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First Home Mortgage Corp

RRSP as Downpayment, first home mortgage using RRSP

www.notapennydown.com RRSP as a downpayment. Vancouver mortgage broker Mark Fidgett explains the ins and outs of withdrawing money from your RRSP ...

Impact of FinTech Investment Felt in Nearly All Markets, According to First American's Loan Application Defect Index

July 2018 Loan Application Defect Index

The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications decreased by 1.3 percent compared with the previous month. Compared to July 2017, the Defect Index decreased by 9.5 percent. The Defect Index is down 25.4 percent from the high point of risk in October 2013. The Defect Index for refinance transactions is the same as previous month, and is 2.8 percent lower than a year ago. The Defect Index for purchase transactions decreased by 1.3 percent compared with the previous month, and is down 13.2 percent compared with a year ago.

Chief Economist Analysis: FinTech Investment Helping Reduce Defect Risk

“The Loan Application Defect Index for purchase transactions continued its downward trend, declining 1.3 percent in July compared with the month before, the seventh consecutive month defect risk in purchase transactions have fallen,” said Mark Fleming, chief economist at First American. “Yet, is declining loan application misrepresentation, defect and fraud risk isolated to a few markets or is the trend more geographically broad based?

It's Time to Rewrite Fair Lending Rules. (Just Not Like This.)

In 1977, Congress passed the Community Reinvestment Act, a powerful antidote to racial discrimination in lending. Where banks had divided maps into segregated areas that showed where they would and would not approve mortgages—a notorious practice known as redlining —the new law required them to demonstrate that they serve low-income households wherever they are located.

Forty years on, this regulatory approach—which was designed decades before the era of online banking—is showing its age. Millennial-friendly online-only Ally Bank , for example, doesn’t have any brick-and-mortar locations at all, so regulations predicated on the reach of bank branches don’t make sense for this 21st-century lending platform. The CRA is overdue for an upgrade, and this week, the Trump administration took a long-awaited first step toward revamping the rule.

But while the advance notice of proposed rulemaking , set forth by the Office of the Comptroller of the Currency (an agency under the Treasury Department) has prompted cheers among bankers, the direction that the administration seems to be heading has prompted concerns among civil rights watchdogs. Among the new standards teased by Treasury’s call for input is a numerical target for fair lending compliance—a dollar-value approach that could cement the damaging segregation patterns that the law was designed to upend.

Is Home Pointe Financial Corp the real deal in fixing credit and getting you a mortgage?

I am just about ready to give my first payment to this complany to fix my credit and give me a mortgage. Has anyone dealt with them before? I can't afford to give money to a fraudulent company.


Contact your local Better Business Association to see if any complaints against the company have been logged.