As part of a plan to help borrowers better understand their mortgage options, JPMorgan Chase has unveiled simplified disclosures, tightened credit standards, and a requirement of an initial fixed rate of at least five years on adjustable-rate mortgages for nonprime borrowers.The company said it will also use underwriting guidelines that require borrowers to demonstrate their ability to handle increases in interest rates on nontraditional mortgages. "Our simplified mortgage disclosure and product choices will help meet the goals of borrowers as well as investors, community leaders, and regulators in today's challenging housing market and beyond," said David Lowman, chief executive officer of Chase Home Lending, the mortgage unit of JPMorgan Chase. The company said its simplified disclosures enable consumers to compare product features for traditional and nontraditional mortgages and provide more information on how an adjustable-rate feature can affect the monthly payment. Chase Home Lending can be found online at http://www.chase.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
7h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11