PLUMAS CA Mortgage Associates
Affordable payment can help you shop through a variety of lenders, banks, mortgage brokers and providing you custom rates without any of these banks, lenders, brokers. You do not have to give out your personal information to any of these brokers or lenders. Get qualified for the lowest mortgage and right program and excellent support from Affordable payment.
In this Article we shall focus on answering some common queries of Plumas CA mortgage borrowers:
Why Mortgage Applications Ask For Race & Ethnicity from Plumas CA Mortgage Borrower?
Most borrowers are surprised when filling up loan application be it over the phone or online as to why are they being asked to give out their information on race ethnicity gender age. It is important to understand that this is not by mistake that they are asking but being asked by federal law to give out this information so that they can keep track of discrimination policy of any lender against a particular community. This may be confusing to some people so let’s clarify some doubts.
HMDA Overview:
Housing Mortgage Disclosure Act is an act of Parliament that requires lenders to collect, report, record data collected on borrowers and its enforcement and rules are looked after by Consumer Finance Protection Board.
Information that is required by consumer finance protection bureau to make any policy changes requires lender to provide the following details:
Date of application
Loan type (conventional loan, FHA, VA, etc.)
Loan amount
Loan term
Lien status (is it a first or second mortgage)
Loan purpose (purchase, refinance, home improvement, etc.)
Rate spread (to determine if a lender is in line with prevailing rates in their area at a given time)
Total origination points and fees
Property type
Property location (state, county, MSA, census tract)
Property parcel number
Property value
Occupancy type (owner occupied, non-owner occupied)
Prepayment penalty term (if any)
Negative amortization (if any)
Loan originator identifier
Borrower income
Borrower credit score
Action taken (was loan approved, denied, withdrawn, etc.) and date action taken
Reason for loan denial (if denied)
Borrower ethnicity
Borrower race
Borrower gender
Borrower age
Call Plumas CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
30 yr fixed refi 3.807% APR 3.775%Rate | At 0 pts
20 yr fixed refi 3.500%APR 3.500% Rate | At 0 pts
15 yr fixed refi 3.044%APR 3.000% Rate | At 0 pts
10 yr fixed refi 2.940%APR 2.875% Rate | At 0 pts
Artical by Roger Shanker
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