Neighborhood Housing Innovations (CHI) Will Host Free Rapidly Track Loan Modification Workshop Chase Mortgage Holders Searching For Aid Encouraged To Sign Up Early


White Plains, NY (PRWEB) May 23, 2012

Neighborhood Housing Innovations (CHI), a HUD approved non-profit housing counseling agency, will host a free of charge three day event to aid Chase Bank mortgage holders who are getting difficulty paying their mortgage loan move closer to a resolution by means of one-on-one meetings with Chase Bank representatives. The event will take spot on June 12, 13, and 14 at the CHI offices positioned at 190 East Post Road in White Plains, New York.

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The CHI Quick Track Loan Modification Program is a special system made by CHI to take away roadblocks from the loan modification approach by supplying a forum for property owners to have face-to-face contact with a banks representatives, major to the bank generating faster homeowner relief choices. This is the fifth such workshop they will host.

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“What is truly exclusive about this program is our capacity to operate with homeowners ahead of the workshop to get as much of the paperwork in order as achievable so that the process is that significantly further along after they meet with the bank representatives,” stated attorney Peter Spino, CHIs Senior Manager of Foreclosure Prevention Counseling. “While banks have departments in spot to deal with loan modifications, there are nonetheless representatives who are unfamiliar with the procedure and this can be very frustrating for property owners. Being aware of what paperwork you will want ahead of time, and becoming effectively ready for the 1st meeting, is crucial to speeding up the procedure,” added Spino, who has been with CHI given that 2009.

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Chase bankers will see 100 homeowners more than the three day period for approximately 1 hour, and every will obtain free of charge support from CHI just before, in the course of and soon after the workshop. Because of the limited space, Chase mortgage holders are encouraged to sign up early.

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Folks who would like to register for the program need to speak to CHI at 1-877-483-2686, ext. 1. Much more details can be found at http://www.chigrants.org.

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Property owners in Westchester County, New York who are currently experiencing or are anticipating getting difficulty producing timely mortgage payments, or who have already defaulted or are in danger of foreclosure, are eligible to participate. There is no charge to take portion in the event. Property owners with mortgages by means of other banks can also receive support solutions by way of CHI.

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CHIs mission is to offer the housing and human services that enable low and moderate revenue households and people to attain the greatest social and economic independence at the lowest expense to society. Considering that its founding as a 501c (3) nonprofit in 1991, the agency has helped thousands of homeless persons and low revenue households and folks. The agency is skilled in the development of a lot of diverse varieties of housing with neighborhood acceptance and support. CHI has created 25 projects and owns and manages over 600 housing units in the New York location.

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ICBA Encouraged by CFPB “Certified Mortgage” Rule

Washington, D.C. (PRWEB) January ten, 2013

The Independent Community Bankers of America (ICBA) right now stated it is encouraged that the Customer Economic Protection Bureaus (CFPB) final rule on shoppers capability to repay mortgage loans contains ICBA-advocated accommodations for neighborhood banks. Provisions structuring the qualified mortgage regular as a legal secure harbor and treating specific balloon-payment loans as certified mortgages will help Main Street lenders continue providing mortgage credit to meet the demands of their clients and communities.

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ICBA and the nations community bankers have been powerful advocates for tailored guidelines that will address the dilemma actors in the mortgage business although not inhibiting neighborhood banks potential to give mortgages to their clients, ICBA President and CEO Camden R. Fine said. Excessively rigid guidelines would threaten to force neighborhood banks out of the mortgage market place, producing it tougher for Major Street customers to get a home loan and slowing the nations housing recovery. ICBA appreciates CFPBs recognition of neighborhood banks as common-sense, partnership lenders that support their communities thrive.

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The CFPBs final rule, which requires effect Jan. ten, 2014, implements laws requiring mortgage lenders to take into account consumers capacity to repay house loans prior to extending them credit. Included in the rule is a definition of qualified mortgage loans, which are entitled to a presumption that the creditor generating the loan happy the capacity-to-repay needs.

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Among its provisions, the rule supplies a secure harbor for loans that satisfy the definition of a qualified mortgage and are not deemed to be higher-priced loans, which will support stay away from unnecessary litigation. Further, the rule treats balloon-payment loans as qualified mortgages if they are originated and held in portfolio by small creditors operating predominantly in rural or underserved places.

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Importantly, the CFPB is also looking for comment on modifications to the final rule that would extend the protected harbor, qualified mortgage designation to extra loans originated and held in portfolio by community banks with significantly less than $ 2 billion in assets.

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ICBA has led the way on these issues, repeatedly encouraging the CFPB to structure the certified mortgage common as a legal protected harbor with clear, effectively-defined standards. ICBA also has worked with the CFPB to consist of community bank mortgage loans held in portfolio below the certified mortgage definition.

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The association looks forward to continuing to function with the CFPB to make sure community banker issues with this and other rulemakings are totally addressed.

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About ICBA&#13

The Independent Community Bankers of America