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Bank of America Makes Major Loan Modification Changes; The “Nationstar Experience”

After recent allegations by former employees and whistleblowers regarding serious loan modification abuses by Bank of America, it appears substantial changes have been made.  Most notably, a huge portion of Bank of America’s loan portfolio has been transferred to Nationstar.  Bank of America and Nationstar were most likely working on […]

Lending Institutions Getting More Rigid with Loan Qualifications

As regulators crack down on shady lending practices, banks and lending institutions are getting more and more rigid with loan qualifications. In fact, a recent New York Times article detailed one retiree’s struggle to obtain a mortgage even with excellent credit history and healthy retirement and brokerage accounts. In addition […]

Home Affordable Refinance Program Extended

The government’s Home Affordable Refinance Program (HARP) was scheduled to expire at the end of April – until last week. The Obama administration’s program to help underwater borrowers, who are current with their mortgage payments, refinance at lower rates was extended an additional two years last week.  Regulators announced last […]

News from The Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (CFPB), a government agency, recently released the nation’s largest public database of federal consumer financial complaints. This database includes details about more than 90,000 individual complaints on five types of products and services: consumer loans, bank accounts or bank services, mortgages, credit cards and student […]