SouthStar Funding, an Atlanta-based wholesale lender, has introduced a feature that simplifies its payment-option adjustable-rate mortgage by offering fixed minimum monthly payments for up to five years.The 5 Year Fixed Choice Option ARM offers the fixed payment based on an introductory rate as low as 2.99%, nearly eliminating required payment increases typical of option ARMs, SouthStar said. "Due to the potential minimum payment increases, most option ARM products can be confusing to borrowers and difficult for brokers to fully explain," said Mike Fierman, SouthStar's executive vice president and national production manager. "Providing a fixed minimum payment for the first five years simplifies the product for brokers and borrowers, and decreasing the negative amortization cap greatly reduces the risks associated with negative amortization and minimum payments." The company can be found online at http://www.southstar.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.
6h ago -
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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11