Mortgage Industry News
CFPB: Mortgage Servicers Preying on Divorced and Widowed Borrowers
The CFPB report also noted that domestic violence survivors face additional problems with servicers. Continue Reading CFPB: Mortgage Servicers Preying on Divorced and Widowed Borrowers
New York State Considers Expanding CRA Law to Cover Nonbank Mortgage Lenders
The proposed regulation tests will take place where the nonbanks are originating loans rather than where they have a physical branch presence. Continue Reading New York State Considers Expanding CRA Law to Cover Nonbank Mortgage Lenders
Fannie Mae Upgrades Data Validation Capabilities in Desktop Underwriter
“We are removing a hurdle from the loan application process,” said Cyndi Danko, senior vice president and single-family chief credit officer. Continue Reading Fannie Mae Upgrades Data Validation Capabilities in Desktop Underwriter
Mortgage Applications Up 9.7%
The Refinance Index increased 8% from the previous week and was 2% lower than the same week one year ago. Continue Reading Mortgage Applications Up 9.7%
Mortgage Rates Up for Fourth Straight Week
“The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring,” said Sam Khater, Freddie Mac’s chief economist. Continue Reading Mortgage Rates Up for Fourth Straight Week
8 Mortgage Myths That Waste Time and Money
Source: Money --- A lot of work goes into applying for a mortgage — from rounding up your financial records to making sure your credit score is in tiptop shape. Another important item for your to do list: looking out for misinformation and bad advice. There are plenty...
Good Debt vs Bad Debt: Your Plan for Paying Off Debt Faster
Source: QDT --- Many people think that all debt is bad and should be avoided or paid down as quickly as possible. However, you should break down debt into two types: good and bad. It’s essential to understand their differences so you stay away from bad debt as much as...
Should I refinance or get a reverse mortgage for home improvements?
Source: NJ.com --- Q. I recently read an article that said you should refinance before you retire rather than plan for a reverse mortgage as long as you plan to stay in your home for at least five years. That’s my situation. My current 15-year mortgage will be paid...
FHFA sets higher borrowing limits for mortgage loans in 2022
Source: Fox Business --- The Federal Housing Finance Agency (FHFA) raised its conforming loan limits significantly across the U.S., even allowing for loans of up to nearly $1 million in some parts of the country, the agency announced Tuesday. In most areas of the...
How Small-Home Senior Living Could Evolve In 2022 and Beyond
Source: Senior Housing News --- Hispanic homeownership in the U.S. climbed significantly in 2020 – there are now 8.8 million Hispanic homeowners in the country, according to a report released this week by the National Association of Hispanic Real Estate Professionals....
Real estate Q&A: How can I restore my credit after ex-spouse skipped mortgage payments?
Source: Bakersfield.com --- Q: After I was divorced, the court awarded our home to my ex-spouse and ordered him to refinance the mortgage to get me off of it. He has not refinanced the property several years later and pays the mortgage inconsistently, leaving my...
What are your rights when a mortgage company refuses to let you back out of a refinancing deal?
Source:KSL --- HOOPER, Utah — Interest rates are still near record low levels, and that has many homeowners considering a mortgage do-over by refinancing. But when a Hooper woman tried to swap out her old home loan with a new one so she could tap into her home's...
Mortgages for America launches its Homes for Heroes Program!
Source: PR Newswire --- COLUMBUS, Ohio and RICE LAKE, Wis. and SOUTH LAKE TAHOE, Calif., Nov. 30, 2021 /PRNewswire/ -- Mortgages for America, a division of SaveUnited.org dedicated to offering programs that help Americans, has officially launched its Homes for Heroes...
The 5 most common reasons why your home loan won’t be approved, and how to avoid them
Source: Finger Lakes 1 --- Navigating a home loan application can often be a long and complicated process. Often after the hours of stress and effort you’ve spent, you can still be rejected. A survey conducted by Digital Finance Analytics found that approximately 40%...
Making change that counts this November
Source: CMP --- Financial Literacy Month has arrived, and all November long CWB Optimum Mortgage will share tips, tools and resources with brokers and clients to underscore the importance of financial literacy — not just within these 30 days, but every day. Optimum’s...
