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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

Three More States Demand Halt to Foreclosures

Posted on October 06, 2010
Attorney Generals in three more states have asked banks and mortgage lenders to hold off on foreclosures until an investigation into so-called ?robosigners? is completed. Delaware Attorney General Beau Biden has called on three banks to stop foreclosure actions in the state, pending a thorough review of their foreclosure policies and procedures...

Wells Fargo to Provide More Relief to Option Arm Borrowers

Posted on October 06, 2010
Homeowners in eight states who opted to take out option arms during the mortgage boom are going to get some help from Wells Fargo, thanks to a settlement announced today. The San Francisco-based bank and mortgage lender will provide across-the-board forgiveness of accrued interest and late fees for eligible delinquent borrowers who occupy their homes, while [...

Home Purchase Loan Applications Highest Since May

Posted on October 06, 2010
It was a good week for home purchase applications as refinance apps fell for a fifth straight week, according to the Mortgage Bankers Association. Overall, mortgage application volume decreased 0.2 percent on a seasonally adjusted basis for the week ending October 1...

Texas AG Calls for Foreclosure Moratorium Over Robosigners

Posted on October 05, 2010
Texas Attorney General Greg Abbott today called for a halt to foreclosures in the state so mortgage lenders and loan servicers could conduct a thorough review to determine if ?robosigners? were used in foreclosure processing. A ?robosigner? refers to an employee or agent who signed off on hundreds or thousands of foreclosure documents in a short [...

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Bank of America Exits Wholesale Mortgage Channel

Posted on October 05, 2010
Bank of America Home Loans will exit the wholesale mortgage channel to focus on direct-to-consumer lending, according to a company press release. Loans currently in the pipeline will be fulfilled and processed for consumers, and employees impacted by the wholesale channel exit may be redeployed in the company’s direct-to-consumer, correspondent, or warehouse lending units...

How Much is Mortgage Insurance?

Posted on October 05, 2010
Mortgage Q&A: ?How much is mortgage insurance?? If you have a first mortgage that exceeds 80 percent loan-to-value (LTV), you will most likely need to purchase mortgage insurance, which protects the issuing bank or mortgage lender, not you. Mortgage insurance is an additional cost that comes on top of the principal, interest, taxes, and homeowners insurance (PITI) [...

California Home Sales to Fall 10 Percent This Year

Posted on October 05, 2010
Home sales in the Golden State are expected to fall 10 percent this year before edging up slightly in 2011 thanks to a weaker-than-expected economic recovery, according to the 2011 California Housing Market Forecast from the California Association of Realtors�...

Home Equity Loan Lates Decrease, HELOCs Hold Steady

Posted on October 05, 2010
Most consumer loan delinquencies improved during the second quarter, according to the latest Consumer Credit Delinquency Bulletin from the American Bankers Association. The delinquency rate on closed-end home equity loans (second mortgages) fell to 3...

Chase to Offer Mortgage Help to Michigan Unemployed

Posted on October 04, 2010
Chase announced today that it will participate in the Michigan State Housing Development Authority’s Hardest Hit Fund to assist unemployed borrowers with their mortgage payments. Through the program, the company may pay up to half of qualified borrowers’ monthly mortgage payments for up to 12 months, saving them a maximum $9,000...

Marshall & Isley Extends Foreclosure Moratorium for Full Two Years

Posted on October 04, 2010
Milwaukee -based bank and mortgage lender Marshall & Isley announced Friday that is has extended its foreclosure moratorium an additional three months until December 31, 2010. The moratorium was originally announced on December 18, 2008 as part of the company’s Homeowner Assistance program, bringing the foreclosure freeze to over two years now...

Wells Fargo to Cut Some Short Sales Extensions

Posted on October 01, 2010
Wells Fargo has made a short sale policy change that will likely lead to more foreclosures, according to a memo obtained by American Banker. The San Francisco-based bank and mortgage lender will no longer grant extensions on short sales tied to loans serviced by other investors...

Seven Major Banks Told to Review Foreclosure Processes

Posted on October 01, 2010
The acting director of the Office of the Comptroller of the Currency has directed seven of the nation’s largest mortgage lenders to review their foreclosure processes amid reports of widespread mishandling of homeowner evictions. John Walsh told lawmakers at a hearing on the financial regulatory overhaul that some lenders “clearly had deficiencies” in their foreclosure procedures...

First Horizon Shutting Down Mortgage Operations

Posted on October 01, 2010
Another casualty of the ongoing mortgage crisis… First Horizon National Corp. is shuttering the last of its mortgage operations, according to an internal company announcement. The bank, which saw annual loan origination volume of $1 billion back in 2007, plans to lay off 40 mortgage bankers across Tennessee at the end of 2010...

Connecticut AG Calls for 60 Day Foreclosure Freeze

Posted on October 01, 2010
This whole foreclosure debacle is getting much, much bigger. Connecticut Attorney General Richard Blumenthal today called for a 60-day foreclosure freeze in the state because of ?defective docs.? He made the request after a second major bank, Chase, acknowledged that there were cases where employees may have signed affidavits about loan documents on the basis of file [...

Conforming Jumbo Loan Limits Extended

Posted on September 30, 2010
The conforming jumbo loan limits, which allow homeowners in certain areas of the country to get government-backed loans of up to $729,750, have been extended for another year, according to the Mortgage Bankers Association. Last night, H.R. 3081 passed the Senate and House ? it contains provisions that extend the existing loan limits for Fannie Mae, [...

Foreclosures Accounted for 24 Percent of Second Quarter Home Sales

Posted on September 30, 2010
A total of 248,534 U.S. properties in some stage of foreclosure sold to third parties during the second quarter, an increase of nearly five percent from the previous quarter, but down 20 percent from the second quarter of 2009, according to RealtyTrac...

15-Year Fixed Hits New Record Low, 30-Year Matches Record Low

Posted on September 30, 2010
Mortgage rates moved deeper into record territory this week, according to mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage slipped to 4.32 percent from 4.37 percent during the week ending September 30, matching an all-time record low...

Chase Halts Foreclosures in Process

Posted on September 29, 2010
JP Morgan Chase has halted foreclosures until a review of its document-filing process is completed, according to the WSJ. The New York City-based bank said the move affects roughly 56,000 home loans in some stage of the foreclosure process. Chase spokesman Tom Kelly announced that there were cases where employees may have signed affidavits about loan documents [...

Countrywide Sued Over Bad Mortgage Securities

Posted on September 29, 2010
Another day, another Countrywide lawsuit… Ambac Assurance Corp. has sued Bank of America (Countrywide) in New York state Supreme Court over $16.7 billion worth of shoddy mortgage-backed securities, according to a report from Businessweek. The lawsuit claims former top mortgage lender Countrywide ?fraudulently induced? Ambac to insure the bonds, despite their poor quality...

30 Year Fixed Mortgage Rates Chart

Posted on September 29, 2010
Mortgage rates have been all the rage this year, largely because they’ve been hitting new record lows time and time again in recent months. So I decided to take a look at the popular 30-year fixed rate mortgage by charting it since the beginning of 2010...

Refinance Applications Fall Despite Improvement in Mortgage Rates

Posted on September 29, 2010
Refinance demand fell for a fourth straight week despite the popular 30-year fixed hitting a new record low, the Mortgage Bankers Association said today. Overall, home loan application volume fell 0.8 percent on a seasonally adjusted basis during the week ending September 24...

Loan Officer Salary Rises Nearly 20 Percent

Posted on September 28, 2010
Residential loan officers saw salary rise 17 percent over the past year, according to the Crowe Horwath LLP’s 2010 Comprehensive Financial Institution Compensation Survey. “In the past year, mortgage activity was up, in part from the first-time homebuyers’ tax credit and low prices prompting sales, but also in part from a significant uptick in mortgage refinancing,? [...

Loan Modifications Are Getting Better

Posted on September 28, 2010
It appears as if more recently completed loan modifications are performing better than their predecessors, according to the latest Mortgage Metrics Report from the OCC. More than 90 percent of loan modifications implemented during the second quarter of 2010 reduced borrowers? monthly principal and interest payments, while 56 percent reduced payments by more than 20 percent...

Blanket Refinance Legislation to be Unveiled

Posted on September 28, 2010
Remember those rumors about a blanket refinance about two months ago? You know, that government mortgage financiers Fannie Mae and Freddie Mac were set to forgive mortgage debt for millions of underwater homeowners so they could take advantage of the record low mortgage rates? The same proposal that the Treasury essentially ruled out after investors began dumping [...

30-Year Fixed-Rate Mortgage Comes Under Attack

Posted on September 27, 2010
A new study that compared mortgage products from around the globe found that long-term fixed-rate loans aren’t necessarily the end-all, be-all solution to fix housing. Per the study, entitled, ?International Comparison of Mortgage Product Offerings?, 95 percent of new loans originated in the United States last year were long-term fixed mortgages, compared to just one percent [...

One Third Highly Unlikely to Qualify for Mortgage Thanks to Low Credit Score

Posted on September 27, 2010
One third of Americans are ?highly unlikely? to qualify for mortgages thanks to their low credit scores, according to a report from Zillow. The company, which based its findings on 25,000 loan quotes and purchase requests on Zillow Mortgage Marketplace during the first half of September, found that borrowers with credit scores below 620 were unlikely [...

Fannie Mae to Provide Mortgage Payment Forbearance for Certain Military Homeowners

Posted on September 27, 2010
Government mortgage financier Fannie Mae announced today new measures to help those serving in the military avoid foreclosure. The company said it will provide mortgage payment forbearance for up to six months where the death or injury of a service member on active duty leads to a hardship for military families with a mortgage obligation...

Fannie HomePath� Deals Get Sweeter

Posted on September 24, 2010
In an effort to move more of its distressed inventory, mortgage financier Fannie Mae has added incentives to its HomePath� program. Qualified homebuyers who plan to be owner-occupants can receive up to 3.5 percent of the final sales price, which can be used for closing costs, including a home warranty, if desired and available...

California AG Calls for Ally Financial Foreclosure Freeze

Posted on September 24, 2010
California Attorney General Jerry Brown today called on Ally Financial, formerly GMAC, to immediately prove that it is complying with state law, or cease and desist from foreclosing on homes in the state. State law prohibits mortgage lenders from recording notices of default (NODs) on mortgages originated between January 1, 2003 and December 31, 2007, unless [...

Right to Rent Legislation Aims to Slow Foreclosure Rate

Posted on September 23, 2010
New legislation that would allow struggling homeowners to rent their homes would slow the foreclosure rate, according to a report from the Center for Economic and Policy Research (CEPR). “With roughly one-in four mortgages underwater, the loan modification plans put forth so far have done little to help homeowners facing foreclosure,” said Dean Baker, Co-Director of [...

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