Lenders are easing standards, making it easier to obtain a mortgage



Government-backed mortgage services Fannie Mae says that lenders are easing their standards for consumers to qualify for a mortgage.

5 reasons why homeownership rates in the U.S. remain so low



Although local job markets are improving and borrowers can enjoy historically low mortgage rates, the U.S. homeownership rate remains stuck near a 50-year low because of a perverse mix of affordability challenges, student loan debt, tight credit conditions and housing supply shortages. Those are the findings of a new white paper titled, “Hurdles to Homeownership: […]

Fannie Mae to ease mortgage requirements from next month



Fannie Mae, the government sponsored financing organization, has said it plans to ease its credit requirements from next month.

JP Morgan Agrees to Settle Mortgage Discrimination Lawsuit



According to an article in Reuters, JP Morgan Chase & Co has agreed a $55 million settlement for a US Justice Department lawsuit. This lawsuit accused the company of discriminating against minority borrowers, allowing mortgage brokers to charge

HELOC borrowers could soon find their payments increase



Homeowners who have home equity lines of credit, called HELOCs, could be in for a nasty shock when their monthly payments increase suddenly.

United Wholesale Mortgage rolls out interest-only financing



United Wholesale Mortgage just rolled out a new product that it hopes will prove attractive to a large segment of borrowers

Lenders cry foul over borrower’s “white lies”



Borrowers who aren’t as forthcoming on their loan applications on certain items – such as occupancy status – may feel like it’s harmless, but lenders say such “white lies” constitute fraud.

$5K Extra Reward on Offer for HAMP Borrowers



The government is throwing in more incentives to keep borrowers who modify their loans through the Home Affordable Modification Program current on their mortgages.

FHFA Plans to Ease Lending Standards



Federal Housing Finance Agency Director Mel Watt on Monday announced plans to expand home buyers’ access to mortgages by loosening up lending standards. During the Mortgage Bankers Association’s annual conference, Watt said FHFA will release guidelines “in the coming weeks” to allow increased lending to borrowers with down payments as low as 3 percent. FHFA, […]

New 15-Year ‘Wealth-Building’ Mortgage for Low-Income Buyers?



Two mortgage executives are hoping to overhaul the 15-year mortgage, making it more readily available to low and moderate-income people. They say the changes will help borrowers build equity at a much faster pace than they would with a standard loan.

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