HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. The “New RESPA Rule FAQs” were comprised from industry questions and are posted to facilitate implementation of these new requirements. more…
NEW YORK - The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac.
The Treasury Department said Thursday it removed the US$400-billion financial cap on the money it will provide to keep the companies afloat. Already, taxpayers have shelled out $111 billion to the pair, and a senior Treasury official said losses are not expected to exceed the government’s estimate this summer of $170 billion over 10 years. more…
Starting Jan. 1, if you’re offered less-favorable terms than other people on a credit application because of a problem in your file, you’ll be able to receive a free copy of your credit report or, possibly, a free credit score. more…
Slowly but surely, we’re getting a glimpse under the hood of credit scoring.
Scoring has emerged as a key tool that lenders rely on when deciding whether to extend credit to potential borrowers, and at what price. Anyone with a credit history has one or more credit scores. more…
Is a bankruptcy filing in your future? Hopefully the answer is no, but the pressures from a weak economy are pushing more Arizonans over the edge.
The number of people seeking relief from creditors continues to escalate. more…
At full throttle, the intense thrill of driving the 1,001-horsepower Bugatti Veyron 16.4 Grand Sport alarms the senses into focusing on the road rushing past as you try to harness the car’s power with its equally capable agility.
Crashing this $2.3 million supercar loaner into a lake is not an option I care to explore as I blast down the twisting Bartlett Dam Road on a recent morning. more…
Home appraisers are expected - and trusted - to provide honest and accurate reports on a property’s value for the buyer, seller and lender. Appraisals are the first link in the chain of decisions and agreements that result in a mortgage and the stated value of a home. more…
WASHINGTON - The Obama administration on Monday announced a renewed push to get mortgage companies to convert thousands of temporarily restructured home loans into permanent ones by the year’s end to help keep struggling homeowners from falling into foreclosure. more…
A federally backed program that would allow former homeowners to remain in their homes as tenants could help some struggling Valley families maintain a sense of continuity after losing their homes to foreclosure.
But the Deed-For-Lease program, announced earlier this month by mortgage holding company Fannie Mae, is most likely aimed at solving an existing problem for real-estate investors, some local housing professionals said. more…
When foreclosure homes come up for public auction in Phoenix, a minimum opening bid is set and bidding is open to anyone.
At least that is the way it’s supposed to work. more…