Arizona has many first- time home buyer programs that are only available through specific counties throughout the state. Most of these programs are similar being that they offer no money down and/or tax credits to qualified applicants. Below you will find a list and links to some of these agencies. (more…)
Here is a list of the top twenty mortgage lenders who have received complaints between the years 2011-2013. It is no surprise that the nation’s largest banks such as Bank of America, Wells Fargo and Chase would have the most complaints since they make the majority of the mortgage loans in the country.
What is interesting to note is that at numbers 4, 5 and 7 on the list, they are not mortgage companies, but credit providers and mortgage lead sellers, Experian, Equifax and Transunion. I assume that these complaints are a result of them working hat in hand with mortgage lenders as consumer credit and lead providers to all lenders. (more…)
The Federal Trade Commission (FTC) recently announced that a Utah loan modification firm, Danielson Law Group, LLC, operated by Philip J Danielson, had settled charges which claimed that they broke the law by ripping off homeowners in order to have them pay thousands of dollars for worthless mortgage relief services. (more…)
The United States Department of Justice (USDOJ) announced this week that military service members will receive over $123 million for unlawful foreclosures under the Servicemembers Civil Relief Act (SCRA). 952 service members and their co-borrowers are eligible to receive compensation from the settlement. (more…)
The Consumer Financial Protection Bureau (CFPB) released a report yesterday listing the top consumer complaints for reverse mortgages in order to educate the public. According to the CFPB report, consumers are frustrated with their mortgage terms, servicer runarounds, and foreclosure problems. (more…)
In 2012, the U.S. Department of Justice (USDOJ) and a coalition state attorney generals reached a national billion dollar settlement with banks such as Bank of America, Citibank, and JP Morgan Chase which was related to mortgage loan servicing and foreclosure abuse.
As part of the $25 billion settlement, there was relief to distressed borrowers in the states who signed on to the settlement; and direct payments to signing states and the federal government. The servicers were required to offer $17 billion in principal reductions and other forms of home loan relief nationwide. (more…)
The best mortgage rates since March 2013 had prompted many borrowers to seek new loans, and caused loan applications to rise over the past month. This past week, mortgage application volume was up 14.2%.
However, this week the Mortgage Bankers Association (MBA) had issued their weekly survey, showing applications were down as both purchase and refinance activity decreased. The MBA survey encompasses over 75 percent of retail residential mortgage applications. (more…)
The California Housing Finance Agency known as CalHFA, has a great home loan program with their 40-year fixed mortgage.
These are conventional loans that can be funded at 100% of the home’s value. These mortgages are available for both resale homes and new construction. (more…)
Lat week, the Consumer Financial Protection Bureau (CFPB) finalized two changes to the “Know Before You Owe” mortgage disclosure rules. The new rules address when mortgage borrowers will receive updated disclosures after locking their rates, and how consumers receive information regarding certain construction loans. (more…)
Recently, I have received a number of calls from homeowners saying that they’ve been told they can obtain a streamline refinance 2 years after short sale. I’m going to shed some light on that subject, as we are a direct lender without any specific overlays regarding this topic.However, there is a certain criteria you need to meet in order to get approved.
There is no rule on seasoning for short sale with FHA, meaning you could potentially have a short sale and obtain a loan immediately (read below for more info). (more…)
The alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants known as HOPE NOW, reported yesterday that an estimated 39,000 homeowners received loan modifications, and 28,000 foreclosure sales were recorded during the month of November. (more…)
The word is out. Mortgage rates are at all time lows, and consumers are taking advantage of the market by applying in huge numbers for a new home loan with lenders all over the country.
Many of these people are current homeowners looking to refinance in order to have lower monthly payments, or to get cash out to make those home improvements. Also, home buyers that were once on the fence are now jumping at the chance to buy a home in this great, but highly competitive market. (more…)
The Consumer Protection Financial Bureau (CFPB) issued today the results of a survey of 2013 mortgage borrowers, showing that nearly half of the people who bought a home did not shop around for the best mortgage deal.
This news doesn’t surprise me one bit. The facts are that most Americans will research longer for a pair of shoes, purse or cell phone, than they will their own mortgage. (more…)
Black Knight Financial Services, the nationwide mortgages services, data and analytics firm for lenders and servicers, released its November Mortgage Monitor Report showing nearly a 12% spike in the home loan delinquency rate which was the largest leap in delinquencies since November 2008. November saw the highest one month count of mortgages rolling from current to 30-days delinquent since June 2013. (more…)
This week the White House along with HUD, announced that the Federal Housing Administration (FHA) will lower its annual mortgage insurance (MI) premiums from 1.35% to 0.85%. (more…)