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Loan Modification

The Truth About Mortgage.com

Mortgage news and advice (with great photos by author).
By Anonymous

Post Frequency: 2.1/day

Last Entry: March 30, 2011 at 15:56:07

Shadow Inventory Falls to 1.8 Million Units

Posted on March 30, 2011
The shadow inventory, which represents the pending supply of housing in the United States, fell to 1.8 million units as of January 2011, according to a new report from CoreLogic. It slipped from 2.0 million units a year ago, but still represents nine months of supply, thanks to a slower sales rate...

Refis, Purchase Apps Fall as Mortgage Rates Rise

Posted on March 30, 2011
Both refinance and purchase mortgage demand fell during the week ending March 25, according to the latest weekly survey from the Mortgage Bankers Association. The refinance index dropped 10.1 percent from the previous week, while the seasonally adjusted purchase money mortgage index dipped 1...

Proposed Rules for Qualified Residential Mortgages

Posted on March 29, 2011
The Comptroller of the Currency and the FDIC released proposed rules today regarding Qualified Residential Mortgages (QRMs), which will be exempt from the risk retention requirements tied to the Dodd-Frank legislation. Essentially, QRMs may be securitized without any risk retention, while loans not exempt will require lenders to hold onto five percent of the mortgages [...

Foreclosure Inventory 30X Foreclosure Sales Volume

Posted on March 29, 2011
A new report from Lender Processing Services revealed that foreclosure inventory levels were more than 30 times that of monthly foreclosure sales volume last month. And the average loan in foreclosure has now been delinquent for an astounding (record) 537 days, while 30 percent of those in foreclosure haven’t made a mortgage payment in over [...

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Those Facing Eviction Outnumber Those With Loan Mods by 12 to 1

Posted on March 24, 2011
A new study from the Center for Responsible Lending, “Fix or Evict? Loan Modifications Return More Value than Foreclosure,” found that families facing eviction outnumber those who received a loan modification by 12 to 1. And argues that banks and loan servicers often foreclose on homeowners, despite the fact that investors (and clearly homeowners) have [...

Inflation Fears Send Mortgage Rates Higher

Posted on March 24, 2011
Fears of inflation coupled with the many geopolitical concerns at the moment pushed mortgage rates higher this week, according to mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage averaged 4.81 percent during the week ending March 24, up from 4...

Wells Fargo Offers Homeowner $2 Loan Modification Discount

Posted on March 23, 2011
Here’s another PR nightmare… Wells Fargo reportedly offered a struggling homeowner a loan modification that resulted in just $2 off his monthly mortgage payment, according to an ABC news affiliate. The Independence, Ohio-based homeowner, Mike Elewski, apparently got into trouble back in 2009 when the ongoing recession began to affect his business...

OneWest Bank Halts Reverse Mortgage Lending

Posted on March 23, 2011
In another blow to reverse mortgage lending, OneWest Bank announced this week that it is exiting the under-fire business. The Southern California-based bank and mortgage lender, formerly known as IndyMac Federal, is shutting down its reverse mortgage unit Freedom Financial entirely...

Mortgage Demand Increases As Mortgage Rates Mixed

Posted on March 23, 2011
Mortgage demand rose slightly last week as mortgage rates moved in opposite directions, the Mortgage Bankers Association reported today. The group’s home loan index increased 2.7 percent on a seasonally adjusted basis during the week ending March 18, with refinance apps inching up 2...

Adjustable-Rate Mortgages Growing in Popularity

Posted on March 22, 2011
Adjustable-rate mortgages, blamed for the mortgage crisis and since banished, are making what appears to be a comeback. A Bank of America spokesman told the NY Times that ARMs now account for 10 percent of their production. The Charlotte-based mortgage lender is the second largest behind the almighty Wells Fargo...

Nearly One Third Say They Are Underwater on the Mortgage

Posted on March 21, 2011
A poll released today by Rasmussen Reports revealed that 31 percent of respondents said they were underwater on their mortgages, meaning they owed more than the homes were currently worth. Since April 2009, this number has ranged from 28 percent to 36 percent, so the negative sentiment is below its peak...

Record Share of Cash Homebuyers Last Month

Posted on March 21, 2011
Who needs a mortgage anyways? A record 33.7 percent of home purchases in February were paid for in cash, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The group noted that the increase in cash purchases paralleled a rise in investor activity, with nearly a quarter (23...

Mortgage Rates Drop On Crisis in Japan

Posted on March 17, 2011
Mortgage rates moved lower this week after the earthquake and subsequent nuclear fears in Japan sent investors toward U.S. Treasury bonds, putting downward pressure on both yields and interest rates, according to mortgage financier Freddie Mac. That pushed the popular 30-year fixed mortgage to 4...

Southern California Home Sales Lowest Since 2008

Posted on March 16, 2011
Southern California home sales stuttered last month, though investors and cash-buyers continued to make bets on an eventual recovery, according to a report from DataQuick. The company said 14,369 new and resale homes and condo sold in February, down 0...

Mortgage Bankers? President Resigns, FHA Boss Replaces

Posted on March 16, 2011
The Mortgage Bankers Association announced yesterday that President and CEO John A. Courson will be resigning from his post effective June 1, 2011. Courson joined the MBA in August 2008 as the company’s Chief Operating Officer, and later became President and CEO in January 2009...

Mortgage Refinance Volume Highest Since December

Posted on March 16, 2011
Residential mortgage refinance application volume hit its highest level since December last week as purchase activity cooled, the Mortgage Bankers Association reported today. Overall, mortgage applications were off 0.7 percent on compared to one week earlier, but refinance apps climbed 0...

Record 167,564 Empty Homes in Nevada

Posted on March 15, 2011
The massive housing boom in Las Vegas quickly went to bust, as evidenced by the record number of vacant homes in the state of Nevada last year. Newly released U.S. Census data revealed a staggering 167,564 homes laid vacant last year, more than double the number in 2000...

First and Second Mortgage Defaults Fall in February

Posted on March 15, 2011
Consumer credit defaults decreased in all major categories during February, according to the latest data released today for the S&P/Experian Consumer Credit Default Indices. The first mortgage default rate (30 days late on mortgage payment) slipped to 2...

AARP Sues HUD Over Reverse Mortgages

Posted on March 14, 2011
Reverse mortgages are once again under fire after the AARP filed a lawsuit against the Department of Housing and Urban Development (HUD) over the loans. The group, along with the law office of Mehri & Skalet, PLLC, which is representing three elderly homeowners facing foreclosure, are seeking an injunction prohibiting HUD from reversing a long-standing [...

Home Affordable Refinance Program Extended

Posted on March 14, 2011
Despite ongoing criticism and a number of recent bills aimed at ending several government mortgage assistance programs, the Home Affordable Refinance Program (HARP) has been extended by one year, per the Federal Housing Finance Agency. The FHFA announced Friday that HARP’s original expiration date of June 30 of this year would be pushed back to [...

Mortgage Brokers Fight For Yield Spread Premium

Posted on March 11, 2011
The National Association of Mortgage Brokers (NAMB) yesterday filed a lawsuit against the Federal Reserve regarding its forthcoming ban of yield spread premiums. Effective April 1, yield spread premiums paid to mortgage brokers, along with loan officers employed by depository institutions, will effectively be banned...

Government Mortgage Assistance Programs At Risk

Posted on March 11, 2011
A number of government mortgage assistance programs are on the chopping block after bills were introduced by House Republicans to put them to an end. The House of Representatives today voted 242-177 to end the Emergency Homeowner Loan Program, a HUD initiative that would provide 24-month bridge loans to those unable to keep up with [...

Bank of America To Ease Mortgage Terms for Servicemembers

Posted on March 10, 2011
Bank of America today unveiled a new loan program aimed at providing mortgage relief for active duty military customers behind on their payments. The company’s new ?Military Loan Modification Program? will provide immediate principal forgiveness on underwater mortgages to reduce the loan-to-value ratio to as low as 100 percent of current market value...

Foreclosure Activity Slowest in Three Years

Posted on March 10, 2011
Foreclosure filings were reported on 225,101 U.S. properties last month, according to RealtyTrac. That represented a 14 percent drop from the previous month and a 27 percent decline from a year earlier, the largest year-over-year decrease since the firm began issuing its report in 2005...

Mortgage Rates Move Sideways In Latest Week

Posted on March 10, 2011
Mortgage rates went nowhere fast during the latest week despite good economic news regarding unemployment, mortgage financier Freddie Mac reported today. The popular 30-year fixed-rate mortgage averaged 4.88 percent during the week ending March 10, up from 4...

How to Pay Off the Mortgage Early

Posted on March 09, 2011
Mortgage Q&A: ?How to pay off the mortgage early?? If you’re looking to pay off your mortgage early, now is a great time to do so. With mortgage rates still quite low historically, it’s possible for homeowners to make the same mortgage payments they’ve always been making, while paying off their mortgages early...

Home Purchase Mortgage Volume Hits 2011 High

Posted on March 09, 2011
Mortgage application volume jumped 15.5 percent on a seasonally adjusted basis during the week ending March 4, the Mortgage Bankers Association reported today. The refinance index surged 17.2 percent from one week earlier to its highest level since the week ending January 14, 2011...

More Than 11 Million American Homeowners Underwater

Posted on March 08, 2011
A whopping 11.1 million homeowners were underwater on their mortgages in the fourth quarter, according to a report released today by CoreLogic. The company said 23.1 percent of all residential properties with a mortgage were in a negative equity position, meaning they owed more on their mortgage(s) than the property was currently worth...

Fewer Than 3 of 5 Short Sales Actually Close in California

Posted on March 08, 2011
Fewer than three of five short sales actually close in the state of California, according to a survey conducted by the California Association of Realtors. The group found that agents had a great deal of difficulty dealing with mortgage lenders and loan servicers, with 70 percent describing the process as ?difficult? or ?extremely difficult...

Homebuilder Warns Against Buying Foreclosures

Posted on March 07, 2011
File this one in the “no shame” category. One of the top homebuilders in the nation has created a webpage in an attempt to deter prospective homebuyers from picking up a foreclosure discount instead of a new home. Lennar, one of many home builders suffering from the ongoing mortgage crisis, noted on its website that [...

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