Mortgage Lenders

Bank of America announces mortgage transparency initiative

April 27, 2009 Mortgage Financing

Bank of America on Monday announced it is unveiling tools through which homebuyers and homeowners will find greater clarity in the home finance process, called the clarity commitment.The company, one of the largest mortgage lenders in the country, also introduced Bank of America Home Loan Guide, an interactive website that provides customers with the personalized [...]

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Mortgage lenders to meet with Obama administration

July 27, 2009 Mortgage Financing

Amid criticism that mortgage servicers and lenders are not doing enough to help homeowners modify their mortgage loans, some mortgage companies will meet with members of the Obama administration on Tuesday, ABC News reported.
As foreclosures continue to rise at an alarming pace, reaching more than 1.5 million in the first half of 2009, desperate homeowners [...]

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Mortgage rates dropped last week to 5 percent

May 19, 2009 Mortgage Financing

The national average for 30-year fixed rate mortgages dropped to 5 percent last week from 5.07 percent, according to the latest figures published by Zillow.com.
The average rate is based on mortgage rates quoted to borrowers by lenders at the Zillow Mortgage Marketplace. Meanwhile, rates for 15-year fixed mortgages dropped to 4.63 percent from 4.70 percent [...]

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Senator asks mortgage lenders to speed up loan modifications

July 15, 2009 Mortgage Financing

New Jersey Senator Robert Menendez is urging mortgage companies to provide more relief to homeowners who are struggling under mortgages they can’t afford to pay. In a letter to the CEOs of 20 major mortgage companies, Menendez raised concerns about their rate of participation in a loan modification program.
Menendez urged the CEOs to review and [...]

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Treasury announces crackdown on mortgage fraud today

April 6, 2009 Mortgage Financing

Treasury secretary Timothy Geithner was scheduled to make remarks today on an initiative to align federal and state law enforcement to protect consumers against mortgage refinancing fraud.Under the Obama administration’s Making Home Affordable program, millions of homeowners may be seeking to refinance their mortgages to benefit from lower mortgage rates. But law enforcement and the [...]

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Government sanctions 120 FHA mortgage lenders

May 22, 2009 FHA Mortgages

The U.S. Department of Housing and Urban Development (HUD) said today that it is sanctioning 120 mortgage lenders for violating Federal Housing Administration (FHA) requirements, ranging from failure to continue to meet FHA recertification requirements to falsifying loan documents.
Sanctions HUD may impose include issuing letters of reprimand, suspension of FHA lending approval, probation, withdrawal of [...]

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