All Posts Tagged With: "VA"
Tornado Relief Sought for VA Mortgage Loan Borrowers
The VA is asking mortgage lenders and servicers to provide relief to military borrowers in areas affected by April’s devastating tornadoes. In a circular released earlier this month, the agency encourages servicers to waive late charges and halt credit reporting for veterans whose homes, families or livelihoods were impacted by the storms, which tore through [...]
18May2011 | Chris Birk | 1 comment | Continued
JP Morgan to Pay $56M to Settle Military Mortgage Violations
Lending giant JP Morgan Chase is paying $56 million to settle claims it repeatedly overcharged military families on their mortgages and improperly foreclosed on nearly a dozen service members. The lending giant came under fire this winter after an NBC News investigation revealed it repeatedly violated the Servicemembers Civil Relief Act, a key safeguard that protects [...]
27Apr2011 | Chris Birk | 1 comment | Continued
How VA’s Residual Income Factor Keeps Vets Out of Foreclosure
There are multiple reasons why VA loans continue to have the lowest rate of foreclosure of any major lending program. Residual income is a big one. This is a unique credit and underwriting guideline that applies only to VA loans. At the outset, it’s important to differentiate residual income from a debt-to-income ratio. Unlike conventional [...]
12Apr2011 | Chris Birk | 0 comments | Continued
Time Winding Down for First-Time Military Borrowers To Get Tax Credits
The government’s landmark tax credit program for first-time home buyers is starting to drift back in focus again as tax day approaches. The unique $8,000 credit for new buyers and $6,500 credit for existing homeowners helped inject stability into the slumping housing market during 2010. Consumers and some industry observers have pushed for a renewal [...]
3Mar2011 | Chris Birk | 0 comments | Continued
Will “safe” QRM mortgages raise loan rates?
In an important step forward, the Consumer Financial Protection Bureau finally has a website — and a big issue to confront. The question is fairly straight-forward: What’s a safe mortgage? There must soon be an official definition to comply with Wall Street reform measures passed last summer. The Wall Street Reform Act tells us that [...]
8Feb2011 | Peter G. Miller | 0 comments | Continued
JP Morgan Chase Meltdown Highlights Need to Protect Military Borrowers
Lending giant JP Morgan Chase is refunding 4,000 military members about $2 million after violating provisions of the Servicemembers Civil Relief Act, a landmark piece of legislation that provides foreclosure safeguards for those who serve. Chase officials have acknowledged the mistakes and say they are in the process of rectifying the problems. The company also [...]
31Jan2011 | Chris Birk | 0 comments | Continued
Struggling VA mortgage borrowers get cash relocation assistance
Veterans who lose their homes to a short sale or a deed-in-lieu of foreclosure can receive up to $1,500 in relocation assistance. The VA has for years encouraged mortgage servicers to work with veterans on the edge of default. Now, the agency has directed its approved servicers to provide that cash advance to borrowers who use [...]
19Jan2011 | Chris Birk | 0 comments | Continued
Freddie Mac halts military service member foreclosures
Large numbers of American service members struggling to pay their mortgages will receive a foreclosure reprieve through 2011. Freddie Mac in mid-December announced a sweeping foreclosure moratorium for service members who are released from active duty. They’ll get at least nine months of safety net, provided their mortgages are backed by the government-sponsored enterprise. In [...]
5Jan2011 | Chris Birk | 0 comments | Continued
Are demands for higher FHA mortgage loan credit scores discriminatory?
Can lenders demand a higher credit score than FHA guidelines require? Are demands for such higher scores evidence of discrimination? “This decision is arbitrary,” says John Taylor, president & CEO of the National Community Reinvestment Coalition, “because the loans are 100% guaranteed, whether the borrower’s credit score is 580 or 780. That means the loans [...]
20Dec2010 | Peter G. Miller | 0 comments | Continued
Here’s how a foreclosed vet can get a new VA mortgage
Countless service members have been told otherwise by bank officials, mortgage brokers and others but the truth is a little different: Foreclosure on a previous VA loan does not preclude a vet from getting another VA loan. Instead, the more important question involves how much of a loan the veteran will be able to obtain [...]
6Dec2010 | Chris Birk | 0 comments | Continued
© Copyright 