MORTGAGE INTEREST RATE LOCK ADVISORY
August 15, 2014, 8:00 AM PST
LOCK ADVISORY
7 Day Close Mortgage Interest Rate lock or Float Advice: FLOAT
- The price for 3.50% Mortgage Loans based on MBS is currently down 0.34 point.
30 Day Close Mortgage Interest Rate Lock or Float Advice: LOCK
MORTGAGE MARKET INDICATORS
- FHLMC Average: 30-Yr Fixed Mortgage Rate, down 0.02 to 4.12% on August 14
- MBS (3.5%) - Currently 102.97, High: 103, Low: 102.62
- DJI Stocks currently $16,668.75, Down $44.83, Change -0.269%
- Asian & European Stock Market Indexes changed 0.304%
- Crude Oil (WTI) Currently $96.10 - Change 0.54%
- Gold 1 Ounce - $1,302.93
MORTGAGE AND REAL ESTATE NEWS
Amerisave On the Hook for Alleged Mortgage Scam
NAR Daily Real Estate News
The Consumer Financial Protection Bureau is ordering Amerisave Mortgage to pay $19.3 million, alleging the lender scammed thousands of customers with a bait-and-switch mortgage-lending scheme. CFPB also accuses Amerisave affiliate Novo Appraisal Management Company and Patrick Markert, the owner of both companies, of being involved in the scam.CFPB says that between mid-2011 and 2014, Amerisave advertised misleading interesting rates and then locked customers in with pricey up-front fees. The agency alleges that Amerisave failed to honor its advertised rates to customers and illegally overcharged them for affiliated "third-party" services.
"By the time consumers could have discovered that the advertised low rates were too good to be true, they had already committed to pay hundreds of dollars to Amerisave," says CFPB Director Richard Cordray. >>Read More NAR Daily Real Estate News
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