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Many federal, state and local laws are in force to protect you
in case a deliberate violation of your rights occurs at some point
during the home buying process.
Below is a list of important laws you should know. Some include
contact information for filing a complaint. Click the links to learn
more about how each protects you.
Video Demonstration— Recognizing Violations
It can be difficult to judge when a violation
of your rights occurs. Take a look at a short video of a meeting
between a lender and a homebuyer to judge a situation. Follow the steps below:
Directions
- Adjust your sound and speaker volume. Then, click
the video link below. A window will open and start
the video.
Play
Video
Note: You will need Windows Media Player software
to view the video. Click Download
Player to locate and install this player
software. If your computer does not have sound, click
Transcript
to read the video dialog.
- While watching, consider the questions below:
What does the lender say that frustrates this
homebuyer? Do some statements indicate a violation
or just bad business practices?
- Click the Answer
to see the result.
- Click the Close Window link to return to the course.
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Do you know if your bank has violated the Community Reinvestment
Act?
One way to get public information on your bank is to go to a Web
site maintained by a federal bank regulator. What if you don't know
which federal agency is the primary regulator of your bank? You
can visit a government site that combines information from all bank
regulators. Follow the steps below to begin.
Directions
- Click the FFIEC
link. This will take you to the Federal Financial
Institutions Examination Council (FFIEC) Web site
for CRA public data.
- Scroll to the Search box.
- Type the name of your bank and click Submit Query.
- Broaden your search by entering your state and the
current year. You will see a list of the banks in
your state that were examined for the CRA that year.
- Notice their CRA rating. Is it satisfactory?
Note: Many banks have similar names, so you may have
to search carefully.
- Click the Close Window link to return to the course.
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You will learn more about legal rights as you continue this course.
In the next section, you'll explore the mortgage products and financing
plans.
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