Local News

Ryland Homes Changes Lending Practices

Posted March 4, 2008

— A state crackdown on mortgage lenders has Ryland Homes changing its practices.

As part of a settlement with the state, Ryland has agreed:

  • rates and fees on Ryland Mortgage loans will not exceed general mortgage industry standards;
  • incentives offered for use of Ryland Mortgage will be true discounts from the market price of the home;
  • applicants will receive a disclosure that reflects the specific discount offered for the use of Ryland Mortgage which will be separated from other discounts and incentives; and
  • Ryland Mortgage will use at least three different, unaffiliated appraisers in each Ryland Homes development.

 Ryland will also pay $400,000 in refunds and fines.

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  • Mr. Keeping It Real Mar 4, 2008

    YAHOO - One for the good guys!
    Thanks NC! Good to see tax payer dollars at work.