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 enterprise was able to improve on its year-over-year number for loan purchases and earnings in the seasonally weak period, but both were down on a consecutive quarter basis.
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Both purchase and refinance activity slowed, with inflation likely to keep interest rates at challenging levels for future borrowers, according to the Mortgage Bankers Association.
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Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
April 30 -
Profits in the originations and servicing segment at Newrez drove earnings, while a possible spinoff of Rithm's mortgage operations is still seen as a "work in progress," according to company leaders.
April 30 -
Rep. French Hill, the No. 2 Republican on the House Financial Services Committee, promised bankers Tuesday that he will continue to push back against Biden administration regulators, especially on bank-fintech partnerships and digital assets.
April 30 -
The investment giant said its direct-to-consumer channel will offer ancillary products in preparation for any future refinance environment.
April 30