LIBOR in SOFR Transition

Mortgage Concepts is an ongoing video series covering best practices and compliance training for California mortgage loan originators (MLOs). This video breaks down the LIBOR scam and why lenders are switching to SOFR. To reserve your NMLS license renewal, visit first day.us. What is LIBOR? Of the London Interbank Offered Rate (LIBOR) an interest rate … Read more

BC union targets ‘criminal’ high interest rates on paydays | Globalnews.ca

A BC group took to the streets on Tuesday, calling on the federal government to crack down on what they say are “unscrupulous” loan companies that are charging high interest rates. Members of the Acorn Canada group appeared in front of the Easy Financial branch in Surrey before taking their message to MP Randeep Sarai’s … Read more

The era of cheap credit is just getting started.

Credit losses in the $1.4 trillion U.S. mortgage market are starting to fall as the Federal Reserve’s rate hikes threaten companies clinging to cheap debt. Companies that do not qualify as investments, perhaps because of high debt or bad history, rushed to make special loans in the last decade, causing the rise of sector to … Read more

Bank of Ireland: raise interest rates on mortgages and savings products | MarketScreen

Bank of Ireland to raise interest rates on mortgages and savings products Launch a new account for 1 Year Term for customers Tuesday 24 January 2023: Bank of Ireland is increasing interest rates for many mortgages and savings products. The following is the 2.5% increase in the European Central Bank since July 2022: mortgage: 0.75% … Read more

Want to know where home prices are headed in 2023? Watch Mortgage Rates

SAN FRANCISCO – JANUARY 30: A for sale sign is seen on a single family home January 30, 2008 inside. … (+) Vallejo, California. According to the California Association of Realtors in December of current home sales, single-family homes in the Bay Area fell 38.1 percent from last year. (Photo by David Paul Morris/Getty Images) … Read more

These common misconceptions can prevent you from achieving the perfect score

Randy got a score of 850. According to FICO, the most popular score, that’s as good as it gets. However, a line on her credit report indicated that she could lower her interest rate, so she quickly paid off the rest of her loan in one $6,000 payment, then defaulted. his score is 30 points. … Read more

Mortgage Rates Drop to Lowest Level Since September

Mortgage payments fell across the board this week, with the fixed rate on a 30-year mortgage falling to 6.46%. This is the lowest in 30 years since September 2022, and is almost a full point below the 7.33% high seen last November. In addition, the rates are expected to continue to fall if the inflation … Read more