guaranty mortgage bank
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MGIC’s index falls. (Business Alert).(Brief Article)(Statistical Data Included): An article from: Mortgage Banking $5.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on February 1, 2002. The length of the article is 530 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citati… |
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United Guaranty releases 3Q housing market analysis. (Business Alert).: An article from: Mortgage Banking $5.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on August 1, 2003. The length of the article is 330 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation… |
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A Refi Boom Is a Refi Boom, Right? Wrong.(Brief Article): An article from: Mortgage Banking $5.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on June 1, 2001. The length of the article is 1483 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation … |
Fed stiffens restrictions on mortgage lenders
New rules, aimed mostly at subprime loans, prohibit shady promotional practices and lending to home purchasers who lack the ability to repay.
WASHINGTON — The nation’s central bank clamped down hard Monday on mortgage lenders, issuing new rules designed to curb the kind of shady practices that led to the subprime mortgage crisis.
Among the new rules is a restriction on the use of the word “fixed” to describe the terms of a loan whose rate will change over time, increased disclosure requirements for refinancing and home equity loans, and a prohibition on making subprime loans without verifying a borrower’s income or ability to repay a mortgage even after a rate reset.
The new rules, which will take effect Oct. 1, will apply to all lenders, not just those already regulated by the central bank.
“Rates of mortgage delinquencies and foreclosures have been increasing rapidly lately, imposing large costs on borrowers, their communities, and the national economy,” Federal Reserve Chairman Ben Bernanke said as he opened a meeting of the Fed board, which approved the new rules.
“Although the high rate of delinquency has a number of causes, it seems clear that unfair or deceptive acts and practices by lenders resulted in the extension of many loans, particularly high-cost loans, that were inappropriate for or misled the borrower.”
The new regulations particularly target abuses in the subprime mortgage market, which has been largely unregulated because the loans are securitized and held by private investors. Subprime mortgages, designed to make loans available to borrowers with low incomes or poor credit, carry above-market interest rates to compensate investors for the added risk of default.
For subprime loans, the new rules will:
* Prohibit lenders from loaning to borrowers who cannot repay the loan from income and assets other than a home’s value.
* Require lenders to verify a borrower’s income and assets.
* Ban prepayment penalties for the first four years of any adjustable-rate subprime mortgage; other subprime mortgages could have no prepayment penalties for two years.
* Require lenders to establish escrow accounts for property taxes and homeowner insurance for all first-lien mortgages.
For all mortgages, prime and subprime, the new rules will:
* Prohibit seven misleading advertising practices, including representing that a rate or payment is “fixed” if it will change over the course of the loan.
* Prohibit advertising in which different loans are compared unless all payments and rates are also disclosed.
* Prohibit foreign-language mortgage ads in which required disclosures are presented in English.
* Prohibit a lender from encouraging or coercing an appraiser to misrepresent a home’s assessed value.
* Require lenders to credit borrowers’ payments on the day of receipt
* Prohibit pyramiding late fees.
* Require a lender to provide a payoff statement within a reasonable amount of time.
* Require a good-faith estimate of all loan costs and payments within three days of an application for any loan secured by a home’s value, including home equity loans and refinancing of the original mortgage.
(Currently, early disclosure is required only for home-purchase loans.) Borrowers cannot be charged any fees before receiving the estimates except for a fee to obtain the borrower’s credit history.
One previously proposed regulation that has since been withdrawn was disclosure of the bonuses, or “yield-spread premiums” that mortgage originators receive to underwrite subprime or other high-cost loans. The Fed said that consumer testing cast doubt on the effectiveness of the disclosure rule as proposed, and that the board is considering alternatives.
The rules “are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership,”
Bernanke said.
For more information on loan modifications go to www.loanmodificationhelpcenter.org
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
About the Author
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guaranty mortgage bank Questions
Is anyone familiar with the CRA Program and/or Mortgage Guaranty Insurance Co.?
I have a FICO score above 800. 1st time home buyer. Putting down 20% for down payment. HSBC bank mentioned I would be a perfect candidate for a program that CRA offers….MGIC. The mortgage consultant of HSBC offered me a lower rate than CHASE & Wells Fargo with 0 points. What is the catch, if any?
I read up on MGIC site. Not sure if I’m understanding it correctly but it seems like if I ever decide to sell the house, the buyer’s bank must also be affiliated to CRA/MGIC or better say, the buyer must also be a candidate for this program which is to be a low income family. Is this correct? Any other things that I should be weary about with this program?
Weary or wary….if you have a score of 800 and 20% down payment you should stay away from anything associated with the CRA program. It appears your home may be in a blighted area if they are even bringing this up….but why limit the eventual buyer of your home to a limited pool? This does not make any sense to me especially since these buyers are extremely difficult to finance and usually manage to come up with a deal breaker such as a defaulted motorcycle loan a week before closing.
Check competitive rates at bankrate.com.
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MGIC’s index falls. (Business Alert).(Brief Article)(Statistical Data Included): An article from: Mortgage Banking $5.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on February 1, 2002. The length of the article is 530 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citati… |
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United Guaranty releases 3Q housing market analysis. (Business Alert).: An article from: Mortgage Banking $5.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on August 1, 2003. The length of the article is 330 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation… |
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A Refi Boom Is a Refi Boom, Right? Wrong.(Brief Article): An article from: Mortgage Banking $5.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on June 1, 2001. The length of the article is 1483 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation … |
