Ryland Homes Changes Lending Practices
Posted March 4, 2008 1:11 p.m. EST
Updated March 4, 2008 4:57 p.m. EST
Raleigh, N.C. — 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.