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Mortgage Lenders: The Good, the Bad, and the Ugly
from: Deb St. George - HomelessInKingCounty.comIt’s quite true that today’s mortgage lenders come in all varieties. The mortgage fallout of the foreclosure scandals have some people doing a double take on their lenders, both when they are buying and since they have bought. Countrywide remains as one of the ugliest mortgage lenders of the housing bust, so much so that the FBI is now investigating their lending practices for evidence of fraud. There are still good lenders out there, but it pays to scrutinize any loan offer you are signing so that you don’t get caught in perilous lending practices that can put your home on the auction block.
How to Protect Yourself
If you have a loan that is currently under any mortgage lenders under investigation, it doesn’t mean you can’t refinance with someone else. You also want to steer clear of mortgage companies that may be going bankrupt as this can block the closing of the house sale at the last minute. You want to work with a reputable lender who isn’t in financial straits, to make sure you are not faced with a lender pulling out right before the papers are signed.
Get several offers from a variety of mortgage lenders, so that you know exactly what to expect. If your realtor or builder tries to get you to sign with one lender only, then this may be a tactic to keep you uniformed. The more offers you review, the more knowledgeable about what is a good offer for your particular financial situation.
Do your own homework. Don’t expect realtors or mortgage lenders to have your best interest at heart. You need to understand the terms of the loan as clearly as possible. If you don’t, you can always attend local homeownership courses at your local community college or through the Department of Housing and Urban Development (HUD). Never sign anything you don’t understand, especially if you are being pressured to do so within a short timeframe.
Never lie on your loan documents and avoid lenders that encourage you to fudge the numbers. This is an indication that you can’t afford a particular home and fudging the numbers is not likely to help you in the long run. It will, however, help the mortgage broker who makes a commission on preparing the loan documents. So, stick to the guidelines and try to stay within budget.
Avoid lenders that offer to fill in the blanks for you, just allowing you to sign on the bottom line. This can also be a practice of fraudulent “home ownership counseling” programs that make a commission on house sales in a particular area. Again, you should be the most informed consumer on how you will manage the debt of a home mortgage, not your lenders, your real estate agent, or even a counseling program.
Mortgage Processor News
USA Debt Processors Launches Affiliate Program for Mortgage Brokers, Financial ... - PR Web (press release)
USA Debt Processors Launches Affiliate Program for Mortgage Brokers, Financial ... PR Web (press release) USA Debt Processor's has launched a new program that helps financial and sales professionals across the country offer one more service to their existing client base. This program allows professionals to monetize clients that suffer from financial ... |
* Private sector added 119000 jobs in April - Reuters
 Telegraph.co.uk | * Private sector added 119000 jobs in April Reuters * Private sector added 119000 jobs in April * Job creation falls well below expectations * Factory orders fell 1.5 percent in March * Mortgage purchase applications rose last week By Leah Schnurr NEW YORK, May 2 (Reuters) - US companies hired the ... Private-sector hiring slows in April, stirs concern Private-sector hiring slows in April |
New Central Counterparty for Mortgage-Backed Securities Brings Significant ... - MarketWatch (press release)
New Central Counterparty for Mortgage-Backed Securities Brings Significant ... MarketWatch (press release) As the month progressed, DTCC said the processing of "Class B and C" MBS trades through the central counterparty also brought significant reductions in the number of securities and payments that had to be delivered to complete the transactions, ... |
Real Estate Attorney, Mortgage Loan Officer, and Loan Processor Plead Guilty ... - Mortgage Daily
Real Estate Attorney, Mortgage Loan Officer, and Loan Processor Plead Guilty ... Mortgage Daily Preet Bharara, the United States Attorney for the Southern District of New York, announced today that real estate attorney Eric Finger, mortgage loan officer Reginald Johnson, and mortgage loan processor Denise Parks each pled guilty this week for ... |
New Central Counterparty for Mortgage-Backed Securities Brings Significant ... - EON: Enhanced Online News (press release)
 Investment Europe | New Central Counterparty for Mortgage-Backed Securities Brings Significant ... EON: Enhanced Online News (press release) As the month progressed, DTCC said the processing of “Class B and C” MBS trades through the central counterparty also brought significant reductions in the number of securities and payments that had to be delivered to complete the transactions, ... DTCC Begins User Testing on Foreign Exchange Repository |
NVIDIA outs GeForce GTX 670 GPU: it's Kepler without the mortgage - Engadget
NVIDIA outs GeForce GTX 670 GPU: it's Kepler without the mortgage Engadget Nevertheless, you'll still get the same 28nm chip architecture and 2GB of DDR5 RAM, along with NVIDIA's GPU Boost technology that autonomously overclocks the processor to make use of available headroom. In terms of official performance claims, ... |
Fed study rejects standard explanations for housing bubble - WBXH
Fed study rejects standard explanations for housing bubble WBXH More >> A major beef processor has declared bankruptcy, citing the backlash against 'pink slime.' The economic fallout from pink slime is just beginning.More >> By Kirk Haverkamp The most popular beliefs as to what caused the US mortgage crisis and ... |