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Volume 7 - Number 4

February 14, 2014

Failure to Get USDA Guaranty Requires Notice

A mortgage lender’s failure to request and obtain a guarantee from the U.S. Department of Agriculture/Rural Development for a rural mortgage loan requires an “adverse action” notice to the borrower, according to a federal district court ruling issued recently. Judge T.S. Ellis III of the U.S. District Court for the Eastern District of Virginia found Prospect Mortgage in violation of the Equal Credit Opportunity Act when it failed to provide an adverse-action notice stating that it did not obtain a requested USDA guarantee for a rural housing loan. ECOA, and in certain instances the Fair Credit Reporting Act, requires an ...

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