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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

Fixed Mortgages Account for More than 95 Percent of Refinance Loans

Posted on November 15, 2010
Fixed-rate loans accounted for more than 95 percent of all refinance transactions in the third quarter, according to government mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage was the most preferred loan program chosen by both those who were in the 30-year before and those with adjustable-rate mortgages...

30-Year Fixed Mortgage Rates Fall into the 3% Range

Posted on November 12, 2010
The ever-popular 30-year fixed-rate mortgage could be scooped up for as low as 3.98 percent in the state of New York this week, according to Zillow. It actually fell 30 basis points from a week earlier in the Empire State, when it stood at 4.28 percent...

Debt to Income Ratios Improving

Posted on November 11, 2010
Here’s a bit of good news. Consumers are spending less on monthly debt obligations nowadays, according to a study from credit bureau Experian. The company said average monthly payments made by consumers in 25 metropolitan areas have decreased two percent in the past three years...

Robosigning Backlash May Have Led to Near 10 Percent Drop in Bank Repos

Posted on November 11, 2010
Last month, foreclosure filings were reported on 332,172 properties nationwide, according to RealtyTrac. That’s down four percent from the previous month and nearly the same amount reported in October 2009. A total of 100,575 properties received default notices (NODs), the first step in the foreclosure process, prompted by missed mortgage payments...

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Rates on Fixed Mortgages Hit New Record Lows

Posted on November 11, 2010
Rates on both fixed mortgages tracked by mortgage financier Freddie Mac hit record lows this week. The popular 30-year fixed-rate mortgage slipped to a record low 4.17 percent during the week ending November 11, down from 4.24 percent last week and 4...

Homeowner Facing Foreclosure Goes on Hunger Strike

Posted on November 10, 2010
A Baltimore woman facing foreclosure staged a hunger strike at the nation’s capital to gain awareness and possibly save her home. The woman, Lauren Rymer, reportedly fell behind on her mortgage payments and was facing foreclosure after her property taxes spiked thanks to a reassessment of her home’s value...

23.2 Percent of American Homeowners Underwater on Mortgage

Posted on November 10, 2010
A staggering 23.2 percent of American homeowners with a mortgage were underwater in the third quarter, according to Zillow. That means nearly a quarter of those with a mortgage owe more than their property is currently worth, thanks in part to falling home prices and zero down mortgages...

Mortgage Purchase Volume Expected to Outpace Refinance Activity in 2011

Posted on November 10, 2010
Home purchase loan origination volume is expected to outpace refinance volume in 2011, according to a forecast released today by iEmergent. Next year, 2.62 million home purchase loans for $490.9 billion and 2.18 million refinance loans for $412.9 billion (low estimate) are expected...

Mortgage Demand Increases as Mortgage Rates Remain Unchanged

Posted on November 10, 2010
Home loan application volume increased 5.8 percent on a seasonally adjusted basis during the week ending November 5, the Mortgage Bankers Association said today. The refinance index climbed 6.0 percent from a week earlier, and the seasonally adjusted purchase index rose 5...

Homeowners at Risk of Foreclosure Taking Out Second Mortgages

Posted on November 09, 2010
Some Florida homeowners facing foreclosure are taking out second mortgages to cover attorney fees, according to a report in the NY Times. The second mortgage only takes effect if the homeowner’s foreclosure filing is dismissed and the mortgage balance is reduced...

Mortgage Lenders Reject 8 of 10 Loans in UK

Posted on November 09, 2010
Things are bad all over. In the United Kingdom, mortgage brokers claim mortgage lenders are rejecting eight out of 10 home loan applications. The survey, conducted by the Professional Insurance Brokers Association (PIAB), also found that 77 percent of mortgage brokers believe the mortgage crisis is ?worse? or ?much worse? than last year...

Smaller Banks Report Tighter Underwriting Standards on Mortgages

Posted on November 09, 2010
Smaller banks and mortgage lenders reported tighter lending standards on mortgage loans over the previous three months, according to the October 2010 Senior Loan Officer Opinion Survey on Bank Lending Practices from the Federal Reserve. It marks a reversal from the slight net easing reported in the previous survey conducted in July...

$140 Billion in Mortgage Debt Paid Off

Posted on November 08, 2010
Nearly $140 billion in mortgage debt was paid off by American homeowners between 2008 and the end of 2009, according to a report released today by the Federal Reserve Bank of New York. ?Consumer debt is declining but only part of the reduction is attributable to defaults and charge-offs,? said Donghoon Lee, senior economist in the [...

Jumbo Mortgages Easier to Come By

Posted on November 08, 2010
Jumbo mortgages, which seemed to go the way of the buffalo once the mortgage crisis set in, are starting to make a comeback, per data parsed by the Wall Street Journal. The publication said jumbo mortgage lenders originated $18 billion during the second quarter, up roughly 20 percent from the second quarter, using data from Inside [...

Wells Fargo Top Mortgage Lender in Third Quarter 2010

Posted on November 08, 2010
Another quarter, another top mortgage lender honor for San Francisco-based bank Wells Fargo, according to a survey from MortgageDaily.com. The company retained its lead at the top with more than $100 billion in residential loan origination volume during the third quarter, followed by Bank of America in second and Chase in third...

What is a Mortgagee?

Posted on November 05, 2010
It’s mortgage Q&A Friday! Today’s question: ?What is a mortgagee?? No, it’s not a typo. I didn’t leave an extra ?e? on the word mortgage by mistake, though it may appear that way. A ?mortgagee? is the entity that originates (makes) and holds the mortgage, otherwise known as the bank or the mortgage lender...

Mortgage Lending Volume by State

Posted on November 04, 2010
Wondering where most residential mortgage loans originate from? Well, last year, California led the way in loan origination volume with a healthy $465 billion funded, followed by Texas with $139 billion and Illinois with $122 billion, according to MortgageStats...

30-Year Fixed Mortgage Rates Rise, Others Fall

Posted on November 04, 2010
Rates on the popular 30-year fixed-rate mortgage rose for a third straight week as all other loan programs saw improvement, mortgage financier Freddie Mac reported today. The 30-year fixed inched up to 4.24 percent during the week ending November 4, up from 4...

Foreclosure Timeline Exceeding 500 Days in Some States

Posted on November 03, 2010
Foreclosure timelines continue to increase, thanks in part of the recent robosigning allegations and related moratoria, according to the September Mortgage Monitor report released by Lender Processing Services. The average number of days mortgages are delinquent in five judicial states (New York, Florida, New Jersey, Hawaii and Maine) now exceeds 500 days...

Refinance Demand Slips as Mortgage Rates Rise

Posted on November 03, 2010
Last week was a mixed bag in terms of residential mortgage demand. Refinance applications fell 6.4 percent during the week ending October 29, while purchase activity increased 1.4 percent, according to the latest weekly survey from the Mortgage Bankers Association...

Countrywide Bankruptcy Possible, Again

Posted on November 02, 2010
It feels like 2007 all over again… There’s new word that a Countrywide bankruptcy could be possible, despite the fact that the company was acquired by Bank of America back in early 2008. Before the acquisition, it seemed bankruptcy was the only option for the ailing Calabasas, CA-based mortgage lender, which ran into liquidity issues as the [...

Homeownership Rate Holds Steady at Decade Low

Posted on November 02, 2010
The homeownership rate held steady at 66.9 percent during the third quarter, according to data released today by the Census Bureau. It was 0.7 percentage points lower than the 67.6 percent rate seen in the third quarter of 2009, but unchanged from the second quarter...

Foreclosure Errors to Extend Mortgage Crisis

Posted on November 02, 2010
The recent foreclosure fracas, including the now infamous robosigner allegations, will extend the ongoing mortgage crisis and push back any sign of a housing recovery, according to a new report from Fitch Ratings. Fitch’s ‘U.S. RMBS: Still Under A Shadow’ report claims it will take more than three years to clear just the existing non-agency residential [...

Mortgage Delinquency Roll Rates Peaked Last Summer

Posted on November 01, 2010
Mortgage delinquency ?roll rates? peaked in the summer of 2009, a month after the official end of the recession, according to a report from credit bureau TransUnion. The ?roll rate? refers to the percentage of borrowers who enter a worse delinquency stage on their mortgage payments, such as from 30 to 60 days late, or 60 [...

Free Rent: $2.6 Billion Per Month

Posted on November 01, 2010
Interesting tidbit from the Wall Street Journal. Defaulters who continue to live in their homes are getting a ?subsidy? worth a collective $2.6 billion each month, according to data from LPS Applied Analytics and rent data from the Commerce Department...

Wells Fargo Admits to Foreclosure Errors

Posted on October 28, 2010
Wells Fargo has finally admitted to errors involved in its foreclosure process, according to a company press release. The top mortgage lender in the nation said it identified ?instances where a final step in its processes relating to the execution of the foreclosure affidavits (including a final review of the affidavit, as well as some aspects [...

More than Half of Americans Worried About Making Mortgage Payments

Posted on October 28, 2010
More than half of Americans are concerned about their ability to make monthly housing payments, according to a poll conducted by the Washington Post. The survey, which tallied responses from 1,006 randomly selected adults, found that 53 percent of respondents were either ?somewhat concerned? or ?very concerned? about not having enough money to make rent or [...

Fixed Mortgage Rates Rise, Five Year ARM Hits New Low

Posted on October 28, 2010
Fixed mortgage rates rose for the second week in a row as the five-year adjustable-rate mortgage hit a new low, Freddie Mac reported today. The popular 30-year fixed-rate mortgage averaged 4.23 percent during the week ending October 28, up from 4.21 percent last week, but well below the 5...

Cash Out Refinance Share Hits New Low

Posted on October 27, 2010
The share of those refinancing who pulled cash out hit a new low in the third quarter, according to mortgage financier Freddie Mac. Just 18 percent of refinance loans were considered cash-out refinances, defined as mortgages where the loan balance increases by at least five percent...

FHA Loan Limits Get More Flexible

Posted on October 27, 2010
A FHA loan requirement that the sum of all liens not exceed the maximum geographical loan limit has been eliminated, according to a Mortgagee Letter from HUD. Previously, the sum of all liens (first and second mortgages) could not exceed the geographical maximum mortgage limit for both purchase and refinance transactions...

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