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A wealth of options for money advice
A wealth of options for money advice “The next 10 to 15 years will be spent getting comfortable buying services online,” Kitces, a Virginia-based financial planner who tracks the industry on his Nerd's Eye View blog, said. The range of online tools varies in Banks are often overlooked

Mojo - January 2014
Mojo - January 2014 A Virginia man who claims that as a teenager he was detained, interrogated, and abused in Kuwait at the behest of the Obama administration (a story I wrote about here) has won a key victory in his lawsuit against the government. A George W. Bush

Bank of America Mortgage Rates: 30-Year Refinance Rates and Home Loans for ...
Bank of America Mortgage Rates: 30-Year Refinance Rates and Home Loans for ... In other news, the Mortgage Bankers Association (MBA) reported on Wednesday, that its Market Composite Index, which measures overall mortgage activity, improved 4.7% on a seasonally adjusted basis in the week ended January 17. Loan applications for

Bank of Lancaster Announces Promotions
Randal R. Greene, President and CEO of Bank of Lancaster and Bay Banks of Virginia, reports that the Bank's Board of Directors promoted both Pamela J. Fawver and Robert H. Fleet, III to the office of Senior Vice President. Fawver, a life-time resident

New York compare mortgage lenders and hard money New York compare mortgage lenders and hard money, rates for refinancing and fha mortgage rates today againstmortgage rate ...

Mortgage Lenders Ignore The “28/36 Debt-To-Income Rule”

, Or DTI.

DTI is vital in mortgage lending because it measures disposable income and disposable income can help stave off foreclosure, which is an adverse outcome for everyone involved with the loan.

However, the 28/36 Rule isn’t something iron-clad and written into official mortgage guidelines. Mortgage lenders consider debt-to-income in their approval decisions, but they also consider other facets of an application.

Ellie Mae data shows how wrong the 28/36 Rule can be.

FHA loans approved in April 2018 at an average DTI of 29/44 VA loans approved in April 2018 at an average DTI of 26/42

Data like this from Ellie Mae is the reason why most online mortgage calculators that purport to show “how much home you can afford” are worthless.

Those online calculators use a built-in 28/36 debt ratio to tell you what you can and cannot afford. There are no concessions made for real-world borrowing and the way mortgage lenders actually make an approval.

Congress Enacts Bipartisan, ABA-Advocated Regulatory Reform Bill

In a landmark moment for post-crisis banking policy, the House by a bipartisan 258 to 159 vote today passed S. 2155, the Senate’s regulatory reform bill. The bill’s passage marks an important step toward bringing much-needed regulatory relief to help banks better serve their customers and communities, and President Trump is expected to sign it into law in the coming days.

“Today’s successful bipartisan House vote marks a turning point in the banking policy debate in this country. For the first time in nearly a decade, lawmakers from both parties have chosen to right-size financial rules that were not working as intended and holding the economy back,” said ABA President and CEO Rob Nichols. “We look forward to President Trump signing this bill into law and seeing the benefits it will provide to customers and communities that banks serve across the country.”

The result of a bipartisan compromise among Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Sens. Jon Tester (D-Mont.), Heidi Heitkamp (D-N.D.), Mark Warner (D-Va.) and Joe Donnelly (D-Ind.), the bill includes numerous measures that had their origin in the House Financial Services Committee under the leadership of Chairman Jeb Hensarling (R-Texas). Among the bill’s key provisions are several longstanding priorities in the American Bankers Association’s Blueprint for Growth . The bill will: