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Mortgage Professor about refinance lenders: | |||||||||||||||||||||||
Are Lenders Responsible For a "Tangible Net Benefit"
18 April 2005 "I understand that in pending Federal legislation aimed at predatory lending, lenders will be prohibited from refinancing a mortgage unless there is a ?tangible net benefit? to the borrower?Is this a good rule?" It is not a good rule, because it ... more... Why Does Mortgage Refinancing Cost More? March 24, 2003 "Why are mortgage interest rates higher when the borrower is refinancing than when the borrower is purchasing a home?" If the borrower, the property and the loan are the same, one would think that a loan used to purchase a home would be priced the ... more... |
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refinance lenders related definitions |
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Equal Credit Oportunity Act
Equal Credit Oportunity Act (ECOA) Is a federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. ... more... Non Conforming Loan Non Conforming Loan A loan that does not meet the Fannie Mae or Freddie Mac underwriting guidelines. This is also known as a portfolio mortgage. The loan can't be sold on the secondary market so it must keep it and service it in its own portfolio. Non-conforming loans have ... more... |
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