These kids in Zuni, N.M., have beautiful new houses to live in thanks to their families' more than 250 hours of sweat equity, mortgages from the U.S. Department of Agriculture, and a housing authority that went the extra mile. Image: Zuni Housing Authority
Three families from a small American Indian reservation in New Mexico overcame a good many obstacles to take advantage of a USDA program that rewards sweat equity with financing to build new homes.
WATCHFUL EYE: "I think we've had more scrutiny on CRA policies and procedures - the whole industry has," said Craig Roda, an executive at Fulton Financial. "That's an industry given."
Many banks are aggressively closing branches to cut costs. Those banks must be mindful about branches in moderate- and low-income neighborhoods or risk downgrades after their next Community Reinvestment Act examination.
The electronic document uploading and automated status updates in Roostify's technology create a mortgage process
Technologies that bridge the gap between originators and real estate agents are designed to improve communication and lead management, which is crucial when loan officers are competing for referrals from top agents in a purchase-driven market.
AMC Lending Group's Logan Mohtashami has found social media success by avoiding overt sales pitches and instead providing a unique take on the market that's translated into active engagement online and a nice bump in new business.
Image: Fotolia
A mortgage industry laden with government enticements has no choice but to honor a duty to serve its benefactor's affordable housing goals, claim the contributing authors of a new book.
Rep. Fernand St Germain
The 14-term congressman was a dominating force as House Banking Committee chairman. But the savings and loan deregulation bearing his name tarnished his legislative record, and ethics allegations created a cloud of suspicion that led to his ouster.
Equity sharing, a fledgling concept that never managed to gain traction as a loss mitigation strategy during the housing crisis, is being reincarnated as an alternative to home equity loans and other second-lien mortgage products.
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