Brokers News 

How to find a trusted mortgage broker

“We usually recommend that you talk to a mortgage lender, mortgage broker, local bank and local credit union when searching for a lender” reports washingtonpost.com. Q: We’ve been working with a great real estate agent who was recommended to us by a trusted friend.If you trust the agent and trust the mortgage broker, you might be all set.We’ve found that most real estate agents want to work with good mortgage brokers and lenders to get their deals done.In the grand scheme of things, you have a mortgage broker you like, the…

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10 ways to pull together the down payment for a home

“Have the difference between your old and new paychecks funneled automatically into your down payment savings” writes Marilyn Lewis for aol.com. Pledge to put every tax refund, gift of cash, purchase refund and work bonus into your down payment account.Get going by setting up a savings account that pays the most interest possible.If you’ll be tempted to divert the money to other needs, set up an account solely for the down payment. Source: aol.com Share This:

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These Obama appointees could cause another housing collapse

“Such loans were blamed for plunging millions of minorities into foreclosure in the last housing crisis” writes Paul Sperry for nypost.com. Analysts say the loosening of credit criteria will have a ripple effect throughout the housing market.Cordray, meantime, has sicced his powerful agency, CFPB, on Equifax, Experian and TransUnion, to help ease credit restrictions on minorities as well.But Watt thinks FICO credit is too strict and cuts off millions of low-income minorities and immigrants from mortgages.Fannie and Freddie rely on FICO credit scoring to predict risk. Source: nypost.com Share This:

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News Stocks 

Wells Fargo stock slides after tepid growth, legal costs weigh on earnings

“Shares of Wells Fargo & Co. {s: wfc] slid 1.8% in early-morning trading Friday as the bank reported lower-than-expected revenue, and earnings muddied by a one-time charge” writes Andrea Riquier for marketwatch.com. “Over the past year we have made fundamental changes to transform Wells Fargo as part of our effort to rebuild trust and build a better bank,” CEO Tim Sloan said in a release.”We saw total average deposit growth; loan growth in our residential mortgage, credit card and subscription finance portfolios; as well as higher assets under management in…

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Goldman Sachs is buying a lender that specializes in house flippers

“Goldman Sachs Group Inc has agreed to buy private mortgage lender Genesis Capital LLC as the Wall Street bank looks to new businesses for growth while trading revenue remains sluggish” writes Olivia Oran for businessinsider.com. Goldman is grappling with ways to boost revenue as trading, its traditional profit engine, has slowed amid post-financial crisis regulations.Lending to house-flippers is another way in which Goldman can put its deposits to work.Pushing more deeply into lending to both large corporations and consumers, Goldman purchased $17 billion worth of online retail deposits last year…

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When higher credit scores don’t always mean lower interest rates

“In an ideal world, an excellent credit score should mean you get a lower interest rate than people who have worse scores” writes Personal Finance Editor for marketwatch.com. In fact, 25% of accounts with excellent scores had an interest rate higher than 20% of those with lesser scores, he said.He analyzed 15 million credit scores from consumers — and their interest rates.And a low credit score doesn’t necessarily mean that you are irresponsible with money or even have no money. Credit scoring models look at the amount a consumer owes…

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How America’s Biggest Bank Paid Its Fine For The 2008 Mortgage Crisis — With Phony Mortgages

“In letters signed by vice president Patrick Boyle, JPMorgan Chase forgave at least 49,355 mortgages in three separate increments” writes Mychal Denzel Smith for thenation.com. Dimon himself ordered the delay, according to the minutes of JPMorgan Chase meetings that cite the bank’s chairman and CEO by name.The bank also forgave additional mortgages, but the exact number is unknown because the bank stopped sending homeowners notification letters.Nor is it known how many of these forgiven mortgages didn’t actually belong to JPMorgan; the bank refused The Nation’s request for clarification. Source: thenation.com Share…

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US 30-year mortgage rates average rises to 3.85 percent

“Long-term mortgage rates ticked up slightly this week as the average Mortgage buyer Freddie Mac says the 15-year home loan, often used by homeowners who refinanced their mortgages, also rose slightly to 3.15 percent from 3.13” reports foxbusiness.com. While near historically low, mortgage rates are higher than they are a year ago.The increase reflects in part the expectation that President Donald Trump and the Republican majority Congress will approve tax cuts that are meant to stimulate growth and could possibly increase the deficit.Rates on long-term home loans typically track the…

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This lender will now help mortgage borrowers crowdfund their down payment

“Crowdfunding a down payment could also help people put down a larger down payment than they otherwise would have” writes Jacob Passy for marketwatch.com. If home buyers use HomeFundMe, they can collect the money for a down payment and will receive a mortgage from CMG Financial.When borrowers are pre-qualified for HomeFundMe they have the opportunity to review fees, rates and payment with a loan officer.In one pricing scenario CMG provided, a 30-year fixed-rate loan for a $300,000 home in Murfreesboro, Tenn., with 5% down would have an APR of 4.2409%…

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The pros and cons of a mortgage with zero down payment

“Some lenders have offered grants to borrowers to bridge the down payment difference and promote zero down payment loans” writes Hal M for marketwatch.com. In the past year or so, a number of lenders have begun offering 1% and zero down payment programs.USDA loans  — Loans guaranteed or issued directly through the Rural Development Guaranteed Housing Loan Program of the U.S. Department of Agriculture are another mortgage option that requires no down payment.A mortgage with no down payment seems a little bit like scoring a buy-a-home lottery ticket. Source: marketwatch.com Share…

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