Legal Question in Banking Law in Virginia
How do mortgage brokers typically fare in suits brought by banks to make the mortgage brokers buy back defaulted or irregular loans? Are there any regulatory or statutory limitations on the ability of banks to do this outside the mortgage broker agreement itself? MIke Whitticar, 571-334-2671,
Asked on 12/31/11, 7:28 am
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Absent fraud, there would be no right to force a re-purchase other than as found in the contract. But the contracts are generally written to favor the banks who drafted them, and in any event, if the broker wants to continue to do business with that lender, it will have to comply. There may be defenses based on the particular facts, so having the matter reviewed by a lawyer would likely be a good idea.
Answered on 12/31/11, 7:55 am
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