Kyle Wimmer of Rock Hill, South Carolina was sentenced in Federal Court for bank fraud and money laundering to 63 months in federal prison and was ordered to pay $4 million in restitution. CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705.
B. Communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms.
Across coastal South Carolina, which includes Charleston, home prices were up 8.4% in the first quarter of 2019, increasing to $240,000, while closed sales were down 3.9%. The average home along coastal South Carolina stayed on the market for 150 days in 2018, but the number has dropped to 143 days in 2019, an indicator of increased demand in the area.
Recent Dodd-Frank Amendments (federal amendments) seem to say that sellers can make a maximum of three (3) residential mortgage loans per year va home loan refinance on properties owned by the sellers, i.e., sellers are allowed to sell up to three (3) residential properties with seller financing per year.
New Government Refinance and Home Purchase Programs Now Available Update - The Fed has been compressing mortgage interest rates on Fannie Mae, Freddie Mac, FHA, VA, and USDA mortgages for some time to those efforts and other market factors, interest rates most 15-30 year fixed government-backed mortgages remain quite low by historical standards.
The South Carolina Housing Finance Authority provides low- and moderate-income buyers with fixed interest rate mortgage loans, down payment assistance and a mortgage tax credit program, which provides a federal income tax credit of up to $2,000 per year to qualified homebuyers.
In accordance with the terms of state laws, the surety bond must be deposited with the Administrator of the S.C. Department of Consumer Affairs as security in the event that the bonded mortgage broker or lender fails to comply with the Licensing of Mortgage Brokers Act, S.C. Code § 40-58-10 et seq.