National Mortgage Company, national mortgage news.#National #mortgage #news


Buying or Selling? Call us today.

  • National mortgage news
  • National mortgage news
  • National mortgage news
  • National mortgage news
  • National mortgage news

We are passionate people who are willing to challenge the ordinary. We specialise in mortgage servicing and providing high quality residential lending solutions to our partners, customers and fast-growing network right across Australia.

National mortgage news

Mortgage Professional Australia Hot List 2015

Mortgage Professional Australia (MPA) Magazine has announced Steve Dover, CEO of National Mortgage Company, has made the Hot List.

National mortgage news

National Mortgage Company Acquires Australian First Mortgage

National Mortgage Company acquires the shares of AFM, 16th March 2015. Australian First Mortgage has announced it will merge.

National mortgage news

Privacy Act Amendments 2014

The Privacy Act amendments, including the introduction of Comprehensive Credit Reporting (CCR), took effect Wednesday 12 March 2014.


CBC News – Disclosure vs, national mortgage news.#National #mortgage #news


National mortgage news

Canada’s convoluted rules for prepayment penalties cause issues for consumers, lawyer says

Posted:Jun 19, 2017 5:00 AM ET

National mortgage news

Nadim Kara says he feels his mortgage lender did not give him all the information he needed to know about breaking his mortgage. Craig Chivers/CBC

Related

Related Stories

A Toronto man is warning people to take a close look at the penalties they’ll face for breaking a mortgage before they lock in, after his paperwork didn’t include important information that would have saved him more than $10,000 in fees.

“I was frustrated that a key piece of information hadn’t been disclosed to me,” Nadim Kara says.

“Particularly as that piece of information wasn’t in the mortgage contract so I had done what I thought was my due diligence and you know, I read the papers. I read the contract, I called them, I check in online.”

Mortgage contracts have to disclose all information on penalties for ending a mortgage early and how they will be calculated.

Kara didn’t know it then, but missing from his mortgage contract was information about a little known rule — homeowners with a fixed term longer than five years can only be charged a penalty of three months’ interest if they break their mortgage after the fifth year, not the much higher interest rate differential fee.

In Kara’s case, if he had waited just 60 more days, his penalty would have shrunk from $13,000 to $3,000.

National mortgage news

Nadim Kara and Tori Ingram live in Toronto with their daughter. (Craig Chivers/CBC)

While Kara’s issue has now been resolved, he’s frustrated no one is taking responsibility and worries other Canadians may be paying higher penalties than they should be.

In 2012, Kara and his wife moved from Ottawa to Toronto, renting out their Ottawa house, hoping it would increase in value over the years.

By February, that hadn’t happened and they were losing money, so Kara started looking into the cost of selling — reviewing his mortgage documents and contacting his mortgage company, First National Financial, to ask about penalties for breaking his mortgage early.

By the time the Ottawa house sold, Kara was less than two months away from the five-year mark on his mortgage — and that big reduction in penalty costs.

The fees associated with paying out mortgages early top the list of Canadians’ complaints to the country’s banking ombudsman, according to numbers provided by the independent investigator.

Experts say the rules, which apply to some lenders but not others, are so convoluted they leave Canadians who break or renegotiate mortgages confused and suffering from “sticker shock” when they are dinged with massive fees.

“If I had all the information in front of me, I would have made a different decision and I think that’s the key,” Kara says.

‘Duty of care’ not met, says homeowner

He found out he could have saved thousands only after the sale closed; the information was in the mortgage discharge papers provided by First National.

“I think there’s a duty of care to your client, to walk them through the options and to be transparent. And I don’t feel that’s what happened here,” he says.

The next day, May 2, he asked the company to refund the $13,000 penalty and charge the three-month interest fee of $3,000 instead. It initially refused and repeatedly told Kara it was “case closed.”

“I mean we’re not buying a sweater, right? This is a multi-hundred-thousand-dollar purchase,” Kara says. “There is an inherent conflict in financial institutions, between disclosure and maximizing profit.”

National mortgage news

Nadim Kara says he contacted First National twice to confirm how the prepayment penalty would be calculated. (CBC)

More than a month later, and just hours after First National learned Go Public was involved, the company changed its mind and agreed to charge Kara the $3,000 penalty.

Refund offered

Go Public put the issue to both First National Financial and the brokerage, Integrated Mortgage Planners.

“After taking all circumstances into consideration, and in the interests of maintaining goodwill with this borrower, we made the decision to decrease the prepayment fee and a refund was made to Mr. Kara,” Robert Inglis, chief financial officer of First National Financial, tells Go Public in an email.

“We concluded that our calculations had been made in accordance with his mortgage terms. Notwithstanding, we noted that written disclosure of his prepayment privileges and fees could have been made clearer by his mortgage broker at the time he entered into his mortgage,” Inglis wrote.

The broker, Dave Larock, tells us he did verbally inform Kara and his wife of the five-year repayment rule when they signed the original mortgage documents in 2012, but couldn’t include the information in the mortgage documents because they are “system generated” and “cannot be modified.” He also says the documents meet “every standard required by the regulator.”

Larock took the extra step of following up with Kara near the five-year anniversary of the mortgage to talk about options, but was unaware Kara had already sold the house.

Convoluted rules cause problems

What happened to Kara is an example of how Canada’s convoluted rules around the disclosure of prepayment penalties are causing problems, according to civil litigation lawyer Kieran Bridge.

Most federal rules, he says, apply to banks but not private lenders like First National, which fall through the cracks.

Bridge also says bank mortgages aren’t without problems. He’s argued successfully in cases where banks incorrectly applied complicated mathematical formulas to calculate penalties or failed to clearly disclose penalty information to homeowners.

National mortgage news

Lawyer Kieran Bridge is leading a class action lawsuit against CIBC over mortgage prepayment penalty disclosure. (Ken Leedham/CBC)

Under federal legislation, banks should disclose how mortgage break penalties are calculated and how they will change over time.

Homeowners also have certain responsibilities, he says. Many don’t pay attention to what ending their mortgages early will cost them at the time they lock in. The other issue, he says, is with the technical language used in the documents they sign.

For example, in Kara’s case he was told his penalty would be calculated according to a method called the interest rate differential (IRD). Typically, penalties on fixed mortgages are calculated using whichever is higher, three months’ interest or IRD. With today’s interest rates, the IRD is always a much higher fee.

“That is one of the things I looked for — what was in the paperwork that the customers were given when they entered into their mortgage? What did it say about what prepayment penalty they might have to pay and how it will be calculated?” Bridge says.

‘Clear direction’ needed, lawyer says

In 2010, the federal government’s budget included a promise to standardize the calculation and disclosure of mortgage prepayment penalties. Despite those promises, not much has changed, Bridge says.

“I think that the government does have a role here in providing very clear direction through regulation on what disclosure is required prior to these types of transactions taking place,” Kara says.

National mortgage news

Nadim Kara says he was not told he should wait two months before selling a house in Ottawa in order to save more than $10,000. (Craig Chivers/CBC)

He has some advice for consumers looking to break their mortgages.

“I think the number 1 thing I want them to know is that the first question to ask is . What are all of my options today and in the near future with respect to breaking my mortgage and how does the penalty that I will have to pay change today versus whether I wait months or years?” he says.

“I don’t want this to happen to anyone and I really, above all, I just want other people to have this information so that they can protect themselves.”

Submit your story ideas

Go Public is an investigative news segment on CBC-TV, radio and the web.

We tell your stories and hold the powers that be accountable.

We want to hear from people across the country with stories they want to make public.


Relocation Services – Real Estate Mortgages Agents Rentals Movers, national mortgage rates.#National #mortgage #rates


national mortgage rates

National mortgage rates

Quick Easy Real Estate Search

Real Estate Information

Get home values and area information across the United States. Gain access to property for sale in your desired area. If a home is listed on the Multiple Listing Service (MLS), it will be accessible through one of our great National Relocation real estate agents.

Compare Mortgages Loans

National mortgage ratesCompare mortgage rates and home loan information from multiple mortgage companies and lenders. National Relocation has information on many types of different loans and programs whether you are purchasing or refinancing. Check out our different mortgage calculators and tools as well.

Foreclosures

Invest in foreclosures and save big bucks. We provide foreclosure listings for home buyers, investors and bargain hunters across the United States. Our real estate agents can also assist you with locating a bank owned, REO, handyman special and foreclosed properties.

Movers

National mortgage ratesWe offer access to two types moving solutions for your move. You can get quotes from traditional movers or you can save time and money by using our auction-style market place. Where you can list your move and get bids from moving companies powered by UShip.

Realtors

Moving to a new area can be an exciting experience. However, there is no doubt you will have many questions about your new city. One of the first things you will want to do is get in contact with a licensed real estate agent, or REALTORS , who can help determine the best housing options for you.

Home Inspectors

Home inspections are an important part of the home buying process. It is important to get a professionally trained home inspector to do a thorough examination of your potential home to detect any existing or potential problems the property may have. Check our online directory to locate a home inspector in your neighborhood.

Insurance

When relocating to a new state it is important to get insurance to protect you and your assets. You can receive quotes from multiple insurance companies and use our different insurance tools to determine what is good for you.


Interest Rates and Returns – Mortgages, National Bank, national mortgage rates.#National #mortgage #rates


Mortgages

Make a simulation to determine how much you can pay for your home.

Simulate your mortgage payments to establish your budget.

Facilitate your search for a home by requesting a mortgage pre-approval.

Ready to buy? Fill out the online mortgage application.

Rate (%) as of November 16, 2017 4:00 PM

National Bank All-In-One

Save money with the All-In-One. More than just a mortgage, it is a line of credit that will help you buy a house and fund your projects. Learn more.

Fixed-rate mortgage

Go for a fixed rate mortgage if you want to protect against fluctuations in interest rates throughout the chosen term. Learn more.

* This term is not available for a new loan. It is indicated shown for reference only.

Variable-rate mortgage

Get a discount on the lowest rate on the market! The variable-rate is adjusted monthly. Learn more.

Capped rate**= 4.990

** The capped-rate (maximal rate) is determined according the 5-year term at time of signing.

*** This product is not available for a new loan. It is indicated shown for reference only.

Make a simulation taking into account your financial situation to determine how much you can pay for your home.

Simulate your mortgage payments by varying the frequency and the rate of interest to establish your budget.

1 Rate can be guaranteed up to 90 days following receipt of the request.

2 Rates may differ if amortization exceeds 25 years, contact an advisor for more information.

3 APR means Annual Percentage Rate and represents the total interest and fees charged by the Bank, expressed as an annual percentage. As borrowing costs consist only of interest, the APR is the annual interest rate in effect as at October 20, 2017.

Financing subject to credit approval by National Bank. Limited-time offers. Limited time offers and rates are subject to change. Financing must be for a residential dwelling with 1 to 4 units. Employees of National Bank, its subsidiaries and affiliates are not eligible for these offers. National Bank reserves the right to end the promotion at any time without notice. Complete details and conditions are available in branches.


Current Interest Rates on Home Loans, Savings, Car loans – CD Rates, national mortgage rates.#National


Today’s Interest Rates and Financial Advice:

National mortgage rates

Financial Advice

Would you like to buy a home but worry that you’d never qualify for a mortgage? It’s time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

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The average cost of financing a new or used car or truck has stayed low over the past year, making auto loans a bargain by any historical measure. And buyers with reasonably good credit can always take advantage of the discount loans automakers are offering on many models.

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Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

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You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.

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National mortgage rates

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Individual retirement accounts, or IRAs, are a great way to build financial security for you and your family. They’re easy to open and our simple strategy helps you make all the right decisions now, and in the years ahead.

National mortgage rates

National mortgage rates


National Mortgage Settlement: Who Benefited, national mortgage.#National #mortgage


National Mortgage Settlement: Who Benefited

The National Mortgage Settlement of 2012 required that certain banks (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) provide extensive relief to borrowers in the form of loan modifications, refinancing, and even cash payouts. Read on to learn more about the National Mortgage Settlement.

State and federal investigations into mortgage foreclosure activities revealed extensive mortgage servicing misconduct by certain banks, including:

  • robosigning (where foreclosure documents were signed by people who had no knowledge about whether the information contained in the documents was correct)
  • inaccurately notarized documents
  • improper foreclosure procedures, and
  • deceptive practices in the loan modification process (such as telling borrowers that a loan modification was imminent while simultaneously foreclosing).

As a result of these investigations, in February 2012, 49 state attorneys general and the federal government reached a historic settlement with five of the nation s largest banks. The settlement held them accountable for the servicing violations that contributed to the mortgage crisis in this county.

The National Mortgage Settlement provided up to $25 billion in relief to current and former homeowners.

Who Benefited From the Settlement

The settlement benefits were for those borrowers whose loans are owned or serviced by the following five major loan servicers:

  • Ally/GMAC/Residential Capital LLC (known as the “ResCap” parties)
  • Bank of America
  • Citi
  • JPMorgan Chase, and
  • Wells Fargo.

To find out who your mortgage servicer is, look at your mortgage payment coupon. The company that you make your monthly mortgage payment to is your mortgage servicer (which may be different than the owner of your loan).

Settlement applied to owner-occupied homes. The settlement applied if the loan was for an owner-occupied property that is the primary residence of the borrower.

Fannie Mae and Freddie Mac loans were not a part of the settlement. Loans serviced by one of the servicers above, but owned by Fannie Mae or Freddie Mac, were not eligible for benefits under the settlement.

Borrowers in Oklahoma were not covered. Borrowers from Oklahoma were not entitled to any of the relief provided for in the settlement because that state elected not to join the settlement. (Oklahoma made its own agreement with the five servicers.)

Mortgage Relief Provided by the Settlement

As of March 2014, all five settling banks have satisfied their consumer relief and financing obligations under the settlement. Here are some of the remedies that were provided.

Loan Modifications for Struggling Homeowners

The settlement provided assistance for struggling homeowners in need of a loan modification, including first and second lien principal reductions. (Lower principal balances result in lower payments, thus allowing homeowners a chance to retain their property.)

Refinancing for Underwater Homeowners

Homeowners who were current on payments, but whose property value was underwater (where the amount owed to the lender is more than the home s fair market value), were granted refinancing relief.

Cash Payouts for Borrowers Who Lost Their Homes

Homeowners who lost their homes because they were not properly offered loss mitigation options or were otherwise improperly foreclosed on between January 1, 2008 and December 31, 2011 were eligible for cash payouts from a $1.5 billion fund.

Amount of the payout. Borrowers who submitted a valid payment claim form through the National Mortgage Settlement received a check for approximately $1,480. Checks first went out between June 10, 2013, and June 17, 2013. The initial deadline to make a claim was January 18, 2013, and the final deadline to submit a claim has now passed.

Funding to the States

The states that were part of the settlement received $2.5 billion to help distressed homeowners who were wronged by the banks. However, much of the money that was allocated to the states for this purpose has been redirected. Approximately 44% has been redirected to rainy day funds, budget balancing efforts, and economic development funds rather than on homeowners.

Nationwide Reforms Required by the Settlement

The settlement required, among other things, that the banks:

  • appoint a single point of contact for loss mitigation efforts
  • have adequate staffing levels and training
  • honor trial and permanent loan modification agreements by a prior loan servicer
  • maintain better communication with borrowers
  • comply with the Servicemembers Civil Relief Act
  • implement appropriate standards for executing documents in foreclosure cases
  • end improper fees, and
  • end dual tracking (where the bank proceeds with foreclosure while simultaneously working with the borrower on a loan modification).

The servicing standards under the settlement were in effect until the later part of 2015, though they are now largely duplicated by the Consumer Financial Protection Bureau s servicing rules.


National Mortgage Company, national mortgage.#National #mortgage


Buying or Selling? Call us today.

  • National mortgage
  • National mortgage
  • National mortgage
  • National mortgage
  • National mortgage

We are passionate people who are willing to challenge the ordinary. We specialise in mortgage servicing and providing high quality residential lending solutions to our partners, customers and fast-growing network right across Australia.

National mortgage

Mortgage Professional Australia Hot List 2015

Mortgage Professional Australia (MPA) Magazine has announced Steve Dover, CEO of National Mortgage Company, has made the Hot List.

National mortgage

National Mortgage Company Acquires Australian First Mortgage

National Mortgage Company acquires the shares of AFM, 16th March 2015. Australian First Mortgage has announced it will merge.

National mortgage

Privacy Act Amendments 2014

The Privacy Act amendments, including the introduction of Comprehensive Credit Reporting (CCR), took effect Wednesday 12 March 2014.


Interest Rates and Returns – Mortgages, National Bank, national mortgage rates.#National #mortgage #rates


Mortgages

Make a simulation to determine how much you can pay for your home.

Simulate your mortgage payments to establish your budget.

Facilitate your search for a home by requesting a mortgage pre-approval.

Ready to buy? Fill out the online mortgage application.

Rate (%) as of November 16, 2017 4:00 PM

National Bank All-In-One

Save money with the All-In-One. More than just a mortgage, it is a line of credit that will help you buy a house and fund your projects. Learn more.

Fixed-rate mortgage

Go for a fixed rate mortgage if you want to protect against fluctuations in interest rates throughout the chosen term. Learn more.

* This term is not available for a new loan. It is indicated shown for reference only.

Variable-rate mortgage

Get a discount on the lowest rate on the market! The variable-rate is adjusted monthly. Learn more.

Capped rate**= 4.990

** The capped-rate (maximal rate) is determined according the 5-year term at time of signing.

*** This product is not available for a new loan. It is indicated shown for reference only.

Make a simulation taking into account your financial situation to determine how much you can pay for your home.

Simulate your mortgage payments by varying the frequency and the rate of interest to establish your budget.

1 Rate can be guaranteed up to 90 days following receipt of the request.

2 Rates may differ if amortization exceeds 25 years, contact an advisor for more information.

3 APR means Annual Percentage Rate and represents the total interest and fees charged by the Bank, expressed as an annual percentage. As borrowing costs consist only of interest, the APR is the annual interest rate in effect as at October 20, 2017.

Financing subject to credit approval by National Bank. Limited-time offers. Limited time offers and rates are subject to change. Financing must be for a residential dwelling with 1 to 4 units. Employees of National Bank, its subsidiaries and affiliates are not eligible for these offers. National Bank reserves the right to end the promotion at any time without notice. Complete details and conditions are available in branches.


Current Interest Rates on Home Loans, Savings, Car loans – CD Rates, national mortgage rates.#National


Today’s Interest Rates and Financial Advice:

National mortgage rates

Financial Advice

Would you like to buy a home but worry that you’d never qualify for a mortgage? It’s time to stop guessing and evaluate your chances to land a loan based on everything from how much you make to your credit score. Believe it or not, the odds are in your favor.

November 14th 2017

The average cost of financing a new or used car or truck has stayed low over the past year, making auto loans a bargain by any historical measure. And buyers with reasonably good credit can always take advantage of the discount loans automakers are offering on many models.

November 13th 2017

Lending money to your child is risky business. But if you can avoid the personal pitfalls and convince the federal government that this is really a loan, and not a gift, the Bank of Mom and Dad can be a financial boon for everyone in the family.

November 13th 2017

Here’s how to make all of the right decisions so that you’ll save more, invest wisely and take full advantage of all the tax breaks to build your retirement nest egg.

November 10th 2017

It’s not enough to find a good location at an affordable price. Condo buyers must consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.

November 10th 2017

You’ve scouted out the best mortgage rate and fought hard to get the best price on your new home. But your bargaining shouldn’t stop there. Here’s how you can save on everything from settlement fees to title insurance.

November 8th 2017

National mortgage rates

Interest ing Snapshot

Individual retirement accounts, or IRAs, are a great way to build financial security for you and your family. They’re easy to open and our simple strategy helps you make all the right decisions now, and in the years ahead.

National mortgage rates

National mortgage rates


Relocation Services – Real Estate Mortgages Agents Rentals Movers, national mortgage rates.#National #mortgage #rates


national mortgage rates

National mortgage rates

Quick Easy Real Estate Search

Real Estate Information

Get home values and area information across the United States. Gain access to property for sale in your desired area. If a home is listed on the Multiple Listing Service (MLS), it will be accessible through one of our great National Relocation real estate agents.

Compare Mortgages Loans

National mortgage ratesCompare mortgage rates and home loan information from multiple mortgage companies and lenders. National Relocation has information on many types of different loans and programs whether you are purchasing or refinancing. Check out our different mortgage calculators and tools as well.

Foreclosures

Invest in foreclosures and save big bucks. We provide foreclosure listings for home buyers, investors and bargain hunters across the United States. Our real estate agents can also assist you with locating a bank owned, REO, handyman special and foreclosed properties.

Movers

National mortgage ratesWe offer access to two types moving solutions for your move. You can get quotes from traditional movers or you can save time and money by using our auction-style market place. Where you can list your move and get bids from moving companies powered by UShip.

Realtors

Moving to a new area can be an exciting experience. However, there is no doubt you will have many questions about your new city. One of the first things you will want to do is get in contact with a licensed real estate agent, or REALTORS , who can help determine the best housing options for you.

Home Inspectors

Home inspections are an important part of the home buying process. It is important to get a professionally trained home inspector to do a thorough examination of your potential home to detect any existing or potential problems the property may have. Check our online directory to locate a home inspector in your neighborhood.

Insurance

When relocating to a new state it is important to get insurance to protect you and your assets. You can receive quotes from multiple insurance companies and use our different insurance tools to determine what is good for you.