News

RICHMOND, Va. - Legislation allowing payday lenders licensed by the State Corporation Commission to transact business in Virginia has been enacted and becomes effective July 1, 2002. To be licensed, a payday lending business has to pay a $500 application fee, a surety bond in the sum of $10,000 per...

A recently completed survey by Harvard University's Joint Center for Housing Studies showed that the price of homes have gone up so high over the past 13 years making the availability of affordable housing not only a problem for the poor, but for middle-income families also. It has made the...

WASHINGTON - Re. John LaFalce (D-N.Y.), the ranking Democrat on the House Financial Services Committee introduced legislation that would simplify the mortgage loan process and impose stiff penalities on lenders who violate consumer protection laws and fail to provide required federal disclosures, "correcting a flaw in the current statute," LaFalce's...

WASHINGTON - The Appraisal Institute, the American Society of Appraisers and the National Association of Realtors applauded the efforts of Sen. Paul Sarbanes (D-Md.) and Sen. Zell Miller (D-Ga.) for their initiative to investigate mortgage and real estate consumer fraud. The groups wrote to the senators and lauded their request...

ARLINGTON, Va. - Last year was a banner year for first mortgages for credit unions, but with home prices rising to levels beyond many consumers' reach and interest rates expected to go up, some CU experts are cautioning CUs to be proactive and get their portfolios in order for the...

VIENNA, Va. - Navy FCU didn't get to be the largest credit union mortgage lender in the country by taking members' applications and processing them the old fashioned way. The $16-billion credit union is constantly studying its mortgage handling procedures and looking for ways to streamline the front and back...