Hispanic and low- and moderate-income borrowers are having trouble getting mortgage financing, according to the National Association of Hispanic Real Estate Professionals, which is urging Congress to pass a Federal Housing Administration reform bill to help alleviate the credit crunch."Our members overwhelming favor reform and believe a majority of their customers could benefit from an FHA loan," NAHREP chairman Felix DeHerrera said. The House is expected to vote on an FHA reform bill (H.R. 1852) during the week of Sept. 17. Nearly 67% of the NAHREP members surveyed by the trade group and Wells Fargo Home Mortgage said they have turned away one-third of their customers because they could not qualify for conventional mortgage products. "However, 77% of respondents said that more than half of their customers could be helped if proposed changes in FHA programs are enacted," NAHREP said. About 58% of NAHREP's 14,000 members are real estate agents and 34% are mortgage brokers and lenders.
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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.
April 25 -
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 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25