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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

Foreclosure Timelines Much Shorter in NonJudicial States

Posted on March 07, 2011
Foreclosure timelines have widened in all states throughout the nation, but the increases are much more pronounced in judicial states, according to a new report from S&P’s Rating Service. Judicial states, such as Florida, New York, and Ohio, which handle foreclosures via a court of law as opposed to a county recorder’s office, have seen [...

20 Percent Down Payment Mortgages Coming Soon

Posted on March 03, 2011
It looks as though borrowers will need to come up with a 20 percent down payment if they want to snag the best deal on their mortgage going forward. Per government sources, the Office of the Comptroller of the Currency and the FDIC have agreed on a 20 percent down payment for a so-called ?Qualified [...

Mortgage Rates Beating Year-Ago Levels

Posted on March 03, 2011
Mortgage rates moved lower again this week, beating averages seen a year ago, according to mortgage financier Freddie Mac. The always in fashion 30-year fixed mortgage slipped to 4.87 percent during the week ending March 3, down from 4.95 percent last week and 4...

Permanent Loan Mods Started Under HAMP Finally Top 600,000

Posted on March 02, 2011
The number of permanent loan modifications started under the Home Affordable Modification Program (HAMP) finally exceeded 600,000 in January, but only 539,493 remain active, according to the latest report released today from the Treasury. During the month, 27,957 permanent modifications were started, a decline from the 30,030 started in December as the program continues to [...

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Mortgage Demand Sinks Despite Rate Improvement

Posted on March 02, 2011
Home loan application volume slipped 6.5 percent during the week ending February 25, according to the latest weekly survey from the Mortgage Bankers Association. The refinance index fell 6.5 percent and and the seasonally adjusted purchase money mortgage index decreased 6...

Record Share of California Home Sales Purchased with Cash

Posted on March 01, 2011
A record portion of California home sales were paid for with cold, hard cash last month, according to a report from DataQuick. The company said 30.9 percent of all new and resale houses and condos sold statewide in January were purchased sans mortgage...

HSBC Suspends Foreclosures Amid Deficiencies

Posted on March 01, 2011
Another top mortgage lender has suspended foreclosures amid ?deficiencies? in its processes. HSBC revealed in its Annual report that it was one of seven major banks under review by the Office of the Comptroller of the Currency (OCC) for mishandling of homeowner evictions...

Just One in Four Homeowners Survive HAMP

Posted on February 28, 2011
Just over 25 percent of those who applied for mortgage payment relief under the Making Home Affordable Program have succeeded thus far, according to a data analysis performed by the WSJ. Roughly 680,000 of the 2.7 million homeowners who applied under the Home Affordable Modification Program (HAMP) portion of the Treasury’s anti-foreclosure campaign received a [...

Just 64 Percent of Americans Believe Buying a Home Is Safe Investment

Posted on February 28, 2011
Less than two-thirds of Americans believe buying a home is a safe investment, according to the fourth quarter National Housing Survey released today by government mortgage financier Fannie Mae. That’s down from 70 percent a year ago and not even close to the 83 percent share back in December 2003, before the housing boom materialized...

Foreclosed Homes Accounted for 26 Percent of 2010 Home Sales

Posted on February 24, 2011
Foreclosure properties accounted for 26 percent of total home sales in 2010, according to RealtyTrac. The foreclosure listing company said that share was down from 29 percent a year earlier, but up from 23 percent in 2008. The report also revealed that the average sales price of foreclosure properties was more than 28 percent below [...

30-Year Fixed Slips Below Five Percent

Posted on February 24, 2011
Rates for the popular 30-year fixed-rate mortgage averaged 4.95 percent this week, down from 5.00 percent last week and 5.05 percent a year ago, according to mortgage financier Freddie Mac. Freddie Mac chief economist Frank Nothaft attributed the improvement to mixed inflation reports, despite an uptick in the core consumer price index...

FHA Loan Volume Falls as Claims Rise

Posted on February 23, 2011
Last month, the seasonally adjusted annual rate for FHA loan applications fell to an estimated 1,450,900, the lowest January since 2007, according to the FHA Single-Family Outlook released this week. The agency blamed severe storms throughout the country for part of the lull in applications ? higher mortgage rates were probably to blame for the [...

Refinance and Purchase Volume Surge After Sharp Declines

Posted on February 23, 2011
Both refinance and home purchase demand increased last week as mortgage rates moved lower, according to the latest weekly survey from the Mortgage Bankers Association. The refinance index surged 17.8 percent on a seasonally adjusted basis during the week ending February 18, while the seasonally adjusted purchase money mortgage index increased 5...

National Association of Realtors May Have Overstated Home Sales by 20 Percent

Posted on February 22, 2011
The National Association of Realtors may have overestimated (by a million or so) the number of existing homes that sold since 2007, according to a piece in the WSJ. Last year, NAR reported existing home sales volume of 4.9 million, down 5.7 percent from 5...

Distressed Sales Account for Nearly Half of Home Purchase Activity

Posted on February 22, 2011
Distressed property sales increased last month as first-time homebuyer activity slipped, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. In January, a staggering 49.6 percent of home purchase transactions were considered ?distressed,? the highest level in nearly a year...

Housing Affordability Rises to All Time High

Posted on February 18, 2011
The housing affordability index measured by the National Association of Home Builders and mortgage lender Wells Fargo hit its highest point ever in the fourth quarter. The so-called HOI (Housing Opportunity Index) climbed to 73.9 percent during the quarter, meaning nearly three-quarters of families earning the national median income of $64,400 could afford to buy [...

Wells Fargo Lowers Credit Score Requirement for FHA Loans

Posted on February 18, 2011
The nation’s top mortgage lender has lowered the minimum credit score required for an FHA loan, according to the American Banker. Going forward, the bank is accepting FHA loan applications from borrowers with credit scores as low as 500, though they must come up with a 10 percent down payment and sport a maximum debt-to-income [...

Mortgage Delinquencies Fall Across the Board

Posted on February 17, 2011
The residential mortgage delinquency rate fell to a seasonally adjusted 8.22 percent in the fourth quarter, according to the Mortgage Bankers Association‘s (MBA) National Delinquency Survey released today. It decreased from 9.13 percent in the third quarter and 9...

30-Year Fixed Settles in at Five Percent

Posted on February 17, 2011
The highly popular 30-year fixed-rate mortgage averaged five percent even this week, down from 5.05 percent last week, but up from 4.93 percent a year ago, according to mortgage financier Freddie Mac. The loan program had been hovering below five percent for a year or so before a big jump last week catapulted it from [...

Median Mortgage Down Payment Increased to 22 Percent Last Year

Posted on February 16, 2011
The median down payment on conventional mortgages in nine major U.S. cities increased to 22 percent last year, according to an analysis performed for the Wall Street Journal by Zillow. It’s the highest median down payment since the data was first tracked back in 1997, before the latest housing boom and subsequent bust...

More Refinancing Borrowers Go With Shorter Terms

Posted on February 16, 2011
Of borrowers who refinanced a 30-year fixed-rate mortgage, a whopping 32 percent opted for a shorter term loan, such as a 15-year of 20-year fixed loan product, according to mortgage financier Freddie Mac‘s fourth quarter Product Transition Report...

Refinance Demand Lowest Since Summer of 2009

Posted on February 16, 2011
Mortgage application volume slipped 9.5 percent on a seasonally adjusted basis during the week ending February 11, according to the latest weekly survey from the Mortgage Bankers Association. On an unadjusted basis, the home loan application index was off 7...

SEC Sues Former Indymac Executives for Fraud

Posted on February 15, 2011
The SEC has sued three top executives from former mortgage lender Indymac, claiming the trio defrauded investors by misrepresenting the company’s finances leading up to the mortgage crisis. Federal complaints allege that the Pasadena, California-based lender sold $100 million in new stock while masking it’s inevitable decline from investors...

California Home Sales Rise as Prices Fall

Posted on February 15, 2011
California home sales increased for a third consecutive month in January to their highest level since May 2010, according to a report released today by the California Association of Realtors. January?s seasonally adjusted annualized rate of 546,420 single-family home sales was up 5...

FHA Mortgage Insurance Premiums to Rise Again

Posted on February 15, 2011
Loans insured by the FHA on or after April 18 will be subject to higher mortgage insurance premiums, according to the U.S. Department of Housing and Urban Development. In a bid to bolster the FHA’s capital reserves and help move private capital back into the mortgage market, the annual mortgage insurance premium on FHA loans [...

California Million Dollar Home Sales Rise After Four Year Slump

Posted on February 14, 2011
Despite an overall decrease in home sales last year in California, million dollar sales finally saw an increase after a four year slump, according to DataQuick. During 2010, 22,529 homes in the Golden State sold for $1 million or more, a 21 percent increase from numbers seen a year earlier...

Wells Fargo to Cut More than 200 Jobs as HARP Demand Falls

Posted on February 14, 2011
Wells Fargo plans to cut between 200 and 300 jobs as a result of rising interest rates and a subsequent drop in demand for the government’s Home Affordable Refinance Program. The loan program, also known as HARP, is designed to help underwater borrowers (those who owe more on their mortgage than their home is currently [...

More Expensive Government Mortgages Ahead

Posted on February 11, 2011
Government-backed mortgages, including those guaranteed by Fannie Mae, Freddie Mac, and the FHA, are expected to get more expensive in a bid to restore the languishing private market. The details were included in a Treasury/HUD report to Congress, titled, ?Reforming America’s Housing Finance Market...

Mortgage Defaults Lowest Since July 2007

Posted on February 10, 2011
Ready for some good news? Mortgage defaults, the first step in the foreclosure process, fell for the fourth consecutive month and are now at their lowest point since July 2007, per RealtyTrac. A total of 75,198 U.S. properties received a default notice last month, a one percent decrease from December and a 27 percent decline [...

Mortgage Rates Higher Than Year Ago Levels

Posted on February 10, 2011
It finally happened…mortgage rates surged higher than levels seen this time last year, according to figures from government mortgage financier Freddie Mac. The popular 30-year fixed mortgage averaged 5.05 percent during the week ending February 10, up from 4...

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