Welcome to Home Mortgages
Home Mortgage West Covina Article
This is a selection made from among articles on Home Mortgage West Covina. For a permanent link to this article, or to bookmark it for future reading, click here.
What You Need to Know about Home Mortgage Disclosure Acts
from:The Home Mortgage Disclosure Act or HMDA is basically a federal law, which obliges particular mortgage lenders to gather, convey and divulge certain information about particular type of home mortgages they close.
The HMDA has been passed in order to provide the general public with the information that could help disclose whether or not mortgage lenders are able to serve the housing loan needs of their communities and neighborhoods. It also aims to assist public officials to direct public investments to the areas in the private sector where they may be needed. It has also been issued to make sure that the patterns in lending follow the stipulations of anti-discrimination policies by means of collecting and disclosing the information about the characteristics of borrowers and their applicants.
The major lending institutions such as banks and other mortgage lenders are required to report information for the Home Mortgage Disclosure Act each year. Currently the lending institutions, both nondepository and depository, that prove at least $25 million worth of mortgage loans in a year are required to report these information. The number of institutions required to report for HMDA have increased dramatically since 2004.
The information reported by the institutions are submitted to the FFIEC or the Federal Financial Institutions Examination Council, a coalition comprised of thrift and bank regulatory agencies. Data is collected every 1st of March annually.
The following data are collected:
- the loan ID number and application date
- the type of application or loan
- the purposes of the applications or the loans
- the purpose of pre-approval and origination
- the type of property being loaned or applied for and its location
- information about the owner and occupancy
- the amount loaned or the amount that has been applied for
- the status of lien for the application or the loan.
- the action taken plus the date of the action
- race, sex, gross, and ethnicity of the borrower
- the income profile of the borrower or applicant
- the type of the entity buying the loan if it is sold on a secondary market
- the spread of APR if it is higher than 3% on first mortgages or 5% for refinances
- whether or not the loan is subject to the HOEPA or the Home Ownership Equity Protection Act
The HMDA is a means of comparing the lending trends conducted by mortgage lenders. These trends are observed to make sure that lenders are acting without discrimination or anomalies. With HMDA the general public is protected.
Home Mortgage West Covina Specific links
Home Mortgage West Covina
- Looking for Home Mortgage West Covina?
-- http://www.shopica.org/
Blinkx Video Search
- World's largest video search engine. Over 26 million hours of video.
-- http://www.blinkx.com/
Wainy Days
- David Wain, co-creator of The State, Wet Hot American Summer, Stella and The Ten, now brings you WAINY DAYS, a weekly web series chronicling one man's quest for love and romance in the Big City. Catch the latest episodes at Atom.com
-- http://www.atom.com/
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Free Tech and Gadget Reviews!
- Watch GeekBrief With Cali Lewis on Mevio!
-- http://www.geekbrief.mevio.com/
Home Mortgage West Covina News
Weekly Calendar - San Gabriel Valley Tribune
FOOTHILL PRESBYTERIAN HOSPITAL AUXILIARY hosts its 33rd Annual "Homes for the Holidays" Home Tour from 10 a.m. to 4 p.m. Tickets available at Hill Top Realty and Coldwell Banker in Glendora Village or the hospital's Lobby Shop. For information, call ...
Read more...A tale of two banks - San Gabriel Valley Tribune
WEST COVINA - It is the tale of two Pasadena-based banks. One was the victim of bad timing. The other - a beneficiary. IndyMac Bank was definitely not in the right place back in June, when a letter to federal regulators from U.S. Sen. Charles Schumer ...
Read more...Gail Anderson - Bureau County Republican
NEW BEDFORD — Gail D. Anderson, 78, of Torrance, Calif., formerly of New Bedford, died at 10 a.m. Tuesday, Sept. 9, 2008, at his home. Gail was born June 10, 1930, in Manlius. He grew up with four older brothers in New Bedford. As a young man, he ...
Read more...Joe the plumber is real hero of the debate - Times Online
They clashed on the economy and scored points off each other on negative campaigning. But in the end, the real star of the third and final presidential debate was neither John McCain nor Barack Obama but a small town plumber called Joe. Joe ...
Read more...Times Online Times Archive - Times Online
"And what I want to do is to make sure that the plumber, the nurse, the firefighter, the teacher, the young entrepreneur who doesn't yet have money, I want to give them a tax break now." During the encounter in Ohio, Mr Wurzelbacher had asked the ...
Read more...