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QWR (Qualified Written Requests)
RESPA applies to a “federally related mortgage loan,” which is defined as: The term “federally related mortgage loan” includes any loan (other than temporary financing such as a construction loan) which is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from one to four families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and is made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the Federal Government,...
Read MoreKnow Your Credit Card: Types of Interest Rates
According to the data published by the Federal Reserve Bank of Boston in January 2010, the citizens and consumers of the US hold 609.8 million credit cards. Furthermore, each consumer holds an average of 3.5 credit cards at a time which builds upto an average credit card debt of $14750 for each household. Such is the credit card penetration in the American economy. While most of the consumers do not know the intricacies of the credit cards they hold, very few do their homework before opting for a credit card. A credit card can be either issued on a fixed or a floating rate of interest. The floating rate of interest is also called variable interest rate. Most of the...
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