Countrywide Home Loans Inc., Calabasas, Calif., has announced a new program to streamline home loan applications.Countrywide's Fast and Easy Loan for single-family, detached homes allows homebuyers with solid credit histories and homeowners who want to refinance to apply for a loan without providing documentation of income or assets. To apply, a borrower provides only basic information on salary, financial assets, and debts (no documentation necessary); authorizes Countrywide to verify credit information; and provides personal identification prior to loan closing. The product is a conforming, fixed-rate loan available for terms of 10, 15, 20, 25, and 30 years. It requires a at least a 10% downpayment.
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The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
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The top five depositories have a combined wholesale volume of more than $15 billion at the end of Q4 2023.
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Among opportunities to be offered to the program's fifth class of startup entrepreneurs are bank-provided mentorships and sessions with technology leaders and regulatory experts within home finance.
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Financial advisors and tax experts say HOA fees are usually not deductible, unless the home is used for a business or as a rental property.
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The broker argues it did not break any agreement because it never signed an amendment to UWM's ultimatum in 2022.
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The racial gap in first-time buyers' ability to maintain their status as owners has also narrowed over the last two decades, the agency's researchers reported.
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