Wells Fargo (WFC), Bank of America (BAC), Ocwen Loan Servicing (OCN), CitiMortgage (C) and Quicken Loans all committed to the Obama Administration’s new program to make it easier for active-duty servicemen and servicewoman to afford homes and help them save hundreds of dollars or more each year. Per TIME:
Currently, Americans serving on active duty are eligible to have their home interest rates and some other debt fees capped at 6% under a 2003 law, but they must first prove their eligibility to lenders.
But according to the article, few service members utilize the benefits because they are either unaware or they don’t want to deal with the paperwork.
“We’re announcing a new partnership in which some of America’s biggest banks and financial institutions will simplify the process, proactively notify service members who qualify for lower rates and make it easier to enroll,” Obama said. “In other words, we’re going to help more of our troops and military families own their own home without a crushing debt.”