The three national credit reporting agencies have agreed to pay $2.5 million in fines to the Federal Trade Commission to settle allegations that they blocked consumers from correcting errors on credit reports. The FTC alleged that Equifax Credit Information Services Inc., Trans Union LLC, and Experian Information Solutions Inc. violated the Fair Credit Reporting Act by failing to maintain toll-free telephone numbers with adequate personnel so that consumers could discuss credit report errors. "The reality is that consumers never got the access to the consumer reporting agencies that the law guarantees," said Jodie Bernstein, the FTC's director of consumer protection. Equifax agreed to pay $500,00 and Experian and Trans Union agreed to pay $1 million each.
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The 2022 vintage had a higher percentage of purchase mortgages, as well as 30-year fixed-rate loans versus the 2021 production, an annual Federal Housing Finance Agency report said.
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Almost half of parents said their grown children returned to live with them after graduation, placing greater challenges on their own long-term housing and retirement goals, according to a recent survey.
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In total, 84 producers from mortgage lenders including Summit Funding and Movement Mortgage have transitioned to Fairway Independent Mortgage.
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But the mortgage unit of Intercontinental Exchange narrowed its quarterly losses and touted the addition of several new customers this year in its earnings call.
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Mortgage rates reached their highest point since the end of November, seemingly not severely impacting Spring home purchase activity, Freddie Mac said.
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The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
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