On February 21, 2018 the IRS clarified that in many cases taxpayers can continue to deduct interest paid on home equity loans, lines of credit, or second mortgages, regardless of how the loan is labeled.
Beginning in 2018, taxpayers may only deduct interest on $750,000 of qualified residence loans. The new limits apply to the combined...
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A Win for Texas Lenders – Proposition 2 Home Equity Loan Amendment Passes
November 14, 2017
In the past, there has been 3% cap on home equity loan fees in Texas. With steep violations for non-compliance, many lenders limited volumes or avoided home equity loans altogether.
But as of November 7, 2017, a new Texas state amendment (Proposition 2) passed that lowers this risk...
Read moreA Safer Alternative to BPOs?
September 5, 2017
Broker Price Opinions (BPOs) can be risky due to improper record keeping, lack of consistent standards and compliance regulations that differ from state to state. These issues can leave lenders using BPOs vulnerable to scrutiny. But with the cost of...
Read moreCredit Report Reliability is About to Change
May 30, 2017
Beginning on July 1, 2017 the nation’s 3 largest credit bureaus will implement a reporting change that will significantly reduce the amount of tax-lien and civil-judgement information reported within consumer credit reports. This change, which was implemented under the National Consumer Assistance Plan (NCAP), will result in the elimination of the above reported items if consumers ...
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