8 Basic Requirements of the Ability to Repay Mortgage Rule

Ability to Repay Basic Eight Requirements

2014 brings with it many new rules established by this new regulator that have significant impacts not only on the type of loans that consumers have access to but how they are delivered. The rule set minimum requirements that a creditor must consider in making the ability‐to‐repay determination. Eight factors must be considered, at a minimum, in the underwriting evaluation process:

The Trouble With Trial Mortgage Loan Modifications

These days there seems to be no shortage today of people or politicians angry at mortgage companies.  Most however tend to be  customers of the nations five largest mortgage servicers; Bank of America, Wells Fargo Home Mortgage, JP Morgan Chase & Ally Financial. The source of anger tends to be  focused on  foreclosure, short sale request or loan modifications aka work-outs that never seem…

What is Predatory Lending?

Predatory Lending Considerations Subprime lending is not synonymous with predatory lending, and loans with the features described as Subprime are not necessarily predatory in nature. However, institutions should ensure that they do not engage in the types of predatory lending practices discussed in the Expanded Subprime Guidance. Typically, predatory lending involves at least one of…

What Gives My Mortgage Company the Right to Hold My Insurance Claim Check?

The Escrow Department will likely be the same department that will cash and hold your insurance claims check. Don’t be surprised if your bank/lender actually place a hold on the check for up to five business days due to the protential for fraud given the number of mass losses that have occurred recently.