Almost one-third (31%) of seniors are carrying $100,000 or more of mortgage debt, according to a survey of seniors aged 62-75 from Financial Freedom Senior Funding Corp., a reverse mortgage lender based in Irvine, Calif.More than half, 56%, said they expect it to take 10 years to pay off the mortgage debt, and 11% said they never expect it to be paid off. The findings come from Financial Freedom's Senior Sentiment Survey, which explores the financial, social, and quality-of-life attitudes of older Americans. The company, a subsidiary of IndyMac Bank FSB, can be found online at http://www.financialfreedom.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
5h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
6h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
9h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
11h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16