Six federal financial regulatory agencies have issued the final rule that establishes new appraisal requirements for “higher-priced mortgage loans.” The rule implements amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act… Continue Reading
Homeowners wary of being taken in by bogus “loan modification specialists” should not assume that a law office is the most reliable way to work with their lender. Consumer advocates say a growing number of fraudulent modification services involve lawyers,… Continue Reading
The Consumer Financial Protection Bureau (CFPB) issued new rules that define a “qualified mortgage (QM),” which will protect borrowers from deceptive lending practices. The CFPB was charged with drafting and implementing the rules under the 2010 Dodd-Frank Wall Street Reform… Continue Reading
Housing activity began to turn around in 2012 and will continue to pick up in 2013, according to Frank Nothaft, chief economist for Freddie Mac. Read the full story
Homeowners having trouble paying their mortgage are often required to write a hardship letter when applying for a loan modification. Such a letter is a requirement for modification applications under the government’s Making Home Affordable program. A hardship letter is… Continue Reading
Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to… Continue Reading
Many home buyers think that real estate auctions are the best way to get a good deal on a home. While there are certainly deals to be had, auctions also can be dangerous for buyers. Buyers planning to attend an… Continue Reading
While they are overseas protecting our country, military personnel often have problems meeting certain financial obligations at home, such as keeping current on their rent or mortgage obligations. Last August, President Obama signed a law that strengthened existing provisions aimed… Continue Reading
The start of the new year brings more protections to California homeowners, mainly those who are trying to save their properties from being repossessed. The Homeowner Bill of Rights, signed by Gov. Jerry Brown in 2012, is a set of… Continue Reading
In October of 2009, pursuant to SB 94, it became illegal for any person, including lawyers, real estate licensees, corporations, companies, partnerships, or any other licensed or unlicensed person or party, to demand, charge, or collect any advance, up-front, or… Continue Reading