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About Mortgage Consumer Bill of Rights


									                                                 Presented by Daniel Toriola

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                                                 Mortgage Consumer Bill of Rights
                                                               By Syd Johnson

  Mortgage Consumer Bill of Rights
 by: Syd Johnson

This bill of rights was laid out by Franklin Raines, president of Fannie Mae on January 15, 2000. The
Mortgage Consumer Bill of Rights is a pledge fof $2 trillion over 10 years to help consumers gain
access to home ownership. It also includes an “Open Book” approach to underwriting where
customers can see all of the factors that go into evaluating their creditworthiness and the process of
applying for a home loan.

One of the most ambitious parts of this plan is to bring more technology to the Mortgage Industry and
reduce their paperwork by over 17%. Less reliance on paper, equals more automated evaluations and
quicker loan approvals. This means customers who look for lenders and apply online are definitely at
the forefront of the Mortgage industry.

The basic tenets of the Mortgage Consumer Bill of Rights

All Americans Have A Right to Access to Mortgage Credit

Fannie Mae hopes to decrease the gap in home ownership between whites and blacks, low income
earners and middle class families, and other underserved populations. There are more procedures and
practices in place to prevent predatory lending, fraud and discrimination. You can be assured that you
can usually find a lender that will approve and finance your loan even if you are not extremely wealthy
or you don’t have perfect credit.

Consumers have a right to the lowest-cost mortgage for which they qualify.

Fannie Mae is chartered as a private company to hold down the costs of mortgages. Their strategy is
to offer mortgage products that allow lenders to qualify more home buyers for low cost conventional
financing. There are mortgage programs to allow lenders to serve the needs of first time home buyers,
women, minorities, rural and inner city residents, singles and more. One of their most popular
packages is the Timely Rewards Program. If you have less than ideal credit, you can qualify for

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                                                Presented by Daniel Toriola

mortgage rates that are up to 2% lower than the sub-prime market, and the rate can be reduced
another 1% if you make all of your loan payments on time for the first 24 months.

Homeowners have a right to know the true cost of a mortgage

Customers have a right know the true cost of their mortgage. There are many components that make
up a mortgage package, each with its own variable cost. Make sure that you know what is in your
package and the exact dollar amounts before you close on your home loan. Some of the items are
down payments, interest rates, points, closing fee, appraisal costs and insurance payment for the first

To encourage this open practice nationwide, Fannie Mae has created a True Cost Calculator.
Customers can enter their information and see what the true total cost will be for their mortgage, and
their options for saving some money.

Homeowners have right to be free of regulatory burden

You have the right to get new homes and mortgage financing without too much intrusion from the
government as far as regulatory fees, paperwork and time are concerned. This does not free your or
your builder from abiding by local laws and zoning ordinances. Instead, this type interference will be
reduced and not hamper your ability to qualify for a mortgage, or leave you open to huge fees when
you try to close.

Homeowners have a right to know about mortgage decisions

There will be more transparency among lenders and brokers so that customers know what goes into a
mortgage package, who makes the decisions, when are decisions being made, and what you can do if
the outcome is not what you intended, or what you would like to happen. It should always be clear, or
feel free to ask your Broker, Banker or Lender: what else can you do to make the application process
smooth and efficient?

And what are your rights as far as making changes later on and if there are any fees attached to
changing your mind.

Every banker or lender in the industry should be familiar with your Mortgage Bill of Rights. You can find
out more at the Fannie Mae Website.

Syd Johnson is the Executive Editor of, the Mortgage and Real Estate Financing
solutions site. You can see more articles at

This article can be freely distributed as long as the author's bio is included and an active link to is included.

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                                        Presented by Daniel Toriola

                                        A Different Kind Of Mortgage Broker
                                                 By Craig Romero

A Different Kind Of Mortgage Broker by Craig Romero

There's a different kind of mortgage broker on the block and they're giving conventional mortgage
brokers a run for their money.

With today's current economy, consumers have to be as budget
conscious as ever, and it's showing in every consumer decision they make - including shopping for a

Gone are the days where the consumer waits with baited breath as to whether or not the corner
mortgage broker can find financing for the home they want to buy.

Say hello to today's new mortgage seeker; the one who has lenders competing for their business,
makes educated lending choices and is making upfront mortgage brokers more popular than ever.

So what is an upfront mortgage broker? The main difference between an upfront mortgage broker and
a conventional
mortgage broker is that an upfront mortgage broker discloses their fees to the borrower up front and in

The borrower will pay the broker a fee in addition to paying the wholesale loan price. With conventional
mortgage brokers, borrowers don't know the true cost of the loan until after the application has been

The conventional lenders add a markup to the wholesale rate of the mortgage to make their profit.
While on the surface it may seem like the prices quoted by upfront mortgage brokers compared to the
quotes received by conventional lenders would not be the
wise choice, don't be fooled.

The quotes you get from an upfront mortgage broker will be an accurate reflection of what you're really
going to pay. Just because a conventional mortgage broker promises you the moon,
does not mean that he can actually deliver it.

There are other reasons that have conscious consumers choosing
upfront mortgage brokers over the traditional conventional brokers.

While conventional mortgage brokers don't always have the best
interests of their customers in mind, upfront mortgage brokers gain nothing by providing their
borrowers with anything other than the mortgage that best suits their needs.

There are also times when mortgage brokers are given rebates by third parties.While a conventional
broker may keep this rebate as a part of their profit, an upfront mortgage broker will always pass this
rebate on to the borrower.

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With consumers appreciating honesty and no-nonsense approaches when dealing with their lending
needs, upfront broker methods may just change the face of mortgage lending forever.

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investment in their homes.

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                                             Presented by Daniel Toriola

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