Smart Borrower Blog

Lenders Loosen Mortgage Standards as Rates Jump

Oct 13th, 2017 @ 5:06 PM by Amber Nelson

Mortgage lenders made more home loan credit available in September, according to a new report from the Mortgage Bankers Association, although interest rates jumped up to a 10-week high during the latest week. The MBA’s Mortgage Credit Availability Index (MCAI) rose to a reading of 181.4 in September, up 0.7 percent from August. An increase […]

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A Quarter of Americans Have Carried Credit Card Debt for 5+Years

Oct 4th, 2017 @ 7:59 PM by Amber Nelson

Many Americans have trouble paying off their credit card bill each month, and according to a new survey by CreditCards.com almost one out of four have been having that trouble for five years or more. The survey, conducted by phone with 2,005 adults, found that 43 percent have carried a credit card balance for more […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Federal Reserve Leaves Rates Alone Buts Plans to Sell Off Bonds

Sep 27th, 2017 @ 12:36 PM by Amber Nelson

The U.S. central bank declined to raise its target interest rate last week, but it will start selling off its massive portfolio of bonds in October. The Federal Reserve left its federal funds rate – which affects everything from mortgage rates to car loan rates to food prices – in the range of 1 percent to […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

CFPB Saves 2,000 Borrowers from Illegal Student Loan Lawsuits

Sep 20th, 2017 @ 12:08 PM by Amber Nelson

The Consumer Financial Protection Bureau has halted proceedings on illegal lawsuits filed by National Collegiate Student Loan Trusts, giving financial relief to roughly 2,000 student loan borrowers. The trusts pursued about 94,000 lawsuits against borrowers who defaulted between 2012 and 2016. The lawsuits were on student loans that were either too old to be collected (past […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Low Rates Push Mortgage Applications Higher

Sep 14th, 2017 @ 8:57 AM by Amber Nelson

Long-term mortgage rates stabilized at their year-to-date low this week, prompting U.S. borrowers to refinance their home loans again, according to recent industry reports. During the week ended September 14, 2017, the average rate on a 30-year fixed rate mortgage was unchanged from the week before, resting at 3.78 percent with an average 0.5 point, […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Deep-Subprime Auto Loan Delinquency Rates Hit Pre-Recession Levels

Sep 6th, 2017 @ 3:21 PM by Amber Nelson

Auto-loan borrowers with the worst credit are falling behind on their payments at a rate not seen in a decade, according to data from credit reporting agency Equifax. Deep-subprime borrowers, as they are called in the industry, have been defaulting on their auto loans at alarming rates. “Performance of recent deep subprime vintages is awful,” […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Small Business Loan Approvals Hit Post-Recession High

Aug 31st, 2017 @ 9:13 AM by Amber Nelson

Big and small banks alike approved record numbers of small business loan applications in July, according to data from Biz2Credit.com, a sign of stronger confidence in the economy. The Biz2Credit Small Business Lending Index showed that big banks (those with $10 billion or more in assets) approved almost a quarter (24.5 percent) of all loans […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

American Household Debt Reaches All-Time High

Aug 23rd, 2017 @ 1:26 PM by Amber Nelson

Americans increased their debt loads enough for a record high in the second quarter, according to a new report from the Federal Reserve Bank of New York, with credit card delinquencies rising enough to cause concern. Total U.S. household debt rose to $12.48 trillion during the months of April, May and June, an increase of […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Mortgage Rates Fall to 7-Week Low

Aug 18th, 2017 @ 2:00 PM by Amber Nelson

Long-term U.S. mortgage rates fell to a two-month low this week, following a week of political and economic uncertainty that pushed investors to the safety of bonds. Accoridng to mortgage giant Freddie Mac, the average 30-year fixed-rate, conventional mortgage carried a rate of 3.89 percent with 0.4 average points, during the week ended August 17, […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Wells Fargo Faces Fraud Charges after Auto Insurance Scandal

Aug 9th, 2017 @ 8:48 PM by Amber Nelson

Wells Fargo has found itself embroiled in yet another scandal, one that could potentially lead to hundreds of millions of dollars in legal losses. The New York Times exposed an internal Wells Fargo report that reported the bank had charged more than 800,000 of its auto loan customers for insurance they did not need or want. […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.

Education Department Changes Course on Student Loan Single-Servicer Plan

Aug 3rd, 2017 @ 4:18 PM by Amber Nelson

The U.S. Department of Education is reversing course on its earlier plan to give the servicing of all federal student loans over to one company, a move motivated by criticism from lawmakers and companies who would lose out on current contracts. In May, in an effort to reduce loan payment confusion and financial waste, Education […]

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About Amber Nelson
Amber Nelson is a seasoned mortgage industry writer and a regular contributor to Loan.com and Mortgage101.com.