Argent Updates Fair-Lending Practices

Argent Mortgage Co., Irvine, Calif., has announced an update to its fair mortgage lending practices aimed partly at helping brokers better inform consumers about the lending process.One new feature is a consumer education resource center that "walks borrowers through key questions about homeownership, getting a loan, and key lending laws," Argent said. The company has also added a new set of "plain language" disclosures to help the borrower understand the mortgage process, verify key information, and identify estimated and final costs. Moreover, Argent said it has added new limits to broker fees, which may not exceed 5% of the loan amount. "Many brokers are concerned about recent and pending legislation and its potential impact on providing fair fees for the valuable services they offer," said Jeff Gillis, Argent's executive vice president of operations. " .... We are leading the way by providing cost levels that are fair and reasonable for consumers and brokers alike." The company can be found online at http://www.argentloans.com.