Consumer complaint received 2015-08-11
Company: Real Time Group, Inc.
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
Due to RTR lack of response to my issues, I 'm considering raising this matter in the Court as I feel it may be the proper venue for action under 28 U.S.C. Section 1391, because one or more of the Defendants maintains executive offices in or conducts business in the district relevant to where real estate is located in this concern.The interagency Statement on Subprime Mortgage Lending enumerates certain tactics that may indicate predatory lending. Nonprofit groups have also published widely accepted guidance on the kinds of practices that may constitute predatory lending. Predatory loans typically combine risky loan features, thereby placing the borrower at an excessive risk of default or foreclosure. 
For purposes of this Complaint, " Combined-Risk Loans '' are loans that meet the definition of high-cost loan under HMDA. HMDA, which is an extension of The Home Ownership and Equity Protection Act ( HOEPA ) and enacted XX/XX/XXXX as an amendment to the Truth in Lending Act ( TILA ) to address abusive practices in refinancing and home-equity mortgage loans with high interest rates or high fees. Loans that meet HOEPA 's high-cost coverage tests are subject to special disclosure requirements and restrictions on loan terms, and borrowers in high-cost mortgages1 have enhanced remedies for violations of the law. 
XXXX XXXX XXXX XXXX ( XXXX ) was incorporated under the laws of the State of Delaware. In subsequent paragraphs of this complaint, XXXX XXXX XXXX XXXX will be referred to as " XXXX XXXX, '' " the lender '' or " the defendant. " XXXX XXXX 's business includes engaging in residential real estate-related transactions and regularly extending credit to persons. XXXX XXXX, as an entity whose business includes engaging in residential real estate transactions -- including home equity lending as well as home purchase and refinancing lending -- is subject to the requirements of the Fair Housing Act, as amended, 42 U.S.C. 3601-3619. XXXX XXXX is also a creditor as that term is defined by section 702 ( e ) of the ECOA, 15 U.S.C. 1692a ( e ), and is, therefore, subject to the requirements of the ECOA and its implementing Regulation B, as amended, 12 C.F.R. Part 202, in effect on or after XX/XX/XXXX.The provisions of TILA, including HOEPA, are implemented in the Bureau 's Regulation Z. and also contain XXXX or more of the following high risk terms : ( a ) the loan was issued based upon the " stated income, '' rather than the verified income, of the borrower ; ( b ) the debt-to-income ratio exceeds 55 % ; of the actual income ( c ) the loan-to-value ratio is at least 125 % based on the values at time of closing ; ( d ) the loan has no appraisal report which is required to determine how much money can be borrowed against the property ( e ) the loan has no 3 day right to rescission addendum ( f ) the loan possess no HUD 1 Settlement Statement ( g ) the loan imposed prepayment penalties. Individually, this loans feature made my mortgage loan riskier and more costly. When multiple features are layered within the same loan, the riskiness and costliness of the loans increase dramatically. A loan 's debt-to-income ratio ( " DTI '' ) is a primary bellwether of the borrower 's ability to meet the loan 's terms. The level of risk associated with high DTIs was exacerbated by the prevalence of high interest loan of 10.99 %. For many high-cost mortgages for borrowers such as myself are pummeled with high interest rates. I was subject to XXXX XXXX XXXX XXXX discriminatory policies and practices identified herein. I received a Combined-Risk Loan from XXXX 's discriminatory policies and practices identified herein. I was harmed by XXXX 's by being subjected to excessive fees and costs and extreme risk of default and foreclosure. XXXX 's inflated my income by indicating that I earned {$10000.00} per month, almost double the amount that I actually made.

Company response to consumer: Closed with explanation