Wells and USAA mortgage refi, credit card news of the week

Thanks goodness for credit card reform. Compared to the old days it is really nice to get email reminders when a credit card payment is due. Confirmation emails are wonderful. What happened to huge profits generated by credit card companies when they “forgot” to mail a statement, just to make you pay interest on “zero interest” promo accounts? Personally I would would take the honesty of GE Money over the shady tactics of Household Bank any day.

Other shady tactics reported this week include a homeowner from Kentucky evicted by HSBC. It turns out that HSBC converted his fixed rate mortgage to an adjustable, and later foreclosed.

Relative to Saxon Mortgage, now sold to Ocwen Financial, one homeowner reported that she was approved for a mortgage modification, only to be told that it was a mistake and not the case. Foreclosure was more like it. From the highest high to the lowest low, this is a terrible shock for a homeowner.

In more news this first week of 2012, Wells Fargo is refinancing at 4.25 percent this week. The process seems pretty straight forward, but Wells Fargo was not set up to import tax transcripts from the IRS. For investors this means a pretty thick fax document or a courier. Wells Fargo also refinances investment property at 4.25 percent this week.

For those who qualify for USAA membership the home mortgage application process is very simple. Tax documents are pulled directly from the IRS. Easy for the applicant, this process also protects USAA from fraudulent submissions. Minimal faxes and a streamlined USAA home mortgage process makes USAA Mortgage a great choice. You might be required to submit last minute requirements from underwriting and investers.

Credit card news is interesting this week.

Credit card lenders sent nearly 418 million offers for new accounts to consumers across the country with subprime credit ratings in the first nine months of 2011, according to a report from the Wall Street Journal. That’s more than twice as many as the 207 million they sent out during the same period the prior year.