Page 45 - Senior Scene Magazine December 2017

Senior Scene® | December Issue
VETERANS POST by
Freddy Groves
VA Targets Shifty Mortgage Lenders
Scams targeting veterans who are re nancing VA-guaran- teed mortgages have gone on for far too many years. Now the Department of Veterans Affairs is trying to do something about it. It’s just hooked up with Ginnie Mae to take a close look at all the complaints. As a veteran re nancing a VA home loan, you have certain bene ts, and lenders who offer those loans are supposed to follow the rules.
Complaints received by the Consumer Financial Protec- tion Bureau fall into two main categories:
Aggressive Lenders: Since lenders are protected by the VA guarantee, they can be aggressive in going after veterans to re nance. They want your business, whether you’re inter- ested or not. One way to get their (unwanted) attention is to actually do a re nance. Veterans have reported continued ha-
rassing calls and requests to do yet another re nance. Deceptive Lenders: Lenders lie about the interest rate,
and it’s only later that the true interest rate becomes apparent. Lenders stall and drag their feet when a rate is locked in, caus- ing the rate to rise. Then the veteran either has to accept the higher rate or bring more money to the closing. Lenders also lie about whether a veteran is actually quali ed, waiting until far into the process before revealing the truth. Lenders also play fast and loose with escrow monies, causing the veteran more grief and expense.
The task force will be looking at these tactics, especially “loan churning,” which is repeated re nancing to get more fees out of the veteran.
If you’re about to re nance, go online to the Consumer Financial Protection Bureau (www.consumer nance.gov) and learn about your rights.
If you have a complaint or you’re being harassed by lenders, contact the CFPB servicemember of ce at consumer nance. gov/complaint; email military@cfpb.gov; or call toll free (855) 411-CFPB (2372). (c) 2017 King Features Synd., Inc. SS
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