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Tag: application

Fintech: Who Will Pay The Mortgage If Robots Take Our Jobs?

Fintech: Who Will Pay The Mortgage If Robots Take Our Jobs?

Technology was supposed to be the savior of mankind and you have to admit it’s been great. Dogs are being cloned, drones are taking out the bad guys, and farmers are more productive. The only people who can still use a slide rule remember when Eisenhower was in office. But, unfortunately, there is the little […]

Posted in: News
FHA Mortgage Applications Up, Approvals Down

FHA Mortgage Applications Up, Approvals Down

A lot of people who hope to buy real estate at bargain prices are finding that FHA mortgages have become hard to get. While home prices are generally down more than 19 percent from the highs seen in 2007, and while fixed-rate mortgages continue to be available at less than 4 percent, borrowers are finding […]

Posted in: News
Will The FHA Go Bankrupt?

Will The FHA Go Bankrupt?

A new study says the FHA is likely to need a $50 billion bailout and perhaps as much as $100 billion. But is the FHA really in trouble? And if so, why? The paper, written by Joseph Gyourko, a professor of real estate and finance at the Wharton School of Business at the University of […]

Posted in: News
Despite Wall Street reform mortgage banker profits surge

Despite Wall Street reform mortgage banker profits surge

Despite worries that the Wall Street reform legislation passed last summer would crimp earnings, the Mortgage bankers Association is reporting that profits per loan soared in the third quarter. “Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per […]

Posted in: News
Mortgage Qualifying Improved With Credit Card Change

Mortgage Qualifying Improved With Credit Card Change

It’s being widely reported that the Bank of America has decided to eliminate overdraft fees for debit cards. This is a mortgage issue, a consumer issue and a common sense issue that should concern anyone who wishes to finance or refinance a home. New rules from the Federal Reserve will make it more difficult for […]

Posted in: Mortgages
What Paperwork Do You Need To Get A Mortgage?

What Paperwork Do You Need To Get A Mortgage?

One of the biggest problems with the government’s Making Home Affordable loan modification program is that a large number of borrowers are making their payments but do not provide required paperwork — and thus are unable to permanently refinance their mortgage with a new and lower rate. Because they did not provide required paperwork these […]

Posted in: Mortgages
New Pro-Borrower Mortgage Rules Set For July 30th

New Pro-Borrower Mortgage Rules Set For July 30th

It will be a new deal for real estate borrowers as of July 30th. That’s the day when new standards developed under the Housing and Economic Recovery ACT (HERA) go into effect. Okay, so what’s the big deal? In basic terms, the rule says that if you apply for a loan on July 30th or […]

Posted in: Closing
The “Consumer” Protection Panel That Isn’t

The “Consumer” Protection Panel That Isn’t

It was with some fanfare that the Federal Reserve announced that it would create a Consumer Advisory Council to provide advice regarding issues from a public perspective. Now you might think, aha, a Consumer Advisory Council…wouldn’t that be a panel which consists largely or entirely of, er, well, consumers? You might think so, but the […]

Posted in: News
Mortgages, Foreclosures & The Disgrace of Journalism

Mortgages, Foreclosures & The Disgrace of Journalism

It was long ago when I received a degree in journalism. I wanted to study journalism because it gave me an opportunity to travel and to meet interesting people. I have been a correspondent on Capitol Hill and at the White House, I have lived on an offshore drilling rig in pursuit of a story, […]

Posted in: News
Mortgages & The Unnecessary Crisis

Mortgages & The Unnecessary Crisis

July 14, 2008 should be remembered as a notable date in the long history of mortgage lending. The federal government gingerly stuck its regulatory foot into the warm waters of consumer advocacy and for the first time enacted rules which would protect borrowers. Not all borrowers, of course, and nothing that would materially disturb the […]

Posted in: Toxic Loans