FHFA: Index Shows Mortgage Rates Increased in March 2018
Nationally, interest rates on conventional purchase-money mortgages increased from February to March, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.49 percent for loans closed in late March, up 21 basis points from 4.28 percent in February….
CFPB: Amendent to “Know Before You Owe” Mortgage Disclosure Rule Finalized
Today the Bureau of Consumer Financial Protection (Bureau) finalized an amendment to its “Know Before You Owe” mortgage disclosure rule that addresses when mortgage lenders with a valid justification may pass on increased closing costs to consumers and disclose them on a Closing Disclosure. The update is intended to provide greater clarity and certainty to…
ABA: Report Shows Credit Card Market Expanded in Fourth Quarter 2017 Amid Strong Holiday Spending Season
Credit card use continued to grow in the fourth quarter of 2017 on the back of a strong holiday season for consumer spending, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. On an annual basis, monthly purchase volumes rose 3.9 percent for prime accounts and 5.1 percent for super-prime accounts, but…
SBA: CDC Small Business Finance Wins SBA’s 2018 Jody C. Raskind Award
The Certified Development Company (CDC) Small Business Finance, a California-based SBA 504 CDC Lender, Community Advantage Lender and Microloan Intermediary, has been selected as this year’s Jody C. Raskind Award recipient. This recognition is presented annually by the U.S. Small Business Administration to a mission-focused lender that has distinguished itself in helping small businesses start,…
CFPB: 3 Common Credit Issues and What You Can Do to Fix Them
Your credit history can determine if you can get a loan, and even where you live or work. Credit scores are built from your credit history and can determine how much you pay to borrow money for a car or house. Yet, many people don’t know where to start when it comes to building, improving,…
SBA: National Small Business Week 2018 to Kick-Off in Nation’s Capital on April 29th
Leading organizations join forces with SBA to make the week possible National Small Business Week 2018 kicks off at the end of this month with an awards ceremony in Washington, D.C. where national award winners including the naming of this year’s national Small Business Person of the Year will be recognized and awarded for their…
SBA: Small Business SBA 504 Loans Now Available with 25-Year Maturity
SBA Administrator Linda McMahon has announced that the U.S. Small Business Administration is offering a 504 Loan and the Debenture that funds it with a 25-year maturity. This new 25 year Debenture will be made available for 504 Projects that are approved on or after April 2, 2018. The new 504 Loan term complements the…
ABA: Consumer Delinquencies Fall for First Time Since 2012
Installment loan delinquencies fall across the country during fourth quarter 2017 The fourth quarter of 2017 saw a broad-based decline in delinquencies, with delinquencies in closed-end loans (like personal or auto loans) falling across the board and bank card delinquencies declining significantly, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies fell…