What Trump’s Executive Action On Mortgage Premiums Means for Consumers

On his first day in office, President Donald J. Trump blocked an Obama administration rule that would have lowered mortgage costs for millions of homebuyers. In fact, during the first hour he was in office, the Department of Housing and Urban Development (HUD) sent a mass communication to mortgage lenders, real estate agents and brokers to ... More

Mortgage Rates Continue To Rise Since Donald Trump’s Election

Long-term mortgage rates in the U.S. surged in the wake of Donald Trump’s election, and they continue to rise as the calendar year comes to a close. Experts say the interest rate hikes are likely due to bond investors’ beliefs in the president-elect’s stated plans to cut taxes and invest heavily in infrastructure spending on roads and ... More

Survey: Most Americans Will Avoid Using Credit For Holiday Purchases

Holiday spending can wreak havoc on the family budget, but a new survey by Bankrate shows that most Americans have planned ahead and saved up in order to avoid using credit for holiday gifts. According to Bankrate, 2016 holiday spending will average about $806.  Of surveyed consumers, 70 percent said they will be using cash or debit for ... More

Forbes Explains How Home Values Could Change Under President-Elect Trump

In July 2016, the U.S. Census Bureau released a report showing that American homeownership rates are the lowest on record since 1965. Then-candidate Donald Trump suggested it was another indicator that the economy is failing many consumers. Since the issue seems to be on the President-elect’s radar, Forbes investigated what a Trump Admini... More

The Subprime Auto Loan Bubble Is Beginning to Burst

Americans currently hold one trillion dollars in consumer auto loans – and with many subprime loan holders beginning to default, top auto lenders are preparing for millions of dollars in losses. Studies show Americans are borrowing more than ever before to purchase new and used vehicles. The percentage of Americans with unpaid subprime ... More

Homeowners May Benefit From Refinancing Before Election Day

A presidential election year always brings uncertainty, and that includes concerns about interest rates and inflation. Still, experts say now might be the perfect time to refinance your home loan. If you’re spending more than a third of your income on your mortgage payment, you’re paying more than the average American. If you find ... More

15-Year Fixed Mortgages Are Growing in Popularity

New data shows that nearly 30 percent of refinance loans taken over the past ten years have been for 15-year, fixed-rate mortgages. This represents a stunning five-fold increase from the previous decade. For home owners who are able to swing the higher monthly payments, there are big savings to be had over 30-year, fixed-rate mortgages. ... More

Federal Government Considers Overhauling Credit Scores, Reporting

A new congressional bill introduced by Representative Maxine Waters, D-CA, proposes to drastically change the way consumer credit data is used, reported and recorded by American credit reporting agencies. Known as the “Comprehensive Consumer Credit Reporting Reform Act of 2016,” the proposed legislation has been in the works since ... More

Fannie Mae Will Begin Using ‘Trended Data’ to Analyze Consumers’ Credit History

On September 26, 2016, Fannie Mae began processing “trended data” in order to gain a deeper understanding of consumer credit history. While this practice has been commonplace among credit card companies for some time, it marks the first time this technique has been widely employed in the mortgage industry. Trended data provides a ... More

Mortgage Pilot Program Expands Loan Accessibility for Diverse Communities

Two nationwide mortgage banks, New American Funding and Alterra Home Loans, have partnered with Freddie Mac to create a pilot program designed to offer easier access to home loans for a growing and diverse population of prospective American homeowners. The program, called Your Path, uses Freddie Mac’s low down payment Home Possible ... More