The Credit Union National Association and 61 member institutions have committed at least $1 billion to fund a low-income, first-time homebuyer program offering below-market-rate ARMs.At a Monday news conference, CUNA said it hopes to have another $1 billion in affordable housing commitments by year-end and $10 billion over five years. The Home Loan Payment Relief initiative -- geared toward borrowers with household incomes at or below the median -- will provide 3/1 adjustable-rate mortgages at a 100-basis-point discount. Based on current market rates, the HLPR loan is being offered at 4.5%. CUNA said consumers are required to put at least 3% down. Rate adjustments are capped at 1% a year and five points over the life of the loan. CUNA said participating CUs are "voluntarily bearing the cost" of the below-market loans. CUNA can be found on the Web at http://www.cuna.org.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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