The interest and principal payments on hybrid adjustable-rate mortgages do not increase by 40% to 50% as alleged by consumer groups, the Mortgage Bankers Association says in a letter to the new Senate Banking Committee chairman."Hybrid ARMs are not 'exploding mortgages'," the MBA says in the letter to the chairman, Sen. Christopher J. Dodd, D-Conn. The interest rate on hybrids generally increase by 2-3 percentage points after the fixed-rate period expires, but most lenders cap the adjustment at 1.5% to 2%. MBA stressed that bringing hybrid ARMs under the nontraditional mortgage guidance is "unwarranted" and will only curtail the availability of credit to homebuyers and borrowers seeking to refinance. Sen. Dodd recently joined with five other senators in urging bank regulators to include subprime ARMs, such as 2/28 ARMs, under the nontraditional mortgage guidance. The MBA can be found online at http://www.mortgagebankers.org.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
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Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
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A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25