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Mortgage Rate Alabama
The Role of Mortgage Brokers in the Mortgage Finance Market
Today about 23,000 mortgage brokers originate over half of all mortgages in America and employ nearly 130,000 people. The rise of the mortgage broker has been accompanied by a decline in mortgage interest rates and closing costs and an increase in the home ownership rate. Mortgage brokers have dramatically increased competition in almost every region and community in the country. While the number of mortgage lenders is continually declining through mergers and consolidation, the number of mortgage brokers is growing. ... [Read More]
Testimony -- Donaldson
Obviously, HUD is correct in the view expressed in its recent mortgagee letter that brokersshould disclose their total compensation and that borrowers should be given credit against whateveris owed to the broker when the broker receives a yield spread premium. Even with that disclosure,however, it is doubtful that any but even the most sophisticated borrower could make an informeddecision about yield spread premiums without additional disclosures being required. To make aninformed decision about yield spread premiums, borrowers would also have to know how much theirrates are being increased to generate the yield spread premium and have to know how muchadditional monthly interest payments they would incur as a result of the mark-up. Moreover, in orderto prevent unscrupulous brokers from overcharging and to prevent borrowers from "bait and switch"tactics where yield spread premiums are disclosed for the first time at closing on the HUD-1, HUDmust require the mortgage industry to use yie ... [Read More]
Testimony -- Falk
Today, our nation enjoys an all-time record rate of homeownership. While many factors have contributed to this record of success, one of the principal factors has been the rise of wholesale lending through mortgage brokers. Mortgage brokers have brought consumers more choices and diversity in loan programs and products than they can obtain from a branch office of even the largest national retail lender. Brokers also offer consumers superior expertise and assistance in getting through the tedious and complicated loan process, often finding loans for borrowers that may have been turned down by other lenders. Meanwhile, mortgage brokers offer lenders a far less expensive alternative for nationwide product distribution without huge investments in "brick and mortar." In light of these realities, it is no surprise that consumers have increasingly turned to mortgage brokers. Today, mortgage brokers originate approximately 65 percent of all residential mortgages in America. In Flori ... [Read More]
FDIC: FYI - Bridging the Information Gap: How Bankers Can Help the Hispanic Population Realize the American Dream of Homeownership
The poultry plants were facing a high turnover rate and were considering relocation. The bank created special loans to help immigrants build their credit history, and the poultry plants offered classroom space at the work site. The plants also paid their workers to take the bank's classes on banking and homeownership. The bank made 586 home loans and generated an estimated $80 million in business. Moreover, Arvest has had zero defaults over the last eight years. Once the workers planted roots in the community through their home purchases, the poultry plants saw the turnover rates drop. One plant went from a turnover rate of 200 percent in 1992 to a turnover rate of 15 percent in 1999. The poultry plants stayed in Rogers and the town was able to keeps millions of dollars in business and taxes in the region. ... [Read More]
Alabama
Since 1993, President Clinton and Vice President Gore have supported innovative and promising teen pregnancy prevention strategies, with significant components of the strategy becoming law in the 1996 Personal Responsibility Act. The law requires unmarried minor parents to stay in school and live at home or in a supervised setting; encourages "second chance homes" to provide teen parents with the skills and support they need; and provides $50 million a year in new funding for state abstinence education activities. Efforts are making a difference, adolescent pregnancy rates and teen abortion rates are declining. And between 1991 and 1997, teen birth rates declined nearly 10% in Alabama. ... [Read More]
Alabama
Since 1993, President Clinton and Vice President Gore have supported innovative and promising teen pregnancy prevention strategies, with significant components of the strategy becoming law in the 1996 Personal Responsibility Act. The law requires unmarried minor parents to stay in school and live at home or in a supervised setting; encourages "second chance homes" to provide teen parents with the skills and support they need; and provides $50 million a year in new funding for state abstinence education activities. Efforts are making a difference, adolescent pregnancy rates and teen abortion rates are declining. And between 1991 and 1997, teen birth rates declined nearly 10% in Alabama. ... [Read More]
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