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colorado mortgage lenders association - News

Mojo - January 2014
Mojo - January 2014 If Ohio enacts the bill, it will join a number of other states that have done so in the last year: Arkansas, Colorado, Florida, and Illinois. He "would do well to take time from his fundraising schedule to meet with families in District One and

People in Business for Jan. 19, 2014
He'll provide support and direction to real estate lenders and their assistants in the Livingston, Helena and Bozeman markets. Hennessy has more than 20 years experience in mortgage lending and joined First Interstate two years ago as secondary market 

Will Obama push housing reform in SOTU Not expected this year, but ...
'We would welcome the White House's engagement in the GSE debate, particularly on the issue of bringing private capital back to the secondary mortgage market through ideas such as up front risk sharing,' said Dave Stevens, head of the Mortgage Bankers

New Loan Safeguards Leave Path for Higher-Risk Borrowers
A "For Sale" sign stands in the yard of a single family home in Denver, Colorado. The Read More. A "For Sale" Now, as regulators tighten mortgage rules and big banks resist lending to riskier middle-income Americans, HFAs across the U.S. are

Foreclosed Homes for Sale Perto Rico Vega Baja Casas Reposeidas Vega Baja FNMA Foreclosed Home #P090655. This is a home located in a great area and community. Off state road #2 ...

Alternatives expected to sprout up now that Colorado payday lenders are capped

Colorado voters, by the widest positive margin of any state ballot measure this year, agreed to cap the costs on payday loans at 36 percent a year, a rate some lenders argue is too low to stay in business but which backers argued was necessary.

“This lending product is so predatory,” said Corrine Fowler, who ran the successful campaign behind Proposition 111. “Financially, people are not better off when taking the loans. It’s just immoral, unjust and wrong.”

Costs, including fees and interest for those short-term loans of $500 or less, averaged around 129 percent and could reach above 200 percent. And that was after major reforms in 2010 took them down from more than 500 percent of the original amount.

Colorado consumers are expected to save $50 million a year in borrowing costs. But will they be able to get a short-term loan once the measure takes effect Feb. 1?

A Federal Reserve survey in May found that 40 percent of adults said they couldn’t cover an unexpected expense of $400 or more in cash. Payday loans, while onerous and even usurious, did meet short-term needs, including covering the mortgage or rent, auto loan payments and utility bills.

HomeSafe® Select Adds Flexibility and Growth to Retirement Planning

HomeSafe Select is a non-FHA adjustable rate mortgage loan that offers an initial closed-end draw of 25% of loan proceeds at closing. The remainder of funds are available to borrowers as an open-ended line of credit with a 5% internal rate of growth to be drawn and repaid at any time. Like the HECM, HomeSafe Select is a non-recourse loan.

With HomeSafe Select, a 72 year old in California with an $800,000 home value and an $80,000 balance on the first mortgage may be able to receive $270,400 in proceeds after paying off the first mortgage versus receiving approximately $220,000 with the HECM. The borrower’s value in the line of credit could be $300,301 at the end of year three and $425,833 at the end of year 10.*

“As people evaluate how home equity fits into their retirement plans, we know they are increasingly looking for options that offer both flexibility and growth,” said Kristen Sieffert, president, Finance of America Reverse. “In building this latest addition to our product suite, we saw an opportunity to bridge the last gap between HECM and existing proprietary products while also staying true to our mission to help people get to work on retirement. HomeSafe Select can help people leverage part of their home equity today while at the same time growing their available funds for future needs. We are incredibly excited to continue to be a trusted partner in removing the barriers that prevent people from achieving a fulfilling retirement.”