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Calls for Changes in Proposed QRM Growing Louder
HOW LOANRATEUPDATE WORKS
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FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
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Calls for Changes in Proposed QRM Growing Louder
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Calls for Changes in Proposed QRM Growing Louder

June 28, 2011 (Shirley Allen)

The call for changes to the proposed 20 percent down payment rule being proposed under the Qualified Residential Mortgage (QRM) provision by federal regulators continues to grow louder as both housing industry advocates and members of Congress express their belief that the rule violates congressional intent when the Dodd-Frank Finance Reform Bill was passed.

A diverse coalition of 44 consumer organizations, civil rights groups, lenders, real estate professionals and insurers, along with 44 Senators and 282 members of the House of Representatives have voiced their concern that such a requirement would hurt, rather than help, a housing recovery.

Last week, Congressional supporters of the Qualified Residential Mortgage (QRM) provision, Senators Mary Landrieu (D-LA), Kay Hagan (D-NC) and Johnny Isakson (R-GA) and Congressmen John Campbell (R-CA) and Brad Sherman (D-CA), held a press conference urging regulators to follow the clear legislative intent behind the provision.

Congressional members note that at the time the Dodd-Frank legislation was being considered, they rejected a down payment requirement because it was determined that the cost of excluding responsible middle-class families would exceed the modest improvement in default rates.

The 44 organizations that make up the Coalition for Sensible Housing Policy, released a joint white paper which details how the proposed risk retention regulation would significantly harm creditworthy borrowers while frustrating the nation’s fragile housing recovery.

“I cannot remember a time when so many different organizations concerned about mortgage policy were in such strong agreement,” said Glen Corso Managing Director of the Community Mortgage Banking Project. “The message is clear – regulators should go back to the drawing board on the proposed QRM rule. Regulators should focus on good underwriting features, as outlined in the original statute, which are proven to reduce defaults.”

The comment period for rules regarding QRM has been extended until August 1, 2011. The coalition’s white paper, “Proposed Qualified Residential Mortgage Definition Harms Creditworthy Borrowers While Frustrating Housing Recovery,” can be viewed at http://www.communitymb.com.

If you wish to comment on the proposed risk retention rules you can do so on any of the following websites: Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development.

Tags: QRM, risk retention, 20 percent down payment, Dodd-Frank Finance Reform Bill, consumer organizations, housing recovery, federal regulators

Sources:
PRNewsWire
Realtor.com

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


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COULD SAVE YOU THOUSANDS.
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

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June 28, 2011 (Shirley Allen)

The call for changes to the proposed 20 percent down payment rule being proposed under the Qualified Residential Mortgage (QRM) provision by federal regulators continues to grow louder as both housing industry advocates and members of Congress express their belief that the rule violates congressional intent when the Dodd-Frank Finance Reform Bill was passed.

A diverse coalition of 44 consumer organizations, civil rights groups, lenders, real estate professionals and insurers, along with 44 Senators and 282 members of the House of Representatives have voiced their concern that such a requirement would hurt, rather than help, a housing recovery.

Last week, Congressional supporters of the Qualified Residential Mortgage (QRM) provision, Senators Mary Landrieu (D-LA), Kay Hagan (D-NC) and Johnny Isakson (R-GA) and Congressmen John Campbell (R-CA) and Brad Sherman (D-CA), held a press conference urging regulators to follow the clear legislative intent behind the provision.

Congressional members note that at the time the Dodd-Frank legislation was being considered, they rejected a down payment requirement because it was determined that the cost of excluding responsible middle-class families would exceed the modest improvement in default rates.

The 44 organizations that make up the Coalition for Sensible Housing Policy, released a joint white paper which details how the proposed risk retention regulation would significantly harm creditworthy borrowers while frustrating the nation’s fragile housing recovery.

“I cannot remember a time when so many different organizations concerned about mortgage policy were in such strong agreement,” said Glen Corso Managing Director of the Community Mortgage Banking Project. “The message is clear – regulators should go back to the drawing board on the proposed QRM rule. Regulators should focus on good underwriting features, as outlined in the original statute, which are proven to reduce defaults.”

The comment period for rules regarding QRM has been extended until August 1, 2011. The coalition’s white paper, “Proposed Qualified Residential Mortgage Definition Harms Creditworthy Borrowers While Frustrating Housing Recovery,” can be viewed at http://www.communitymb.com.

If you wish to comment on the proposed risk retention rules you can do so on any of the following websites: Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development.

Tags: QRM, risk retention, 20 percent down payment, Dodd-Frank Finance Reform Bill, consumer organizations, housing recovery, federal regulators

Sources:
PRNewsWire
Realtor.com

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

June 28, 2011 (Shirley Allen)

The call for changes to the proposed 20 percent down payment rule being proposed under the Qualified Residential Mortgage (QRM) provision by federal regulators continues to grow louder as both housing industry advocates and members of Congress express their belief that the rule violates congressional intent when the Dodd-Frank Finance Reform Bill was passed.

A diverse coalition of 44 consumer organizations, civil rights groups, lenders, real estate professionals and insurers, along with 44 Senators and 282 members of the House of Representatives have voiced their concern that such a requirement would hurt, rather than help, a housing recovery.

Last week, Congressional supporters of the Qualified Residential Mortgage (QRM) provision, Senators Mary Landrieu (D-LA), Kay Hagan (D-NC) and Johnny Isakson (R-GA) and Congressmen John Campbell (R-CA) and Brad Sherman (D-CA), held a press conference urging regulators to follow the clear legislative intent behind the provision.

Congressional members note that at the time the Dodd-Frank legislation was being considered, they rejected a down payment requirement because it was determined that the cost of excluding responsible middle-class families would exceed the modest improvement in default rates.

The 44 organizations that make up the Coalition for Sensible Housing Policy, released a joint white paper which details how the proposed risk retention regulation would significantly harm creditworthy borrowers while frustrating the nation’s fragile housing recovery.

“I cannot remember a time when so many different organizations concerned about mortgage policy were in such strong agreement,” said Glen Corso Managing Director of the Community Mortgage Banking Project. “The message is clear – regulators should go back to the drawing board on the proposed QRM rule. Regulators should focus on good underwriting features, as outlined in the original statute, which are proven to reduce defaults.”

The comment period for rules regarding QRM has been extended until August 1, 2011. The coalition’s white paper, “Proposed Qualified Residential Mortgage Definition Harms Creditworthy Borrowers While Frustrating Housing Recovery,” can be viewed at http://www.communitymb.com.

If you wish to comment on the proposed risk retention rules you can do so on any of the following websites: Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development.

Tags: QRM, risk retention, 20 percent down payment, Dodd-Frank Finance Reform Bill, consumer organizations, housing recovery, federal regulators

Sources:
PRNewsWire
Realtor.com

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS