Late last year, the Federal Housing Finance Agency (FHFA) and the Consumer Finance Protection Bureau (CFPB) announced that they are developing a national home loan database to gain further insight into the housing sector.
Although the initiative has been lauded, the two watchdog agencies will only track approximately five percent of mortgages. Most of the statistics and data will originate from its current sources, such as credit bureau files. This means that lenders and servicers, who have had to deal with heightened and new burdens and regulations, will not have to deal with new disclosure procedures.
Indeed, the housing and mortgage landscape has been significantly altered since the subprime mortgage loan meltdown in 2007/2008. Since Congress introduced a set of new measures in 2010, including limits on prepayment penalties and fees for paying off a loan early, improved transparency and greater caution to make sure borrowers can pay off the loan, current and future homebuyers have had to endure a slate of regulations that has hurt the entire home acquisition process.
Shortly after the new steps were taken, an official in the Obama administration confirmed that even more measures would be taken to ensure accountability, more oversight and help present and future homeowners. Therefore, for those who want to live out the American Dream by owning property, it will be a difficult process.
Finance firms are being proactive, though, and are tapping into the market for those wishing to purchase a home but in a more efficient, simpler and affordable way. One of these companies is the Network Capital Funding Corporation, an Irvine, California-based organization founded in 2002. It works one-on-one with present homeowners and potential homebuyers to make the entire loan process easier.
Concentrating on jumbo loans (mortgages for big homes up to $2 million), government-funded affordable loan programs, fixed-rate mortgages, home equity loans and adjustable rate mortgages, the Network Capital Funding Corporation has made the complicated procedures better to understand through the use of technology and only earning your business “until after your loan is closed and you are completely satisfied.”
Working with technology partners Oracle, Redhat, Microsoft and Cisco, it provides a home loan delivery platform to make the process as convenient as possible. Whether you’re on vacation, at the office or relaxing at home, you can sign the documents electronically anywhere in the United States.
By generating more than $35 million in sales, the Network Capital Funding Corporation was ranked No. 46 on Inc. magazine’s 30th annual Inc. 500, an exclusive ranking of the country’s fastest-growing private companies, and named as one of the Best Places to Work in Orange County by Orange County Business Journal and Best Companies Group in 2012. It has even gained numerous accolades from past customers.
“I first want to thank Derek Omeed for his professional attention to my loan. He made himself available everytime I called,” wrote one client in a testimonial. “I also want to thank Network Capital Funding for their expeditious handling of this loan. The entire process took only about one month...THANK YOU! It is refreshing to still find a company that will not give you the run around.”
Next time you hear from someone the stress involved with owning a home, do your research, make inquiries, follow the market and make sure this important step is something you actually want to do.