Mortgage

CFPB Study Finds ‘eClosings’ Beneficial to Consumers

Mortgage borrowers who had access to electronically viewed and signed documents at closing -- or “eClosings” -- felt more empowered, understood the process better and saw greater efficiencies, according to a pilot program conducted by the Consumer Financial Protection Bureau at seven lenders.

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Freddie Mac Profits Strong in Second Quarter

Freddie Mac today reported a $4.2 billion profit in the second quarter, up significantly from the $1.4 billion the company earned in the second quarter of 2014 and marking Freddie’s 15th consecutive profitable quarter.

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Closing the Gap

How banks can help older adults use the equity in their homes to provide another source of retirement funding.

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J.D. Power: Large Bank Servicers Score Higher Ratings than Nonbanks

Large bank mortgage servicers overall notched higher customer satisfaction ratings than large nonbank servicers, according to the 2015 J.D. Power study of consumer satisfaction with their primary mortgage servicers. Customers gave bank servicers on average 731 points out of 1,000, while nonbanks notched on average 658 points.

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CFPB Releases Spanish Version of TILA-RESPA Form Guide

The Consumer Financial Protection Bureau yesterday released the Spanish version of “Your Home Loan Toolkit,” intended to help consumers understand the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in October.

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ABA Endorses New Index for Computing Conforming Loan Limits

The conforming loan limits for mortgages that Fannie Mae and Freddie Mac will purchase are too high, ABA said in a comment letter yesterday. Given post-crisis house price declines, the average mortgage loan amounted to $294,000 in March 2014 -- well below the GSEs’ $417,000 and $625,500 in high-cost areas.

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