VA busts four home loan myths that hurt Veteran homebuyers

VA busts four home loan myths that hurt Veteran homebuyers

(Source: VA) The VA Home Loan is the most powerful home buying tool on the market. It—and the GI Bill—literally reshaped post-War America, and it’s a big reason why the historic VA Loan Guaranty Program has surged since the housing crash. (more…)

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CFPB Launches Public Inquiry Into Student Loan Servicing

Bureau Seeks Information On Industry Practices That Can Create Student Debt Stress

(Source: CFPB) WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching a public inquiry into student loan servicing practices that can make paying back loans a stressful or harmful process for borrowers. The issues that the Bureau is seeking information on include: industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service. The CFPB is also re-launching an enhanced version of its Repay Student Debt online tool to help borrowers figure out their options for affordable repayment. (more…)

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Ellie Mae’s Encompass Provides Mortgage Lenders as much as $970 of Potential Savings and Value Per Loan

(Source: Ellie Mae) PLEASANTON, CA  – Ellie Mae® (NYSE: ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced that an independent ROI Benchmark study conducted by MarketWise Advisors, LLC showed that Ellie Mae’sEncompass all-in-one mortgage management solution provided as much as $970 of potential savings and value per loan. Conducted during the fourth quarter of 2014, the study measured results from actual Ellie Mae clients and found the savings came from a number of areas, including reduced origination costs, improved operational efficiencies, and increased loan quality and compliance. (more…)

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Massachusetts Lawyer Accused of Targeting Latinos in Loan Modification Scam

The Boston Herald is reporting today about a Massachusetts lawyer named David Yak who is accused by the 'Massachusetts Commission Against Discrimination' for targeting Latinos in an alleged loan modification fraud ring. He is said to have conned struggling homeowners like Marlon Hernandez, 39, a father of three who works two jobs to support his family out of $5,600. (more…)

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Two Southern California Men Get Lengthy Prison Sentences for $13 Million Loan Modification Scam

The USDOJ announced yesterday that two men from San Diego County, California were sentenced to lengthy prison sentences following a jury trial for their roles in a massive $13 million loan-modification scam that defrauded over 3,000 homeowners nationwide.

California lawyer Dean Chandler, 50, of Fallbrook who was president of the 1st American Law Center was sentenced to 12 years in prison. His partner in crime, Michael Eccles, 35, of Vista, California acted as manager for the firm's telemarketing operation. He was sentenced to five years in prison. (more…)

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USDOJ Lawsuit Alleging that Quicken Loans Improperly Originated and Underwrote FHA-Insured Mortgages

(Source: USDOJ) - The United States has filed a complaint in the U.S. District Court for the District of Columbia against Quicken Loans Inc. under the False Claims Act for improperly originating and underwriting mortgages insured by the Federal Housing Administration (FHA), the Justice Department announced today.  Quicken is a mortgage lender headquartered in Detroit. (more…)

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Mortgage Rates Go Lower As Loan Applications Rise

The Mortgage Bankers Association (MBA) released its report on mortgage applications and rates this morning indicating some good signs that rates decreased this past week on the four major types of loan programs and increased on a fifth. Loan applications for purchase mortgages had increased which is a great signal that we are heading into a good home buying spring season like has been predicted. (more…)

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New Mortgage Program to Give More Detroiters Access to Loans for Home Purchases, Renovations

(Source: City of Detroit) - NACA , Bank of America and Opportunity Resource Fund team up with the City of Detroit to create unprecedented mortgage program to strengthen city neighborhoods.

Detroit Mayor Mike Duggan, along with representatives of Bank of America and National Assistance Corporation of America (NACA) today announced a ground breaking mortgage program that will directly address one of the key limiting factors to homeownership in the city of Detroit: the inability to obtain a mortgage.     (more…)

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Washington AG Sues Student Loan Modification Firm

Scores of Washington consumers affected by fees of $132,000

(Source: Washington AG) SEATTLE — Attorney General Bob Ferguson today announced action against a student loan debt adjusting firm that exploited borrowers for financial gain.

Ferguson filed a lawsuit Monday charging StudentLoanProcessing.US (SLP) and its president James Krause with violating Washington’s Debt Adjusting Act and Consumer Protection Act, including charging illegal fees for debt adjusting and failing to inform customers of important rights as is legally required. The same services SLP offers are available — for free — through the U.S. Dept. of Education (DOE). (more…)

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Freddie Mac Executes Largest Ever Sale of Seriously Delinquent Loans From Its Investment Portfolio

(Source: Freddie Mac) - Freddie Mac announced last week it sold via auction 5,398 deeply delinquent non-performing loans (NPLs) from its mortgage investment portfolio on March 25th, 2015. The loans have an aggregate unpaid principal balance (UPB) of $985 million. The transaction is expected to settle in early May 2015. (more…)

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