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The Basics of Refinancing Your Home Mortgage

What to Know Before Refinance Your Home Mortgage

The Latest News in Home Mortgage Refinancing

 

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The Latest News in Home Mortgage Refinancing

With a sluggish economy, static home sales and record foreclosures, the federal government has begun forcing banks to help homeowners refinance their home mortgages and keep their homes to get the economy moving again.

Recently, the U.S. Justice Department, the Department of Housing and Urban Development (HUD) and 49 state attorneys general announced a $25 billion agreement with the nation's largest mortgage lenders. As the result of this multi-billion dollar settlement in the government's investigation of questionable foreclosures and abuses, the federal government is now requiring five of the nation's largest banks to refinance certain underwater borrowers. These five banks include: Bank of American, Ally Financial, Citigroup, J.P. Morgan Chase and Wells Fargo.

Under the agreement, $20 billion will be dedicated to providing financial relief to homeowners and help them avoid foreclosure. Most of that money will go toward reducing the principal on loans for about 1 million of the 11 million people who are delinquent on their mortgage or those who are under water, as well as providing transitional assistance and providing benefits for service members.

According to the agreement, the banks must complete 75 percent of these relief obligations to consumers with two years. Within three years, they must have completed 100 percent of their obligations.

The banks will also have to pay $5 billion to the federal and state governments. About $1.5 billion of these monies will be used to establish a Borrower Payment Fund. This fund will provide cash payments to borrowers whose homes were foreclosed or taken between January 1, 2008, and December 31, 2011.

In addition, as a result of the investigation and the court agreement, lenders or mortgage services will be required to implement new servicing standards that will prevent the foreclosure abuses that had previously taken place. The new standards provide for strict oversight of foreclosure processing; will prevent some practices that allowed the past foreclosure abuse such as robo signing, lost paperwork and improper documentation; will provide consumer protections and will make foreclosure a last resort. In addition, loan servicers will also be required to create a single point of contact for borrowers who want information about their loans. Banks will not be able to foreclose on a borrower who is being considered for a loan modification.

This agreement only applies to borrowers who obtained loans from private lenders. It does not apply to Freddie Mac and Fannie Mae loans.

Home sales help drive the nation's economy and home ownership provides communities with stability. Be sure to continually research information online to look for new and existing government programs which can benefit you and help you get help refinancing your mortgage and keep your home.

Weekly mortgage applications rise as rates briefly fall back

according to the Mortgage Bankers Association's seasonally adjusted report. Volume remains 8.5 percent below a year ago, when rates were lower. Refinance volume jumped 6 percent for the week, marking the highest level in a month. Homeowners took advantage ...

Published:  Mon, 20 Nov 2017 05:27:00 GMT



Mortgage rates rise but haven't moved much in the past year

according to the latest data from the Mortgage Bankers Association. The market composite index - a measure of total loan application volume - increased 3.1 percent. The refinance index rose 6 percent, while the purchase index was flat, inching up 0.4 ...

Published:  Thu, 16 Nov 2017 06:34:00 GMT



Holden Lewis: 5 ways and reasons to refinance your mortgage

Though mortgage rates have rebounded some from the lows seen in 2016, they remain very attractive. Many homeowners are refinancing before rates go higher. Yes, you can save money by doing a simple refinance in which you swap a lower rate for your existing ...

Published:  Sat, 18 Nov 2017 19:10:00 GMT



Some mortgage, business loans may need updating with looming bank rate phaseout

A: The London Interbank Offered Rate (LIBOR) is the daily calculation of an average of estimated interest rates that a panel of around 20 banks calculate they'd be charged to borrow from other banks. LIBOR serves as the primary reference interest rate that ...

Published:  Thu, 16 Nov 2017 02:00:00 GMT



MBA: Mortgage applications inch higher as refinance demand grows

Mortgage applications ticked up 3.1% from one week earlier, as refinance demand increased, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending Nov. 10. The MBA noted that this week's results ...

Published:  Wed, 15 Nov 2017 04:24:00 GMT



Mortgage Insurance Fund Circling the Drain - Better Loans to Blame

FHA's Mortgage Insurance Fund (MIF) lost ground this past year, which is bad news for those hoping for a cut in its fees. The Department of Housing and Urban Development (HUD) released results of the statutorily required independent actuarial analysis of ...

Published:  Wed, 15 Nov 2017 10:16:00 GMT



Peer-To-Peer Loans Remind The Cleveland Fed Of An Obscure Historical Episode Known As "˜The Subprime Mortgage Crisis'

Remember when everyone was wondering what JPMorgan and Citi would do to defend their market share against the rising tide of peer-to-peer lenders, whose big-data credit metrics and cost-saving disintermediation would prove an existential challenge to ...

Published:  Thu, 09 Nov 2017 16:13:00 GMT



Grammy Winner Hezekiah Walker and LOANS FROM LISA Make History in the Mortgage Industry

PHILADELPHIA, Nov. 17, 2017 /PRNewswire/ -- Bishop Hezekiah Walker and LOANS FROM LISA take the mortgage industry by storm with a first-time-ever nationwide Mortgage Seminar Church Tour. The founder and senior pastor of the Love Fellowship Tabernacle ...

Published:  Fri, 17 Nov 2017 03:08:00 GMT



5 ways and reasons to refinance your mortgage

Rates are still near all-time lows, which means mortgage refinancing remains a good deal for many. Yes, you can save money by doing a simple refinance in which you swap a lower rate for your existing higher rate. But that's just one way - and one ...

Published:  Tue, 14 Nov 2017 12:50:00 GMT



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