Banks reduce military mortgage ratesAccording to a blog post at WhiteHouse.gov by Jeff Zients, director of the national economic council and assistant to the President for economic policy, the following banks will participate in the rate-lowering partnership:
- Bank of America
- Ocwen Loan Servicing
- Quicken Loans
- Wells Fargo
Also in a statement, Quicken Loans CEO Bill Emerson said the Detroit-based lender would compare its servicing portfolio to a Department of Defense database to identify borrowers who are active-duty military members and inform them that they will receive any benefits to which they're entitled."Our military members have enough on their plate without burdening them with the added stress of having to contact their lenders to activate benefits the law entitles them to receive," Emerson said.