by the lender.

The Mortgage Reform and Anti-Predatory Lending Act (?Mortgage Reform Act?), incorporated as Title XIV of the Dodd- Frank Act, implements a variety of mortgage origination regulations aimed at eliminating practices believed to have contributed to the recent collapse of the real estate market.

The Title prohibits certain predatory lending tactics that were used frequently during the real estate bubble, and also establishes certain provisions for loan modifications which will help to change and reduce mortgages that are completely out of the borrower's ability to repay.

A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

HLPA is an anti-predatory lending law requiring certain disclosures and prohibiting certain terms and conditions in residentially secured loans. D.C. CODE ANN. §26.1151.

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District of Columbia Term Loan Agreement