The Consumer Financial Protection Bureau recently issued new rules that were designed to create a “back to the basis” approach for mortgage lending. The new rules have been implemented to lower the risk of defaults and foreclosures. Under the new regulations, mortgage lenders are being asked to follow the Ability to Repay rule and Qualified […]
Affordable Financial Services LTD is reminding everyone that April is Credit Scores Education Month. Those who are looking to apply for a mortgage should check their credit score, as the federal government has tightened its lending requirements. Credit Scores Education Month is a month-long campaign sponsored by the Consumer Bankers Foundation and the Leadership Conference […]
MortgageOrb.com reported yesterday that California Congressman Dennis Cardoza is introducing a piece of legislation that he says would encourage refinancing, which, in turn, would reduce the number of defaults and help prevent foreclosures. The Housing Opportunity and Mortgage Equity (HOME) Act would enable mortgages currently owned by Fannie Mae and Freddie Mac that meet certain […]