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Mortgage Rates Connecticut: Rates from CT Mortgage Lenders

www.HomeMortgage.com If youre searching for the best mortgage rates in Connecticut from top mortgage lenders, HomeMortgage.com will provide you ...

Federal shutdown creating mortgage victims

Though Fannie and Freddie operate under federal government conservatorship and use federal guarantees, they are not government agencies, and they've conducted business as usual. To the extent that they've been touched by the shutdown — such as through the non-availability of tax return transcripts the IRS routinely provides lenders to verify applicants' incomes — both companies have adopted work-arounds to keep the loans flowing.

The situation has been starkly different for prospective buyers who live in the small towns and exurbs surrounding virtually all major cities. Many of them are in the process of financing homes with mortgages backed by the U.S. Department of Agriculture (USDA), which offers exceptionally attractive terms — zero-down payments and favorable interest rates. But for these borrowers, the shutdown has been a nightmare. The USDA loan program, which has provided well over 100,000 home mortgages per year recently, has been in total lock-down. Scheduled loan closings have been put on hold, and no new applications are being processed.

Examining the Enforcement of TILA

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[1] 15 U.S.C. § 1635(b) states:

When an obligor exercises his right to rescind under subsection (a), he is not liable for any finance or other charge, and any security interest given by the obligor, including any such interest arising by operation of law, becomes void upon such a rescission. Within 20 days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, downpayment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. If the creditor has delivered any property to the obligor, the obligor may retain possession of it. Upon the performance of the creditor's obligations under this section, the obligor shall tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the obligor shall tender its reasonable value.

What's the best way for me to become a Mortgage Broker in CT?

I have been a Loan Originator for a year now, but I'd like to become a mortgage broker. This way, I can shop around to different lenders to help close more loans.


You can try Countrywide, but honestly...your current position is the safer bet of the two. Mortgage Brokers and getting the short end of the stick lately and banks (like Wichovia) are no longer even dealing with them.