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NAR Worried About IO Loans, Payment Option ARMs.(National Association of Realtors)(Adjustable Rate Mortgages)
Washington -- The National Association of Realtors is concerned about the growing use of interest-only and payment-option ARMs and is planning a consumer outreach effort for later this summer.
NAR made the decision last week to move ahead with an educational campaign on these controversial products which are gaining regulatory and national media attention.
According to figures compiled by this newspaper, IO production accounts for 21% of all loans funded in the U.S.
"We are going to provide educational brochures on these products," said NAR chief economist David Lereah, adding that the focus will be on IOs, payment-option loans and negative-amortization products.
Mr. Lereah said the pamphlets will be distributed to homebuyers through the nation's largest Realtors. "We're going to do this sooner, rather than later," he said.
In a statement, NAR president Al Mansell said there are "insufficient disclosures" being made by lenders on these "riskier loan products."
Meanwhile, federal banking regulators are drafting guidance to address the proliferation of IO and payment-option loans. They plan to issue this guidance to banks and their examiners this fall.
- NAR Worried About IO Loans, Payment Option ARMs.
- News wire article from: Mortgage Line Muolo, Paul Collins, Brian August 15, 2005 700+ words
Washington -- The National Association of Realtors is concerned...interest-only and payment-option ARMs and is planning a consumer...problems on IOs and payment-option ARMs. "Not that they are bad...only loans and payment-option ARMs, "doesn't mean they...
- Realtors Concerned About IO Loans and Payment Option ARMs.
- News wire article from: The America's Intelligence Wire July 27, 2005 700+ words
...amp; Brian Collins The National Association of Realtors is concerned...interest-only and payment-option ARMs and is planning a consumer...problems on IOs and payment-option ARMs. "Not that they are bad...only loans and payment-option ARMs, "doesn't mean they...
- Mozilo Defends Pay-Option ARMs.
- News wire article from: The America's Intelligence Wire October 30, 2006 700+ words
...last week defended payment-option ARMs, saying the product is performing...Street. Speaking before the National Association of Home Builders, Mr. Mozilo...alarming. Discussing payment-option ARMs, the Countrywide CEO said recent...
- Creating an 'Unlevel Playing Field'.(Angelo R. Mozilo of Countrywide Home Loans...
- Magazine article from: Origination News Muolo, Paul November 1, 2006 700+ words
...last month defended payment-option ARMs, saying the product is performing...Street. Speaking before the National Association of Home Builders, Mr. Mozilo...alarming. Discussing payment-option ARMs, the Countrywide CEO said recent...
- Discount Internet Realtors May Help.(The Loan Closer)(National Association of...
- Magazine article from: Origination News McDermott, John September 1, 2008 700+ words
Byline: John McDermott Recently the National Association of Realtors and the Department of Justice reached a...you're lucky enough to have one of them payment-option ARMs where you can choose the lowest monthly payment plan...
- GSEs embrace option ARMs and I/Os.
- Newspaper article from: Asset Securitization Report Sibayan, Karen October 17, 2005 700+ words
...After having shied away from option ARMs, for instance, the GSEs are starting...and September, largely driven by option ARMs. For instance, Fannie Mae securitized roughly $8.5 billion of option ARMs in September, comprising 43...
- Option ARMs May Be Misunderstood: The loans work if borrowers understand them.
- Magazine article from: Origination News Sichelman, Lew September 1, 2005 700+ words
...attached to any mortgage other than pay-option ARMs, a loan that allows the borrower to...whatsoever. Borrowers are drawn to pay-option ARMs because of their 1% start rate. But...25% of the loan amount - for pay-option ARMs with a 3.45 margin and a three-year...
- Goodbye amortization? A new crop of mortgage products surging in...
- Magazine article from: Mortgage Banking England, Robert Stowe October 1, 2005 700+ words
...Consumers have been turning to payment option ARMs in greater numbers, particularly buyers...one-year Treasuries--known as MTA option ARMs--also offers an interest-only payment...and a 15-year payment. There are option ARMs based on other indexes, including the...
- Option ARMs in Sevenfold Rise.
- News wire article from: The America's Intelligence Wire December 5, 2005 700+ words
...funded almost $73 billion in payment-option ARMs in the third quarter, a more than sevenfold...payment-option ARM market.) Payment-option ARMs are considered somewhat controversial...and other agencies believe payment-option ARMs are a factor in escalating home prices...
- Regulators Worry that Today's Option ARMs Could Haunt Lenders.
- Magazine article from: National Mortgage News October 17, 2005 700+ words
...draft guidance on interest-only and option ARMs, they are concerned about this layering...conference last week that type of IO and option ARMs originated in past few years has not...Grunkemeyer said. Banks can and do sell option ARMs into the secondary market to move the...
Source: HighBeam Research, NAR Worried About IO Loans, Payment Option ARMs.(National Association...