Local News

Ryland Homes Changes Lending Practices

Posted March 4, 2008 1:11 p.m. EST
Updated March 4, 2008 4:57 p.m. EST

— 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.