As non-bank lenders are starting to dominate the mortgage market, many of them don’t offer the same services that ordinary banks or credit unions typically do, including home equity loans and home equity lines of credit (HELOCs).
Non-bank lenders have expanded to the point where they now account for half the mortgages originated in the United States, a trend that could make it easier for those with poor credit to get a home loan.
It's no secret that the past few years have been difficult ones for borrowers with poor credit who are seeking mortgages.But now, at least one mortgage lender is making a specific effort to reach out to them.
The FHA and VA are still processing mortgages, but an inability to get critical information from other federal agencies could throw a wrench into mortgage applications across the board during the government shutdown.
The recent $26 billion foreclosure abuses settlement has been getting a lot of attention, but time is running out to obtain relief under another action that could potentially help even more former homeowners.
A settlement that could produce up to $25 billion in mortgage relief for homeowners is in doubt after it was rejected by the California attorney general, who said the proposed deal doesn't go far enough.