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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.

Mortgage rates move lower for the third time in a month

The refinance index rose 6 percent, while the purchase index grew 4 percent. The refinance share of mortgage activity accounted for 36.8 percent of all applications. "It was a mixed week for rates in MBA's survey," said Joel Kan, an MBA economist.

Published:  Thu, 21 Jun 2018 07:35:00 GMT



Mortgage rates retreat, capping a grim spring selling season

Rates for home loans pulled back in line with bond yields as trade war fears sent investors piling into safe assets. The 30-year fixed-rate mortgage averaged 4.57% during the June 21 week, down from 4.62%, mortgage provider Freddie Mac said Thursday.

Published:  Fri, 22 Jun 2018 05:02:00 GMT



Weekly mortgage applications jump 5.1% as interest rates settle

The gain was driven by applications to refinance a home loan. Interest rate volatility has dissuaded borrowers for months, but some returned to the mortgage market last week. Mortgage application volume increased 5.1 percent from the previous week ...

Published:  Wed, 20 Jun 2018 04:02:00 GMT



Why High Home Prices And Rising Mortgage Rates Aren't Stopping Sales

And though student loans have long been holding this cohort back from buying, Brendan McKay, owner of McKay Mortgage Company, said improving jobs and income have helped alleviate some of the financial pressure. "The job market has improved ...

Published:  Thu, 21 Jun 2018 12:56:00 GMT



Quicken Loans makes it mortgages 'kosher'

Orthodox Jews can continue to take out mortgages and other loans from Quicken Loans after the company resolved a Jewish legal problem. Agudath Israel of America, a major haredi Orthodox organization, issued a Jewish legal ruling in April prohibiting Jews ...

Published:  Mon, 11 Jun 2018 21:42:00 GMT



US long-term mortgage rates fall; 30-year at 4.57 percent

fixed-rate mortgages was 4.57 percent, down from 4.62 percent last week. By contrast, the 30-year rate averaged 3.90 percent a year ago. The average rate on 15-year, fixed-rate loans eased to 4.04 percent from 4.07 percent last week. Putting the recent ...

Published:  Thu, 21 Jun 2018 08:38:00 GMT



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