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347 Flagstar workers lose jobs as mortgage business plummets; most in Michigan
Late in 2013, for example, it agreed to settle disputes with government-sponsored mortgage lenders related to bad mortgage loans the bank made during the housing bubble and prior to collapse. “We're trying to build a much stronger company here

Small Lenders Wary as Mortgage-Lending Rules Take Effect
“We're going to be very conservative just to make sure that we're in compliance and don't get into trouble,” said Mark Walker, chief executive of Michigan Mutual Inc., a 300-employee lender based in Port Huron, Mich. “There are going to be loans that

Is It Ever Wise to Make Early Withdrawals From Your 401(k)?
them through their retirement years. But what if real-life needs intrude - such as mortgage payments, or a child's college education or credit card debts - and the holder must withdraw funds from the 401(k)? taking such a dramatic course of

State Updates; Storm May Lead to a Quiet Market; Hiring of and...
For more information on Michigan's consumer protection laws check out its FAQ. CHLA has also been active in efforts to establish high standards for all mortgage loans originators, thus leveling the playing field between banks and non-banks. CHLA

Commercial Mortgages Loans Michigan commercial loan or home commercial loan Michigan lenders provide financing and Hard money loans refinancing nationwide ...

Kenneth R. Harney, Hope is on the horizon for homebuyers in gig economy

Say you're a Lyft driver and you run a cash-intensive food truck business on the side. You earn good money, and you have decent credit scores and savings, but your income jumps around from month to month depending on sales.

You're likely to have a hard time convincing lenders about your total income — it's not steady, and at least some of it can be difficult to document. Your loan officer may end up saying: Sorry, I can't fit your income pattern into the boxes mandated by federal qualified-mortgage (QM) regulations, so I just can't do your loan.

This may not knock you out of the mortgage market entirely, but it could force you to pay a higher interest rate or make a larger down payment elsewhere from a lender who offers nonqualified mortgages (non-QM) on less favorable terms.

Enter the "Self-Employed Mortgage Access Act," co-sponsored by Sens. Mark R. Warner, D-Va., and Mike Rounds, R-S.D. It would expand lenders' permissible sources to verify incomes beyond the relatively narrow range specified in current federal QM regulations.

Bank opens loan office

An out-of-state bank is continuing to grow its presence in West Michigan.

Michigan City, Indiana-based Horizon Bank opened last month a 2,529-square-foot loan center in an office-condo building it purchased and renovated in downtown Holland, at 77 E. 8th St.

The cost of the project was not disclosed.

“Horizon is focused on providing exceptional service to the Holland market,” said David Quade, regional president of Michigan, Horizon Bank. “We are hiring advisors that understand, engage and live in the Holland community.”

Three newly hired employees will staff the office: Mike Townsend, VP and mortgage sales manager; Laree Waanders, mortgage loan officer; and Jennifer Matti, mortgage processor.

Townsend said he is “honored and excited” to lead the office serving Ottawa County and the lakeshore.

“We look forward to chatting with new and old friends alike for the opportunity to build quality, life-long relationships,” he said.