Two U.K. mortgage disclosures need to be provided more consistently to customers at the right time in the sales process, according to a recent Financial Services Authority survey that examined firms' sales processes under new mortgage rules.In reaction to the survey, the U.K.'s Council of Mortgage Lenders acknowledged that "there is still work to do to make sure that the Initial Disclosure Document (IDD) and Key Facts Illustration (KFI) are consistently provided to customers at the right time in the sales process." However, the trade group noted that the FSA's survey also "found various examples of good practice within the industry." The CML can be found on the Web at http://www.cml.org.uk.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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