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One study, by a legal firm which counsels financial services entities on Community Reinvestment Act compliance, found that CRA-covered institutions were less likely to make subprime loans (only 20–25% of all subprime loans), and when they did the interest rates were lower. The banks were half as likely to resell the loans to other parties. [114]
The nature and scope of a mortgage broker's activities vary with jurisdiction. For example, anyone offering mortgage brokerage in the United Kingdom is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective.
The Home Mortgage Disclosure Act (or HMDA, pronounced HUM-duh) is a United States federal law that requires certain financial institutions to provide mortgage data to the public. Congress enacted HMDA in 1975.
The full mortgage application takes place after you’ve had an offer on a home accepted. ... gender and ethnicity so that the government can verify the lender’s compliance with fair housing ...
Average mortgage rates increase higher as of Tuesday, January 14, 2025, pushing the 30-year fixed benchmark to its highest levels since May following last week's stronger-than-expected jobs report.
A mortgage broker can help you save on fees: When you get a mortgage, you’re likely to pay an origination fee, application fee and appraisal fee — just to name a few. A mortgage broker may be ...