Discussion Points of ARMs
I would like to include a quote from Joffrey Long who is a hard working MLO and a Speaker of the Year for Duane Gomer Education and finds time to work as an Expert Witness on Foreclosures and other issues.
He said, and I quote, “It does bring to mind the whole “Wyatt” concept. The case, “Wyatt vs. Union Home Mortgage,” although specific to California, is quoted in about 50% of the lawsuits filed against loan brokers. It was, in a sense, the “Easton vs. Strassberger” for the mortgage loan brokers, in that it had similarities. The big bottom line in “Wyatt” was that the loan broker had a duty to inform the borrower about the loan terms and assist them in understanding the terms and conditions of what they were negotiating on behalf of the borrower. You’ve probably read it, but if you haven’t, “Wyatt vs. Union Home Mortgage” is all over the internet and it is an easy read.” Not understanding this concept could lead to problems.