New York State Attorney General Eric T. Schneiderman announced that his office is committing up to $40 million in additional funding to organizations that provide free, high-quality housing counseling and legal services to struggling homeowners around New York State through his Homeowner Protection Program (HOPP). The new funding, which will extend the program for an additional two years, brings the total commitment of funds by the Attorney General’s Office to $100 million over five years to help New York families stay in their homes.Click to continue
Today’s senior homebuyers now have access to a powerful traditional mortgage alternative when considering the purchase of a new primary residence. Imagine purchasing a new home and no monthly payment is required!Click to continue
U.S. Sens. Tom Coburn (R-OK) and Mazie Hirono (D-HI) have jointly introduced bipartisan legislation that would ensure proper state regulatory representation on the Board of the Federal Deposit Insurance Corporation (FDIC).Click to continue
The Federal Reserve System and Conference of State Bank Supervisors (CSBS) recently wrapped up the second annual Community Banking in the 21st Century Research Conference at the Federal Reserve Bank in St.Click to continue
The U.S. Department of Defense has issued a proposal that would expand the types of credit products that are covered by the 36-percent rate cap and other military-specific protections under the Military Lending Act. The proposal would close loopholes that have led to lenders skirting the law with products that fall outside the scope of existing regulations.
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement:Click to continue
Former NFL football player Jimmy Hitchcock has been sentenced to 46 months in federal prison, followed by two years of supervised release, for his role in a multi-million mortgage fraud conspiracy, announced U.S. Attorney Anne M. Tompkins. Tompkins was joined by John A. Strong, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, Thomas J. Holloman III, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation Division (IRS-CI) in making the announcment.Click to continue
Question: I heard that there are some impending changes concerning FHA loans involving prepayment penalties and adjustable-rate mortgages (ARMs). Would you please clarify?
On Aug. 26, 2014, FHA announced changes under 24 CFR 203 involving (1) the elimination of “post-payment” interest aka “prepayment penalties” on FHA-insured loans, and (2) notice requirements concerning interest rate changes on FHA-insured Adjustable Rate Mortgages (ARM). Click to continue
Vendors pose a risk for banks and non-banks alike … and the Consumer Financial Protection Bureau (CFPB) is monitoring those risks. “Consumers are at a real disadvantage because they do not get to choose the service providers they deal with—the financial institution does,” said CFPB Director Richard Cordray in a release from the CFPB. “Consumers must not be hurt by unfair, deceptive or abusive practices of service providers.Click to continue