CFPB Issues Summer 2020 Supervisory Highlights

On June 29, the CFPB released its summer 2021 Supervisory Highlights. The findings of the report, which cover examinations that generally were completed between January 1, 2020 to December 31, 2020, are issued to “help institutions and the general public better understand how the Bureau examines institutions for compliance with Federal consumer financial law.”
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How to Qualify for a Mortgage as a Retiree

Just because you're retired doesn't mean you can't buy a home. Many people aim to have their mortgages paid off by the time they retire. Others sell their homes in retirement and go on to rent instead. But what if you're the opposite, and you decide to buy a new...
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Home Prices Saw a 14.6% Annual Gain in April

That's the highest gain on record in over 30 years. Check out real estate listings in pretty much any market across the country, and you'll probably notice that home prices are much higher these days than they'd normally be. For sellers, today's red-hot housing market offers a key opportunity to...
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This Simple Move Could Help You Pay Off Your Mortgage Early -- and Reap Major Savings

Here's one relatively painless way to shed your mortgage quickly. When you sign a mortgage, you commit to paying a certain amount of money every month for the duration of that loan. But that doesn't mean you have to stick to your monthly payment. Granted, you can't pay less than your monthly payment -- if you do, you might eventually lose your home. But you're generally allowed to make more than your monthly payment if you want to pay off your home loan ahead of schedule.

What Are Mortgage Servicing Rights (MSR)?

Mortgage servicing rights are transferred when your original mortgage lender assigns a third party—such as another bank, lender, or company—to collect your mortgage payments. The third party takes your payment, passes the funds to the lender, and gets a fee for servicing your mortgage. Definition and Examples of Mortgage Servicing...

First Community Mortgage’s Claudia Rios Among Top 250 Latino Mortgage Originators Nationwide 

Claudia Rios, a Senior Loan Officer with First Community Mortgage, has been named to the seventh annual Top 250 Latino Mortgage Originators Report recognizing the top producing Latino mortgage pros across the U.S. The National Association of Hispanic Real Estate Professionals (NAHREP®), in association with Radian, ranks individual originators based on number and dollar volume of transactions.

U.S. mortgage application volumes at lowest since early 2020 -MBA

(Reuters) - The number of applications for home mortgages decreased last week to the lowest level since early 2020, dampened by declines in refinancing activity and purchase applications. The Mortgage Bankers Association (MBA) said on Wednesday its seasonally adjusted market index fell 1.8% in the week ending on July 2...

Homeowners to get up to 15 years to sue builders for ‘shoddy workmanship’

Homeowners will be given up to 15 years to sue builders and developers for “shoddy workmanship”, under new laws that will more than double the current time limit for bringing legal claims. The Building Safety Bill, which is due to be published on Monday, will extend the current six-year period...

5 Expert Tips For Getting Your First Mortgage

To own a house is perhaps everyone’s dream and goal. It’s a huge undertaking in our lives that gives us a sense of achievement as well as ownership. And aside from the fact that it’s one of the basic needs in life, purchasing a house can also mean freedom and independence.

Mortgage servicers brace for fallout as Covid bailout comes to an end

An estimated 7.25 million borrowers have participated in forbearance programs at one point or another throughout the coronavirus pandemic, representing 14% of all homeowners with mortgages, according to Black Knight. About 72% of all participants have since left their plans, while 28%, or just more than 2 million, remain in...

Mortgage forbearance period extended: New protections run through September 2021

In addition to its vast human toll, the pandemic has ravaged the financial resources of millions of US homeowners. Since the Coronavirus Aid, Relief, and Economic Security Act passed last year, more than 9 million Americans hit pause on making monthly mortgage payments, entering what's technically referred to as a "forbearance."
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How to Make a Multi-Generation Home Purchase Work

Here's how to make a home purchase work when two or more generations move in together. Perhaps it is no surprise that there's been a jump in the number of multigenerational living situations in the U.S. According to Generations United, 7% of Americans lived in multigenerational homes in 2011. By 2021, the percentage grew to 26%. That's one in four of us living with three or more generations of family.

Forbearance totals nudge downwards as more plans come up for review

The number of homeowners in forbearance has declined slightly, showing slow improvement in the past few weeks as the industry waits to see the outcome of more than 200,000 additional reviews in the final days of June. For the weekly period ending June 29, approximately 146,000 plans in Covid-related forbearance...

The Strategic Uses of a Reverse Mortgage

Reverse mortgages can be used to complement a retirement plan or to minimize the impact of an unexpected life event like the loss of a spouse. They can create liquidity out of an illiquid asset—a house. Reverse mortgages are a type of home loan available to homeowners age 62 and...
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Before You Buy a House, Consider These 'Extra' Expenses

You can save yourself stress by planning for these other costs. It's funny; for me, buying a home is a lot like childbirth -- no matter how traumatic it is in the moment, there's a sweet amnesia that sets in after signing that mortgage. I am always (always) surprised by the number of extra expenses that pop up when we buy a home. There are small costs, like tipping the crew who delivers our furniture, and significant expenses, like closing costs, property taxes, and homeowners insurance. Here, we'll discuss some of the other reasons you may need to pull out your wallet, even if you didn't plan on spending more.
The Independent

How to release the equity in your home

What could be better than jetting off on a luxury holiday when you finally retire and have the freedom to live life on your terms? Find out how much cash you could access. Instead of setting the alarm for the crack of dawn each day and heading into the office, you now have the chance to follow your dreams.