Bank of America announces $0 origination fees for low-income borrowers

As lenders struggle with the impact of reduced home sales on the mortgage business, some banks are coming up with new ways to make their offerings more attractive to borrowers. The Bank of America for example, recently said it would give “eligible borrowers” up to $10,000 to be used towards their down payment or closing

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Rule Changes to Reduce Some Mortgage Fees

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.

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