GMAC Residential Funding has announced an expansion of its mortgage loan guidelines that will allow lenders and correspondents to offer more real estate financing options.The new guidelines include increased loan amounts for home equity loans and the "alignment of our Goal Line and Goal Loan second-mortgage products with our prime first-mortgage products, making it easier to originate and sell simultaneous transactions," the Minneapolis-based company said. The guidelines also allow additional options and higher loan amounts in various documentation, occupancy, and property types under the company's AlterNet nonprime program, and expanded criteria under its Payment Option program to increase affordability, GMAC Residential said. The company can be found online at http://www.gmacrfc.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.
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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.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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