Mortgage loan – Acoram Acomar 987 http://acoram-acomar-987.net/ Tue, 30 Nov 2021 05:48:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://acoram-acomar-987.net/wp-content/uploads/2021/06/icon-70x70.png Mortgage loan – Acoram Acomar 987 http://acoram-acomar-987.net/ 32 32 Definition of US real estate market indicators https://acoram-acomar-987.net/definition-of-us-real-estate-market-indicators/ Tue, 30 Nov 2021 01:37:04 +0000 https://acoram-acomar-987.net/definition-of-us-real-estate-market-indicators/ 1. Affordability Home affordability and rental affordability talk about the percentage of people who live in a specific area who may be eligible for mortgages and rentals. This information is compiled by interviewers who compare the average prices of houses or rentals in the area with the median household income in the same locality. In […]]]>

1. Affordability

Home affordability and rental affordability talk about the percentage of people who live in a specific area who may be eligible for mortgages and rentals. This information is compiled by interviewers who compare the average prices of houses or rentals in the area with the median household income in the same locality.

In other words: The affordability of a home can be considered low if most individuals would not qualify for a mortgage based on their average income. On the other hand, it can be considered high if locals bring in much more income than needed to handle the average mortgage in the area. First-time homebuyers, in particular, may want to seek out areas where home affordability is higher.

Rental affordability – the percentage of people who can afford to rent apartments, houses, and condos in a specific area – assumes that most renters will spend 30% of their maximum monthly income on rent. If the average household spends less than about a third of their income on rentals, rental affordability is high. If they spend more than 30% of their monthly income on rentals, it can be considered low instead.

Real estate investors who buy in affordable rental areas will have access to more tenants, but will generally bring in less money in rental income. Those who buy in low-affordable areas may charge a higher monthly rent, but will generally have a harder time attracting tenants.

2. Home sales

Home sales indices provide a good overview of the speed at which homes are bought in specific areas. They are updated annually and compared to the previous annual period.

The more home sales grow, the more home buyers are interested in the homes and the more likely you are to meet competing buyers. If home sales decline, however, the shoe will be on the other foot and can negotiate more favorable buying terms instead.

This is because home sales indices and the number of homes sold in a specific area and month can help you determine whether you are operating in a buyer’s or seller’s market.

3. House price

The prices for an average-sized house can also help you get a better idea of ​​the current state of the housing market. The higher their trend, the better sellers and owners can be.

To get a better idea of ​​the evolution of house prices nationwide, you can look at the differential price indexes. Several providers offer resources that can help you gain a detailed overview of what is happening in rural and urban areas of the country.

4. New construction

The phrase “housing startup” refers to building new properties in real estate jargon. Indeed, the more there are starts in a region, the more there are constructions in the locality. As a real estate investor, this is usually a good indicator that house prices may rise in the area if more investment dollars and construction companies pour into the area.

5. Housing supply

Wondering how much housing inventory remains and accumulates? Housing supply indices can help you get a better idea of ​​the number of vacant homes for sale. These indexes are updated annually and can also give an idea of ​​the number of new and older properties on the market, as well as a better idea of ​​impending price changes.

The lower the housing supply in an area (and the fewer houses there are to buy), the more prices tend to rise and competition increases between home buyers. Alternatively, if the supply of housing tends to increase (for example, because the area has been oversized or people move to other parts of the country), prices are likely to fall.

6. Current mortgage rates

Another common indicator of the US real estate market is found in the interest rates on 30 year fixed rate mortgages. Generally, the lower the interest rate, the less homebuyers will have to pay to finance a mortgage and buy a property. Lower interest rates on 30-year mortgages tend to stimulate demand for home purchases and push up prices. Higher interest rates tend to have the opposite effect on real estate transactions.

7. Mortgage origins

In view of the above, the number of new mortgages in a given region can also be an indicator of the relative strength of the housing market. Simply put: Mortgage Granting Indices monitor and reflect the number of new mortgages issued in a specific region – and the higher the number of extended mortgages, the more activity takes place in the region. A large number of mortgage arrangements tend to indicate that housing is more affordable and that housing prices are more accessible to a wider range of buyers.

8. Mortgage defaults and foreclosures

On the flip side, numerous mortgage defaults (loan repayments 30 days or more late, depending on evidence of mortgage default) and foreclosures suggest that homebuyers are struggling to make their mortgage payments.

These indices can serve as warning indicators for real estate investors and aspiring buyers that the cost of living in the area is increasing, local incomes are falling, or the financial situation of loan seekers is deteriorating. The more mortgage defaults or foreclosures you see in an area, the more your radar antennas should increase.

Severely delinquent mortgage indices also give an idea of ​​the number of borrowers over 90 days overdue on loan repayments. The more delinquent mortgages you see appear, the more people there are in the area at risk of foreclosure, and more warning bells should tend to appear.

Upward trends here may indicate that the local economy is in decline or that home purchases were overpriced by the time borrowers closed their mortgages. You will likely find a large number of foreclosures available, which may be less appealing unless you are a rehabilitator or real estate investor with a long-term appetite for risk.

You can also look to underwater borrower indices as an indicator of the housing market. These monitor how many homeowners owe more money on their homes than they are worth.

The more underwater mortgages you see, the more you will have a good idea that the housing market is down. Conversely, if the number of underwater borrowers decreases, it is a sign that the real estate market is strengthening.

9. Change in the aggregate

The change in the overall indicator is the change in the amount of home equity that owners control. In other words, if the overall change moves towards the positive, the owners have gained equity. If it decreases, it means that homeowners have instead lost equity in their home.

In general, positive changes in overall shareholding tend to indicate that housing is becoming more affordable and that landlords are skillful in managing loan repayments. Alternatively, if equity decreases, it means housing becomes less affordable and more homeowners could face foreclosure.

10. Homeownership rate

National homeownership rates (which reflect each county across the country in their averages) can also provide a useful indicator of the US housing market. These rates are the percentage of US households that own the space in which they live and reside.

As you can imagine, a high national homeownership rate indicates housing is affordable and mortgage terms match local income rates. Of course, if the national homeownership rate goes down, it can also indicate challenges in the housing market and you may want to wait for a better time to buy a home.


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Best mortgage interest rates for homeowners https://acoram-acomar-987.net/best-mortgage-interest-rates-for-homeowners/ Sat, 27 Nov 2021 11:30:00 +0000 https://acoram-acomar-987.net/best-mortgage-interest-rates-for-homeowners/ Money asked data house Mozo for the 10 best mortgages for homeowners on the market. The cheapest – from Home loans good, which distributes the Bendigo Bank-product backed – comes in at an incredible 1.85 percent. Just a mustache behind is Police credit union and TIC Knock (also a white label Bendigo Bank product), at […]]]>

Money asked data house Mozo for the 10 best mortgages for homeowners on the market.

The cheapest – from Home loans good, which distributes the Bendigo Bank-product backed – comes in at an incredible 1.85 percent.

Just a mustache behind is Police credit union and TIC Knock (also a white label Bendigo Bank product), at 1.89%.

The comparison rate, which takes into account fees and is crucial to consider, is slightly lower at Police Credit Union. Tic: Toc’s rate is impacted by a fee of $ 10 per month for its clearing account.

It’s quite competitive, as the big banks charge at least double for it in their mortgage products.

Bendigo Bank itself has an identical comparison rate to Tic: Toc. This means that Bendigo Bank offers three of the four best quality mortgages!

It is not fair or you are refinancing what is essential for huge savings. It is also How? ‘Or’ What you are refinancing.

A common mistake is to favor the short term over the long term… and to contract a loan over a new period of 25 or 30 years. Of course, this will lower your monthly mortgage payments, but even with the interest rates coming down, you will be guaranteed to pay a huge amount in additional interest over the new term of the loan.

A much smarter strategy is to keep the loan term the same as you already have, so you end up pocketing the savings.

The smartest strategy of all is to refinance over the same loan term at a much better mortgage interest rate, and then keep your repayments at their current level.

Say you move a $ 400,000 home loan from the Big Four Bank average flat rate of 3.45% to the dominant market rate of 1.85% (we’ll assume you have 25 years left on the loan).

By making a direct change, this brings your total interest bill over the new loan term to $ 99,908. If you had stayed on your old 3.45% rate, you would have spent almost double, at $ 197,536.

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However, if you keep your repayments the same as the old loan, you not only save money but also time. In other words, you get rid of your debt much sooner.

Make the switch and keep making the same repayments and your interest bill drops to just $ 79,033. And remember, you are used to paying this amount every month anyway.

Better yet, your debt falls by four years. Essentially, for free.

  • The advice given in this article is general in nature and is not intended to influence readers’ decisions regarding investments or financial products. They should always seek their own professional advice that takes their personal circumstances into account before making financial decisions.


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Local lenders are giving advice and are also hiring more loan officers https://acoram-acomar-987.net/local-lenders-are-giving-advice-and-are-also-hiring-more-loan-officers/ Wed, 24 Nov 2021 23:33:00 +0000 https://acoram-acomar-987.net/local-lenders-are-giving-advice-and-are-also-hiring-more-loan-officers/ WICHITA, Kansas (KWCH) – Newly formed small business is offering counseling and hiring more loan officers. JR Mortgage Group recruits loan officers who speak Spanish or Vietnamese. “Someone who has that financial background and has that kind of high-level conversation with someone. And also someone who may be very emotionally connected, who can connect emotionally […]]]>

WICHITA, Kansas (KWCH) – Newly formed small business is offering counseling and hiring more loan officers.

JR Mortgage Group recruits loan officers who speak Spanish or Vietnamese.

“Someone who has that financial background and has that kind of high-level conversation with someone. And also someone who may be very emotionally connected, who can connect emotionally with customers. They are going through a very stressful time, ”said Justin Rocheleau, co-owner.

Rocheleau and Ramona Chapman are the co-owners of JR Mortgage Group, near K-96 and 13th Street.

Chapman offers advice to people looking to become homeowners.

“Have a good credit history. Also, by paying off your credit cards. One thing is if you keep those credit card balances between 10 and 30 percent of the limit, it will give you a boost in your score. So, it is always good to keep a low credit balance. (And) try to save as much as you can. Another tip would be to determine your budget before you apply. So figure out what you’re comfortable spending per month, ”Chapman said.

Another tip is for people who are in the middle of the mortgage process.

“What you don’t realize is that when we pre-approve you, we take a snapshot of all your bills and your monthly debt. If you add a new heavy car payment it could definitely make us ineligible or make things a little more difficult. So it’s best to leave everything as is, until after the shutdown, ”Chapman said.

To apply for jobs at JR Mortgage Group, Click here.

Copyright 2021 KWCH. All rights reserved.


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Reason To Give Thanks: Today’s Mortgage Rates Are At Their Lows | 22 November 2021 https://acoram-acomar-987.net/reason-to-give-thanks-todays-mortgage-rates-are-at-their-lows-22-november-2021/ Mon, 22 Nov 2021 13:22:44 +0000 https://acoram-acomar-987.net/reason-to-give-thanks-todays-mortgage-rates-are-at-their-lows-22-november-2021/ Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours. View mortgage rates for November 22, 2021, […]]]>

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

View mortgage rates for November 22, 2021, which are mostly unchanged from Friday. (iStock)

Based on data compiled by Credible, mortgage rates have remained largely unchanged since Friday, except for 20-year rates which edged up.

  • Fixed mortgage rates over 30 years: 3.125%, unchanged
  • 20-year fixed mortgage rates: 2.875%, versus 2.750%, + 0.125
  • Fixed mortgage rates over 15 years: 2.375%, unchanged
  • 10-year fixed mortgage rates: 2.375%, unchanged

Prices last updated on November 22, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

What does that mean: Homebuyers looking to secure a low mortgage rate ahead of the holiday season and planned year-end rate hikes could see significant interest savings if they act today. Although mortgage rates have risen slowly over the past few weeks, they could plateau briefly – 30-year, 15-year and 10-year mortgage rates have held steady for six consecutive days. This apparent pause in the bullish momentum could offer buyers a window of savings.

These rates are based on the assumptions presented here. Actual rates may vary.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse the rates of several lenders so you can make an informed decision about your home loan.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

Looking at Mortgage Refinance Rates Today

Today’s mortgage refinance rates have remained largely unchanged since Friday. If you are considering refinancing an existing home, find out what refinancing rates look like:

  • Fixed refinancing rates over 30 years: 3.125%, unchanged
  • Fixed refinancing rates over 20 years: 2.875%, compared to 2.750%, + 0.125
  • Fixed refinancing rates over 15 years: 2.375%, unchanged
  • Fixed refinancing rates over 10 years: 2.375%, unchanged

Prices last updated on November 22, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

A site like Credible can be of great help when you are ready to compare mortgage refinancing loans. Credible allows you to view prequalified rates for conventional mortgages from multiple lenders within minutes. Visit Credible today to start.

Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and over 4,500 customer reviews who have safely compared prequalified rates.

How to get low mortgage rates

Mortgage and refinancing rates are affected by many economic factors, such as the unemployment rate and inflation. But your personal financial history will also be determine the rates offered to you.

If you want to get the lowest possible monthly mortgage payment, the following can help you get a lower rate on your home loan:

It’s also a good idea to compare the rates of different lenders to find the best rate for your financial goals. According to research by Freddie mac, borrowers can save an average of $ 1,500 over the life of their loan by purchasing one additional quote – and an average of $ 3,000 by comparing five quotes.

Credible can help you compare the current rates of several mortgage lenders suddenly in a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare prices and pre-qualify today.

Current mortgage rates

The average mortgage interest rate, all terms combined, is 2.688%. He has rested at this level for five of the past six days.

Current 30-year mortgage rates

The current interest rate for a 30 year fixed rate mortgage is 3.125%. It’s the same as Friday. Thirty years is the most common mortgage repayment term because 30-year mortgages typically give you a lower monthly payment. But they usually come with higher interest rates, which means you’ll ultimately pay more interest over the life of the loan.

Current 20-year mortgage rates

The current interest rate for a 20 year fixed rate mortgage is 2.875%. It is from Friday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate and pay less total interest over the life of the loan.

Current 15-year mortgage rates

The current interest rate for a 15 year fixed rate mortgage is 2.375%. It’s the same as Friday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can help you earn a lower rate than a 30-year term – and pay less interest over the life of the loan – while still keeping monthly payments manageable.

Current 10-year mortgage rates

The current interest rate for a 10 year fixed rate mortgage is 2.375%. It’s the same as Friday. While less common than 30- and 15-year mortgages, a 10-year fixed-rate mortgage usually gives you lower interest rates and lifetime interest charges, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare the current rates of various lenders who offer mortgage refinances as well as home loans. Discover Credible and get prequalified today, and take a look at today’s refinance rates via the link below.

Thousands of Trustpilot reviewers rate Credible “excellent”.

Prices last updated on November 22, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

How credible mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the development of mortgage rates. Credible’s average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

The rates assume that a borrower has a credit score of 740 and borrows a conventional loan for a single family home that will be their primary residence. Rates also assume zero (or very low) discount points and a 20% deposit.

Credible mortgage rates will only give you an idea of ​​current average rates. The rate you receive may vary depending on a number of factors.

How mortgage rates have changed

Today, mortgage rates are unchanged from the same period last week.

  • Fixed mortgage rates over 30 years: 3.125%, the same as last week
  • 20-year fixed mortgage rates: 2.875%, the same as last week
  • Fixed mortgage rates over 15 years: 2.375%, the same as last week
  • 10-year fixed mortgage rates: 2.375%, the same as last week

Prices last updated on November 22, 2021. These prices are based on the assumptions presented here. Actual rates may vary.

If you are trying to find the right rate for your mortgage or are looking to refinance an existing home, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just minutes.

With over 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

Factors that influence mortgage rates (and are beyond your control)

There are many factors that influence the interest rate a lender can offer you. Some, like your credit score, are in your control. But others that you don’t have the capacity to affect, such as:

  • The economy – During a financial downturn, the Fed may lower interest rates in an attempt to stimulate the economy. And when the economy is doing well, interest rates can rise.
  • Inflation Interest rates tend to move with inflation. When the overall cost of goods and services increases, interest rates are also likely to rise.
  • The Federal Reserve The Fed can choose to lower interest rates to stimulate a struggling economy, or to raise rates to try to curb inflation.
  • Macroeconomic trends in employment When many people are out of work, as they were during the months of pandemic lockdown, mortgage rates can drop. As employment increases, interest rates also rise.

Looking to lower your home insurance rate?

A home insurance policy can help you cover unforeseen costs you might incur during homeownership, such as structural damage and the destruction or theft of personal property. Coverage can vary widely from insurer to insurer, so it’s wise to shop around and compare policy quotes.

Credible has a partnership with a home insurance broker. You can compare for free home insurance quote via Credible’s partner here. It’s quick, easy, and the whole process can be done entirely online.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics such as mortgages, mortgage refinancing, and more. He was an editor and editorial assistant in the online personal finance field for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.


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‘Everyone is on the alert’: Mortgage lenders fear interest rate hikes in UK | Mortgages https://acoram-acomar-987.net/everyone-is-on-the-alert-mortgage-lenders-fear-interest-rate-hikes-in-uk-mortgages/ Sat, 20 Nov 2021 09:00:00 +0000 https://acoram-acomar-987.net/everyone-is-on-the-alert-mortgage-lenders-fear-interest-rate-hikes-in-uk-mortgages/ Tthe era of super-cheap mortgages is apparently coming to an end as lenders withdraw their cheapest offers for a base rate hike from the Bank of England. But for thousands of borrowers, it never started. More than a decade after the financial crisis, these homeowners remain trapped paying far above average interest rates and unable […]]]>

Tthe era of super-cheap mortgages is apparently coming to an end as lenders withdraw their cheapest offers for a base rate hike from the Bank of England. But for thousands of borrowers, it never started. More than a decade after the financial crisis, these homeowners remain trapped paying far above average interest rates and unable to move to a cheaper deal.

With forecasts of a base rate hike before the end of winter and a rise in other costs of living, many of these households – known as mortgage prisoners – are worried about how which they will pay their monthly bills.

“Everyone is extremely concerned about the rate hike,” says Rachel Neale of the UK Mortgage Prisoners campaign group. “These people are already in trouble. Some turn to food banks, others face repossession. “

A price war between lenders meant that until recently it was possible to lock in for five years at less than 1% if you had enough equity, when the average 10-year fixed rate had fallen to only 2.36%.

In contrast, those who are stuck on Standard Variable Rates (SVRs) typically pay a rate of around 4.39%. Earlier this year, MPs voted against an SVR cap that would have limited the amount lenders could charge at a rate of two percentage points above the base rate, which would have meant a current rate of pay 2.1%.

An increase in the base rate from 0.1% to 0.25% in December or January has been widely expected, which would add around £ 12 per month to a mortgage of £ 150,000. If the base rate rises to 1% and lenders’ SVRs follow suit, the typical monthly bill for a home loan for the same property would go up by £ 71.

Around 250,000 borrowers were thought to be mortgage prisoners, but earlier this year the city’s regulator, the Financial Conduct Authority (FCA), said it thought that figure was an underestimate.

Many initially took out their home loans from lenders that had to be rescued during the financial crisis, including Northern Rock and Bradford & Bingley, and have since seen their mortgages sold to another provider.

Most providers are “inactive,” which means they don’t offer new mortgages for people to switch to. Problems such as negative equity, an interest-only mortgage, missed payments or changed circumstances have kept people from switching lenders despite FCA interventions.

In addition to not offering new deals, inactive lenders typically charge higher SVRs than traditional lenders.

Customers line up to withdraw their savings from a Northern Rock branch in 2007. Photograph: Alessia Pierdomenico / Reuters

Paying a much higher interest rate than what is available in the open market isn’t just frustrating – it ripples through the rest of people’s finances.

“It’s not just the mortgage that’s the problem: people aren’t able to put money aside for pensions,” says Neale. “When they go to another type of lender, the fact that they’re with an inactive lender creates a dark cloud over them – they’re with a debt collector, basically.”

Neale and some of the other group members have helped over 100 renegotiate with their lenders over the past year, including a case where a desperate borrower went from a 4.79% rate to 1.55%. .

But they say more needs to be done to help the group and that the Treasury has let them down by allowing lenders to buy their mortgages without guaranteeing the amount they will be charged.

Marc Jelfs and his partner are among those who have not been able to take advantage of historically low interest rates and are worried about what will happen to their payments when the Bank decides to act.

The Bank of England in London
Will the Bank of England hike interest rates before the end of the year? Photograph: Thomas Krych / SOPA Images / Rex / Shutterstock

They took out a mortgage with Northern Rock in 2004. Back then, it was possible to ‘self-certify’ – where, instead of providing proof of your income, you just had to indicate what it was on the application form – and, as Marc was self-employed, they took that option.

In November 2007, they were ready to move on to a new deal with the bank when it was pulled – then the credit crunch hit. “We went from 6.5% to 7%. My monthly payment was £ 1,100 with interest only, ”says Marc. “It went on for three years and I got into debt with my visa.”

The family’s mortgage ended up with the bank bailed out and then sold to a company called Cerberus, which bought out the mortgages of the bankrupt lenders. Despite guarantees that they would be able to upgrade to better deals after the sale, borrowers like Marc found they were unable to move and got stuck on the lender’s SVR.

“I’m paying 4.18% now, which includes a 0.25% discount because I’ve been a good customer,” he says. “It’s £ 682 per month of interest and we have eight years left on our mortgage. After that, my house will be taken away from me.

The rate is variable and subject to change at the discretion of the lender, and Marc is concerned about an increase in the monthly cost.

The house originally cost £ 110,000 and the family spent £ 50,000 on the renovation. He’s now worth around £ 220,000 to £ 230,000 so they have a lot of equity but their damaged credit record has so far meant that they have been told not to even bother to apply for a loan.

Seema Malhotra, MP for Feltham and Heston
MP Seema Malhotra said: “In addition to the rising cost of living, mortgage holders are facing increases in their already high standard variable rates.” Photography: Alicia Canter / The Guardian

“We will have spent £ 280,000 on interest by the end of the mortgage and we will still owe £ 110,000,” he says. “My partner doesn’t even talk about it. She can’t believe that at 58 she could be homeless.

MP Seema Malhotra, co-chair of the all-party parliamentary group on mortgage prisoners, said FCA and government need to ensure borrowers can access good-value fixed interest rates to give them certainty over repayments .

“In addition to the rising cost of living, mortgage holders are facing increases in their already high standard variable rates,” she said.

Earlier this year, the city regulator said it would review the effectiveness of the measures it has put in place to make it easier for lenders to offer loans to mortgage holders. These have given banks and building societies flexibility in assessing affordability.

It also examines the data it holds on the number of mortgage holders and the amount they are paying. He is expected to report later in November.

A spokesperson for the Treasury said: “We know it can be incredibly difficult not being able to change your mortgage. Many borrowers might now find it easier to switch to an active lender thanks to recent rule changes by the FCA.

“We will work with the FCA to examine the effectiveness of these changes and determine if there are other possible solutions that can be found for these borrowers that are practical and proportionate.”

How a lender helps

The branch of West Brom Real Estate in Harborne Birningham
The West Brom real estate company offers a two-year fixed rate contract starting at 2.19%. Photograph: Steven May / Alamy

Many borrowers struggled to change, but one lender took mortgage prisoners and helped them get a better rate. Jonathan Westhoff, managing director of Midlands-based construction company West Brom, said when the FCA introduced new rules for activating switches, “we just knew it was the right thing to do. it is totally aligned with our objective ”.

The company was the first to use the modified affordability tests and had to adapt its systems so that borrowers were not automatically stranded. “Although this is at the height of the pandemic, my colleagues have solved this problem, and then we have created a dedicated team that works on the mortgage prisoner cases, because each one is different and must be looked at individually,” he says. . The company has received “a constant stream of applications” from those affected, but Westhoff says she wants to know more. “Some borrowers have saved up to £ 1,000 a month on their mortgage payments, which is an incredibly substantial amount, and we are certain, therefore, that there are many more we can help, ”he says. Initially he thought borrowers were going to bigger lenders, but Westhoff says that doesn’t appear to be the case, and more needs to be done to educate people about the steps mortgage holders can take.

“We are keen to stay close to the regulator’s review of mortgage affordability and continue to contribute wherever we can,” he said. “We have seen, of course, the concern over the threat of rising energy costs, but in some cases the impact of being trapped in a mortgage can be more financially unfavorable in just a month. that of a dramatic increase in energy bills; and these borrowers have to deal with both.

Starting November 23, the company will offer mortgage holders a two-year fixed rate agreement starting at 2.19% for borrowing up to 75% of the loan value, rising to 2.59% on loans. at 85% – both rates well below the SVR they are likely to pay. The offers have a fee of £ 499, but come with a free evaluation and help with legal fees.

Westhoff adds, “We are also just a midsize lender, and when we first launched these products, we were clear that there is not much we can do because of our size, and it will take time. industry-wide response to be able to help more borrowers. That said, we have significantly reduced the monthly payments for many borrowers who were trapped in mortgages, and we encourage anyone in the same situation to contact us. “

westbrom.co.uk/mortgages/mortgage-prisoners


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NAB CEO Ross McEwan says mortgage rates could be linked to household issuance https://acoram-acomar-987.net/nab-ceo-ross-mcewan-says-mortgage-rates-could-be-linked-to-household-issuance/ Wed, 17 Nov 2021 18:00:00 +0000 https://acoram-acomar-987.net/nab-ceo-ross-mcewan-says-mortgage-rates-could-be-linked-to-household-issuance/ Greenhouse technology could help banks “create differentiated ratings and make pricing decisions about a home’s sustainability,” he said. “Customers are very concerned about what’s going on with the climate, and this will give every homeowner customer the opportunity to consider their own sustainability and options for making changes,” McEwan said. The Australian Financial Review. “Then […]]]>

Greenhouse technology could help banks “create differentiated ratings and make pricing decisions about a home’s sustainability,” he said.

“Customers are very concerned about what’s going on with the climate, and this will give every homeowner customer the opportunity to consider their own sustainability and options for making changes,” McEwan said. The Australian Financial Review.

“Then from a banking perspective, we should recognize the changes made by customers and give them a differentiated rating to encourage them to do more. “

When asked to clarify whether a “differentiated rating” meant a cheaper home loan, he replied, “Yes, over time we can see that. If they put themselves in a better position, then we should. recognize it. “

Greenhouse was developed by Adelaide-based Tom Reed of ValAi, Allys Todd (both founders) and Sean Stach, data scientist.

Banks are under increasing pressure from regulators and investors to understand and report on the impact of the climate on their loan portfolios. This includes a “climate vulnerability assessment” process led by the Australian Prudential Regulation Authority, which is at a high level. APRA is expected to issue new guidelines for banks on climate disclosures within the next week.

NAB’s interest in measuring household emissions shows that it envisions more sophisticated tools that can report at the level of individual loans.

The influential Basel Committee on Banking Supervision released a consultative paper on managing climate-related financial risks on Tuesday evening, which called on banks to develop and implement “a robust process to understand and assess the impact. potential of climate-related risk factors on their businesses and the environments in which they operate ”.

“Banks should continuously develop their capacities and expertise on climate-related financial risks according to the risks they face and ensure that they have the appropriate resources allocated to manage those risks,” said the Basel committee.

NAB Chief Innovation Officer Howard Silby said, “The more information we can collect about a home’s carbon footprint, the better.

The potential for lower mortgage prices if customers make environmental improvements to their homes comes against a backdrop of fierce mortgage competition and as banks should start to differentiate mortgage prices based on loan ratios. / value by offering cheaper rates to borrowers with higher levels. equity.

Mr McEwan is the first bank CEO to suggest that environmental risk factors could also influence prices and his comments come after the NAB was criticized by activists over its new climate lending policy to the oil and gas sector, which gives it the ability to continue lending to new capped fossil fuel projects.

“This project goes way beyond oil, gas and coal, it goes right into the household and that is where we should be,” McEwan said. “Our point of view is that we want to work with professional clients or individuals to be in a better position to emit less carbon. “

The alliance with NatWest Group (which Mr. McEwan led between 2013 and 2019 when it was known as Royal Bank of Scotland), CIBC and Itau Unibanco also developed a carbon trading platform which carried out its first transaction, for a Canadian customer. NAB is keen to offer the platform to its investment banking clients as interest in carbon trading increases after COP26.

ValAi was selected by all four bank CEOs as the winner of the alliance’s first Global Open Finance Challenge, first announced three months ago, which drew 91 teams from 19 countries and was also supported by Amazon Web Services.

NAB and the other banks will consider working with the other challenge winners.

These are Banyan, an American start-up that has developed a loan and risk management platform for green infrastructure projects; 9th Gear Technologies, also based in the United States, which has developed a blockchain-based business-to-business foreign exchange platform offering real-time foreign exchange settlement; and NoFrontiers, based in Brazil, which designed a product allowing immigrants to access credit and settle in new countries.

“We’re going to be looking at all of them very closely through our innovation leaders and our sales teams, and they could make a real difference to our customers,” said McEwan.


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Client story: Bridging the gap with bridge financing https://acoram-acomar-987.net/client-story-bridging-the-gap-with-bridge-financing/ https://acoram-acomar-987.net/client-story-bridging-the-gap-with-bridge-financing/#respond Fri, 12 Nov 2021 12:39:36 +0000 https://acoram-acomar-987.net/client-story-bridging-the-gap-with-bridge-financing/ The real estate agent working with Mr. Chin referred him to a mortgage broker who came up with a solution – CHIP Open from HomeEquity Bank. This short-term financing solution is a reverse mortgage secured against the value of the customer’s home and is specially designed for homeowners 55 and over. The broker put Mr. […]]]>

The real estate agent working with Mr. Chin referred him to a mortgage broker who came up with a solution – CHIP Open from HomeEquity Bank. This short-term financing solution is a reverse mortgage secured against the value of the customer’s home and is specially designed for homeowners 55 and over. The broker put Mr. Chin in touch with HomeEquity Bank and they were able to leverage the CHIP Open to set up bridge financing for him as he moved from his $ 4.5 million home to his new 3-month house. , $ 1 million.

Unlike a conventional loan or mortgage, CHIP Open does not require regular monthly mortgage payments. Mr. Chin was able to use the funds to move into his new home, take the time to properly stage and show his old home, and eventually he sold the property for above the asking price. Borrowers can repay the full CHIP Open loan amount at any time without prepayment penalties, which is exactly what Mr. Chin did. He paid off the $ 1.7 million he had borrowed in three months and returned to what mattered most to him: enjoying his golden years in a home that better suited his needs.

Ultimately, this is the mission behind HomeEquity Bank’s reverse mortgage product line – to provide brokers and their 55+ clients with options, to provide solutions to common issues such as aging at home. self, increase income or downsize, and make any necessary transitions as seamless as possible.

To learn more about how HomeEquity Bank can equip you to meet the different needs of clients over 55, contact a BDM today.

HomeEquity Bank is a Schedule I Canadian bank and is the only provider focused exclusively on reverse mortgages for homeowners aged 55 and over. HomeEquity Bank is a privately held company that helps Canadians retire their way by providing a safe, secure and easy way to access the equity they have built up in their homes through their financial solutions, the reverse mortgage and the CHIP income benefit.


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Finance of America Chief Product Officer: Reverse Mortgages Are “Important” to a Diverse Product Line https://acoram-acomar-987.net/finance-of-america-chief-product-officer-reverse-mortgages-are-important-to-a-diverse-product-line/ https://acoram-acomar-987.net/finance-of-america-chief-product-officer-reverse-mortgages-are-important-to-a-diverse-product-line/#respond Sun, 07 Nov 2021 18:05:00 +0000 https://acoram-acomar-987.net/finance-of-america-chief-product-officer-reverse-mortgages-are-important-to-a-diverse-product-line/ While the total number of reverse mortgage industry professionals attending HW Annual in Frisco, Texas last September was small compared to the number of term mortgage lenders and sellers, the senior executive of a large mortgage company dedicated some of its time during a panel at the event to discuss the importance of reverse mortgages […]]]>

While the total number of reverse mortgage industry professionals attending HW Annual in Frisco, Texas last September was small compared to the number of term mortgage lenders and sellers, the senior executive of a large mortgage company dedicated some of its time during a panel at the event to discuss the importance of reverse mortgages to a full and diverse line of products.

Kathryn Amor, Product Manager at Finance of America Companies, spoke at the event’s mortgage buying market panel about what Finance of America Reverse (FAR) is at the table for the largest parent company . To deepen the relationship between FAR and its parent company, RMD sat down with Amor to get a better idea of ​​what the reverse mortgage division and its products bring to the proverbial table of the largest organization.

An “important” element of product diversity, smaller does not always mean “niche”

When asked specifically what the reverse adds to Finance of America’s largest organization, Amor described a product category with a unique feature set that allows the largest company to demonstrate just how much it can be complete as a provider of different types of mortgage solutions.

“Reverse mortgages are an important product in Finance of America’s diverse line of flexible, end-to-end consumer lending solutions spanning the entire spectrum of home equity and finance,” he explains. -she. “They complement the offerings of our Finance of America Mortgage and Finance of America Commercial businesses and, more broadly through Finance of America Reverse, bring increasingly important and flexible alternative financing options to our discussions with clients throughout the year. their financial journey. “

Part of the reason the company remains committed to turning the tide is due to demographic and borrowing trends, and both of these tell FOA that reverse mortgages are not only potentially effective for seniors, but that ‘they are also particularly suited to meet the needs of older people who continue to face a retirement funding crisis.

Catherine amor

“We look at market dynamics and long-term lending and aim to develop and deliver innovative products that we believe meet an evolving set of consumer financing needs at different stages of life and across the lifespan. business cycles and changing borrowing terms, ”she said. “Our belief is that as interest rates rise, borrowing will become more difficult and expensive, limiting many consumers’ access to finance. Our goal at Finance of America is to be a trusted and reliable partner for consumers who are always available to them regardless of market conditions to provide the right products and sound advice that meet their specific needs.

Amor is also quick to point out that smaller reverse mortgage volume figures relative to the term side do not necessarily mean reverse mortgages are a ‘niche’ product offering, while also offering a “niche” product offering. desire to be complete in the mortgage lending space requires having a reverse offering of some kind.

“Reverse mortgages have been part of our lending solutions toolbox since our founding,” she says. “And in our opinion, no balanced product strategy is complete without it. Reverse Mortgages are a key part of our diversification and an essential product offering that helps us provide clients with a more complete set of financing alternatives. I guess you can say the reverse is in our DNA.

Reverse mortgages and the buying market

When it comes to serving any mortgage client 55 or older, Amor says leaving out a reverse mortgage option of any kind can potentially make the process incomplete. Whether through FHA-backed or proprietary loan options, the amount of functionality available with both products has the potential to meet the needs of seniors more effectively than strictly forward-looking mortgage options.

“Finance of America Reverse offers innovative solutions that our industry needs to help older Americans achieve their retirement dreams through rational use of home equity to finance their non-working years,” she says. . “FAR is a leader in reverse mortgage product innovation and uses a judicious blend of ingenuity, technology and education to develop and deliver retirement solutions well ahead of market needs. “

Older homeowners who may be looking for a new home may also face the hurdles that come with the cohort’s collective financial hardship, but reverse mortgage product options may present a solution for homeowners who find themselves in this situation, says -she.

“We know that many aging homeowners have not saved enough to have financial flexibility in retirement and are in serious debt, which makes their ability to obtain financing through traditional products very difficult and expensive,” he says. she. “At the same time, the equity in their homes continues to grow. Reverse mortgages are a compelling and alternative way to tap into that equity and provide many seniors with financing so they can retire in their homes.

Product education and the need to connect

Nonetheless, echoing the concerns of many in the reverse mortgage industry, Amor highlights the lingering issues related to product awareness and borrower education regarding reverse mortgage products and obligations.

“One of the biggest bottlenecks between older Americans and financial flexibility in retirement is knowledge of reverse mortgages and the understanding that it is a safe and sound funding tool,” says she. “This is why education is the centerpiece of the FAR mission. People have not been fully informed of all of the flexible options, including reverse mortgages, that are available to modern borrowers today, or they have preconceived ideas based on dated or erroneous information about them. products inherited from the reverse mortgage industry.

This extends to the lack of knowledge of reverse mortgage options that are not guaranteed by the FHA, such as the proprietary reverse mortgage products offered by FAR and other major lenders. One of the ways FOA hopes to change that is the availability of the front-to-back hybrid product offering, EquityAvail, announced earlier this year.

“It’s a one-of-a-kind hybrid product that combines aspects of traditional and reverse mortgages to provide a greater option for retired or near-retirement homeowners – whom we call ‘pre-retirement’ – and helps to improve cash flow and stability while preparing them better to deal with unforeseen expenses, ”she said.

In terms of ways in which the business and the broader reverse mortgage industry can address concerns about education and the proliferation of accurate product information, Amor describes the need for continued national efforts to expand the consumer knowledge base on lending later in life.

“This is a critical period in our history, where a holistic approach to retirement planning and access to alternative financing products that leverage the responsible use of home equity are a necessary complement to existing retirement efforts, especially if we intend to adequately support the growing segment. people at or near retirement age, ”she said. “Whether it’s rising health care costs, lengthening our lifespan, or shrinking benefit plans like pensions, many Americans just don’t enough money to afford a retirement.

Look for additional perspective from Kathryn Amor soon.


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Rocket Mortgage Profits Slip In Q3 As It Courted Homebuyers https://acoram-acomar-987.net/rocket-mortgage-profits-slip-in-q3-as-it-courted-homebuyers/ https://acoram-acomar-987.net/rocket-mortgage-profits-slip-in-q3-as-it-courted-homebuyers/#respond Fri, 05 Nov 2021 22:36:02 +0000 https://acoram-acomar-987.net/rocket-mortgage-profits-slip-in-q3-as-it-courted-homebuyers/ Rising interest rates have cooled its searing refinancing business, but Rocket Mortgage says it is on track to become the nation’s top retail purchase loan originator by 2023 as it focuses on conquering more business with home buyers. The decline in Rocket’s more profitable refinancing business has weakened third quarter revenue and profit, but the […]]]>

Rising interest rates have cooled its searing refinancing business, but Rocket Mortgage says it is on track to become the nation’s top retail purchase loan originator by 2023 as it focuses on conquering more business with home buyers.

The decline in Rocket’s more profitable refinancing business has weakened third quarter revenue and profit, but the company has surpassed the purchase loan origination record it set just a quarter ago during the spring home buying season.

Rocket Cos. – the holding company of Rocket Mortgage, Rocket Homes, Amrock and Rocket Auto – posted third-quarter net income of $ 1.39 billion, down 53% from a year ago. At $ 3.11 billion, revenue was also down 32% year-over-year.

At $ 88.05 billion, Rocket Mortgage’s closed loan origination volume was virtually unchanged from a year ago when it closed $ 88.98 billion in loans. But with less profitable purchase loans making up a larger portion of the mix, the selling margin gain fell from 4.52 percent to 3.05 percent.

Rocket shares fell as much as 6.2% from Thursday’s closing price of $ 17.86, before making up for some of that loss in afternoon trading to close at 17.20 $. Over the past year, rocket actions traded as low as $ 43 and as low as $ 14.94, as investors digest the impact of rising interest rates on mortgage lenders.

On a call with investment analysts, Rocket CEO Jay Farner gave a positive review of the company’s third quarter results.

Jay farner

“Not only did we set a record third quarter purchasing volume with our direct-to-consumer channels and our partners reaching record levels, but by the end of September we had already generated more purchase volume than any full year. before, ”said Farner. “This rapid growth in the purchasing segment puts us on track to meet our goal of becoming the # 1 retail purchase lender by 2023.”

Although Rocket Mortgage is the nation’s largest mortgage lender, it ranked fourth among providers of purchase loans last year, behind Wells Fargo, United Wholesale Mortgage and Fairway Independent Mortgage Corp. according to data submitted by lenders to federal regulators.

To gain more business from home buyers, Rocket doesn’t put all of their eggs in one basket. He courted not only realtors – who often wield considerable influence over the lenders that homebuyers turn to for financing – but also independent mortgage brokers with deep roots in their local markets.

Rocket also offers its mortgage origination technology to banks and credit unions, and targets homebuyers more aggressively in marketing campaigns designed to bring consumers directly to its website.

RocketHomes.com has an average of 2.4 million monthly users

Rocket’s real estate brokerage subsidiary, Rocket Homes, is licensed as a real estate broker in all 50 states, allowing it to provide a property search site and recommend businesses to members of its agent referral network. .

Farner said that traffic to RocketHomes.com has grown by almost a factor of five over the past year, averaging 2.4 million users per month, helping Rocket’s real estate brokerage facilitate more than 9,000 transactions valued at $ 2.3 billion. dollars during the quarter.

In August, Rocket Homes announced it was hiring real estate agents and launching an iBuyer program, which would allow it to provide a “full suite of services,” including closing and settlement services through its Amrock subsidiary.

“Through our integrated platform, clients can find their next home on Rocket Homes’ 50-state home search platform, get an agent from the company’s agent network, get financing through Rocket Mortgage, have Amrock do the title work and assessment for them and then, after closing, have their mortgage managed by Rocket Mortgage, all from a centralized platform, ”said Farner. .

“Massive” opportunity to partner with banks and credit unions

Rocket’s partner network includes mortgage brokers, community banks and credit unions. Farner said Rocket sees a “massive” opportunity to make more loans through banks and credit unions thanks to a partnership with Salesforce announced last week.

The partnership enables Rocket to offer its mortgage technology to 10,000 banks and credit unions that generate $ 1,000 billion in mortgages annually, or nearly a third of the total US market, through Salesforce Financial Services Cloud.

“This new mortgage-as-a-service model is a game-changer for the industry and for Rocket,” said Farner. “More than just leveraging our technologies, these banks and credit unions will have Rocket built into their centralized workflow, making the process seamless and straightforward. “

Mortgage as a service, said Farner, “represents a new model for financial institutions to partner with Rocket, paving the way for an even greater opportunity to provide consumer loans as a service, including including mortgages, auto loans and personal loans “.

Court mortgage brokers

On the mortgage broker side, Rocket is in a battle with rival UWM, which has sought to limit Rocket’s growth by refusing to do business with mortgage brokers who work with Rocket or Fairway Independent Mortgage.

UWM CEO Mat Ishbia has accused “global” lenders who operate both retail and wholesale channels of trying to cut mortgage brokers when their clients are looking for their next loan.

Ishbia escalated these accusations in a March ultimatum broadcast on Facebook Live. Rocket Mortgage, he said, was not only trying to disintermediate mortgage brokers from their existing clients, but also sever ties with the real estate agents they depend on for their future business.

Last month, Rocket Pro TPO – the division of Rocket Mortgage that works with mortgage brokers – launched several initiatives aimed at strengthening Rocket’s value proposition to brokers.

In addition to offering new technological tools to mortgage brokers, Rocket said he wanted to help them build relationships with realtors, not disrupt them.

If a mortgage broker working with Rocket Mortgage enters into a loan with a real estate agent, Rocket will refrain from soliciting business from that agent, the company said. Rocket Pro TPO has built a proprietary tracking engine that will be accessible through its broker portal detailing the agents each broker works with, the company said.

“We know our broker partners are working hard to build relationships with local real estate professionals and we want to protect those relationships,” said Austin Niemiec, executive vice president of Rocket Pro TPO, in a statement. “We will honor these connections, while leveraging our Rocket platform to help brokers forge new partnerships. “

In the past 12 months, Rocket estimates that 170,000 real estate agents have entered into a loan with one of Rocket Pro TPO’s partner brokers, and he wants to introduce his mortgage broker partners to a larger share of 2 million real estate agents. Americans.

Since many homebuyers who visit the Rocket Homes property search site are not working with a mortgage company, Rocket Pro TPO plans to introduce “Selected Buyers” to the top performing mortgage brokers participating in its. Apogée Partners program.

Rocket Pro TPO is also planning to host “Pro Mixers,” networking events connecting brokers and realtors in cities across the country, with the first event scheduled for this month in San Francisco.

Farner said that Rocket’s broker portal, Rocket Connect, is another benefit for mortgage brokers. Launched last year, Rocket Connect provides “a streamlined way for them to communicate directly with our operations teams,” with guaranteed response times of 2 hours, he said.

Rocket’s efforts to serve mortgage brokers are paying off, with Rocket getting “north of 50%” of loans from its broker partners. This is up from 36% 4 or 5 months ago, he said.

More profitable direct-to-consumer channel

In the first nine months of the year, Rocket made $ 108.5 billion in loans through its partner channel, up 58% from a year ago. This compares to 24% growth in the direct-to-consumer channel, with $ 163.5 billion in loans issued since the start of the year.

The gain on the selling margin, however, is much thinner in the partner channel, sliding to 0.78% in the third quarter, from 2.70% a year ago.

Because it doesn’t have to share the profits with partners, the loans Rocket makes through its direct channel to consumers – consumers who come to the company’s website – are the most profitable. The sales margin gain in the direct-to-consumer channel was 4.47% in the third quarter, down from 5.78% a year ago, when more profitable refinances accounted for a higher percentage of ready.

The higher profit margins in the direct-to-consumer channel mean it has a bigger impact on Rocket’s bottom line. After deducting directly attributable expenses, the direct-to-consumer channel generated approximately $ 1.62 billion in profit in the third quarter, compared to $ 280 million for the partner channel.

Farner said Rocket spends over $ 1 billion a year on digital and performance marketing to bring consumers to his website. During the third quarter, “we saw strong growth in our direct-to-consumer channel, where our purchasing initiatives continue to gain traction. “

A recent Halloween-themed commercial poked fun at the intense competition for homes in many markets, reminiscent of the classic horror film “Night of the Living Dead”, depicting an army of zombie shoppers who are beaten by a buyer making an offer financed by Rocket Mortgage.

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Calumet City woman feared losing her home after someone took out a fraudulent federal PPP loan on her behalf – CBS Chicago https://acoram-acomar-987.net/calumet-city-woman-feared-losing-her-home-after-someone-took-out-a-fraudulent-federal-ppp-loan-on-her-behalf-cbs-chicago/ https://acoram-acomar-987.net/calumet-city-woman-feared-losing-her-home-after-someone-took-out-a-fraudulent-federal-ppp-loan-on-her-behalf-cbs-chicago/#respond Wed, 03 Nov 2021 23:30:00 +0000 https://acoram-acomar-987.net/calumet-city-woman-feared-losing-her-home-after-someone-took-out-a-fraudulent-federal-ppp-loan-on-her-behalf-cbs-chicago/ CITY OF CALUMET, Illinois (CBS) –A 72-year-old woman in Calumet City feared she would be forced out of her home because someone took out a federal paycheck protection program loan on her behalf. As CBS 2’s Jim Williams reported on Wednesday night, the Calumet City home of great-grandmother Helen Byrd is the center of her […]]]>

CITY OF CALUMET, Illinois (CBS) –A 72-year-old woman in Calumet City feared she would be forced out of her home because someone took out a federal paycheck protection program loan on her behalf.

As CBS 2’s Jim Williams reported on Wednesday night, the Calumet City home of great-grandmother Helen Byrd is the center of her rugged family.

READ MORE: Caretaker Michael Craig called 911 saying his wife had a knife in her throat, but Craig was the only shot and killed by police

“I cherish my home,” she said through her daughter. “I really like it here.”

We spoke to Ms. Byrd – who is deaf and communicates in sign language – and her daughter Candace, who lives in Indianapolis and has interpreted for her mother via video conference.

“We’re having a good time,” Candace said.

But these are stressful times for the 72-year-old great-grandmother. A few weeks ago, she received a letter from the Housing Authority of Cook County.

“It was brought to the attention of the Housing Authority of Cook County through the Small Business Administration that you requested and may have received a Small Business Protection Program loan / grant / paycheck.” , indicates the letter.

The loan was $ 20,000. The letter adds that Ms Byrd did not disclose the payment nor did she declare that she was a business owner. P3 loans were put in place by the federal government to help keep small businesses afloat during the COVID-19 pandemic.

The County Housing Authority’s claims are significant as they could affect Ms Byrd’s status as a Section 8 tenant.

READ MORE: City Announces $ 2.7 Million COVID-19 Small Business Support Program Engaging Nonprofits to Help Chicago Businesses That Have Suffered

Candace: “Have you ever owned your own business? “

Ms. Byrd: “No no never. I don’t own a business or anything.

In fact, Ms Byrd is a retired postwoman, now worried about losing her 12-year-old apartment.

“I’m scared. I don’t know where I’m going to live,” she said. “I want to be here. I really like it here. “

We called the county and a spokesperson told us that it appears Ms Byrd is a victim of identity theft – and that she can easily prove that she didn’t apply for the loan by contacting the Small Business Administration.

Will she be kicked out of her home, we asked? “Absolutely not,” spokeswoman Emily Orenstein said.

“I feel good knowing my mom wouldn’t have to worry about being kicked out,” Candace said. “I really appreciate you and Channel 2 for putting this story together and definitely getting results.”

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Ms Byrd says she will call if she has any problems in order to resolve this issue.


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