What is the Role of a Mortgage Servicer?
When it comes to buying a home, the role of the mortgage servicer is an important one that bridges the gap between the borrower and the investor who owns the loan. The role of the mortgage servicer is to provide certain customer service tasks such as:
Collect payments from the borrower on behalf of the investor
Handle customer service
Pay/ real estate taxes and insurance on escrowed loans
Negotiate loan modifications on behalf of the investor
A major problem with the mortgage servicing industry is that borrowers have not been able to pick their mortgage ...
New Requirements for Mortgage Servicers
A. Disclosure Before An Interest rate or Payment Adjusts: On an adjustable rate mortgage, prior to the first adjustment date, a borrower must be given a disclosure with the following information:
1. An estimate of the new interest rate and the monthly payment
2. Comparison to the current interest rate and payment. (Example: Current interest rate is 3.5% and payment is $2,000 per month. New interest rate will be 4.0% and payment will be $2,200 per month.)
3. An explanation as to all aspects of the adjustment
a. how the new payment is determined (e.g. 1 year ...
What do the leaves in Autumn and interest rates have in common?
As the weather is starting to turn colder, it is clear that summer is long gone. Fortunately, now, in addition to the leaves falling, the interest rates are falling as well. Anybody who has an interest rate of 4.25% or higher should be asking themselves, "Can I save money by refinancing?" For most people, the answer will be a resounding "Yes!"
In addition to an uptick in refinancings, the activity in the real estate market has been picking up over the past few weeks as well. Sellers and buyers are finally meeting on price. Sellers have accepted that their ...
Do You Hate Receiving Unsolicited credit card, insurance and mortgage calls?
From the Federal Trade Commission's Website:
If you decide that you don't want to receive prescreened offers of credit and insurance, you have two choices: You can opt out of receiving them for five years or opt out of receiving them permanently.
To opt out for five years: Call toll-free 1-888-5-OPT-OUT (1-888-567-8688) or visit www.optoutprescreen.com. The phone number and website are operated by the major consumer reporting companies.
To opt out permanently: You may begin the permanent Opt-Out process online at www.optoutprescreeen.com. To complete your request, ...