ALTA Best Practices to Protect Customers

ALTA Develops Best Practices to Protect Customers, Ensure Quality Service

October 16, 2012

“While lenders have been responsible for their service providers’ actions for years, it’s only been recently that bulletins, enforcement orders and corrective actions have demonstrated regulators’ intent that banking organizations are expected to oversee actions of third-party service providers, including title and settlement agents.

Consequently, regulators’ increased demand to protect consumers has forced lenders to adjust their relationships with service providers and be more sensitive to the types of companies they do business with. To help meet this need, ALTA has created a set of best practices called Title Insurance and Settlement Company Best Practices to help members highlight practices the industry exercises to protect lenders and consumers, while ensuring a positive and compliant real estate settlement experience…”

Read more at American Land and Title Association

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VA Loans : Low Rates for Veterans

(Source: The Mortgage Reports)

“Low VA mortgage rates and common-sense underwriting have helped boost VA lending to an 18-year high. For today’s military borrower, for purchase and for refinance, the VA loan is often the most sound, more cost-effective mortgage program available.

What is a VA Loan?

The VA loan is a mortgage program for veterans of the U.S. military. Structurally, a VA loan resembles most other loan type — as a homeowner, you borrow some amount from the bank, then make monthly payments until the borrowed amount is paid-in-full.

However, the VA loan bears distinct advantages over its conventional and FHA mortgage cousins.

The first advantage of VA loans is that they require no money down on a purchase. Home buyers using a VA loan can finance up to 100% of a home’s purchase price so long as the loan size is within the VA loan limits for the given area.

VA loan limits are typically $417,000 but may range up to $729,750 in “high-cost” areas such as northern Virginia and Potomac, Maryland.

A second advantage of VA loans is that monthly mortgage insurance is never required. No matter how large or small your downpayment, you do not pay monthly mortgage insurance with a VA loan. This is in stark contrast to the FHA, for example, which has raised its mortgage insurance requirements four times in four years…”

Read more at The Mortgage Reports

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