lenders: What Is Respa?
- 05/05/16 12:17 AM
Respa, or the Federal Real Estate Settlement Procedures Act, requires lenders to release information to potential buyers during the mortgage process. The purpose of doing this is to make sure borrowers are secure and protected from any risks or abuses associated with lending institutions. Respa also requires that lenders inform buyers of a variety of items including closing costs, lender services and account practices, and business relationships between closing and/or service providers during the transaction. Staying aware and educated on your closing costs may help your real estate transaction run with both clarity and efficiency. Think about it, would you ever purchase something … (2 comments)
Mortgage Lenders Recommended by Your Agent – To Use or Not? Let’s imagine that you’re a potential home buyer who has looked at a few properties that hold some real potential. Your real estate agent then recommends that you get pre-approved for a loan. He or she hands you a name and information of a lender they know, do you use it or toss it and find your own lender? It’s a reasonable question but use it! Here are a few reasons why you should take our word for it. Your Agent Is Not Making a Financial Gain – Unfortunately, it’s natural … (3 comments)
lenders: Buyers Rejected for Loans Can Now Find Out Why
- 09/06/11 06:54 AM
A provision in the Dodd-Frank financial reform law, which took effect in July, is requiring lenders to provide consumers with free credit score, which will help provide new insights into why they may have been rejected for a loan or did not qualify for the best lowest rate. While borrowers can access their credit scores from the credit bureaus, the credit scores that a lender uses isn't always the same one that the credit bureau provides you. According to a report by the Consumer Financial Protection Bureau, some credit bureaus sell consumers "educational" scores that aren't the same ones used by lenders or … (0 comments)
lenders: The Mortgage Fix That Can Save the Economy
- 08/29/11 04:41 AM
I wanted to share this article with you by Aol Original, Ann Borenoff and get your opinion. It's a great article go ahead and check it out, is this what our mortgage crisis needs to do to you tell me. - The loan modification programs have been a joke. You have a house that has tanked in value and the best the banks can come up with is: a plan where they sort of delay what you owe long enough for you to get back on your financial feet -- if that -- based on the flawed logic that the housing market … (1 comments)
Respa, or the Federal Real Estate Settlement Procedures Act, requires lenders to release information to potential buyers during the mortgage process. The purpose of doing this is to make sure borrowers are secure and protected from any risks or abuses associated with lending institutions.
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