mortgage rules - Articles

Consumer Bureau Introduces New Mortgage Tool

AP By Christine DiGangi Successful problem solving often depends on the tools you're given: The better your information, the more equipped you are to identify and solve an issue. That's the idea behind the Consumer Financial Protection Bureau's new mortgage data tool and the new data-reporting requirements it plans to... Continue Reading »

HUD Releases New Rules on Mortgages

Shutterstock By Sarah N. Lynch New mortgage rules designed to prevent a repeat of the 2007-2009 financial crisis, when foreclosures spiked because of risky bank practices, were finalized by the U.S. Department of Housing and Urban Development on Wednesday. The agency said the changes are based on work by the U.S.... Continue Reading »

New, Tighter Mortgage Rules: Who's Squeezed Most?

By Richard Satran Five years after the housing collapse, the new Consumer Financial Protection Bureau is closing the barn door on the loose lending that caused the crisis. But as homebuyers struggle to get financing for new homes, some critics fear the door could be permanently nailed shut for many people seeking... Continue Reading »

Tight Mortgage Rules Are Putting Even the Rich in a Pinch

By Richard Satran Having trouble getting home financing? You're not alone. Even wealthy people are getting rejected under the tough new lending rules adopted after 2008's housing market crash. Moneyed enclaves are still feeling the impact of tight mortgage money. In the breezy New Hampshire lakes region where "On Golden... Continue Reading »

Using New Consumer Protection Rules to Keep Your Lender Honest

By Dona DeZube Tired of getting the runaround from your mortgage lender or servicer? Starting Jan. 10, 2014, you'll get consumer protections aimed at taming the worst habits mortgage lenders picked up during the mortgage foreclosure crisis. But realize that you need to follow specific procedures to make the protections... Continue Reading »

Don't Obsess About Mortgage Rates

By Kirk Haverkamp When most people start shopping for a mortgage, the first thing they do is look for the lowest interest rate they can find. And that can get them into trouble. A low interest rate can save you money, obviously. But it's only part of the story. If you're not careful, you could easily end up paying... Continue Reading »

New Mortgage Rules and Foreclosure: Do They Do Enough to Help Borrowers?

By Les Christie Federal officials issued new rules for mortgage servicers Thursday aimed at protecting homeowners facing foreclosure. But consumer groups say the rules don't do enough to help prevent borrowers from unnecessarily losing their homes. Since the housing crisis began, many mortgage servicers -- which collect... Continue Reading »

Mortgage Loans: New CFPB Rule Lets Lenders Make the Call on Who Can Afford Them

By Mandi Woodruff When it comes to placing blame on mortgage lenders, regulators or consumers for 2008's crippling housing crisis, it's fair to say each played a role. Yes, banks issued millions of mortgage loans that homebuyers couldn't afford, targeted minorities for subprime loans, and made the entire lending... Continue Reading »

New Mortgage Rules Unveiled by CFPB

Federal regulators for the first time are laying out rules aimed at ensuring that mortgage borrowers can afford to repay the loans they take out. The new mortgage rules being unveiled Thursday by the Consumer Financial Protection Bureau impose a range of obligations and restrictions on lenders, including bans on the risky... Continue Reading »

How Fannie Mae Is Making It Harder to Get a Home Loan

One of the nation's two large government-sponsored backers of home loans recently revealed that it would tighten some of its lending restrictions for certain consumers. The company announced that it would change the requirements for both new borrowers and those who are refinancing existing home loans. Now the maximum... Continue Reading »

No-Fee Mortgage Option Is on the Way

By Jennifer Liberto NEW YORK -- Lenders would have to offer potential homebuyers an option to get mortgages with no fees, under a rule proposed by the Consumer Financial Protection Bureau. Generally, homeowners pay fees and points in exchange for lower overall interest rates on mortgage loans. "Consumers... Continue Reading »

Proposed Rules Could Help Homeowners Avoid Foreclosure 'Surprise'

By Christopher Maag A proposal from the government's consumer lending watchdog would protect homeowners from unexpected fees, poor service and costly errors caused by companies that collect their monthly mortgage payments. The new rules, proposed by the Consumer Financial Protection Bureau, also would require mortgage... Continue Reading »

Stricter Down Payment Proposal Could Deter Homebuyers

Among the most hotly contested ideas that bank regulators have proposed to reduce the risk of another financial crisis is a rule making a 20 percent down payment mandatory on some new home loans. Consumer advocates, civil rights groups and lending industry groups alike have said that such a rule would deter many families... Continue Reading »

New Mortgage Rules: Battle Looms in Congress

This week starts a showdown on mortgage-lending rules. How strong the protections will be for consumers will depend upon how successful lenders are at softening the rules proposed by Congress. Up for grabs are rules for: loan repayment; appraisals; how much skin lenders must have in the game; and suing a lender for fraud... Continue Reading »

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