Authors: Marino, Dennis, and Rubinowitz, Leonard S
Summary
Mortgage review panels have been established in four teen cities to give applicants who are rejected for single-family credit an opportunity for appeal. Most of the panels have been established by groups of lenders or their trade associations, although, as the paper points out, some panels have been set up as a result of statutes or regulations. Panels can be structured with either one or two tiers, and can involve only lenders, or can include regulatory officials and even citizen representatives. In addition to describing the operations of review panels in several cities, the authors discuss the accomplishments of and criticisms about review panels Which have emerged largely as a result of the relatively few numbers of complaints that most panels have received.
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