The Federal Housing Administration (FHA) has announced that it will soon strengthen lending standards to reduce risk of default for FHA loans. New regulations will include stricter requirements for lenders as a condition of being allowed to continue is... »
Bank of America has been forced to restructure and reduce its workforce as it deals with a mountain of delinquent mortgage loans. The company slashed 7,000 jobs during the fourth quarter of 2011 and expects to cut more jobs this year. As part of those ... »
Nearly one million U.S. homeowners could get principal reductions if the federal government reaches a settlement with five of the nation’s largest mortgage lenders. HUD Secretary Shaun Donovan is pressing the lenders to provide up to $25 billion in rel... »
Lenders are forecasting a 31% improvement in mortgage default risk, based upon several factors. Here are several things that have changed in mortgage lending over the past few years: Underwriting guidelines have been strengthened. Down payment requirem... »
A prepayment penalty is a fee that is charged by the lender when a borrower pays off a loan early. These days, most promissory notes include language similar to “I may make a full prepayment or partial prepayments without paying any prepayment charge”.... »
There’s a new type of credit report coming that will provide lenders with far more information about borrowers. The new report is being developed by CoreLogic® and will include information that traditional credit reporting bureaus do not currently offe... »
A mortgage is a loan secured by real property. The key elements of a mortgage are: The amount borrowed. The interest rate. The term (length of the loan). The payment. Mortgages are secured, in most states, by a Deed of Trust (which will be explained in... »
