Brokers Available to Discuss What Consumers Need to Know Before They Sign on the Dotted Line
CAMB released ten consumer protection tips to aid consumers interested in using alternative loan mortgage products to finance their home. These tips have been created by CAMB’s member brokers as a tool to help consumers know and understand the advantages and pitfalls of using these specific products, which include adjustable rate mortgages (ARMs), Interest-Only loans, and Option ARMs.
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CAMB is warning consumers to be aware of advertisements that encourage consumers to refinance their homes in order to pay off holiday debt. Numerous advertisements have been appearing across the state in mailboxes and on fax machines offering loan programs with various incentives from free appraisals to no loan fees. The same advertisements also claim to offer loan programs with rates as low as 1 percent and some are even lower. These ads also state that consumers with poor credit or a recent bankruptcy or foreclosure can get approved for these loans.
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CAMB issued its annual Mortgage Forecast projecting that interest rates will remain favorable in 2007 with the rates likely to remain within one percent (1%) of current low levels. Additionally, recent homebuyers (within the last several years) who used an interest-only or adjustable rate mortgage are turning to fixed rate loans as they refinance and take advantage of equity. However, despite the recent stabilization of the housing market, many new buyers are still forced into alternative loan products due to high housing prices. Finally, for home shoppers, the first half of 2007 is likely to be the best time to get a good deal on a new or existing home.
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CAMB released its Consumer Education and Protection Worksheet geared towards educating consumers on all types of mortgage loans. As part of its efforts to curb predatory lending practices, CAMB has produced this worksheet for proprietary use by its membership as they assist consumers in securing mortgage loans. The worksheet is also available in both English and Spanish to service the needs of California consumers.
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Mortgage "Check-Ups" to Prevent Financial Decay
With 36% of people with adjustable rate mortgages worried about making their payments, according to a new AP poll, the California Association of Mortgage Brokers (CAMB) provides key “check-up” signs for every homeowner, regardless of the type of loan they have.
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Click here for CAMB's Consumer Tips
As part of an ongoing effort to promote the highest standard of industry professionalism and consumer protection, the California Association of Mortgage Brokers (CAMB) released a thirteen page report outlining the "best practices" for consumer protection in the mortgage industry. The report details a vision of how government, industry, and consumers can work together in the coming years to curtail abusive lending practices by unscrupulous lenders.
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Download Consumer Protection Action Plan (pdf)
The California Association of Mortgage Brokers (CAMB) hails Governor Arnold Schwarzenegger and members of the California State Legislature as CAMB-sponsored consumer protection legislation (AB 790 and AB 2890) were signed into law.
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