Bank of America now offers 3% down mortgages without mortgage insurance #online #mortgage #lenders


#bank america mortgage

#

Bank of America now offers 3% down mortgages without mortgage insurance

Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration. whose program has recently undergone a lot of scrutiny from big banks.

Bank of America announced a partnership on Monday with Self-Help Ventures Fund and Freddie Mac for its new Affordable Loan Solution mortgage, a conforming loan that provides low- and moderate-income homebuyers access to a responsible lending product with counseling at affordable entry prices.

To make the program function, the three companies will work together to help ensure the loan is properly originated and backed in case the loan goes delinquent, the companies said Monday.

For starters, Bank of America said the mortgage will be available through all of its mortgage sales channels.

Self-Help, which is based in Durham, North Carolina, will then buy the loans and servicing rights, along with providing post-closing counseling for any borrowers who might be experiencing payment difficulties.

Since Self-Help is taking the first-loss position, the loans require no mortgage insurance.

Freddie Mac will purchase all of the eligible affordable mortgages originated via the Self-Help and Bank of America partnership, having recently approving Self-Help as a seller/servicer to facilitate the rollout of this offering to borrowers.

The program allows down payments as low as 3% on the purchase of a primary, single-family residence, with no reserve funds required in most situations.

The loan also requires a minimum FICO score of 660, and first-time buyers will need to participate in homebuyer education.

There is a need in today s marketplace for more responsible mortgage products that enable creditworthy homebuyers, who meet certain income limits and other requirements, to become homeowners at an affordable entry point with comprehensive counseling, said D. Steve Boland, consumer lending executive, Bank of America.

Affordable Loan Solution combines Bank of America s wide distribution network of mortgage professionals with the borrower support expertise of Self-Help and market liquidity provided by Freddie Mac to provide a new affordable loan option, said Boland.

The news comes amid a pushback against the FHA, which offers similar style loans, from lenders for its loan requirements.

The FHA, unlike Bank of America s new program, offers loan options with as little as 3.5% down mortgages, along with 520 FICO score. It s important to note that the two are not offered together.

As a result, major lenders have pulled away due to the heightened risk of possible enforcement actions on the high-risk loans.

John Shrewsberry, Wells Fargo s chief financial officer, said last September that the San Francisco bank will not make loans to FHA borrowers with low credit scores because of their higher rates of default.

In addition, Kevin Watters, CEO of Chase Mortgage Banking. said in an interview with CNBC shortly after that the FHA s loan requirements look an awful lot like subprime lending.

FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5% down; that s subprime lending, and we re not in the subprime lending business, CNBC quotes Watters saying.

Quicken Loans is already in the middle of legal battle with the Department of Justice over its FHA loans, which is pushing the nonbank to consider ending its participation in FHA lending entirely, citing the government s aggressive enforcement policies as the main reason for potentially dropping FHA lending.

Meanwhile, Bank of America s loans require no mortgage insurance since the loss is covered by Self-Help, and borrowers are required to have a FICO score of 660.

Self-Help added in a statement to HousingWire that research by the UNC Centerfor Community Capital has continually proven that, given sound underwriting, low down payments are not a significant factor in mortgage performance. Shutting out borrowers with lower down payments is a missed opportunity for lenders and borrowers alike, Self-Help said.

The research from the UNC Center for Community Capital found that losses on these loans remained relatively low, even during the housing crisis triggered by mass marketing of unaffordable subprime loans.

Bank of America has upped it mortgage lending lately. In its fourth-quarter earnings. the bank reported that total mortgage production grew 13% to $17 billion in the fourth quarter, up from $15 billion last year. This is slightly up from $16.9 billion last quarter.

And during the company s fourth-quarter earnings call, when Brian Moynihan, CEO of Bank of America, was asked what his outlook for continuing to take share in the mortgage business was, Moynihan said that the bank is focused on originating prime and sort of non-conforming loans.

Back in November. Freddie Mac CEO Donald Layton asked for mortgage lenders to consider writing more low down payment mortgages in order for the government-sponsored enterprise to help increase access to credit to potential homeowners.

The GSE also announced a partnership with Quicken Loans for more low-down payment mortgages.

The strength of the Affordable Loan Solution program is how it brings each partner s special expertise together to address the barriers faced by aspiring homebuyers with limited savings, said Danny Gardner, vice president, affordable lending and access to credit, Freddie Mac. Freddie Mac is committed to working with industry and community leaders like Bank of America and Self- Help to find better ways for helping eligible borrowers overcome the obstacles that stand between them and successful long-term homeownership.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Bank of America now offers 3% down mortgages without mortgage insurance #mortgage #arm


#bank america mortgage

#

Bank of America now offers 3% down mortgages without mortgage insurance

Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration. whose program has recently undergone a lot of scrutiny from big banks.

Bank of America announced a partnership on Monday with Self-Help Ventures Fund and Freddie Mac for its new Affordable Loan Solution mortgage, a conforming loan that provides low- and moderate-income homebuyers access to a responsible lending product with counseling at affordable entry prices.

To make the program function, the three companies will work together to help ensure the loan is properly originated and backed in case the loan goes delinquent, the companies said Monday.

For starters, Bank of America said the mortgage will be available through all of its mortgage sales channels.

Self-Help, which is based in Durham, North Carolina, will then buy the loans and servicing rights, along with providing post-closing counseling for any borrowers who might be experiencing payment difficulties.

Since Self-Help is taking the first-loss position, the loans require no mortgage insurance.

Freddie Mac will purchase all of the eligible affordable mortgages originated via the Self-Help and Bank of America partnership, having recently approving Self-Help as a seller/servicer to facilitate the rollout of this offering to borrowers.

The program allows down payments as low as 3% on the purchase of a primary, single-family residence, with no reserve funds required in most situations.

The loan also requires a minimum FICO score of 660, and first-time buyers will need to participate in homebuyer education.

There is a need in today s marketplace for more responsible mortgage products that enable creditworthy homebuyers, who meet certain income limits and other requirements, to become homeowners at an affordable entry point with comprehensive counseling, said D. Steve Boland, consumer lending executive, Bank of America.

Affordable Loan Solution combines Bank of America s wide distribution network of mortgage professionals with the borrower support expertise of Self-Help and market liquidity provided by Freddie Mac to provide a new affordable loan option, said Boland.

The news comes amid a pushback against the FHA, which offers similar style loans, from lenders for its loan requirements.

The FHA, unlike Bank of America s new program, offers loan options with as little as 3.5% down mortgages, along with 520 FICO score. It s important to note that the two are not offered together.

As a result, major lenders have pulled away due to the heightened risk of possible enforcement actions on the high-risk loans.

John Shrewsberry, Wells Fargo s chief financial officer, said last September that the San Francisco bank will not make loans to FHA borrowers with low credit scores because of their higher rates of default.

In addition, Kevin Watters, CEO of Chase Mortgage Banking. said in an interview with CNBC shortly after that the FHA s loan requirements look an awful lot like subprime lending.

FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5% down; that s subprime lending, and we re not in the subprime lending business, CNBC quotes Watters saying.

Quicken Loans is already in the middle of legal battle with the Department of Justice over its FHA loans, which is pushing the nonbank to consider ending its participation in FHA lending entirely, citing the government s aggressive enforcement policies as the main reason for potentially dropping FHA lending.

Meanwhile, Bank of America s loans require no mortgage insurance since the loss is covered by Self-Help, and borrowers are required to have a FICO score of 660.

Self-Help added in a statement to HousingWire that research by the UNC Centerfor Community Capital has continually proven that, given sound underwriting, low down payments are not a significant factor in mortgage performance. Shutting out borrowers with lower down payments is a missed opportunity for lenders and borrowers alike, Self-Help said.

The research from the UNC Center for Community Capital found that losses on these loans remained relatively low, even during the housing crisis triggered by mass marketing of unaffordable subprime loans.

Bank of America has upped it mortgage lending lately. In its fourth-quarter earnings. the bank reported that total mortgage production grew 13% to $17 billion in the fourth quarter, up from $15 billion last year. This is slightly up from $16.9 billion last quarter.

And during the company s fourth-quarter earnings call, when Brian Moynihan, CEO of Bank of America, was asked what his outlook for continuing to take share in the mortgage business was, Moynihan said that the bank is focused on originating prime and sort of non-conforming loans.

Back in November. Freddie Mac CEO Donald Layton asked for mortgage lenders to consider writing more low down payment mortgages in order for the government-sponsored enterprise to help increase access to credit to potential homeowners.

The GSE also announced a partnership with Quicken Loans for more low-down payment mortgages.

The strength of the Affordable Loan Solution program is how it brings each partner s special expertise together to address the barriers faced by aspiring homebuyers with limited savings, said Danny Gardner, vice president, affordable lending and access to credit, Freddie Mac. Freddie Mac is committed to working with industry and community leaders like Bank of America and Self- Help to find better ways for helping eligible borrowers overcome the obstacles that stand between them and successful long-term homeownership.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Apply Now #mortgage #caculator


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Quicken Loans Is Here to Get You an Affordable Mortgage with Amazing Client Service.

*Product available on Fixed Rate Conventional Products only. No FHA, VA or Jumbo Products. No State Restrictions.

By submitting your contact information you agree to our Terms of Use and our Security and Privacy Policy. You also expressly consent to having Quicken Loans, our Family of Companies. and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Quicken Loans or its affiliates. By communicating with us by phone, you consent to calls being recorded and monitored.

To be eligible for HARP, your original note must be dated on or before 5/31/2009, and your mortgage must be securitized by Fannie Mae or Freddie Mac with a loan-to-value (LTV) equal to less than 200% of the current market value of your home. You must be current on existing mortgage payments and make sufficient income to support the new mortgage payments. Quicken Loans must be participating with your Mortgage Insurance provider in order for you to qualify. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. A tax adviser should be consulted for further information regarding the deductibility of interest and charges.

Quicken Loans received the highest numerical score in the proprietary J.D. Power 2010–2015 Primary Mortgage Origination and 2014–2015 Primary Mortgage Servicer Studies SM. 2015 Origination (or Sales) based on 4,666 total responses and measures experiences and perceptions of consumers who originated a new mortgage, surveyed in July–August 2015. 2015 Servicing based on 5,922 total responses and measures experiences and perceptions of consumers with their current mortgage servicer, surveyed in March–April 2015. Your experiences may vary. Visit jdpower.com .

NMLS #3030. Go here for the Quicken Loans NMLS access page.

Quicken Loans, 1050 Woodward Avenue, Detroit, MI 48226-1906.
© 2000-2016 Quicken Loans Inc. All rights reserved. Lending services provided by Quicken Loans Inc. a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc. used under license. The #1 online retail lender – according to National Mortgage News – Quarter 3, 2015.


Bank of America now offers 3% down mortgages without mortgage insurance #citifinancial #mortgage


#bank america mortgage

#

Bank of America now offers 3% down mortgages without mortgage insurance

Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration. whose program has recently undergone a lot of scrutiny from big banks.

Bank of America announced a partnership on Monday with Self-Help Ventures Fund and Freddie Mac for its new Affordable Loan Solution mortgage, a conforming loan that provides low- and moderate-income homebuyers access to a responsible lending product with counseling at affordable entry prices.

To make the program function, the three companies will work together to help ensure the loan is properly originated and backed in case the loan goes delinquent, the companies said Monday.

For starters, Bank of America said the mortgage will be available through all of its mortgage sales channels.

Self-Help, which is based in Durham, North Carolina, will then buy the loans and servicing rights, along with providing post-closing counseling for any borrowers who might be experiencing payment difficulties.

Since Self-Help is taking the first-loss position, the loans require no mortgage insurance.

Freddie Mac will purchase all of the eligible affordable mortgages originated via the Self-Help and Bank of America partnership, having recently approving Self-Help as a seller/servicer to facilitate the rollout of this offering to borrowers.

The program allows down payments as low as 3% on the purchase of a primary, single-family residence, with no reserve funds required in most situations.

The loan also requires a minimum FICO score of 660, and first-time buyers will need to participate in homebuyer education.

There is a need in today s marketplace for more responsible mortgage products that enable creditworthy homebuyers, who meet certain income limits and other requirements, to become homeowners at an affordable entry point with comprehensive counseling, said D. Steve Boland, consumer lending executive, Bank of America.

Affordable Loan Solution combines Bank of America s wide distribution network of mortgage professionals with the borrower support expertise of Self-Help and market liquidity provided by Freddie Mac to provide a new affordable loan option, said Boland.

The news comes amid a pushback against the FHA, which offers similar style loans, from lenders for its loan requirements.

The FHA, unlike Bank of America s new program, offers loan options with as little as 3.5% down mortgages, along with 520 FICO score. It s important to note that the two are not offered together.

As a result, major lenders have pulled away due to the heightened risk of possible enforcement actions on the high-risk loans.

John Shrewsberry, Wells Fargo s chief financial officer, said last September that the San Francisco bank will not make loans to FHA borrowers with low credit scores because of their higher rates of default.

In addition, Kevin Watters, CEO of Chase Mortgage Banking. said in an interview with CNBC shortly after that the FHA s loan requirements look an awful lot like subprime lending.

FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5% down; that s subprime lending, and we re not in the subprime lending business, CNBC quotes Watters saying.

Quicken Loans is already in the middle of legal battle with the Department of Justice over its FHA loans, which is pushing the nonbank to consider ending its participation in FHA lending entirely, citing the government s aggressive enforcement policies as the main reason for potentially dropping FHA lending.

Meanwhile, Bank of America s loans require no mortgage insurance since the loss is covered by Self-Help, and borrowers are required to have a FICO score of 660.

Self-Help added in a statement to HousingWire that research by the UNC Centerfor Community Capital has continually proven that, given sound underwriting, low down payments are not a significant factor in mortgage performance. Shutting out borrowers with lower down payments is a missed opportunity for lenders and borrowers alike, Self-Help said.

The research from the UNC Center for Community Capital found that losses on these loans remained relatively low, even during the housing crisis triggered by mass marketing of unaffordable subprime loans.

Bank of America has upped it mortgage lending lately. In its fourth-quarter earnings. the bank reported that total mortgage production grew 13% to $17 billion in the fourth quarter, up from $15 billion last year. This is slightly up from $16.9 billion last quarter.

And during the company s fourth-quarter earnings call, when Brian Moynihan, CEO of Bank of America, was asked what his outlook for continuing to take share in the mortgage business was, Moynihan said that the bank is focused on originating prime and sort of non-conforming loans.

Back in November. Freddie Mac CEO Donald Layton asked for mortgage lenders to consider writing more low down payment mortgages in order for the government-sponsored enterprise to help increase access to credit to potential homeowners.

The GSE also announced a partnership with Quicken Loans for more low-down payment mortgages.

The strength of the Affordable Loan Solution program is how it brings each partner s special expertise together to address the barriers faced by aspiring homebuyers with limited savings, said Danny Gardner, vice president, affordable lending and access to credit, Freddie Mac. Freddie Mac is committed to working with industry and community leaders like Bank of America and Self- Help to find better ways for helping eligible borrowers overcome the obstacles that stand between them and successful long-term homeownership.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


HOME – Free Bass Guitar Lessons #learn #bass, #free #bass #guitar #lessons, #learn #how #to


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FAT STRINGER LOW END LOVER!

Welcome to my Bass tutorial website. If you are new here, then please check out the ‘Lesson tree’. This is an order of practice, starting at beginners level, and slowly raising.

Also take time to check out all the other free Bass lessons and content that is on this site! – Kris

A TESTIMONIAL

I’ve sampled many online bass lessons over the past year or so. Paid a lot of money but didn’t learn much. But your lessons are a breath of fresh air. Most sites and teachers are dull, over complicated and in some cases-self-important. You have managed to simplify the jargon, to a point where literally anyone can understand and have fun when learning this instrument. But also, behind that laid back, almost jokey exterior is one hell of creative and innovative bass player. In a way it’s a shame that you don’t flaunt and show yourself off like many famous musicians, because if you did, you’d be one of the best. You’re an inspiration. Thankyou for everything, and god bless you – Tom, USA.

Welcome to Dmans’ Bass blog, and video log! Learning Bass guitar made fun, simple, and easy! Slapping, popping, tapping, beginners Bass songs, beginners riffs, Bass guitar tips, Bass chords, Bass finger picking, plus many other Bass lessons are covered on this site!

Hundreds of Thousands have learnt from me online, and many have gone onto becoming succesfull bass players in their bands, since I started doing these lessons in 2007. My online students often remark on how I keep things simple, and connect with them as people. That was always my main aim. To connect, which is what so many other online teachers fail to do. I hope you take something positive out of these lessons, and go onto to becoming a great Bass player!

The first port of call on your Bass journey should be the “Lesson tree”. There, you will find a list of lessons that start off easy, and slowly progress.

As hundreds will tell you: If you do those lessons one by one, you will be well on your to becoming a great Bass player, like many of them have done. Take it seriously, and go one by one!

QUICK LINKS

My Top ten Bass lines!

Who is this Kris Rodgers guy, anyway?

LATEST FUN STUFF!

REVIEWS

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Stock Market Information For Effective Outcomes In SGX Shares – KLSE Stocks #penny #stocks, #investing


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Bank of America now offers 3% down mortgages without mortgage insurance #mortgage #payment #estimator


#bank america mortgage

#

Bank of America now offers 3% down mortgages without mortgage insurance

Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration. whose program has recently undergone a lot of scrutiny from big banks.

Bank of America announced a partnership on Monday with Self-Help Ventures Fund and Freddie Mac for its new Affordable Loan Solution mortgage, a conforming loan that provides low- and moderate-income homebuyers access to a responsible lending product with counseling at affordable entry prices.

To make the program function, the three companies will work together to help ensure the loan is properly originated and backed in case the loan goes delinquent, the companies said Monday.

For starters, Bank of America said the mortgage will be available through all of its mortgage sales channels.

Self-Help, which is based in Durham, North Carolina, will then buy the loans and servicing rights, along with providing post-closing counseling for any borrowers who might be experiencing payment difficulties.

Since Self-Help is taking the first-loss position, the loans require no mortgage insurance.

Freddie Mac will purchase all of the eligible affordable mortgages originated via the Self-Help and Bank of America partnership, having recently approving Self-Help as a seller/servicer to facilitate the rollout of this offering to borrowers.

The program allows down payments as low as 3% on the purchase of a primary, single-family residence, with no reserve funds required in most situations.

The loan also requires a minimum FICO score of 660, and first-time buyers will need to participate in homebuyer education.

There is a need in today s marketplace for more responsible mortgage products that enable creditworthy homebuyers, who meet certain income limits and other requirements, to become homeowners at an affordable entry point with comprehensive counseling, said D. Steve Boland, consumer lending executive, Bank of America.

Affordable Loan Solution combines Bank of America s wide distribution network of mortgage professionals with the borrower support expertise of Self-Help and market liquidity provided by Freddie Mac to provide a new affordable loan option, said Boland.

The news comes amid a pushback against the FHA, which offers similar style loans, from lenders for its loan requirements.

The FHA, unlike Bank of America s new program, offers loan options with as little as 3.5% down mortgages, along with 520 FICO score. It s important to note that the two are not offered together.

As a result, major lenders have pulled away due to the heightened risk of possible enforcement actions on the high-risk loans.

John Shrewsberry, Wells Fargo s chief financial officer, said last September that the San Francisco bank will not make loans to FHA borrowers with low credit scores because of their higher rates of default.

In addition, Kevin Watters, CEO of Chase Mortgage Banking. said in an interview with CNBC shortly after that the FHA s loan requirements look an awful lot like subprime lending.

FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5% down; that s subprime lending, and we re not in the subprime lending business, CNBC quotes Watters saying.

Quicken Loans is already in the middle of legal battle with the Department of Justice over its FHA loans, which is pushing the nonbank to consider ending its participation in FHA lending entirely, citing the government s aggressive enforcement policies as the main reason for potentially dropping FHA lending.

Meanwhile, Bank of America s loans require no mortgage insurance since the loss is covered by Self-Help, and borrowers are required to have a FICO score of 660.

Self-Help added in a statement to HousingWire that research by the UNC Centerfor Community Capital has continually proven that, given sound underwriting, low down payments are not a significant factor in mortgage performance. Shutting out borrowers with lower down payments is a missed opportunity for lenders and borrowers alike, Self-Help said.

The research from the UNC Center for Community Capital found that losses on these loans remained relatively low, even during the housing crisis triggered by mass marketing of unaffordable subprime loans.

Bank of America has upped it mortgage lending lately. In its fourth-quarter earnings. the bank reported that total mortgage production grew 13% to $17 billion in the fourth quarter, up from $15 billion last year. This is slightly up from $16.9 billion last quarter.

And during the company s fourth-quarter earnings call, when Brian Moynihan, CEO of Bank of America, was asked what his outlook for continuing to take share in the mortgage business was, Moynihan said that the bank is focused on originating prime and sort of non-conforming loans.

Back in November. Freddie Mac CEO Donald Layton asked for mortgage lenders to consider writing more low down payment mortgages in order for the government-sponsored enterprise to help increase access to credit to potential homeowners.

The GSE also announced a partnership with Quicken Loans for more low-down payment mortgages.

The strength of the Affordable Loan Solution program is how it brings each partner s special expertise together to address the barriers faced by aspiring homebuyers with limited savings, said Danny Gardner, vice president, affordable lending and access to credit, Freddie Mac. Freddie Mac is committed to working with industry and community leaders like Bank of America and Self- Help to find better ways for helping eligible borrowers overcome the obstacles that stand between them and successful long-term homeownership.

This month in
Housing Wire magazine

The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

Feature

In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

Commentary

A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

HousingWire.com

HW Community

Company

Connect With Us


Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form #loan #rate


#federal mortgage relief

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Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form

Updated with new note at bottom — Jan. 5, 2015
Updated with FAQs at bottom — Feb. 28, 2008
Updated with new link — Dec. 11, 2008

IR-2008-17, Feb. 12, 2008

WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.

Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions, available now on this Web site.

“The new law contains important provisions for struggling homeowners,” said Acting IRS Commissioner Linda Stiff. “We urge people with mortgage problems to take full advantage of the valuable tax relief available.”

The late-December enactment means that reporting procedures for this law change were not incorporated into tax-preparation software or IRS forms. For that reason, people using tax software should check with their provider for updates that include the revised Form 982. Similarly, the IRS is now updating its systems and expects to begin accepting electronically-filed returns that include Form 982 by March 3. The paper Form 982 is now being accepted, but the IRS reminds affected taxpayers to consider filing electronically, which greatly reduces errors and speeds refunds.

The new law applies to debt forgiven in 2007, 2008 or 2009. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief. In most cases, eligible homeowners only need to fill out a few lines on Form 982 (specifically, lines 1e, 2 and 10b).

The debt must have been used to buy, build or substantially improve the taxpayer’s principal residence and must have been secured by that residence. Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing.

Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. See Form 982 for details.

Borrowers whose debt is reduced or eliminated receive a year-end statement (Form 1099-C) from their lender. For debt cancelled in 2007, the lender was required to provide this form to the borrower by Jan. 31, 2008. By law, this form must show the amount of debt forgiven and the fair market value of any property given up through foreclosure.

The IRS urges borrowers to check the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. Borrowers should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for their home ( Box 7).

Note: Subsequent legislation extended this relief through 2014. Thus this relief now applies to debt forgiven in calendar years 2007 through 2014.

  • Frequently asked questions on the Mortgage Forgiveness Debt Relief Act

Form 982. Reduction of Tax Attributes Due to Discharge of Indebtedness

Publication 4681. Canceled Debts, Foreclosures, Repossessions, and Abandonments


How to get a mortgage right now, even with bad credit #land #mortgage


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A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

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Looking for Start Now or Start Anytime Institutions #looking,start,now,start,anytime,institutions,start, #anytime, #courses, #http://www.is.lsu.edu/home.asp?level=co #online=0 #nid=101, #learning,


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Thread: Looking for ‘Start Now’ or ‘Start Anytime’ Institutions

Looking for ‘Start Now’ or ‘Start Anytime’ Institutions

My daughter is looking to complete an AA or AS degree in general studies. Her plans are to transfer out of the associate degree program and into a pre-med program in our area. The issue is that she wants to begin immediately and does not want to wait until January to begin. We’re looking for a regionally accredited institution [other than Argosy ] that offers DL courses year round. Any ideas?

American InterContinental University Online

American InterContinental University

AIU offers Associate’s, Bachelor’s, and Master’s degrees in all the following programs: business administration (MBA, marketing, finance, accounting, human resources, etc), criminal justice, computer science, information technology, healthcare administration, medical billing and coding, fine arts, and education. Special learning facilities include a learning resource center, art gallery, and computer labs.

The school is regionally accredited, the most widely recognized accreditation.

Click Here
to receive FREE information on this school.

Thomas Edison State College
It is regionally accredited, enrollment begins each month and they have awesome credit transfer policies.
I would highly recommend going over to InstantCert – Study Guides For CLEP, DANTES, ECE, And GED Exams and CLEP Forum – CLEP Study – CLEP Testing – Study Guide and Strategies to learn about CLEPing out of courses. I picked up about 60 credits in 5 months and she can too. TESC will let you fulfill all of the requirements for an AA or BA or BSBA degree through testing options. They do not require you to get a bunch of credits at their school.
Online courses for college credit – Online Courses – StraighterLine is also a great way to get college credit.
I have taken business communication, accounting I II, and anatomy and physiology I II at straighterline and loved the format. Those straighterline classes are inexpensive and transfer directly to Thomas Edison and other schools.
In the time it takes her to finish her associates at Argosy or similar, she could finish a bachelors degree at Thomas Edison.
I finished mine this June and am now working on an MBA. Last year at this time I had no degree, just a bunch of credits that I had earned in the 90s.

Well, if you’re going to mention TESC, you should put the other Big 3 into consideration, Charter Oak and Excelsior.

My daughter earned an AA-General Studies from Charter Oak – she sued CLEP/DSST, Clovis CC, BYU Independent Study, and Seminary Extension ACE credit. We did my daughter’s AA for about $60/credit hour.

Argosy offers online Bachelor’s, Master’s and Doctorate in Business Administration, psychology, and HR-related degrees, with many specialty degrees, including organizational psychology, exercise psychology, HR, public administration, higher education administration, and many more.

Argosy also offers the same degrees and more from 19 locations across the U.S. and is a leader in the distance/online education field.

Argosy has one of the largest graduate student communities in the nation, and is regionally accredited, the most widely recognized accreditation.

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to receive FREE information on this school.

Thomas offers an online Master�s in Rehabilitation Counseling .

The school is regionally accredited, the most widely recognized accreditation.

Click The Link
to receive FREE information on this school.

Charter Oak State College

Charter Oak State College

Charter Oak is a small liberal arts college, part of the Connecticut state college system. It was established to provide options for rapid degree completion. You can earn an accredited bachelor’s degree in as little as a few months through exam-based competency assessment, take online classes, and many more options. An excellent choice, and a perennial DegreeInfo favorite school.

The school is part of the Connecticut State system and is regionally accredited, the most widely recognized accreditation.

Click Here
to receive FREE information on this school.

Ph.D. – Capella University
M.B.A. – The University of Akron
B.A. – Shippensburg University

Join Date Mar 2003 Posts 2,103

All of Brigham Young U’s independent study courses are start anytime courses.

Join Date Oct 2009 Location California Posts 6,445

Liberty University is not start anytime, but it does offer 6 start dates per year.

Liberty offers online degrees in the following subject areas: a huge selection of programs in Religious Studies (Associate’s, Bachelor’s, and Master’s), a Master’s Degree in Human Services, Master of Science in Nursing, Business (Associate’s, Bachelor’s, and MBA), Education and Teaching (Bachelor’s, Master’s, and Doctorate), Liberal Arts (Associate’s, Bachelor’s, and Master’s), and Counseling (Associate’s, Bachelor’s, and Master’s).

Liberty has an outstanding reputation for the quality of its education and scholarship, though the strong Christian affiliation may be objectionable to some.

The school is regionally accredited, the most widely recognized accreditation.

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to receive FREE information on this school.

If ignorance is bliss, why are the ignorant so angry? Shannon Wheeler

Join Date Jul 2010 Location Texas, USA Posts 506

Lsu

The LSU online AND print based courses are start anytime. LSU Independent and Distance Learning

Last edited by BobbyJim; 08-28-2011 at 03:19 PM. Reason: added online option

Join Date Dec 2003 Location Viera, Florida Posts 456

Thanksssssss!

Thomas Edison State College
It is regionally accredited, enrollment begins each month and they have awesome credit transfer policies. on an MBA. Last year at this time I had no degree, just a bunch of credits that I had earned in the 90s.

Absolutely fantastic information! I plan to follow each advice I get. Thank you! As always, I am humbled by the great advice I get from this group.

Dr. ShayM
B.Sc. Professional Administration
M.B.A. The Open University [Exp. 09/2016]
M.Sc. Law Public Policy
EdD, Organizational Leadership

Join Date Dec 2003 Location Viera, Florida Posts 456

Thank you, Ian. As always, you are such fantastic support. How are things? Stay in touch!

Dr. ShayM
B.Sc. Professional Administration
M.B.A. The Open University [Exp. 09/2016]
M.Sc. Law Public Policy
EdD, Organizational Leadership

Join Date Dec 2003 Location Viera, Florida Posts 456

Can t thank you guys enough! I am so busy wrapping up my doctoral degree that I almost missed that my daughter is ready to begin college. My, how time has flown.

Dr. ShayM
B.Sc. Professional Administration
M.B.A. The Open University [Exp. 09/2016]
M.Sc. Law Public Policy
EdD, Organizational Leadership

Join Date Mar 2005 Posts 91

Nichols College in Dudley, MA offers start dates every Monday:

Join Date Jan 2011 Posts 954

Nichols College, I was seriously considering their MBA program due to the start any time and at your own pace nature. Its also a brick and mortar school. I forgot about them.

American InterContinental University Online

American InterContinental University

AIU offers Associate’s, Bachelor’s, and Master’s degrees in all the following programs: business administration (MBA, marketing, finance, accounting, human resources, etc), criminal justice, computer science, information technology, healthcare administration, medical billing and coding, fine arts, and education. Special learning facilities include a learning resource center, art gallery, and computer labs.

The school is regionally accredited, the most widely recognized accreditation.

Click Here
to receive FREE information on this school.