A new publication from the Federal Reserve Bank of St. Louis, Memphis Branch, helps consumers looking for a home loan avoid unscrupulous lenders.
Protect Yourself From Predatory Lenders explains the Tennessee Home Loan Protection Act and identifies predatory lending practices in the mortgage industry. The law, which went into effect Jan. 1, 2007, is meant to protect potential home buyers from abusive mortgage lending practices.
Copies of the free brochure can be ordered by calling the Federal Reserve at 901-579-4102. The brochure can also be downloaded in PDF format.