Here's potentially good news for consumers: The nation's three largest credit-reporting agencies will soon exclude tax liens and some civil debts from their reports. This could improve consumer's credit scores as long as they don't include consumers' names and addresses, as well as Social Security numbers and or dates of birth. Many liens and most judgments do not include that sort of information due to security reasons. Although the changes could be better for a consumer's credit worthiness, the new policies could possibly make loan-screening more difficult for lenders. Nessa Feddis, senior vice president for consumer protection … (2 comments)
Major changes are in effect for home buyers purchasing homes and obtaining mortgages. Cash buyers, this is not for you. The new "Truth-in-Lending RESPA Integrated Disclosure" Rule ("TRID") went into effect October 3, 2015. Due to these changes, mortgage companies will be more accountable for getting and giving information to the buyer. Those quick closings (30 days with 20 day commitments) are in the past. The lenders must follow many new rules, and new loan processing could take more time than it did in the past. Additionally, buyers should be advised that requested changes or underwriting … (2 comments)
One-third of American homeowners have no mortgage at all. Many people not only have paid off their mortgages over a 30-year period of time or less, but the NAR reported that about 30 percent of buyers are purchasing homes with 100 percent cash. Many of these buyers are investors, but also, many others have just saved up money, received a large sum of money, or used proceeds from one home to buy another to avoid having a mortgage. Whether or not to get a mortgage loan is a very personal, individual decision, … (5 comments)
mortgages: Fannie Mae, Freddie Mac Pledge Not to Foreclose During Holidays
- 12/16/11 02:09 AM
Fannie Mae, Freddie Mac Pledge Not to Foreclose During Holidays For homeowners who may be struggling to stay in their homes, Fannie Mae, Freddie Mac, and several other mortgage lenders have pledged not to foreclose on delinquent borrowers during the holiday season. The suspension will run from December 19 to January 2. During this time, proceedings for evictions may continue, but families will be allowed to stay in their homes. Terry Edwards, a Fannie Mae executive vice president said, “No family should have to give up their home during this holiday season.” A number of other large banks such as Chase … (4 comments)
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the November edition of the Obama Administration's Housing Scorecard—a comprehensive report on the nation’s housing market. Included in this month’s report are detailed assessments for the 10 largest mortgage servicers participating in the Making Home Affordable Program with results from the third quarter of 2011. In addition to providing greater transparency about servicer performance in the program, the servicer assessments—first introduced in June 2011 and published quarterly—are intended to set a new industry benchmark … (0 comments)
mortgages: The New and Improved HARP Program!
- 11/16/11 06:39 AM
The New and Improved HARP Program! The new Home Affordable Refinance Program (HARP) that will allow many underwater homeowners to refinance their homes is being modified. HARP was first introduced in 2009; however, not many homeowners utilized its benefits. The new HARP program will allow more underwater homeowners to qualify and take advantage of the program. What are the qualifications? Borrowers must be current on the mortgage at the time of the refinance, with no late payments in the past six months and no more than one late payment in the past 12 months; Fannie Mae or Freddie Mac must back … (3 comments)
Changes to Credit Scoring Coming Soon! 
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