Financial crimes are one of the fastest growing areas of criminal activity in the United States and one of the fastest growing areas of financial crimes is mortgage
fraud. Fraud involves two parties: one makes a false statement of fact material to the business involved and the other party relies on that statement to their
detriment. In mortgage fraud false or inaccurate information in connection with a mortgage application is provided and that information causes a lender or another in the chain of approving and funding that loan to make the loan or to make the loan on terms and conditions different than if the true facts were known.
Source : National Association of REALTORS
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April 15, 2008
Mortgage Loans:
If you’re shopping for a mortgage loan, be wary of a document that purports to give your lender a
right of first refusal to handle a future refinancing of your loan. If you sign such a document and if
it is recorded with the register of deeds, a “right of first refusal to provide financing” can delay a
sale of your home or can hinder your ability to refinance with a different lender
Source : The Michigan Financial Institutions Bureau Policy and Legislation Division
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right of first refusal to handle a future refinancing of your loan. If you sign such a document and if
it is recorded with the register of deeds, a “right of first refusal to provide financing” can delay a
sale of your home or can hinder your ability to refinance with a different lender
Source : The Michigan Financial Institutions Bureau Policy and Legislation Division
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April 14, 2008
Mortgage Banking
Depository institutions have traditionally originated residential mortgage loans to hold in their loan portfolios, and mortgage
banking is a natural extension of this traditional origination process. Although it can include loan origination, mortgage
banking goes beyond this basic activity. A bank that only originates and holds mortgage loans in its loan portfolio has not
engaged in mortgage banking as defined here. Those activities are discussed elsewhere in the Comptroller’s
Handbook.
Mortgage banking generally involves loan originations, purchases, and sales through the secondary mortgage market.
A mortgage bank can retain or sell loans it originates and retain or sell the servicing on those loans. Through mortgage
banking, national banks can and do participate in any or a combination of these activities. Banks can also participate in
mortgage banking activities by purchasing rather than originating loans.
The mortgage banking industry is highly competitive and involves many firms and intense competition. Firms engaged
in mortgage banking vary in size from very small, local firms to exceptionally large, nationwide operations. Commercial
banks and their subsidiaries and affiliates make up a large and growing proportion of the mortgage banking industry.
Mortgage banking activities generate fee income and provide cross-selling opportunities that enhance a bank’s retail
banking franchise. The general shift from traditional lending to mortgage banking activities has taken place in the context
of a more recent general shift by commercial banks from interest income activities to non-interest, fee generating
activities.
Source : Administrator of National Banks
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banking is a natural extension of this traditional origination process. Although it can include loan origination, mortgage
banking goes beyond this basic activity. A bank that only originates and holds mortgage loans in its loan portfolio has not
engaged in mortgage banking as defined here. Those activities are discussed elsewhere in the Comptroller’s
Handbook.
Mortgage banking generally involves loan originations, purchases, and sales through the secondary mortgage market.
A mortgage bank can retain or sell loans it originates and retain or sell the servicing on those loans. Through mortgage
banking, national banks can and do participate in any or a combination of these activities. Banks can also participate in
mortgage banking activities by purchasing rather than originating loans.
The mortgage banking industry is highly competitive and involves many firms and intense competition. Firms engaged
in mortgage banking vary in size from very small, local firms to exceptionally large, nationwide operations. Commercial
banks and their subsidiaries and affiliates make up a large and growing proportion of the mortgage banking industry.
Mortgage banking activities generate fee income and provide cross-selling opportunities that enhance a bank’s retail
banking franchise. The general shift from traditional lending to mortgage banking activities has taken place in the context
of a more recent general shift by commercial banks from interest income activities to non-interest, fee generating
activities.
Source : Administrator of National Banks
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November 13, 2007
Reverse Mortgage
A reverse mortgage is a special type of home loan that lets the homeowner convert the equity in their home into cash, while continuing to live in their home. The equity can be paid in three different ways. Homeowners can receive payments in a lump sum, on a monthly basis for a fixed term, or as a line of credit. The loan can be restructured during the course of the loan.
More Info : Download
More Info : Download
October 12, 2007
How to Know if a Reverse Mortgage Is Your Best Option
By: Tom Johanson
Along with aging comes the fear that your funds might not last as long as you do. A reverse mortgage is perfect for this scenario. Instead of living on your social security payments from week to week or scraping by on minimal savings, a reverse mortgage is a way you can access extra funds and live a decent quality of life. Having money during retirement years can determine whether life gets better or worse after sixty, so it is definitely worth reading on to see if this is the best solution in your individual situation.
Elderly people who live in their home are sitting on equity but getting nothing from it. With a reverse mortgage is exactly as the name suggests: the opposite of a mortgage! Where the bank will usually buy the home and you are buying it back from them, with reverse mortgages you own your home and the bank is buying it back from you. Sounds a bit strange at first, but it is an honest and upfront process thousands of retired home owners choose every day.
Having this type of mortgage enables you to supplement your income with hundreds or thousands of dollars every month. Some lenders will have the bank pay them a lump sum for the whole amount of equity in their home, and you remain there as long as you like. Don’t stay stuck in hardship when you own your home – the answer for you can certainly be the reverse mortgage. You could be out there living it up in your retirement rather than scrounging and scraping to buy enough food and pay the bills.
Article Source: http://www.go-see.info/articles
For more information on Reverse Mortgage, a popular website that offers information on Reverse Mortgage. Please leave the links intact if you wish to reprint this article. Thanks
Along with aging comes the fear that your funds might not last as long as you do. A reverse mortgage is perfect for this scenario. Instead of living on your social security payments from week to week or scraping by on minimal savings, a reverse mortgage is a way you can access extra funds and live a decent quality of life. Having money during retirement years can determine whether life gets better or worse after sixty, so it is definitely worth reading on to see if this is the best solution in your individual situation.
Elderly people who live in their home are sitting on equity but getting nothing from it. With a reverse mortgage is exactly as the name suggests: the opposite of a mortgage! Where the bank will usually buy the home and you are buying it back from them, with reverse mortgages you own your home and the bank is buying it back from you. Sounds a bit strange at first, but it is an honest and upfront process thousands of retired home owners choose every day.
Having this type of mortgage enables you to supplement your income with hundreds or thousands of dollars every month. Some lenders will have the bank pay them a lump sum for the whole amount of equity in their home, and you remain there as long as you like. Don’t stay stuck in hardship when you own your home – the answer for you can certainly be the reverse mortgage. You could be out there living it up in your retirement rather than scrounging and scraping to buy enough food and pay the bills.
Article Source: http://www.go-see.info/articles
For more information on Reverse Mortgage, a popular website that offers information on Reverse Mortgage. Please leave the links intact if you wish to reprint this article. Thanks
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