Banks

Banks lend money to borrowers and allow depositors to save money. In light of the 2008 financial crisis, regulation of banks may be updated. How should you interact with a bank? What are some good habits you can follow when using your checking and savings accounts? What other products do banks offer? How save is your money in a bank? Learn about banks here.

Missing Loan Documentation Leads HUD Homeowner to OCC

Missing Loan Documentation and Bank Confusion leads HUD homeowner to complain to the OCC. HUD homeowner complains to OCC after missing documentation and bank confusion. HUD homeowners may have to appeal to the OCC if their case is ignored by the bank. Lenders’ miscommunication pushes homeowners to OCC. Confusion and missing documentation can confuse homeowners working with the OCC on a case. Try to find someone in the bank or at OCC that will help you sort out your payments.

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Option ARMs Coming Due May Still Cause Problems For Banks

With an Option ARM, you could have an adjustable rate loan, get a low interest rate and even pick your own payment amount. If you picked a low payment, you would be increasing the amount you owed the lender. The low payment would not have been enough to actually paid what was owed on the loan. After several years of making a low payment, the payment resets to a much higher amount. But with an increased balance on the loan, the option ARM becomes a real problem for the homeowner and the bank. With dropping home prices, the borrower can’t refinance and is probably underwater in his or her loan. When the loan comes due or in some cases before that, the borrower might walk away from the property. With thousands of option ARMs coming due the next several years, the banks have real problems in the horizon.

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How Do Banks Make Money?

Foreclosures are still rising, unemployment numbers are up, and yet banks are posting profits. How do banks make money? Don’t foreclosures hurt banks? Do they lose money? How are banks making money in the struggling economy? Where do the banks profits come from?

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How To Set Up Roth IRA

To set up a Roth IRA, you open an account with an investment company or bank. The minimum investment depends on where you open your account – it could range from $250 to $1,000. Then since a Roth is just a type of retirement account, you have to invest your money in stocks, bonds or index funds. Or you can keep your Roth in cash.

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Mortgage Loan Applicants Need More Documents

Today’s mortgage loan applicants have to provide more documentation than in the past. Mortgage loan applicants need to show proof of income, retirement fund records and recent bank statements. Here are the documents you should have available before applying for a mortgage loan.

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Banks Sells Mortgage

When your mortgage is sold, where do you send your payment? When mortgage loans are sold, there must be a company that purchases the rights to service the loan. The company that sold the mortgage is required by federal law to tell you who owns the servicing rights to your loan.

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Check 21

Check 21, a new federal law, prevents taking advantage of the “”float”” when you write a check. Checks clear faster so you’d better have the funds in the bank when you write a check.”

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