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Big banks push for DTI rule change

By Mike Wheatley | September 13, 2019
The Bank of America, Quicken Loans, Wells Fargo and Caliber Home Loans are joining forces to push for a change in the Consumer Financial Protection Bureau’s Repay/Qualified Mortgage rule, asking it to eliminate its debt-to-income ratio requirement. The CFPB created the Ability to Repay rule following the financial crisis last decade, HousingWire reported. The rule […]
Real Estate, US Real Estate

CFPB Has 'Zombie Foreclosures' In Its Crosshairs

By Mike Wheatley | March 18, 2014
The Consumer Financial Protection Bureau is targeting "zombie" foreclosures, a growing problem where borrowers may unknowingly still own a property that they thought the bank had foreclosed upon.
Mortgage, Real Estate, US Real Estate

New Mortgage Rules to Stall Housing Recovery?

By Mike Wheatley | January 16, 2014
Mortgage credit could be greatly restricted by the Consumer Financial Protection Bureau's new Qualified Mortgage rule, throwing a major obstacle in the way of the housing recovery, warned lawmakers and mortgage industry leaders during a House Financial Service Committee hearing on Tuesday.
Real Estate, US Real Estate

New Lending Rules Could Prevent Many from Getting a Mortgage

By Allison Halliday | August 28, 2013
New lending rules have been written by the Consumer Financial Protection Bureau (CFPB), and they could mean that many people will be unable to get a mortgage. According to the article by AOL Real Estate, the new rules will limit people from taking out a new loan or from refinancing an existing one if it puts their overall household borrowing in excess of 43% of their income.
Mortgage, Real Estate, US Real Estate

Rule Changes to Reduce Some Mortgage Fees

By Mike Wheatley | May 10, 2012
Tighter mortgage lending regulations proposed by the Consumer Financial Protection Bureau will limit the fees that consumers are required by lenders to pay when they buy a home. One of the biggest proposed changes is to do away with origination fees, or origination points, which are levied at the close of the deal.
Mortgage, Real Estate, US Real Estate

Groups Seek to Stop Forced Homeowners Insurance

By Mike Wheatley | March 15, 2012
One of the main requirements for securing a mortgage is homeowners insurance. Lenders want to protect their investments, and so they will nearly always insist on this requirement. This insistence is taken to extremes when a homeowner forget to renew their home insurance policy – the lender will do so for them, forcing them to pay for homeowners insurance that is often very expensive.
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