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Morning Briefing: BoA takes aim at FHA with new 3-per-cent-down mortgage

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Mortgage Professional America | 23 Feb 2016, 05:01 AM Agree 0
BoA takes aim at FHA with new 3-per-cent-down mortgage… Google to close online mortgage site… Homeowners are expecting home equity gains this year…
  • AJ | | 23 Feb 2016, 08:23 AM Agree 0
    Good for B of A. The Obama administration has been fining the banks for petty errors. In turn I hope Quicken mortgages is successful in their fight against their unfair charges.
  • | | 23 Feb 2016, 08:36 AM Agree 0
    Quicken Loan's is a joke! Who in their right mind would do the most important purchase EVER in their life over the internet!! Fools !!!!
  • | | 23 Feb 2016, 09:10 AM Agree 0
    Agreed.. You need to be an idiot to trust Quicken to close your mortgage. Never even a face to face with anyone involved. No emotional investment on their end.
  • | | 23 Feb 2016, 09:28 AM Agree 0
    The very concept that the lender has an emotional attachment with getting the transaction done is terrifying. Especially if mid-transaction they realize it is not in my best interest to continue the deal and it is too late to back out due to the invested time on their part.
  • Shawn | | 23 Feb 2016, 10:09 AM Agree 0
    BofA's mortgage sounds like a HOME POSSIBLE mortgage with LPMI; which is readily available to anyone that qualifies.. Nothing new here.
  • JV | | 23 Feb 2016, 11:46 AM Agree 0
    Quicken mortgages is the 3rd largest retail lender in the nation with BofA in 4th place so I guess consumers don't mind not having to go into an office.
  • Alex | | 25 Feb 2016, 11:18 AM Agree 0
    This supposed "BofA" program is Homeready launched by FNMA with LPMI. It's not just a BofA programand also doesn't mention the higher rates that come with the program.
    Quicken is one of the largest lenders in the country because of their marketing and massive employment. They do some good things but aren't the best lender or option for borrowers. Handling things online, through email, over the phone, and fax is very common these days. I've been a mortgage banker for 13 years and can say I've only met face to face with about 5% of my clients, yet 95% of my business is based on referrals. The old school, meet-at-my-office-and-complete-a-dictionary-of-paperwork-by-hand days are over. Have to get with the times!
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