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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.
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Senator Raises Mortgage Concerns with Dodd-Frank Bill
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.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Senator Raises Mortgage Concerns with Dodd-Frank Bill
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
Senator Raises Mortgage Concerns with Dodd-Frank Bill

February 3, 2011 (Jeff Alan)
mortgage-kay-hagan-image
Senator Kay Hagan (D-NC), a member of the Senate Banking Committee, has raised questions with U.S. banking regulators over a provision in the Dodd-Frank Finance Reform Bill that could potentially make it difficult for consumers to get home loans.

Sen. Kay Hagan, (D., N.C.) said in an interview Wednesday that she is “very concerned” that regulators will be too stringent in defining which loans are deemed less risky and therefore exempt from requirements imposed by the Dodd-Frank financial overhaul passed last summer.

One of the provisions in the new law mandates that banks must retain 5 percent of the risk of a loan if it is packaged into securities and sold to investors. The whole idea of the provision is that if banks retained a percentage of risk in the securities that they sell, banks would be more cautious in their lending standards because they would still stand to lose if the borrower defaults.

Joining Hagan were Senators Mary Landrieu (D-LA) and Johnny Isakson (R-GA), who have co-sponsored an amendment to the financial overhaul bill providing an exemption for safe mortgages which in return puts the burden of defining a “safe mortgage” on the regulators.

Without an interpretation on what is a safe mortgage, there is fear within the banking industry that only loans with a 20% down payment or more would be considered a safe mortgage thus receiving an exemption. Most of the lending industry favors a broader definition.

If the definition mandates a high down payment requirement, it could also harm the mortgage insurance industry, which allows borrowers to take out loans with lower down payments by collecting insurance premiums from borrowers.

Critics also fear that banks, trying to avoid having to retain any risk in the securities they sell, will require higher down payments or charge much higher fees and interest rates to borrowers who don’t meet the requirements of a safe mortgage. That could potentially raise the bar so high that many consumers would not be able to obtain a mortgage, which coming out of the current housing crisis could be devastating to the mortgage and housing industry and the economic recovery.

Hagan stated, “I certainly didn’t want to narrow the availability (of credit), which I think there’s a lot of concern about. If you do that, then I think you’ll ultimately have a smaller number of entities that are able to provide those mortgages.”

Tags: senate banking committee, safe mortgages, loans, banks, lenders, credit, banking industry, securities, dodd-frank

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.
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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.
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THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
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February 3, 2011 (Jeff Alan)
mortgage-kay-hagan-image
Senator Kay Hagan (D-NC), a member of the Senate Banking Committee, has raised questions with U.S. banking regulators over a provision in the Dodd-Frank Finance Reform Bill that could potentially make it difficult for consumers to get home loans.

Sen. Kay Hagan, (D., N.C.) said in an interview Wednesday that she is “very concerned” that regulators will be too stringent in defining which loans are deemed less risky and therefore exempt from requirements imposed by the Dodd-Frank financial overhaul passed last summer.

One of the provisions in the new law mandates that banks must retain 5 percent of the risk of a loan if it is packaged into securities and sold to investors. The whole idea of the provision is that if banks retained a percentage of risk in the securities that they sell, banks would be more cautious in their lending standards because they would still stand to lose if the borrower defaults.

Joining Hagan were Senators Mary Landrieu (D-LA) and Johnny Isakson (R-GA), who have co-sponsored an amendment to the financial overhaul bill providing an exemption for safe mortgages which in return puts the burden of defining a “safe mortgage” on the regulators.

Without an interpretation on what is a safe mortgage, there is fear within the banking industry that only loans with a 20% down payment or more would be considered a safe mortgage thus receiving an exemption. Most of the lending industry favors a broader definition.

If the definition mandates a high down payment requirement, it could also harm the mortgage insurance industry, which allows borrowers to take out loans with lower down payments by collecting insurance premiums from borrowers.

Critics also fear that banks, trying to avoid having to retain any risk in the securities they sell, will require higher down payments or charge much higher fees and interest rates to borrowers who don’t meet the requirements of a safe mortgage. That could potentially raise the bar so high that many consumers would not be able to obtain a mortgage, which coming out of the current housing crisis could be devastating to the mortgage and housing industry and the economic recovery.

Hagan stated, “I certainly didn’t want to narrow the availability (of credit), which I think there’s a lot of concern about. If you do that, then I think you’ll ultimately have a smaller number of entities that are able to provide those mortgages.”

Tags: senate banking committee, safe mortgages, loans, banks, lenders, credit, banking industry, securities, dodd-frank

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

February 3, 2011 (Jeff Alan)
mortgage-kay-hagan-image
Senator Kay Hagan (D-NC), a member of the Senate Banking Committee, has raised questions with U.S. banking regulators over a provision in the Dodd-Frank Finance Reform Bill that could potentially make it difficult for consumers to get home loans.

Sen. Kay Hagan, (D., N.C.) said in an interview Wednesday that she is “very concerned” that regulators will be too stringent in defining which loans are deemed less risky and therefore exempt from requirements imposed by the Dodd-Frank financial overhaul passed last summer.

One of the provisions in the new law mandates that banks must retain 5 percent of the risk of a loan if it is packaged into securities and sold to investors. The whole idea of the provision is that if banks retained a percentage of risk in the securities that they sell, banks would be more cautious in their lending standards because they would still stand to lose if the borrower defaults.

Joining Hagan were Senators Mary Landrieu (D-LA) and Johnny Isakson (R-GA), who have co-sponsored an amendment to the financial overhaul bill providing an exemption for safe mortgages which in return puts the burden of defining a “safe mortgage” on the regulators.

Without an interpretation on what is a safe mortgage, there is fear within the banking industry that only loans with a 20% down payment or more would be considered a safe mortgage thus receiving an exemption. Most of the lending industry favors a broader definition.

If the definition mandates a high down payment requirement, it could also harm the mortgage insurance industry, which allows borrowers to take out loans with lower down payments by collecting insurance premiums from borrowers.

Critics also fear that banks, trying to avoid having to retain any risk in the securities they sell, will require higher down payments or charge much higher fees and interest rates to borrowers who don’t meet the requirements of a safe mortgage. That could potentially raise the bar so high that many consumers would not be able to obtain a mortgage, which coming out of the current housing crisis could be devastating to the mortgage and housing industry and the economic recovery.

Hagan stated, “I certainly didn’t want to narrow the availability (of credit), which I think there’s a lot of concern about. If you do that, then I think you’ll ultimately have a smaller number of entities that are able to provide those mortgages.”

Tags: senate banking committee, safe mortgages, loans, banks, lenders, credit, banking industry, securities, dodd-frank

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