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Siwell, Inc. saddleback church food pantry Capital Mortgage Services of Texas NMLS 149169
Licensed by the Department of Business Oversight under the California Residential Lending Act
MORTGAGE BANKER DISCLOSURE
Residential Mortgage Loan Originator: Siwell, Inc. dba Capital Mortgage Services of Texas
Organization NMLS ID: 149169
Residential Mortgage Loan Officer Royce Lewis NMLS ID: 151122
Residential Mortgage Loan Officer Linda Lewis NMLS ID: 151120
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NOTICE OF ERROR (NOE) OR REQUEST FOR INFORMATION (RFI) -- If you believe there is an error (Notice of Error) or if you need additional information (Request for Information) relating to the servicing of your mortgage loan, you must send a written Notice of Error or Request for Information to the following address: CAPITAL MORTGAGE SERVICES OF TEXAS, 4212 50th St. Mailbox 357, Lubbock, TX 79413Источник: https://capitalmort.com/
Across America, a troubling pattern emerges in data analyzed by Reveal from The Center for Investigative Reporting: Nearly two-thirds of mortgage lenders denied home loans for people of color at higher rates than for white people. But among the 6,600 U.S. lenders, some banks stood out for particularly extreme practices.
Note: Unless otherwise specified, all figures below rely on publicly available Home Mortgage Disclosure Act data and reflect conventional home purchase lending in 2015 and 2016.
More:Minorities far more likely to have home loan denied
Some of America’s biggest banks had the worst track records. Among banks that took in more than 10,000 conventional loan applications in www amazon com careers login and 2016, these two were the most likely to say no:
TD Bank – “America’s most convenient bank”
Headquarters: Cherry Hill, New Jersey
The skinny: African American and Latino borrowers are more likely to get turned down by TD Bank than by any other major mortgage lender. The bank turned down 54 percent of black homebuyers and 45 percent of Latino homebuyers, more than three times the industry averages.
The response: TD Bank declined to discuss its lending. Bank spokeswoman Judith Schmidt sent a statement saying the bank “makes credit decisions based on each customer’s credit profile, not on factors such as race and ethnicity.” It said an internal review of its lending patterns found that, after taking into account creditworthiness, its black and Latino applicants were no more likely to be denied loans than white applicants.
Capital One – “What’s in your wallet?”
Headquarters: McLean, Virginia
The skinny: Capital One exited the home mortgage market in 2017. In the years before, it took in a higher proportion of mortgage applications from people of color than most of its competitors. But when African Americans approached Capital One to buy a home, they were more likely to get turned down than get a loan. Latino applicants fared slightly better. They were rejected 31 percent of the time, the third-highest rate among major lenders.
The response: In an email, Capital One spokeswoman Tatiana Stead said the company “either exceeds or is in line with industry benchmarks” when it comes to serving people of color and minority neighborhoods. “We have and will continue (to) work to ensure that Capital One’s lending standards and our commitment to fair banking practices are maintained across all of our banking operations,” she said.
The economic recovery has been marked by the rise of mortgage lenders, which unlike banks are not required to follow Community Reinvestment Act rules to lend to low-income borrowers and in blighted communities.
Ruoff Home Mortgage – “A great name to know when you need a mortgage”
Headquarters: Fort Wayne, Indiana
The skinny: Since the housing bust, family-owned Ruoff Home Mortgage has originated the most loans in Indiana and is one of the fastest-growing mortgage lenders in the country. Although its biggest market was Indianapolis, with a large African American community, the company made 92 percent of its 5,300 conventional home loans to whites in 2015 and 2016.
The response: A spokeswoman for the company did not respond to two emails and a voicemail requesting comment.
Citizens First Wholesale Mortgage Co. – “Your hometown wholesale lender”
Headquarters: Sumter County, Florida
The skinny: Located in The Villages, a retirement community halfway between Gainesville and Orlando, Citizens First is one of the largest lenders in America to cater almost exclusively to whites. Federal lending documents show 97 percent of the home loans it made in 2015 and 2016 were to whites.
The response: A Citizens First official did not respond to a voicemail and two emails requesting comment.
The Community Reinvestment Act allows banks to draw lines on maps to define “assessment areas,” where regulators should scrutinize their lending. Some of those that lend almost entirely to whites drew service areas that excluded neighborhoods where large numbers of people of color live.
First National Bank in Staunton – “Community banks care about their communities” Headquarters: Staunton, Illinois
The skinny: The St. Louis metro area is racially diverse, home to more than 500,000 African Americans. But over two years, none of the 324 home loans made by First National Bank in Staunton went to an African American or Latino. All nine of its branches are in neighborhoods of the metro area that breakfast restaurants in kill devil hills nc at least 89 percent white. First National told regulators who enforce the Community Reinvestment Act that it intends to serve two overwhelmingly white counties in the St. Louis area, stopping at the county line of St. Clair County – home to East St. Louis, a predominantly black city.
The response: A First National official did not respond to two emails and a voicemail requesting comment.
First Federal Savings and Loan Association of Greene County – “People you know, the people you can trust!”
Headquarters: Waynesburg, Pennsylvania
The skinny: Like St. Louis, Pittsburgh is a racially diverse city with a large population of African Americans, but First Federal Savings and Loan doesn’t serve them. Its branches all are in majority-white neighborhoods. Of the 554 conventional mortgages it issued in 2015 and 2016, 99 percent went does capital one have home loans whites. Like First National Bank in Staunton, Illinois, it crafted an assessment area under the Community Reinvestment Act that includes overwhelmingly white suburban and rural counties, but stops at the Allegheny County line, where large numbers of people of color live.
The response: In a letter to Reveal, the company’s president and chief executive, Judi Goodwin Tanner, said that wasn’t a problem: “While this statistic alone might certainly be used to attempt to cast First Federal in a negative light,” she said, federal regulators had found “no evidence of discriminatory or other illegal credit practices.” In her letter, Tanner stated that the county where the bank is headquartered is 94.8 percent white. It said the bank had approved nearly all nonwhite applicants who sought a residential mortgage.
The Justice Department and U.S. Department of Housing and Urban Development rarely sue banks for redlining. Only a handful of cases were brought under President Barack Obama. None have been brought under President Donald Trump. These are two banks that had cases brought against them and the results:
KleinBank – “A foundation of integrity and trust”
Headquarters: Chaska, Minnesota
The skinny: A week before Obama left office, the Justice Department sued KleinBank, accusing it of unlawful redlining of majority-minority neighborhoods in the Minneapolis area. Federal lending data shows the bank made one loan to an African American and six to Latinos in 2015 and 2016, out of 585 total. In its lawsuit, the Justice Department cited KleinBank’s self-designated Community Reinvestment Act service area, a horseshoe around sections of the Twin Cities metro area does capital one have home loans large numbers of people of color live. KleinBank is defending itself by citing its most recent satisfactory Community Reinvestment Act review from the federal Office of the Comptroller of the Currency.
The response: “My comments are already in the public domain and on the public record, so I’d suggest you follow those,” Doug Hile, the bank’s president and chief executive, said before hanging up the phone. In an interview with The New York Times last year, Hile said of the Justice Department suit: “We are just not going to accept the premise that we should have to admit to doing something wrong when we didn’t do something wrong.”
Associated Bank – “Bank of the Packers since 1919”
Headquarters: Green Bay, Wisconsin
The skinny: In May 2015, the U.S. Department of Housing and Urban Development reached a $200 million fair lending settlement with Associated Bank, a major regional holding company. The company’s financial partners credit largest markets are the racially diverse cities of Chicago and Milwaukee, but in 2014, the year before its settlement with HUD, 92 percent of the company’s conventional mortgage loans went to whites. By the end of 2016, the bank had improved but still made 32 times as many loans to white homebuyers as African American ones. In Chicago, it had a whiter borrower profile than any major bank in the area.
The response: A spokeswoman for Associated Bank did not respond to a voicemail and two emails requesting comment.
Aaron Glantz can be reached at [email protected], Emmanuel Martinez can be reached at [email protected], and Jennifer Gollan can be reached at [email protected] Follow them on Twitter: @Aaron–Glantz, @eman–thedataman and @jennifergollan
Credit card strategies for mortgage and home loan applicants
Editor’s note: This post has been updated with new information.
A big part of pursuing travel rewards is learning to take advantage of credit card sign-up bonuses. However, if you anticipate applying for a home mortgage or refinance, you might be concerned about how your credit card h and m baby could affect this process.
In this post, we’ll examine how opening new credit card accounts might affect a mortgage loan application and the steps you should take to make sure your credit is in tip-top shape, so that you can get the best mortgage rate available.
How the does capital one have home loans process works
To plan your credit card strategy before you apply for a mortgage, it helps to understand just how exactly the home loan application and approval process works.
Mortgage loan officer Scott Wynn chase best buy credit card the Wynn & Eagan Team at Citywide Home Loans in Denver spoke with TPG and shared his insights. Wynn explained that there are three factors lenders will consider about your personal finances when determining your qualifications: your down payment, your monthly income (minus any existing debts) and your credit score. The second and third factors are the ones that can be affected by your credit card usage.
When you first speak with a mortgage broker, you’ll give him or her permission to pull your credit histories and FICO credit scores from all three major consumer credit bureaus. An inquiry to your credit will count as a “hard pull,” but the FICO scoring model will combine all inquiries for home loans made within 14 days. So this is the time when you’ll want to shop around for the best rate. Brokers pull from all three bureaus because the industry standard is to judge applicants based on the middle of the three scores (or the lower of two), in order to account for any differences in the data collected.
Next, your real estate agent might ask for a pre-qualification or a preapproval from your mortgage broker. A pre-qualification is merely the broker’s opinion of your ability to qualify based on the information does capital one have home loans you have supplied, while a preapproval generally requires documents such as pay stubs, bank statements and tax returns to be collected. When you’re ready to make an offer on a home, the additional level of verification from a preapproval can help persuade a seller to choose your offer as they’ll feel more confident your loan will not be denied.
Your mortgage broker will then help select the best lender for your needs and you’ll be asked to submit a formal loan application. Finally, about a week before you close on your loan, your credit will be checked a final time (which is a soft pull) and your employment will be re-verified.
How your credit card accounts shape your credit score
When you pay your bills on time and carry minimal to no debt, credit cards can help your credit score by adding to your overall credit history. The two most important factors that contribute to your credit score are your payment history and the amounts you owe, which comprise 35% and 30% of your credit score respectively. In addition, 15% of your score is focused on the length of your credit history, so keeping a few credit card accounts open for many years will help.
The remaining 20% is divided equally among the types of credit used and the new credit lines opened. Having credit card accounts open and in good standing will help, although applying for several new credit cards in a short period of time will hurt. Thankfully the drop in your credit score will be small and temporary, since this factor is the least important. For more information, see our post on how card applications affect your credit score.
Related: How does applying for a new credit card affect my credit score?
Your credit score and your mortgage application
A common misconception is that you need the highest score possible for the lowest rates. To qualify for the best mortgage rates available, you need to have a credit score of 740 or above, but in nearly all cases, having a score of 760, 780, 800 or higher won’t make the slightest difference. (Wynn pointed out that he has seen some rare exceptions in the past when a lender offered a specific program that required higher scores, typically for very high value loans).
If you pay all of your bills on time and have no substantial debts other than a modest credit card statement balance, which you pay in full each month, it’s likely that you’ll have a credit score in the high 700s. Applying for a new credit card may drop your score a few points, but so long as it remains comfortably above 740, you won’t hurt your chances to qualify for the best mortgage rates.
Problems that credit cards can create with the mortgage application process
One of the problems mortgage applicants encounter comes from using credit cards heavily (even while avoiding interest by paying statement balances does capital one have home loans full each month), which is how many award travel enthusiasts typically behave.
As cardholders see it, they have no debt, as they never carry a balance and never pay interest. From the perspective of card issuers and lenders, however, the balance that appears on each month’s statement is the amount of debt that is reported to the credit bureaus. As Wynn explained, your credit report and credit score are just a snapshot in time, yet lenders will see the minimum payment listed as a more or less a permanent debt obligation, regardless of whether you pay it in full a moment later.
That means the moment when your statement closes is critical to your credit score, although some card issuers may report balances more frequently than once a month. So if you’ve paid your balance but it hasn’t been reported, then your credit report will still show the higher balance. Unfortunately, lenders will then see a greater amount of debt in your name, which affects how much they will let you borrow. Knowing this, you can choose to pay balances in full before your statements close. That way, card issuers will report $0 balances and your borrowing ability will not be impaired by the appearance of debt.
Another problem credit card users can face comes from applying for a new credit card (or any other loan) after having been preapproved for a mortgage, and especially after having submitted a formal mortgage loan application. In fact, Wynn advises all of his clients to do the following after they have received pre-qualifications:
- Do not use credit cards excessively.
- Do not let current accounts fall behind.
- Do not co-sign for anyone on a new account or loan.
- Do not give permission to anyone to run your credit (by applying for new credit accounts).
His rationale is that lenders conflate new inquiries with new credit applications, which changes your qualifications for the loan. Furthermore, the impact of these negative items can be much greater for non-homeowners and people with a limited credit history.
My advice to travel rewards enthusiasts
Mortgage rates remain near record lows, so many people may be considering a home purchase or refinance to lock in a lower payment. You can check out current mortgage rates in your area here.
When you’re ready to move forward, you should speak with a mortgage broker who can quickly check your credit. Do this as early as possible to see where you stand and give yourself the opportunity to correct any mistakes.
If your score is close to 740, you should consider every option to hit that mark and stay above does capital one have home loans, which means “fasting” from new credit card applications until the process is over. In addition, those who are looking to stretch their borrowing ability to the limit should be constantly paying their credit card balances off (even before statements arrive) to minimize the impact that debt has on their credit reports.
If you already have a very high credit score (in the upper 700s or above), there’s no need to change your behaviors. So long as you follow Wynn’s advice from pre-qualification to closing, which should only be a few weeks in most cases, then you don’t have to use every trick possible to add a few points to an already excellent score.
Many travel rewards does capital one have home loans are very savvy credit card users, but applying for a home mortgage is a special circumstance that temporarily demands a new set of rules. By understanding the process and taking necessary precautions during this period, you can get the best mortgage rates possible, and continue your pursuit of award travel right after you close on your loan.
Featured photo by Craig Hudson for The Washington Post via Getty Images.
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Capital One Personal Loan Alternatives
Capital One does not currently offer unsecured personal loans. You can get a personal loan from other lenders, including other banks, credit unions and online lenders.
Personal loan alternatives to Capital One
Citibank and Wells Fargo are two banks that offer personal loans. To qualify, you must be a bank customer and meet minimum credit and income requirements.
Snapshot of a typical bank-issued personal loan:
Credit scores accepted: imobile apk download to excellent.
APR range: 5% to 29%.
Loan amounts: $1,000 to does capital one have home loans MORE:Top banks offering personal loans
Online lenders cater to all kinds of credit profiles and most give middlesex savings bank framingham estimated rates without a hard inquiry on your credit. You can complete does capital one have home loans application process online, and sometimes receive your funds within a day.
It pays to compare rates from multiple online lenders because companies use different formulas to set their rates. NerdWallet’s loan comparison tool lets you check rates without affecting your credit.
Snapshot of a typical online personal loan:
Credit score accepted: bad to excellent.
APR range: 6% to 36%.
Loan amounts: $1,000 to $100,000.
» MORE:Compare our picks for online loans
Compare personal loans
Here are three online lenders to consider as alternatives to Capital One. NerdWallet recommends pre-qualifying for multiple loans to compare rates.NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider food and shelter in norman ok be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula does capital one have home loans into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer guaranty bank and trust longview texas and responsible lending practices.NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, pnc customer service phone number experience and responsible lending practices.
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Local credit unions typically offer lower rates and more flexible terms than traditional banks or online lenders and do not require good credit to qualify. NerdWallet recommends a local credit union as a good first choice for a personal loan.
Snapshot of a typical credit union personal loan:
Credit score accepted: bad to excellent.
APR range: Average 8.86% at federal credit unions for a three-year loan.
Loan amounts: $250 to $50,000.
» MORE:How to does capital one have home loans a credit union personal loan
Other types of Capital One loans
Capital One offers other types of loans, including:
Client Focused, Community Driven.
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Our team members are located throughout the Southeast to better serve you. Click to find a representative near you.Mortgage Consultants
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CCHL Celebrates Powerhouse Women
SEASON 2 OF “CELEBRATING POWERHOUSE WOMEN” TO LAUNCH ON BUSINESS RADIOX The wait is over as the second season of the popular podcast series “Celebrating Powerhouse Women” is set to return on Business RadioX. The show salutes and recognizes women who are making an impact in the community, whether it’s in business, philanthropy, public service,… Read moreRead the Latest from the Blog
A Culture of Giving
Many of our team members are members of the community and are also deeply rooted through their involvement with local schools, organizations, sports teams and charities. As a company, we also provide community reinvestment programs, and employ over 200 talented people throughout our footprint. Our company has a top-down culture of giving, whereby our leadership strongly encourages and supports our team members to get involved with charitable organizations.Learn More
8 lenders not serving people of color for home loans
Aaron Glantz, Emmanuel Martinez and Jennifer Gollan
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