AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Fannie Offers Personal Loan Aid.
Washington-Fannie Mae is giving servicers a new tool called HomeSaver Advance to help delinquent borrowers who are getting back on their feet but don't have the resources to cover missed payments.
Starting in April, Fannie servicers can offer borrowers an unsecured personal loan of up to $15,000 to cover missed payments, escrow advances, homeowner's association dues, and even late fees so the borrower can resume timely payments.
The homeowner does not have to pay interest or principal on the advance for first six months.
"It helps simplify and streamline the workout process for applicable loans, as it provides an option for earlier resolution of delinquent loans," Fannie says in a notice to its servicers.
Borrowers that have resolved the reason for their delinquency can qualify for a HomeSaver Advance, which has a 5% interest rate and amortizes over 14.5 years.
"This product helps us reach the many borrowers who find themselves in a position where they can make their monthly payments over the long run but simply lack the means to catch up on their missed payments," said Bank of America spokesman Terry Francisco.
Bank of ...
- Fannie Offers HomeSaver Advance to Borrowers in Default.
- News wire article from: Mortgage Line April 24, 2008 700+ words
...servicers a new tool called HomeSaver Advance to help delinquent borrowers...for earlier resolution of delinquent loans," Fannie says in a notice...delinquency can qualify for a HomeSaver Advance, which has a 5% interest...
- Fannie Mae Introduces HomeSaver Advance(TM) Mortgage Workout Option Designed to...
- Press release article from: PR Newswire February 27, 2008 700+ words
...assistance, it is offering a new option -- HomeSaver Advance(TM). HomeSaver Advance is designed to help qualified borrowers...mortgages current and keep their homes. With HomeSaver Advance, servicers can now offer an unsecured...
- Delinquent loans soar in first quarter.
- Newspaper article from: The Nation (Thailand) May 20, 2009 700+ words
Byline: The Nation. Delinquent loans surged by Bt14.9 billion in the...debts for a few months. But not all delinquent loans would become NPLs," she said. Lenders classify delinquent loans as NPLs when they are serviced for...
- East West Bancorp Reports Second Quarter 2009 Results; Nonaccrual Loans Down...
- Press release article from: Business Wire July 16, 2009 700+ words
...of total loans and reduced total delinquent loans by 39% during the quarter. Our continued...loans as of quarter-end. * Total Delinquent Loans Down 39% - Total loans delinquent...across all categories - 30 to 59 day delinquent loans decreased 69% or $130.9 million...
- Mid City Bank hurt by delinquent loans.
- Magazine article from: Los Angeles Business Journal Tobenkin, David December 10, 1990 700+ words
Mid City Bank hurt by delinquent loans Los Angeles-based Mid City...increase in the bank's reported delinquent loans. The rating change was noted...19.9 percent increase in delinquent loans from $4.15 million in second...
- CENFED Financial Corp. Announces 25% Increase in Second-Quarter Earnings and a...
- Press release article from: Business Wire July 24, 1997 700+ words
...costs, due to sharp reductions in delinquent loans and charge-offs, and lower operating...1.86 percent one year earlier. Delinquent loans as of June 30, 1997, had decreased...points. At June 30, 1997, and 1996, delinquent loans included $4.6 million and $3...
- AHMANSON SELLS DELINQUENT LOANS, ADDS TO REAL ESTATE DEVELOPMENT RESERVES
- Press release article from: PR Newswire July 19, 1993 700+ words
...the third quarter." Deihl added that, by selling the delinquent loans in a bulk sale, the company benefits by reducing future...assets with earning assets. As a result of the sale of delinquent loans and addition to reserves for real estate development projects...
- Mortgage specialist accredited hit with delinquent loans: many competitors sold...
- Magazine article from: San Diego Business Journal Allen, Mike March 5, 2007 700+ words
...Investment Co., a Los Angeles-based sub-prime lender, it also suffered a big increase in delinquent loans. As of Dec. 31. delinquent loans more than 30 days past due made up 8.26 percent of its $11 billion portfolio, compared with...
