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New Mortgage Rules For California Borrowers Explained
Under the new Ability-to-Repay Rule, mortgage lenders must look at customers' income, assets, savings, and debt, and weigh those against the monthly payments over the long term – not just a teaser or introductory rate period. As long as they check the 

The rich are different -- they still get interest-only mortgages,0,7524049.story
The rich are different -- they still get interest-only mortgages Many banks that lend in high-end California markets plan to keep making these loans for affluent clients who want them. Often these are self-employed people capable of maintaining fat bank accounts while making sizable down payments, borrowers the 

Bankruptcy May Not Be Best Option for Unsecured Mortgage Lenders
San Francisco, CA -- (SBWIRE) -- 01/24/2014 -- According to mortgage expert Maggie Puccini, a borrower files a bankruptcy proceeding to stop a foreclosure since the filing results in an automatic stay that prevents creditors from pursuing the borrower

New Mortgage Rules Mean Tighter Requirements For CA Home Loan Borrowers
New Mortgage Rules Mean Tighter Requirements For CA Home Loan Borrowers The Blue Loan Services team of mortgage professionals operates with the goal to provide home loans to its clients while providing them with the lowest interest rates and closing costs possible. The company also does its best to inform borrowers of any

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The risk lurking in the US mortgage market

In the past few years, the non-bank mortgage sector has exploded because of low interest rates and commercial banks "happy" to supply lines of credit to non-banks at favorable rates, the authors write.

But with it comes serious risk.

Non-banks face a higher risk that lines of credit will be pulled quickly in time of financial stress. Financial institutions often offer non-bank lenders short-term lines of credit to fund mortgage loans.

They are also exposed to so-called liquidity risk: They still have to pay mortgage investors even when borrowers skip payments. They also can't tap the Federal Reserve and the Federal Home Loans Banks to meet their liquidity needs like banks can.

What's more, these non-banks tend to originate mortgages that are less sound — less likely to be repaid — to minority and low-income borrowers. Those borrowers are likelier to be vulnerable to delinquencies triggered by economic shocks like a fall in house prices, according to the authors.

Wells Fargo accused of preying on black and Latino homebuyers in California

The latest black eye for Wells Fargo hits close to home. Sacramento is the capital of California, Wells Fargo's home state for the past 166 years. Now the city is seeking undisclosed monetary damages to recover "significant" injuries it claims Wells Fargo inflicted.

Wells Fargo said in a statement that Sacramento's allegations "do not reflect how we operate in the communities we serve" and that the bank plans to "vigorously defend" its lending record.

"We deeply value our relationship with Sacramento," the bank said, "and are working diligently and consistently with customers, credit counselors, non-profit organizations and government agencies to expand homeownership across the credit spectrum."

Sacramento is not the first city to point the finger at Wells Fargo.

Last year, Philadelphia filed a similar lawsuit , citing former employees who alleged the bank encouraged workers to push the use of higher-cost loans to minorities. Baltimore and Miami have also accused Wells Fargo of discriminatory mortgage lending.

which mortgage lenders service California and dont execute a irs 4506 form?

my loan guy says now they have to execute the form, but certain lenders are not required to?
i understand you have to fill one out but certain lenders are in states where they dont have to actually check them.

You will want to get a NIV (no income verification) loan that does not require a 4506T rather than a stated income loan that does require it.

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