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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

Private Mortgage Modifications Triple HAMP Mods in July

Posted on September 02, 2010
A total of 120,351 permanent mortgage modifications were completed in July via proprietary programs, according to foreclosure prevention alliance Hope Now. That’s more than triple the 36,695 loan modifications made permanent via the Home Affordable Modification Program (HAMP) during the same month...

HomEq to Cut 901 Jobs

Posted on September 02, 2010
Subprime mortgage loan servicer HomEq plans to shed 901 jobs as a result of its takeover by another subprime servicer, Ocwen Financial, according to the Sac Bee. Employees at the North Highlands-based company located just outside of Sacramento will be laid off by November 19 ? and the massive HomEq facility will be shuttered by October [...

30-Year Fixed Falls to Record Low 4.32 Percent

Posted on September 02, 2010
Mortgage rates fell again this week as inflation concerns remained in check, according to the latest survey from mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage fell to a record low 4.32 percent during the week ending September 2, down from 4...

How to Get a Wholesale Mortgage Rate

Posted on September 01, 2010
Mortgage Q&A: ?How to get a wholesale mortgage rate?? Wholesale mortgage rates are typically considerably cheaper than their retail counterparts. But to get your hands on one, you need to shop for your home loan with a mortgage broker, who has access to wholesale mortgage rates...

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Tiger Woods Takes Out $54.5 Million Mortgage

Posted on September 01, 2010
At least someone can qualify for a mortgage out there…and a jumbo no less! Famed (and shamed) professional golfer Tiger Woods has reportedly taken out a staggering $54.5 million mortgage for a ?mega-mansion? he’s currently building on Florida’s Jupiter Island, per gossip blog TMZ...

Refinance Volume Hits 15-Month High

Posted on September 01, 2010
Refinance activity reached its highest point since May 1, 2009 last week as mortgage rates continued to travel south, according to the Mortgage Bankers Association. Overall, home loan application volume increased 2.7 percent on a seasonally adjusted basis during the week ending August 27...

Best Places to Buy a Foreclosed Home

Posted on August 31, 2010
If you’re tempted by the idea of scooping up a foreclosed property on the cheap, make sure you do plenty of research beforehand. Especially given the current negative sentiment that home prices will fall again before they rise, and may stagnate for years before actually seeing meaningful appreciation...

Mortgage Comparison Shopping May Get Easier

Posted on August 30, 2010
The Federal Reserve has proposed a new rule that may make it easier for prospective homeowners and those looking to refinance shop around before making a commitment. The proposal, which was part of a 930-page document published mid-month in the Federal Register, would allow consumers to cancel mortgage applications within three days and get refunded for [...

More Than 25% of Refinancers Chose 15-Year Fixed Mortgages

Posted on August 30, 2010
More than a quarter (26%) of those who refinanced between January and June chose a 15-year fixed-rate mortgage, according to CoreLogic data, digested by Marketwatch. In 2009, 18.5 percent who refinanced opted for a 15-year loan, nearly three times the 9...

BB&T Top Mortgage Servicer in 2010

Posted on August 27, 2010
Branch Banking & Trust (BB&T) took the top honors in the 2010 U.S. Primary Mortgage Servicer Satisfaction Study(SM) released today by J.D. Power and Associates. The North Carolina-based bank scored a 795 out of a possible 1,000 points thanks to its fee transparency and billing and payment processes...

Negative Equity Declines for Second Straight Quarter

Posted on August 26, 2010
The number of properties with negative equity fell for the second straight quarter, according to a report from CoreLogic. However, a staggering 11 million, or 23 percent of all residential properties with mortgages nationwide, were still in a negative equity position as of the end of the second quarter...

13.97 Percent of Mortgages Late or in Foreclosure

Posted on August 26, 2010
Nearly 14 percent of mortgage loans on one-to-four unit properties were at least one month delinquent or in some stage of foreclosure at the end of the second quarter, according to the Mortgage Bankers Association. That’s actually down from 14.01 percent last quarter, but could be deceiving given the large number of loan modifications in process [...

Fixed Mortgage Rates Hit Fresh Record Lows

Posted on August 26, 2010
Long-term mortgage rates fell again this week, marking the ninth time that’s happened in the past ten weeks, according to data from mortgage financier Freddie Mac. The ever-popular 30-year fixed-rate mortgage averaged a record low 4.36 percent during the week ending August 26, down from 4...

New Home Sales Hit Record Low

Posted on August 25, 2010
While refinance activity is buzzing, home sales are plummeting. A day after it was revealed that existing home sales fell to their lowest point since 1996, new homes sales fell to a record low. Yep, last month the sale of newly built, single-family homes declined 12...

Mortgage Application Volume Up as Rates Drop

Posted on August 25, 2010
Mortgage application volume increased 4.9 percent on a seasonally adjusted basis during the week ending August 20, according to the latest survey from the Mortgage Bankers Association. Much of the increase could be attributed to refinance activity, which climbed 5...

Loans Modified in 2009 Half as Likely to Re-Default

Posted on August 24, 2010
Loans modified in 2009 are 40-50 percent less likely to be seriously delinquent six months after modification than loans modified in 2008, thanks in part to significant reductions in monthly mortgage payments, according to a new report from the State Foreclosure Prevention Working Group...

Home Builders: Housing ?Highly Affordable?

Posted on August 23, 2010
Housing affordability remained near its highest level on record for the sixth consecutive quarter, according to the latest survey from the National Association of Home Builders. The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) indicated that 72...

Former Countrywide Customers Eligible for Free Credit Monitoring

Posted on August 23, 2010
If you provided personal information to or made mortgage payments to Countrywide Financial before July 1, 2008, you may be eligible for free credit monitoring for two years. The ruling is part of a settlement finalized today by U.S. District Judge Thomas B...

616,839 Trial Loan Modifications Canceled Under HAMP

Posted on August 20, 2010
Loan servicers completed nearly 37,000 new permanent loan modifications under HAMP in July, according to the latest report released today by the Treasury. Last month was the slowest this year in terms of permanent loan modifications being started ? at the same time, the number of trial modification cancellations surged to 616,839, greatly outnumbering the 421,804 [...

One in Three Think Home Prices Will Fall Further

Posted on August 19, 2010
One in three homeowners believe home prices will fall further, though 38 percent think we’ve already reached bottom, according to the second quarter Zillow Homeowner Confidence Survey. This is the worst sentiment about the short-term future of home values over the past three quarters...

24 Million Homeowners Had Mortgage Rates Above 6% Last Year

Posted on August 19, 2010
Interesting tidbit from the Census Bureau’s 2009 American Housing Survey, via Calculated Risk. Per the forthcoming report, 24.1 million first mortgages had associated interest rates above six percent. And only 6.2 million first mortgages had rates under five percent, despite mortgage rates currently being at record lows (4...

Big Banks Face Billions in Home Loan Buybacks

Posted on August 19, 2010
The four largest U.S. banks, Wells Fargo, Bank of America, Chase, and Citibank, face up to $180 billion in home loan buybacks from government sponsored entities Fannie Mae and Freddie Mac, according to Fitch Ratings. ?Fitch anticipates that a focal point of repurchase requests will be reduced documentation loans (sometimes known as Alt-A loans),? the company [...

Mortgage Rates Drop Again

Posted on August 19, 2010
Mortgage rates improved yet again this week as investors shrugged off any concerns of inflation, according to the latest survey from mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage averaged 4.42 percent, down from 4.44 percent last week and 5...

27 Percent of Renters Never Plan to Buy a Home

Posted on August 18, 2010
So much for the American dream. More than one in four renters (27%) surveyed by real estate search company Trulia never plan to buy a home. Ever. And of the renters who do plan to buy a home, 68 percent don’t plan on doing so for more than two years...

SoCal Home Sales Fall 20 Percent

Posted on August 18, 2010
What a difference a tax credit makes. Southern California home sales plummeted 20.6 percent in July from one month earlier, and were off 21.4 percent from one year earlier, DataQuick reported this week. Just 18,946 new and resale homes sold in six Southland counties during the month, the slowest July since 2007, and the second-slowest since 1995...

Mortgage Volume Surges on Refinance Demand

Posted on August 18, 2010
Home loan application volume increased 13 percent last week thanks to a surge in refinance activity, according to the latest survey from the Mortgage Bankers Association. The refinance index jumped 17.1 percent to its highest point since the week ending May 15, 2009...

Nearly Half of California Foreclosures on Latino Borrowers

Posted on August 17, 2010
Latino and African American borrowers have experienced significantly higher foreclosure rates than non-Hispanic borrowers in California, according to a study released today by the Center for Responsible Lending. In fact, 48 percent of foreclosures in the state are tied to Latino borrowers, while another eight percent have been on African Americans...

Mortgage Delinquencies Fall for Second Straight Quarter

Posted on August 17, 2010
The ratio of borrowers 60 days or more past due on their mortgage fell for the second straight quarter, according to credit bureau TransUnion. The national delinquency rate fell to 6.67 percent in the second quarter, down marginally from 6.77 percent a quarter earlier, but still 14...

Yield Spread Premiums Banned

Posted on August 16, 2010
The Federal Reserve issued a final rule today that effectively bans yield spread premiums paid to mortgage brokers, along with loan officers employed by depository institutions. These loan originators will no longer be able to bump interest rates higher or steer consumers toward certain loan products in exchange for a higher commission...

Mortgage Closing Costs Rise 36 Percent

Posted on August 16, 2010
Mortgage closing costs jumped 36.6 percent as banks and lenders put in more work to get loans closed, according to the 2010 Closing Costs Study from Bankrate.com. The average cost of origination and third-party fees on a $200,000 loan for a home purchase mortgage ($250,000 purchase price) was $3,741, up from $2,739 last year...

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