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REALTORS®
Help Consumers Avoid Bad Loans
WRA Develops New Mortgage Lending
Brochure Available in
Downloadable and Print Formats
Date:
July 5,
2007
MADISON, WI
– REALTORS® in Wisconsin will soon be helping consumers identify
and avoid predatory lending practices when shopping for mortgage
loans, according to the Wisconsin REALTORS® Association (WRA).
The WRA has developed a new informational brochure that warns
consumers how to avoid becoming victims of predatory lending
mortgage loans and will be making the materials available to its
17,000 members statewide.
“Predatory lending is a growing problem in
Wisconsin,” said Roger Rushman, Chairman of the Board for the
WRA. “Educating our customers and clients on the warning signs
of bad lending practices will help avoid some of the problems
we’ve seen occur in other states where real estate and lending
professionals failed to act aggressively. We want to be more
proactive in Wisconsin.”
The REALTORS® will be joined in this effort by
Wisconsin’s leading banking and lending organizations including
the Wisconsin Bankers Association, Wisconsin Mortgage Bankers
Association, Wisconsin Mortgage Brokers Association, and the
Wisconsin Land Title Association.
According to the REALTORS®, predatory lending
involves any unfair or deceptive mortgage loan programs and is
most commonly characterized by deceptive terms and conditions,
extraordinarily high interest rates and exorbitant fees. “With
promises of debt consolidation, easy monthly payment plans, and
simple application procedures, predatory lenders often prey on
unsophisticated consumers,” Rushman said. “By reading this
brochure, it’s our hope consumers will learn what to watch out
for and what questions to ask before entering into a loan
agreement.”
Consumers can access and download the predatory
lending brochure by visiting the Wisconsin REALTORS® Web site at
www.wra.org/lendingbrochure.
The REALTORS® will also host a live Webcast on lending issues
later this month with panelists Ken Dickson, Former Executive
Officer of the Wisconsin Mortgage Bankers Association and Joseph
A. Theisen, President of the Wisconsin Association of Mortgage
Brokers. For more information, visit
www.wra.org/hotlinelive-lending
About the WRA
The WRA
is a trade association consisting of more than 18,500 members
who practice real estate in Wisconsin. Providing real estate
continuing education for more than 15,000 agents over two years,
the WRA is considered the industry standard. Its membership
includes REALTORS®, appraisers, inspectors, affiliate members
and literally anyone involved with the real estate process.
Members can take full advantage of a wide variety of products
and services to assist with day-to-day business, including a
legal staff, education, political representation and a number of
print and online publications. For more information on the WRA,
visit www.wra.org.
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