Quantcast

Tag: lenders

Will Borrowers Benefit From New Mortgage Application Form?

Will Borrowers Benefit From New Mortgage Application Form?

For the first time in 20 years borrowers will soon face a new mortgage application form, seven pages of questions, acknowledgments and declarations designed to make the lending process quicker and easier in the electronic era. Press here for your copy of the new mortgage application form. Is it really better? Will it result in […]

Posted in: News
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
Why Credit Scores Are So Common

Why Credit Scores Are So Common

Credit scores have become more common in the last few years and one reason is that requirements under new federal lending rules. It’s not so much that lenders are required to hand out credit scores, rather the requirements are sufficiently vague that lenders give out the scores without cost to mortgage applicants to avoid any question […]

Posted in: News
Are Subprime Mortgages Dying Or Dead?

Are Subprime Mortgages Dying Or Dead?

Subprime mortgages are an endangered species. The problem is not that such loans can’t be made under Wall Street Reform, and it’s not that such loans won’t be made, it’s just that there will be a lot fewer of them. Subprime mortgages are appropriate for individuals with poor credit histories because such borrowers are seen […]

Posted in: News
RealtyTrac: Foreclosures Plummet 37% — But Not Everywhere

RealtyTrac: Foreclosures Plummet 37% — But Not Everywhere

Foreclosures have fallen through the floor. RealtyTrac reports that November foreclosure figures were 37 percent lower than a year ago and that foreclosure starts are at a 95-month low. “While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering […]

Posted in: News
New Loan Estimate Form Cuts Mortgage Costs

New Loan Estimate Form Cuts Mortgage Costs

A new loan estimate form has been issued by the Consumer Financial Protection Bureau (CFPB). Use of the new document will be mandatory as of August 1, 2015, however it can be expected that many lenders will start using the new form as soon as possible. Under federal rules lenders must provide a good faith […]

Posted in: News
Mortgage Foreclosure “Dual-Tracking” Abuses To End

Mortgage Foreclosure “Dual-Tracking” Abuses To End

New government rules will end the practice of foreclosure “dual tracking,” cases where borrowers enrolled in loan modification programs are simultaneously foreclosed. The new regulations give borrowers powerful new foreclosure protections and essentially require loan servicers to help prevent foreclosures in situations where borrowers are seeking modifications or short sales on a timely basis. As […]

Posted in: News
New 120 Day Mortgage Foreclosure Rule Protects Borrowers

New 120 Day Mortgage Foreclosure Rule Protects Borrowers

The federal government has enacted new rules which will protect mortgage borrowers nationwide from abusive and wrongful foreclosures. Although the new standards do not officially take effect until January 2014, virtually all lenders will start following them this year to avoid reputational damage, the potential for litigation and additional regulatory oversight. The Mortgage Servicing Rules […]

Posted in: News
The FHA Questions Congress Is Afraid To Ask

The FHA Questions Congress Is Afraid To Ask

Your government is at work again. The House Committee on Financial Services — which could be balancing the budget or helping the Postal Service — is instead asking about “The Role of the Federal Housing Administration in Housing Finance.” The purpose, of course, is to make the FHA less competitive by raising rates and looping […]

Posted in: News
Mortgage Help For Hurricane Sandy Victims

Mortgage Help For Hurricane Sandy Victims

Weather experts now predict that the East Coast will be widely impacted with the arrival of Hurricane Sandy, an event which will also change mortgage payment requirements in some cases. If tradition holds, lenders will have in place a series of protections for borrowers, including delayed payments, reduced bills and suspended credit reporting. High waves, […]

Posted in: News