Le Lézard
Classified in: Business
Subjects: POL, VET, AVO

CEO of Major VA Mortgage Company Defends the VA IRRRL

LINDON, Utah, Dec. 7, 2017 /PRNewswire/ -- Recent negative discussions about VA lenders and their products prompted the CEO of Low VA Rates, Eric Kandell, to join the conversation in order to clear misunderstandings.

In his think piece, Mr. Kandell specifically addressed negative comments made by another lender in an opinion article published in October by National Mortgage News, as well as those made by Senator Elizabeth Warren in her September 6th letter to Michael Bright, the Acting President and COO of Ginnie Mae.

Mr. Kandell defended the VA IRRRL when he said: "The VA IRRRL . . . was actually created to help struggling veterans lower their rates and payments. Not financially exploit them as Sen. Warren claims."

Going further, Mr. Kandell then explained that the negative focus on the VA IRRRL is misleading, as the majority of veteran complaints are about payment struggles, not refinance offers: ". . . in 2016 less than 7% of all complaints from veterans to the CFPB had to do with receiving a credit offer to refinance their loan.

"In contrast, over half of the 2016 complaints involved 'making payments' or having 'problems when . . . unable to pay.'"

In the past, the focus on the VA IRRRL lead to increased restrictions on refinances, a move, Mr. Kandell said, that ended up locking veterans in to higher rates.

With Ginnie Mae once again considering additional refinancing restrictions, Mr. Kandell has this to say: "If Ginnie Mae places further restrictions on the frequency veterans are able to refinance their loans using the VA IRRRL . . . it will actually lead to greater exploitation from lenders, as we've already seen with these types of restrictions."

To solve the problem, Mr. Kandell said that either Ginnie Mae or the VA's newly created task force should create a report detailing the range of interest rates all lenders give to veterans at closing. Those offering higher rates can then be forced to give veterans larger credits.

About Low VA Rates

Low VA Rates is a leading lender for VA home loans. They help both active and prior members of the United States military get great rates on their mortgage, so affordable homeownership is a reality for all servicemen and women.

For more details, please contact:

Lance Hansen
Director of Marketing
Low VA Rates
Tel: (866) 569-8272 ext. 521
Email: lance.hansen@lowvarates.com


These press releases may also interest you

at 14:55
Metafrax, a company controlled by a businessperson Seyfeddin Roustamov, begins constructing a new chemical plant of 58 billion rubles for producing ammonia, carbamide and melamine. The ceremony of laying the first cube of concrete to the plant base...

at 14:29
The three keys to a growing area ? housing, job and population increases are on the rise in Dallas and its surrounding suburbs; continuing to make it one of the fastest growing cities in 2018. Leading the nation in...

at 14:03
BNP Paribas has extended its title sponsorship of the BNP Paribas Open from 2019 through 2023. BNP Paribas began its title sponsorship of the tournament in 2009, and over the course of this agreement, the bank will become the longest running title...

at 11:51
Lionsgate /Roadside Attractions' release of the Erwin Brothers faith-based family drama I Can Only Imagine shattered pre-weekend tracking expectations to become #3 at the box-office this weekend and the #1 faith-based movie of 2018. The film took in...

at 10:00
Lowestcarinsuranceratesonline.com (http://www.lowestcarinsuranceratesonline.com/) offers free car insurance quotes for finding the right policy in spring. Clients can find great auto insurance offers at anytime during the year, but this spring...

at 08:54
Total contributes AED 5.3 billion participation fees for stakes in Umm Shaif and Nasr, and Lower Zakum concessions   Oil and gas major will play a critical role in supporting the development of Umm Shaif's giant gas cap, as ADNOC drives a more...

News published on 7 december 2017 at 19:42 and distributed by: