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CFPB official talks reverse mortgage safety, counseling resources

Housing Wire

This may lead an older homeowner to consider a product like a reverse mortgage, but potential borrowers should be aware of the product’s details and the informational resources they can access. She said that reverse mortgages can be expensive, which is why the product should be considered in concert with other options.

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Michigan attorney general reissues reverse mortgage consumer alert

Housing Wire

The attorney general of Michigan has re-released a consumer alert about the reverse mortgage product category during financial literacy month. A reverse mortgage is a type of home equity loan extended, in most cases, to those who are 62 years of age or older,” the announcement stated.

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Lenders: Looking to simplify closings? Work with an insurance agency

Housing Wire

HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. Take insurance, for example.

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CFPB doubles down on mortgage servicing enforcement

Housing Wire

The new acting director of the Consumer Financial Protection Bureau , Dave Uejio, told staff in an email on Thursday that the bureau will direct its attention to mortgage servicers, promising “aggressive action” to ensure companies follow the law. How a cloud-based tax platform benefits mortgage servicers.

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Home affordability plummeted in fourth quarter

Housing Wire

Todd Teta, chief product officer at ATTOM, said in a statement that the financial comfort zone for homebuyers continues to shrink as home prices rise and mortgage rates tick upwards. Presented by: Equifax. On average, the median national home price grew by 17% over the past year to $317,500, according to the report.

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The Treasury’s $10B Homeowners Assistance Fund

Housing Wire

Trouble paying for firewood, heating oil or back property taxes for your home because of Covid-19? In March, Congress allocated $10 billion in funds to prevent homeowners from falling behind on their mortgage, losing utility services, or being displaced. Presented by: Xome.

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Taking the leap: The benefits of buying vs. renting a home

Housing Wire

When you make a mortgage payment, part of that money goes toward the principal balance. The longer you live there and pay down the mortgage, the greater your stake in the property’s value. Should the property increase in value over time, then you, in turn, will have built up more equity. NMLS #412915.