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  The Home Mortgage Disclosure Act underwent certain changes and to evaluate whether it is meeting the stated goals of detecting discrimination in mortgage lending the  Consumer Financial Protection Bureau  is seeking comments. The CFPB requests for assessment of the mortgage disclosure law and checks if it meets the objectives of the  Dodd-Frank Act . To abolish discrimination in mortgage lending in 1975 the Congress enacted . The bureau said the request comes after an August report found that mortgage lenders as compared to white applicants were charging higher interest rates and denying credit to Black and Hispanic applicants. The   bureau said that with this evaluation the CFPB will be able to maintain a fair, competitive, and non-discriminatory mortgage market. They added that the assessment is an opportunity for the Bureau to get an idea if the earlier HMDA rulemakings have improved upon the data collected, thereby reducing loans on financial institutions, and streamlining and mo

  About Mortgage Consultant To purchase a property the most common way a homebuyer or real estate investor uses is through a mortgage. Whether they go to a bank, mortgage broker, or building society they would be dealing with a mortgage consultant, or mortgage adviser, at some point or other. A  mortgage consultant  helps people in determining what mortgage is best for their particular needs. A mortgage consultant guides homeowners in understanding the  various mortgage products  available to them and also helps in simplifying the  mortgage process  and getting approved for a mortgage. Let us lear n  more about what a mortgage consultant does, how they differ from a mortgage broker, and who should work with a mortgage consultant. What Is The Profile Of A Mortgage Consultant? A mortgage consultant helps the borrowers to identify the best loan product according to the borrower’s specific needs. They can offer, explain, and compare the different loan products available in the market and b

  About Owner’s Title Insurance In the journey of home buying, many times people are only saving up for their down payment and are not aware of many things that they will have to purchase. An  owner’s title insurance  is one of the most important purchases that a purchaser must make. Let us understand what is owner’s title insurance While  buying a house , a buyer needs to take care that they are not facing risks. The old homeowner’s paperwork may not have been correct, or there could have been some fraudulent activity related to the property. With an owner’s t i tle insurance, the homeowners are protected against any problems related to their deed or property ownership that might come up after they buy a house. The various potential issues are: A deed filed incorrectly:  The mistakes that could happen while making the deed, like it is not recorded in the buyer’s legal name, ownership of the property could be unclear. Information on the deed could be false:  like a forged signature or

  News that because of sky-high home prices and low supply issues, homeownership has become difficult yet there are some metros where affordable homes are possible for low- and mid-income families. For almost a decade the housing affordability was at its lowest level shows a report from the National Association of Home Builders (NAHB). More than half of new and existing homes sold in the third quarter were affordable to families whose national median income was $79,900. In Q3 of 2021, the natio n al median home price was $35,000 higher than Q3 of 2020, it grew now to a record of $355,000, in Q2 it was $5,000. During the quarter the average mortgage rate dropped 14 basis points. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 2.98%. According to NAHB, the most affordable major housing market in Q3 was Lansing-East Lansing, Mich. All the homes sold in the metro added up to 89.1% were affordable to families that earned the area’s median income of $79,100. The Top 5 Metr

  The leading provider of trusted and innovative solutions SitusAMC supports real estate finance, for mortgage industry participants who are looking to understand and navigate the federal landscape, the firm has published a Field Guide. This Field Guide gives an in-depth, professional perspective on the key influencers and their impact on the single-family and multifamily real estate industries in Washington, D.C. It provides insight on how Housing Finance in D.C. works and gives an overview of the process to best navigate it. Tim Rood, Head of G o vernment and Industry Relations advises mortgage firms on how to mitigate and manage the risks to federal government impacted initiatives, he added that the new presidential administration is making real estate financiers focus their businesses in fundamental forms. The Field Guide helps industry participants to establish a long-term strategic plan to navigate the landscape effectively. The Field Guide describes Washington as an avian ecosys

  Chattel mortgages are loans that are used to purchase a movable object, like a  manufactured home , mobile home, or a piece of heavy equipment. So if a borrower wants to purchase a  mobile home  that is in a trailer park and the home is on land that does not belong to the borrower it is termed as personal movable property. The lender gives the borrower a loan, with a lien on the mobile home, the lien will be released after the loan, and interest is paid off. The lender ow n s the home until it is paid off so if the borrower defaults on payments, the lender can sell the home to pay for the remainder of the loan. Another example is if a borrower owned a large farm and wanted to buy a new tractor. The lien on the loan will be the tractor. The lender would own the equipment until it is paid off and if the borrower is unable to pay off the loan, for some reason the lender could sell it and get their money back. A  chattel mortgage  allows people to purchase products beyond their financial

  For the first time in a month, the average rate of a  30-year fixed-rate mortgage  dropped below 3%. And, rates on other loan types are even lower, giving homeowners reasons to celebrate and to lock in the best rate on a refinance. These ultra-low refi rates will not last long, with the inflation rising and the US economy strengthening. The mortgage giant Freddie Mac reported that the rates of the 30-year fixed-rate home loan dropped for a second straight week with an average of 2.98%, down from last week’s 3.09%. In the wee k  of Oct. 7, the rates were this low. They said that as the average is 2.98% many borrowers who shop around can get much lower rates than 2.98% for a 30-year mortgage. A year back, the 30-year fixed-rate mortgage was averaging around 2.84%. The Mortgage Bankers Association said that during the week ending Nov. 5, the overall applications for mortgages rose 5.5% leading to a 7% rise in demand for refinances. Freddie Mac’s report shows that the average rates on 15