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Mortgage protection insurance is an insurance policy that pays off the remainder of your mortgage if you pass away or if you become disabled and can’t work. In that way, it functions similarly ...
The Homeowners Protection Act of 1998 requires that lenders remove private mortgage insurance when a borrower reaches a 78 percent loan-to-value (LTV) ratio. For example, if the purchase price of ...
The Paycheck Protection Program ( PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations ...
The Flex Modification program helps homeowners experiencing financial hardship to extend their loan term and reduce principal and interest payments. The program can reduce payments by up to 20 ...
Credit default swap. A credit default swap ( CDS) is a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a debt default (by the debtor) or other credit event. [ 1] That is, the seller of the CDS insures the buyer against some reference asset defaulting.
The Red Flags Rule was created by the Federal Trade Commission (FTC), along with other government agencies such as the National Credit Union Administration (NCUA), to help prevent identity theft. The rule was passed in January 2008, and was to be in place by November 1, 2008, but due to push-backs by opposition, the FTC delayed enforcement ...
A ransomware attack against the mortgage lender slowed down the business for over a week. As mortgage lender LoanDepot continues recovery efforts from a ransomware attack, it revealed on Monday ...
For many homeowners, one of the milestones on the path to financial independence is being able to pay off their mortgage. With typical mortgages lasting 30 years, it can take a long time to meet ...