Louisville Properties Blog
Louisville Properties Blog


Louisville Home Mortgage Broker Ordered to Cease Doing Business in Indiana

Indiana's Securities Commissioner has ordered a Louisville-based home mortgage broker and another broker based in Las Vegas to stop doing business in Indiana. A complaint filed with the Indiana Securities Commission cites Louisville-based Home Ownership Possibilities for Everyone LLC as one of the companies operating illegally without a license in Indiana. The state cited the mortgage broker for trying to obtain residential mortgage loans for clients in Indiana without having a license to do so. The other company ordered to cease operations is Las Vegas-based SEEED Consortium LLC, which also tried to secure mortgage financing for customers without an Indiana license. "It is critical for us to alert Hoosiers of these unlawful business practices and inform our residents that these companies are not licensed to offer loan broker services for residential real estate transactions in Indiana," said Secretary of State Todd Rokita whose office oversees mortgage broker licensing. The Indiana Securities Commission is seeking a $10,000 civil penalty per violation from each company, but it was unknown how many violations each company currently faces. There have been plenty of reports of fraudulent mortgage practices across the country over the last couple of years as troubled homeowners upside-down on their mortgages try to keep their homes. Tighter lending standards have created opportunities for unscrupulous mortgage brokers to prey on desperate borrowers. Anyone looking for a mortgage to buy a home in the Louisville area should check the legitimacy of any mortgage brokerage offering loans before signing any documentation. While you must be cautious about your mortgage broker, if you're looking for a Louisville real estate broker, look no further than Louisville Properties. We have a proven record of success and integrity helping people buy and sell homes and commercial real estate in the Louisville area. Call us today at 502.744.9504 and put our experience, honesty and professionalism...

HUD Investigating 'Admin Fees'

The Department of Housing and Urban Development has recently issued a ruling that any charges in addition to a real estate agent's commission are illegal if no extra services are provided. In recent years, some real estate agents and brokers have been adding extra fees to their commissions to generate more revenue. In most cases, no extra work or services were provided, and these fees were called a variety of names such as processing charges, convenience charges and others. The fees were charged to both sellers and buyers at closings. Fees charged by a brokerage firm in Alabama involving around 30,000 transactions led to the HUD ruling, but the agency and the National Association of Realtors warned real estate professionals across the country not to tack on extra fees for work not performed. Until this ruling, HUD did not provide any detailed guidelines about what charges are legal in the real estate industry. HUD general counsel Helen R. Kanovsky summed up the new ruling concisely. She said that federal law does not govern how much real estate brokers can charge their clients for their services, but it does govern how brokers and real estate agents disclose their compensation to their clients. Brokers' and agents' commissions may be expressed by "using a flat fee, a percentage of the sales price, or a combination" of the two. It is unfortunate that some real estate brokers have taken advantage of their clients and charged them for services that they did not deliver. However, if you're looking for an honest flat-fee Louisville real estate broker who will be happy to explain services and the fees for them, call Louisville Properties today at 502.744.9504. This Louisville discount brokerage has many years of experience helping clients and has earned a reputation for being honest and dependable. Resource Link: http://www.latimes.com/business/custom/yourmoney/la-fi-harney21-2010mar21,0,2521592.story...
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