Bank of America, Chase, and Citigroup have all finished compliance reviews mandated by the National Mortgage Settlement. This new is coming off the December 2013 release that all 3 banks had failed 2 or more of the 29 required metrics for compliance. "Bank of America continues to work hard to ensure that our customers in…Read more
Freddie Mac Loosens Mortgage Rules to Lower Putback Requests
Freddie Mac and Fannie Mae have forced lenders to buy back over $10 billion of mortgages have released a statement outlining that they are loosening the rules that have causes many mortgage banks to not extend credit to thousands of Americans. These changes came directly from the Federal Housing Finance Agency via a memo released…Read more
What is Mortgage Insurance?
Mortgage Insurance (MI), sometimes known as Private Mortgage Insurance (PMI), is an insurance policy taken out by the lender in case the homeowner defaults on the loan. In most cases, MI is only required when the homeowner has less than 20% equity in the home.Read more