COMPARE CLOSING LLC

  The mortgage industry has changed drastically in the last five years in terms of automation. Once a common practice, paper-based verifications, in-person closings, and lack of industry data standards have progressively given way to today’s innovative high-tech solutions across the origination process. Freddie Mac has been at the head throughout, introducing automated asset and revenue solutions, facilitating remote electronic closings via its eMortgage purchase program, as well as innovative API solutions that allow the surge of information without heavy integrations, to name but three. Loan Product Adv i sor® (LPASM), the development of Freddie Mac’s automated underwriting system, again imagined the origination process in 2016. Since then, thanks to it and its automated capabilities, roughly $395 million have been saved in processing expenses and $663 million by borrowers in appraisal fees alone. Sam Oliver, Freddie Mac’s vice president of single-family product delivery, Sam Oliver,

  What Is a 401 K Plan? A  401 K plan  is named after a section of the U.S. Internal Revenue Code, it is a defined-contribution retirement account provided to employees by their employers. Through automatic payroll withholding, the workers can contribute to their 401 k accounts similarly their employers can match some or all of the contribution. The investment earned in a traditional 401 K plan is not taxable till the time employee doesn’t withdraw that money. Withdrawals can be tax-free in a Roth 401 K plan. How does the 401 K Plans Work Traditional and Rot h  are the two basic types of 401(k)s. It is at times also referred to as a “ designated Roth account .” Though both are similar in many respects but are different. A worker can have either one or both types of accounts. Contributing to a 401(k) Plan A 401 k plan is also known as a defined contribution plan. Here both the employee and employer can make contributions in the account, up to the dollar limitation set by the  Internal R

  Dragonfly Collective is a social impact development firm based out of Memphis, Tennessee. It specializes in harnessing market forces for creating and implement social change. There are very few sustained and effective efforts to utilize market forces in the housing sector. Jarad Bingham of Dragonfly spoke about his project called  The Hub,  which is a new effort to address homelessness from many points like shelter, employment, and health services based in one physical location. Mostly, everyone equates the solution to homelessness as more cash. It is not always   about whether money is sufficient to solve homelessness issues because money is necessary, but not the only factor. As people are making decisions to live in tent encampments, it indicates the failure of the existing shelter and support system. Bingham said if we want to normalize the standard of social behavior, then we have to incentivize it and invest in it. Reference Source:  Forbes https://www.compareclosing.com/mortga

  What Is a Loan Shark? A  loan shark  loans often are members of organized crime groups who loan money at very high interest rates and usually uses threats of violence to collect back the debts. The interest rates are much above the established legal rate. How does a loan shark work? A loan shark is within a personal or professional network that offers loans at exorbitant interest rates. One can find them in under-banked neighborhoods, on the internet, or even through personal networks. The funds of a loan shark are usually from mysterious sources, and they work for personal businesses or private entities. For loan i ng they do not require background checks or credit reports. Their intention to lend large sums of money is to gain high levels of interest in a short time. For a loan, the loan sharks charge interest rates much above any regulated rate. For instance, a loan shark may lend $5,000 to a person with the provision that $10,000 be repaid within 15 days. These lenders may ask fo

  According to data across the country, there is an estimated $8.1 trillion in home equity. This equity can be tapped by borrowers to remodel, renovate, or use for other projects. This has resulted in the rates of home equity loans dropping. According to Bankrate, by mid-August, the average home equity loan rate was 5.33%, and some banks are offering rates under 3%. Howard Dvorkin, a certified public accountant and chairman of Debt.com said that as borrowers can lock in a rate with a home equity loan, this type of debt is attractive because of the low-interest-rate environment. As  b anks have tightened their approval standards and some lenders even temporarily suspended offering home equity loans these loans are very difficult to secure. There still are many lenders offering home equity loans to homeowners. The rates offered to vary significantly depending on credit score, the home equity amount, and the amount you are looking to borrow, according to experts now is still a good time t

New American Funding along with Freddie Mac, is set to help borrowers who are having low income to be able to refinance. A new  refinance  option is out for borrowers who are having 80% or below area median income, are eligible to take advantage of programs by Freddie Mac and Fannie Mae. A borrower may be eligible to refinance their mortgage under this refinance option if their mortgage is owned or guaranteed by Fannie Mae or Freddie Mac. To know if their mortg a ge is owned by Freddie Mac or Fannie Mae the borrowers simply can check the Freddie Mac Loan Look-up Tool or Fannie Mae Mortgage Loan Lookup websites. According to the program, eligible borrowers should receive savings of a minimum of $50 on their monthly mortgage payment and a minimum reduction of 0.50% on their interest rate. If a homeowner starts with the program then they are eligible to receive A $500 credit towards an appraisal. The qualification required is: The borrower should have an owner-occupied 1-unit single-famil

  The Difference Between 401A vs 401K 401a plans  and  401k plans  are the two primary types of defined contribution retirement savings plans that are offered by employers. The basic difference involves the employers who offer the plan. The plan gets their names after Section 401 of the United States Internal Revenue Code, which defines them. The core differences between the  401a vs 401k plan  are first in the types of employers who offer them and then in various key provisions as for contributions and investment options. Initially, most workers depend on their monthly retirement contributions income like Personal retirement savings and social security plans. No w  most employers have stopped using pension plans and are replacing them with workplace retirement savings packages like the 401a and the 401k. 401a and the 401k both plans are looked at as sponsored retirement savings plans for the workplace, at times they are interpreted as tax codes. Using either of them will mainly rest o

  The MBA’s latest  Forbearance  and Call Volume Survey shows that as of August 15, the final figure of loans in forbearance has dropped only by one basis point to 3.25%. According to MBA’s report, 1.6 million homeowners are still in forbearance plans. Marina Walsh, the vice president of industry research with MBA, said the rate of decrease appeared to have now flattened out. During the week ending June 07, 2020,   the number of homeowners in forbearance plans reached the highest at 4.7 million, and the rate stood at 8.55%. From that time the number has been coming down to a third of what it was just over a year ago. The current forbearance period ends on September 30 and Walsh feels that delinquencies for different loan types were still a concern. There would be borrowers in September and October who have reached the end of their forbearance period, and servicers would be trying to place them into a suitable loss mitigation plan. She added that even if the FHA delinquency rate is down