If a credit reporting bureau sees “outsized” dispute rates, “we expect the company to do something about it,” CFPB Director Richard Cordray…. “We expect it to investigate the source of the disputes, identify any problems, and take necessary action.”

Some 43 million Americans have credit reports marked with overdue medical debt, according to new estimates by the Consumer Financial Protection Bureau (CFPB), and their trials with debt-collecting and reporting are alarming regulators.

Today, the CFPB announced that it will now require major credit-reporting agencies to provide “accuracy reports” to the bureau on consumer billing disputes.

The CFPB already oversees the major credit-reporting companies, Experian, Equifax, and TransUnion. For the first time, these companies will now have to regularly spell out which furnishers of information (such as debt collectors and debt buyers), and which industries, rack up the most disputes. The companies will also have to name the furnishers that generate large volumes of disputes relative to their industry peers.

Black marks such as collection items that land on a credit report can damage a consumer’s credit score, thereby limiting their access to credit and lower interest rates. The prevalence of medical expenses on credit reports is particularly concerning to the CFPB — medical bills make up over half (52 percent) of all overdue debt, according to the CFPB study. The analysis includes a sample of approximately 5 million consumer credit records, in addition to consumer complaints to the CFPB.

“The white paper we put out today notes that the system of collecting people’s medical debts and reporting their collections items introduces multiple points where error can creep into the system and harm consumers,” Cordray said. “So we will continue to maintain our intense focus on the accuracy of the credit reporting system, which the law specifies must achieve maximum possible accuracy.”

Earlier this year, a CFPB report concluded that medical debt in collections may be “overly penalizing” consumers’ credit scores, thereby underestimating their creditworthiness. Several months later, FICO, the dominant credit-scoring company in the U.S., said it would start to give less importance to medical debt when calculating credit scores.

Compared to other types of debt, the CFPB says it considers medical debt to be something of a “special case.” That stems from the complexity of a billing and re-imbursement process in which consumers might be “unaware of when, to whom, or for what amount they owe  a medical bill or even whether payment was the responsibility of the consumer rather than an insurance company,” according to the latest CFPB study.

“Even those who are insured can have overwhelming medical debt, thus it is a broader concern than many realize,” Gail Cunningham, a spokesperson for the National Foundation for Credit Counseling, a nonprofit agency, told IBTimes via email.

Medical bills marked overdue also tend to be for small amounts — $207 at the median and $579 on average — in contrast to seriously delinquent credit card and student loan bills. “Such accounts average several thousand dollars,” the report finds.

The CFPB paper also cited a lack of “objective or enforceable standards” about when medical debts are reported to collections. For example, in some cases, a medical provider could send an unpaid bill to a collections agency as soon as 30 days, or not do so for 180 days.

Alternatively, a creditor may forgo a collections agency and choose to sell the debt to a debt buyer instead. Either way, debt buyers and collections agencies can, in turn, “determine whether, when, and for how long to report a collections account” to a credit bureau, the paper says.

Cordray said his agency supports a proposal by the IRS that would require a 120-day buffer before nonprofit hospitals could begin “extraordinary debt collection methods.” The CFPB is expected next year to propose new regulations on debt collection — a chief source of consumer complaints.

Source: International Business Times – Read about one Families Medical Bill Nighmare.

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Below are the headlines from three separate news releases issued over a one month period:

11/3/2014 – Millions of Potential New Households Waiting Out the Recovery

11/11/2014 – Experts: First-Time Homebuyers’ Weak Finances Holding Back Housing Market

And then, the contrarian view:

12/2/2014 – In 2015, Millennials Will Be Biggest Home Buying Group

It sure seems that the group that released the first two stories emphatically disagrees with the organization that published the last news release. Amazingly, the same entity published all three reports. What? It seems the company (a well-respected provider of housing information) reported that those forming new households are not looking to buy a home. They actually surveyed over one hundred housing experts who agreed. But 30 days later, they reported that millennials (most new households) will be the biggest group of home buyers this year. All in one month!! All the headlines could actually be true. However, a consumer reading them might be misled. This is evidence of how difficult it is to actually understand the intricacies of today’s housing market. Even the experts can seem confused.

Bottom Line

If you are thinking of either buying or selling a home, it is probably best to engage a local mortgage or real estate professional to help you successfully navigate the ins-and-outs of today’s real estate transaction.

Source: KCM Blog 12-11-2014

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This waived the 90 waiting period before a property could be resold. At this time there is no indication that the waiver will be extended.

Please make home buyers and more importantly, Real Estate Investor’s aware that 90 days must pass from acquisition of a property to the resale for 2015.

Original waiver dated 11-29-12 can be reviewed here… http://www.gpo.gov/fdsys/pkg/FR-2012-11-29/pdf/2012-28918.pdf .

Through the regulatory waiver, FHA encouraged investors that specialize in
acquiring and renovating properties to renovate foreclosed and abandoned
homes, with the objective of increasing the availability of affordable homes for
first-time and other purchasers, helping to stabilize real estate prices as well as
neighborhoods and communities where foreclosure activity has been high. The
waiver is applicable to all single family properties being resold within the 90-
day period after prior acquisition, and is not limited to foreclosed properties.

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago. There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
2. The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate probably below 5%. The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of <5%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

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J. Scott Harris
Mortgage Expert – NMLS #375517
Gold Financial Services, Inc.
5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825

In Trulia’s 2014 Rent vs. Buy Report, they explained that homeownership remains cheaper than renting throughout the 100 largest metro areas in the United States; ranging from an average of 5% in Honolulu, all the way to 66% in Detroit, and 38% Nationwide! The other interesting findings in the report include:

Even though prices increased sharply in many markets over the past year, low mortgage rates have kept homeownership from becoming more expensive than renting.

Some markets might tip in favor of renting later this year as prices continue to rise faster than rents and if – as most economists expect – mortgage rates rise, due both to the strengthening economy and Fed tapering.

Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.

Bottom Line

Buying a home makes sense. Rental costs have historically increased at a higher rate of inflation. Lock in a mortgage payment now before home prices and mortgage rates rise as experts expect they will.
Source: KCM Blog
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J. Scott Harris
Mortgage Expert
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825

It’s that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don’t have to look much farther to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the next five years to be between 11.2% (most pessimistic) and 27.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”
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4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

J. Scott Harris
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688