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The Basics of Refinancing Your Home Mortgage

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The Latest News in Home Mortgage Refinancing

 

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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.

Fannie Mae predicts surge in mortgage refinancing following Fed rate cut

It is expected that 35% of all new mortgages in 2019 will be made up of refinanced mortgages, according to a report from Fannie Mae (FNMA) out on Thursday. This is up from 29% in 2018 and suggests ...

Published:  Thu, 15 Aug 2019 05:36:00 GMT



Drop in mortgage rates is a boon for homebuyers and refinancing

Worries about the world economy and the shaky stock market have given homebuyers a windfall. Home mortgage rates have plunged to near historic lows, making it much cheaper to finance a property ...

Published:  Fri, 16 Aug 2019 04:00:00 GMT



I'm refinancing my mortgage. Do I need to hire an attorney?

A. A refinance is a bit different. Generally, most refinances in New Jersey can be handled directly between the borrower, the mortgage lender and a settlement agent - usually a title company - that's ...

Published:  Thu, 15 Aug 2019 13:03:00 GMT



Mortgage rates rest near historic lows as the specter of a recession roils markets

The last time mortgage rates were lower was in early November 2016. Throughout 2019, rates for 30-year home loans have only increased on eight occasions - otherwise, they have dropped or remained even ...

Published:  Thu, 15 Aug 2019 08:07:00 GMT



Millennials drive mortgage refinance boom, and lenders are scrambling

Refinance applications were up a stunning 116% this week compared with a year ago, according to the Mortgage Bankers Association. That has lenders scrambling to keep up. Millennials were especially ...

Published:  Fri, 09 Aug 2019 15:49:00 GMT



Mortgage rates level off at multiyear lows as investors stay away from mortgage-backed securities

According to the latest data from the Mortgage Bankers Association, the market composite index - a measure of total loan application volume - increased 21.7 percent from a week earlier. The refinance ...

Published:  Thu, 15 Aug 2019 08:23:00 GMT



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