To decide what kind of mortgage lender works best for you, look beyond the basic info on down payments and interest rates
NYS Entity Status
NYS Filing Date
MAY 01, 2013
NYS DOS ID#
NYS Entity Type
FOREIGN BUSINESS CORPORATION
2013 - GLENDENNING MORTGAGE CORPORATION
AROUND THE WEB
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Wednesday Aug 2, 2017
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By firstname.lastname@example.org (Fox News Online) - Sunday Jul 9, 2017
- Trump might break mortgage deductions promise: report
By Bob Fredericks - Friday Aug 4, 2017
The Trump administration may break a promise and reduce the $ 1 million cap on mortgage deductions for US homeowners, a new report said Friday. Politico said the fate of the popular deduction — which allows homeowners to avoid income taxes on mortgages up to the million-dollar mark — came up this week at a...
- As paperwork vanishes, private student debts may be wiped away
By Stacy Cowley and Jessica Silver-Greenberg - Wednesday Jul 19, 2017
Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing.The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.Some of the problems playing out in the $108 billion private student loan market are reminiscent of those that arose from the subprime mortgage crisis a decade ago, when billions of dollars in subprime mortgage loans were ruled uncollectable by courts because of missing or fake documentation.[...] like those troubled mortgages, private student loans — which come with higher interest rates and fewer consumer protections than federal loans — are often targeted at the most vulnerable borrowers, like those attending for-profit schools.National Collegiate’s lawyers warned in a recent legal filing: “As news of the servicing issues and the trusts’ inability to produce the documents needed to foreclose on loans spreads, the likelihood of more defaults rises.”[...] as the debt passed through many hands before landing in National Collegiate’s trusts, critical paperwork documenting the loans’ ownership disappeared, according to documents that have surfaced in a little-noticed legal battle involving the trusts in state and federal courts in Delaware and Pennsylvania.Robyn Smith, a lawyer with the National Consumer Law Center, a nonprofit advocacy group, has seen shoddy and inaccurate paperwork in dozens of cases involving private student loans from a variety of lenders and debt buyers, which she detailed in a 2014 report.“We don’t want National Collegiate to be the poster boy of bad practices in student loan collections, but we have no ability to affect it except through this litigation,” he said, referring to a lawsuit he initiated last year against the trusts’ loan servicer in Delaware’s Chancery Court, a popular battleground for corporate legal fights.Like those who took on subprime mortgages, many people with private student loans end up shouldering debt that they never earn enough to repay.Borrowing to finance higher education is an economic decision that often pays off, but federal student loans — a much larger market, totaling $1.3 trillion — are directly funded by the government and come with consumer protections like income-based repayment options.Private loans lack that flexibility, and they often carry interest rates that can reach double digits.Because of those steep rates, the size of the loans can quickly balloon, leaving borrowers to pay hundreds and, in some cases, thousands of dollars each month.
- Wells Fargo stuck mortgage borrowers with extra fees, suit says
By James Rufus Koren - Friday Jul 14, 2017
A former Wells Fargo mortgage banker who worked in Beverly Hills alleged in a lawsuit this week that the bank falsified records so it could blame delays on borrowers — and that it fired him for trying to report the practice.The legal action follows a months-long internal investigation into the alleged abusive practices, one that contributed to an executive shakeup in the San Francisco bank’s mortgage business.When borrowers apply for mortgages, they are typically guaranteed a set interest rate — assuming the loan is approved within a certain period, often 30 to 45 days.If approval takes longer, borrowers can still get the promised rate, but there are financing costs associated with extending guarantees.Alaniz’s complaint mirrors claims made by another former Wells Fargo mortgage banker, Frank Chavez, in a letter sent last year to members of the House Financial Services Committee and the Senate banking committee.Other mortgage lenders cut back around that time, too, as the volume of mortgage applications declined following a surge of refinancing driven by record low interest rates.
- Mortgage Help for the Military
Wednesday Jul 19, 2017
A record number of VA loans were issued in 2016, many with no down payments, as well as lower interest rates and closing costs.