Mortgage Banking Expert in Sub-Prime Lending

Case Description:

A mortgage banking expert was needed for a class action suit involving wrongful lending practices. Construction contractors, acting as agents of lenders, approached low income homeowners offering to make repairs to their homes and telling them they could fund the repairs through home equity loans via sub-prime lending. Subprime lending is the practice of making loans to borrowers who have a poor credit history and charging higher interest rates and substantial fees. The Department of Housing and Urban Development has a Title I program for home improvement loans and has issued regulations to lenders in regard to this type of lending.

IMS ExpertServices was asked to locate a mortgage banking expert with experience in subprime lending and knowledge of the applicable HUD regulations. Additionally, experience with securitizing loan packages was requested, as companies involved in sub-prime lending practices will frequently securitize the loans to pass off the risks.

Experts Presented:

  • Mortgage Lending

    This mortgage lending expert provides management consulting to mortgage banking institutions, federal agencies, private mortgage insurers, and warehouse lenders. She has developed numerous software applications including commercially distributed mortgage programs and proprietary audit systems. She provides expert testimony and litigation support in the area of residential mortgage lending including cases involving fraud, land flips and pyramid schemes. IMS Reference #1216140

  • Mortgage Banking

    This mortgage banking expert has more than 15 years of senior level management experience in the mortgage banking and housing industry. He currently serves as a mortgage banking consultant in mortgage technology, marketing, and finance in the primary, secondary, and government sides of the industry. He has previously worked to develop programs for the Federal Housing Administration and the Veterans Administration to create home ownership opportunities for low and moderate income individuals and families. IMS Reference #1413777

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Industry: All, Mortgage