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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

FHA Loan Application Volume Down 30 Percent from Year Ago

Posted on July 26, 2010
A total of 168,915 FHA loan applications were received last month, down 6.9 percent from May and 29.4 percent lower than levels seen a year ago, according to the FHA Outlook report. The total included 89,951 purchase applications, 68,876 refinance apps, and 9,088 reverse mortgage apps...

Bill Aims to Eliminate Loan Mod Credit Score Hit

Posted on July 26, 2010
A bill introduced by California Congresswoman Jackie Speier earlier this month aims to protect the credit scores of homeowners who accept loan modifications. Currently, even on-time modified mortgage payments are treated as ?delinquent? or ?incomplete? by the banks and lenders who extend the relief...

2010 Bank Failures Top 100

Posted on July 26, 2010
The FDIC shut seven banks Friday, pushing the 2010 bank failure tally to 103. The latest closures involved regional banks in Oregon, Nevada, Minnesota, Kansas, South Carolina, Georgia, and Florida. Last year, 140 banks were shuttered by the FDIC, the highest total since the savings and loan crisis in the early 1990s...

Top 10 Mortgage Lenders First Quarter 2010

Posted on July 23, 2010
Below is a list of the top 10 residential mortgage lenders in the first quarter of 2010, based on data from MortgageStats.com. Each bank in the top 10 saw fundings drop compared to a year earlier, with many seeing declines of 25-50 percent. Wells Fargo led the way with $77 billion in first quarter originations, followed closely [...

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New Program Predicts Strategic Default

Posted on July 22, 2010
Real estate analytics company CoreLogic released a new program this week that can predict a borrower’s willingness to continue making mortgage payments, enabling loan servicers to make more informed loss mitigation decisions. The system, known as WillCap, categorizes borrowers into 22 ?clusters,? allowing loan holders to determine how, when, and with whom they should take action [...

Even More Record Lows for Mortgage Rates

Posted on July 22, 2010
Mortgage rates continue to dip deeper into record territory, with both the 30-year fixed and 15-year fixed reaching new lows during the week, according to mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage averaged 4.56 percent during the week ending July 22, down from 4...

California Mortgage Defaults at Three Year Low

Posted on July 21, 2010
Mortgage defaults fell for the fifth consecutive quarter between April and June to the lowest point in three years, according to real estate data provider DataQuick. A total of 70,051 Notices of Default (NODs) were filed during the second quarter, down 13...

MIT: Foreclosure Reduces Value of a House by 27 Percent

Posted on July 21, 2010
A foreclosure reduces the value of a home by 27 percent on average, according to a MIT study titled ?Forced Sales and House Prices,? which examined 1.8 million home sales in Massachusetts from 1987 to 2009. Researchers weren’t surprised to find that foreclosures were selling for a discount, but were shocked at how large it was...

Refinance Applications Go Higher as Rates Fall

Posted on July 21, 2010
Home loan application volume increased 7.6 percent on a seasonally adjusted basis for the week ending July 16, the Mortgage Bankers Association said today. Refinance applications increased 8.6 percent week-to-week to the highest level since the week ending May 15, 2009...

More Than 500,000 Trial Loan Modifications Canceled

Posted on July 20, 2010
More than 40 percent of the trial loan modifications started under HAMP were canceled as of the end of last month, but permanent mods totaled nearly 400,000, according to the latest Treasury report. Of the 1,282,912 trials started, 520,814 have been canceled, 364,077 are active, 389,198 are permanent, and the remaining 8,823 were permanent but subsequently [...

Man Facing Foreclosure Tries to Blow Up Bank

Posted on July 20, 2010
An Illinois man facing foreclosure reportedly attempted to blow up the bank that held his mortgage. Last Friday at around 8 p.m., the disgruntled homeowner crashed into a PNC bank branch in his hometown of Lockport in an apparent attempt to destroy it...

Six Million to Lose Homes in Next Two Years

Posted on July 19, 2010
Of the eight million homeowners currently not making mortgage payments, six million are expected to lose their homes over the next two years, according to the latest Market Intelligence newsletter from John Burns Real Estate Consulting. As a result, the national homeownership rate will fall to just 61...

Unions to Banks: Modify More Mortgages Or We?ll Pull Our Deposits

Posted on July 19, 2010
Several very large unions representing some 500,000 working families may pull their money out of certain financial institutions if they don’t do more to help those facing foreclosure. The so-called ?Move Your BIG Money campaign? aims to put pressure on large banks that have done what they feel has been very little to prevent avoidable foreclosures [...

Home Builder Confidence Lowest Since April 2009

Posted on July 19, 2010
Builder confidence for newly built, single-family homes slipped for a second straight month in July to its lowest level since April 2009, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. The index was dragged lower thanks to continued competition from foreclosure/distressed properties selling for less than new homes, [...

Banks Selling More Homes Than Homebuilders

Posted on July 16, 2010
Interesting little tidbit from the good people over at Housing Intelligence. Based on their market data, banks have been selling more homes than homebuilders over the past year and a half. In December 2005, the share of regular resale home sales peaked at 80 percent...

FHA to Up Credit Score Requirements

Posted on July 16, 2010
In a bid to boost its capital reserves, the FHA has proposed three initiatives aimed at improving loan quality. Most notably, new borrowers seeking FHA-insured financing will need a minimum Fico score of 580 to qualify for the ?flagship 3.5 percent down payment program...

Foreclosures Slow for Third Straight Month

Posted on July 15, 2010
Foreclosure filings were reported on 318,841 properties during June, a three percent decrease from one month earlier and nearly seven percent lower than June 2009, RealtyTrac reported today. However, the 1.65 million properties that received foreclosure notices during the first half of 2010 marked an eight percent increase from the first six months of 2009...

Mortgage Rates Little Changed During the Week

Posted on July 15, 2010
Mortgage rates displayed little movement during the week, according to the latest survey from mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage held steady at 4.57 percent during the week ending July 15, which is an all-time low and well below the 5...

Countrywide Sued by State of Oregon

Posted on July 14, 2010
The ghost of Countrywide Financial lives on… The former home lending giant has been sued by the state of Oregon over pension fund losses tied to risky mortgage-backed securities. Oregon Treasurer Ted Wheeler and Attorney General John Kroger announced today that The Oregon Public Employee Retirement Fund was ?induced to invest? $200 million in home loans originated [...

Home Purchase Demand Lowest Since 1996

Posted on July 14, 2010
Mortgage application volume fell 2.9 percent on a seasonally adjusted basis for the week ending July 9, the Mortgage Bankers Association said today. The refinance index slipped 2.9 percent compared with one week earlier, while the seasonally adjusted purchase index was off 3...

SoCal Home Sales up 7.2 Percent in June

Posted on July 13, 2010
Southern California home sales edged up 7.2 percent last month compared to May, and were 2.6 percent higher than a year earlier, DataQuick said today. A total of 23,871 new and resale homes sold across Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange County last month, the highest sales count since last July...

Mortgage Aid Call System Crashes on Day One

Posted on July 13, 2010
The “Michigan Hardest Hit program” launched today to help struggling homeowners stay current on their mortgages hit a major snag, according to the Detroit Free Press. By 10 a.m., the state had received 30,000 calls for the first-come, first-served program, and later in the day the system eventually crashed...

Rich Borrowers More Likely to Default on Mortgage

Posted on July 13, 2010
More than one in seven home loans in excess of $1 million are seriously delinquent, according to data compiled for the NY Times by real estate analytics firm CoreLogic. At the same time, only about one in 12 mortgages below the $1 million-mark are behind on payments, which CoreLogic attributes to the rich being ?more ruthless...

90 Percent of Homeowners Don?t Regret Decision

Posted on July 12, 2010
An overwhelming 90 percent of homeowners don’t regret buying their homes, according to a new survey from consumer finance site Bankrate.com. A ?mere? nine percent said they do regret the decision, though with default rates in the teens, it kind of makes you wonder if it’s not more...

Fannie Mae and Freddie Mac Commence Trading on OTC Bulletin Board

Posted on July 08, 2010
It’s the end of an era, and a sign of the times. Today, shares of government mortgage financiers Fannie Mae and Freddie Mac were removed from the New York Stock Exchange and sent to the lowly OTC Bulletin Board where most other penny stocks dwell...

30-Year Fixed Hits Fresh All Time Low

Posted on July 08, 2010
Mortgage rates were mostly lower this week as the 30-year fixed-rate mortgage hit a new all time low, according to the latest survey from mortgage financier Freddie Mac. The popular mortgage program averaged 4.57 percent during the week ending July 8, down from 4...

Wells Fargo Financial to Close 638 Stores, Halt Origination of Non-Prime Portfolio Mortgages

Posted on July 07, 2010
Wells Fargo plans to close 638 Wells Fargo Financial stores across the United States as part of a wide-scale restructuring, the company said today in a press release. The move will result in roughly 3,800 layoffs, with the remaining 10,000-odd employees expected to be re-assigned to other Wells Fargo businesses...

Citi Boosts Home Loan Lending 60 Percent

Posted on July 07, 2010
Citibank has reportedly increased mortgage lending at its retail branches by 60 percent in the past two months, according to the Wall Street Journal. The New York City-based bank, which had to reassess its risk appetite after teetering on the brink of failure, also doubled its mortgage application pipeline in a matter of months...

Home Purchase Applications Fall for Eighth Time in Nine Weeks

Posted on July 07, 2010
Mortgage application volume increased 6.7 percent on a seasonally adjusted basis during the week ending June 2, the Mortgage Bankers Association said today. It was helped along by a 9.2 percent increase in refinance activity, which was offset by a 2.0 percent decline in purchase applications...

Delinquency to Foreclosure Sale Taking 449 Days

Posted on July 06, 2010
Mortgage delinquencies increased 2.3 percent month-to-month to a rate of 9.20 percent in May, according to the latest Mortgage Monitor report from Lender Processing Services. At the same time, deterioration ratios increased after a two-month decline, with 2...

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