2nd liens owned by , serviced , or recently service released to DBI( Dream Builder Investments) are going through some great frustration trying to deal with DBI because DBI is currently going through a transition with their servicing company. According to DBI( Dream Builder Investments) CEO Peter Andrews the transition had been a lengthy one due to on going negotiations with the new servicing company. Every loan that is owned or serviced by DBI( Dream Builder Investments) seems to be burdened by this change.  In a recent case worked with DBI( Dream Builder Investments) , DBI( Dream Builder Investments) could not provide a payoff statement for the loan that was needed for a short sale review.

Per TILA (Truth in Lending Act) Prompt payment crediting and payoff statements (2013 TILA Servicing Final Rule). Servicers must promptly credit periodic payments from borrowers as of the day of receipt.  A periodic payment consists of principal, interest, and escrow (if applicable).  If a servicer receives a payment that is less than the amount due for a periodic payment, the payment may be held in a suspense account.  When the amount in the suspense account covers a periodic payment, the servicer must apply the funds to the consumer’s account.  In addition, creditors, assignees, and servicers must provide an accurate payoff balance to a consumer no later than seven business days after receipt of a written request from the borrower for such information.

This is just one example how this transition has affected their loans in a matter that could be cause for legal action against DBI( Dream Builder Investments) because they are not in compliance with certain regulations. For additional information you can visit :

http://www.consumerfinance.gov/regulatory-implementation/tila-respa/

http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/truth-in-lending-handbook.pdf

http://files.consumerfinance.gov/f/201306_cfpb_laws-and-regulations_tila-combined-june-2013.pdf

If you have questions about a  similar situation an underwater mortgage, loan modification, foreclosures ,short sales , Reverse Mortgage Short Sale please call us at 888-572-8020.

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