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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

Mortgage Brokers Grab More Market Share in Third Quarter

Posted on December 16, 2010
During the third quarter, the wholesale/mortgage broker channel accounted for 11.6 percent of loan origination volume, according to figures compiled by National Mortgage News. That was up from a record low 10.5 percent in the second quarter, but nowhere near the 24 percent share brokers held three years ago, before mortgage boom turned to mortgage crisis...

Foreclosure Activity Experiences Record Decline in November

Posted on December 16, 2010
Last month, foreclosure activity experienced both the largest month-to-month and year-over-year declines since RealtyTrac began publishing data back in January 2005. Just 262,339 U.S. properties received foreclosure filings in November, down 21 percent from October and 14 percent below the numbers seen a year ago...

Mortgage Rates Climb to Seven Month High

Posted on December 16, 2010
Mortgage rates climbed again this week, reaching the highest point since late May, according to the latest weekly survey from mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage averaged 4.83 percent during the week ending December 16, up from 4...

Mortgage Profits Rise as Refinance Activity Swells

Posted on December 15, 2010
Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated during the third quarter, according to a study from the Mortgage Bankers Association. That’s up from $917 per loan in the second quarter thanks to higher secondary marketing gains, which increased from $3,455 per loan in the second quarter to [...

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Mortgage Demand Slows as Rates Hit Six-Month High

Posted on December 15, 2010
Mortgage application volume fell 2.3 percent on a seasonally adjusted basis during the week ending December 10, the Mortgage Bankers Association said today. The refinance index dipped 0.7 percent from one week earlier, its fifth straight weekly decline...

Most Consumers Only Obtain One Mortgage Quote

Posted on December 14, 2010
Only about 40 percent of borrowers obtain more than one mortgage quote, according to a survey conducted by Harris Interactive and mortgage comparison service LendingTree. Yet more than nine in 10 borrowers understand that mortgage rates vary amongst mortgage lenders, which explains why only three in 10 feel “very confident” they received the best deal on [...

CalPERS Home Loan Program Suspended

Posted on December 14, 2010
CalPERS, the largest public employee pension fund in the nation, has suspended its home loan program, according to a company press release. The California Public Employees? Retirement System (CalPERS) board cited limited member usage and increasing costs...

Congress: HAMP Will Only Prevent 700k Foreclosures

Posted on December 14, 2010
Only about 700,000 foreclosures will be prevented by the Home Affordable Modification Program (HAMP), according to a Congressional Oversight Panel report released today. The report, titled, “A Review of Treasury’s Foreclosure Prevention Programs,” said that number is far fewer than the three to four million foreclosures the program originally aimed to prevent...

Negative Equity Falls for Third Straight Quarter Thanks to Foreclosures

Posted on December 13, 2010
Negative equity fell for the third consecutive quarter, according to a report released today by CoreLogic, but it wasn’t necessarily good news. The company said 10.8 million, or 22.5 percent, of all residential properties with mortgages were in a negative equity position as of the end of the third quarter, down from 11...

Free Foreclosure Listings with Google Maps

Posted on December 13, 2010
There’s been a lot of buzz about the ability to look up ?free foreclosure listings? using Google Maps, so I figured I’d get on-board as well and post instructions. When in Google Maps, simply type in an address where you want to conduct your search...

What is a Conventional Mortgage Loan?

Posted on December 10, 2010
Mortgage Q&A Friday: ?What is a conventional mortgage loan?? A ?conventional mortgage? simply refers to any mortgage loan that is not insured or guaranteed by the federal government. Conventional mortgage loans can be both fixed mortgages or adjustable-rate mortgages...

Bank of America Restarts Foreclosure Sales

Posted on December 10, 2010
Bank of America announced late Thursday that it had resumed foreclosure sales, starting with vacant and non-owner occupied properties. The mortgage lender had announced a voluntary freeze on foreclosures back in October in order to review its processes amid the robosigning scandal...

$9 Trillion in Home Equity Lost Since Real Estate Market Peak

Posted on December 09, 2010
A staggering $9 trillion in home equity has been lost since the real estate market peaked in June 2006, Zillow reported today. This year, U.S. homes are expected to lose more than $1.7 trillion in value, a 63 percent increase from the $1 trillion lost in 2009...

Home Purchase Apps Rise Despite Higher Mortgage Rates

Posted on November 24, 2010
Mortgage application volume bounced back last week, rising 2.1 percent on a seasonally adjusted basis compared to one week earlier, according to the Mortgage Bankers Association. The refinance index climbed 1.0 percent during the week ending November 19, while the seasonally adjusted purchase mortgage index jumped 14...

Homebuyers Say No to Distressed Properties Thanks to Foreclosure Mess

Posted on November 22, 2010
Prospective homebuyers steered clear of distressed properties last month thanks to the ongoing robosigner scandal, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions released today. Survey results revealed that 12 percent of closings scheduled for October were delayed or canceled due to REO title issues, while 24 percent were delayed/canceled [...

Shadow Inventory Rises 10 Percent

Posted on November 22, 2010
The so-called shadow inventory of residential property increased 10 percent year-over-year, according to a report released today by CoreLogic. As of August, there were 2.1 million units, representing eights month of supply, of shadow inventory, up from 1...

Conforming Loan Limits to Remain Unchanged in 2011

Posted on November 22, 2010
The Federal Housing Finance Agency (FHFA), which oversees mortgage financiers Fannie Mae and Freddie Mac, announced that the conforming loan limits will remain unchanged in fiscal year 2011. The conforming loan limit for one-unit properties will stay put at $417,000, meaning anything above that will be considered a jumbo mortgage...

Permanent Loan Modifications Under HAMP Top 500,000

Posted on November 19, 2010
Last month, mortgage lenders and loan servicers executed roughly 24,000 permanent loan modifications under the Making Home Affordable Program (HAMP), pushing the total since last year to more than 500,000, according to a report released today by the Treasury...

Housing Affordability Remains Near Record High

Posted on November 19, 2010
During the third quarter, 72.1 percent of all new and existing homes sold were affordable to families earning the national median income of $64,400, per the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released Thursday...

FTC Bans Advance Fees on Loan Modifications and Other Foreclosure Relief

Posted on November 19, 2010
By year-end, so-called “mortgage foreclosure rescue” and loan modification firms will be prohibited from collecting fees until homeowners have a written offer from their mortgage lender or loan servicer that they deem acceptable. The FTC today issued the ?Mortgage Assistance Relief Services (MARS) Rule? to protect homeowners from ?bogus operations? that falsely claim they’ll negotiate a [...

Mortgage Delinquencies Slow as Foreclosure Starts Climb

Posted on November 18, 2010
The residential mortgage loan delinquency rate decreased to a seasonally adjusted 9.13 percent during the third quarter, the Mortgage Bankers Association reported today. It fell from 9.85 percent in the second quarter and 9.64 percent a year ago, per the MBA’s National Delinquency Survey...

Slower Mortgage Closings Push Borrower Satisfaction Lower

Posted on November 18, 2010
Customer satisfaction dropped as the time it look from mortgage application to closing increased, according to the latest survey from J.D. Power and Associates. The survey looked at four key components of the loan origination process, including application/approval process, loan officer/mortgage broker, closing, and contact...

Mortgage Rates Rise for First Time in Two Months

Posted on November 18, 2010
Mortgage rates finally shot upward after spending eight weeks at rock-bottom prices, mortgage financier Freddie Mac said today. The popular 30-year fixed-rate mortgage jumped to 4.39 percent during the week ending November 18, up from 4.17 percent last week, but still about a half-point below the 4...

Southern California Home Sales Drop to Three Year Low

Posted on November 17, 2010
Southern California home sales dropped to their lowest level in three years in October, according to DataQuick. A total of 16,744 new and resale homes sold in six Southland counties last month, down 7.4 percent from September and 24.3 percent from a year ago...

Foreclosures Rise as Mortgage Delinquencies Remain Flat

Posted on November 17, 2010
Foreclosure inventories rose in October as late mortgage payments remained rather flat, according to the October “First Look” Mortgage Report from Lender Processing Services. The residential home loan delinquency rate (loans 30 or more days past due, but not in foreclosure) was 9...

Mortgage Lenders Raise Credit Score Requirements on FHA Loans

Posted on November 17, 2010
Both Wells Fargo and Bank of America, the top two residential mortgage lenders in the nation, have raised minimum credit score requirements on FHA loans, according to Bloomberg. The pair raised the minimum Fico score to 640 from 620 on FHA-insured loans they buy from other mortgage lenders...

Mortgage Demand Plummets as Mortgage Rates Jump

Posted on November 17, 2010
Residential mortgage application volume fell 14.4 percent on a seasonally adjusted basis during the week ending November 12, the Mortgage Bankers Association said today. On an unadjusted basis, the home loan application index was off 15 percent compared to a week earlier ? the Veterans Day holiday may have had something to do with that...

Nearly 40 Percent of Purchase Mortgages in 2010 FHA Loans

Posted on November 16, 2010
Wondering just how popular the FHA has become? FHA loans were used to close 38 percent of all home purchase mortgages, including 60 percent of all African-American and Hispanic home purchases, during the nine-month period ending in June 2010. The FHA’s single-family insurance program also accounted for nine percent of all refinance loans during that time period...

Company That Pursued Foreclosures Defaults On Its Own Loan

Posted on November 16, 2010
A company that handled scores of foreclosure proceedings defaulted on its own loan, according to the South Florida Business Journal. DJSP Enterprises said a major subsidiary, DAL, defaulted on a $12 million line of credit from Bank of America, putting the so-called ?foreclosure mill? in danger...

Economists: Massive Strategic Default Won?t Occur

Posted on November 15, 2010
A pair of BBVA economists don’t believe massive strategic default will occur in the United States. The Spanish bank analysts noted in a research report that negative equity is a necessary condition for default, but not a sufficient one. They added that most states in the nation are recourse states, meaning mortgage lenders can recover mortgage debt [...

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