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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

Mortgage Rates Mixed This Week

Posted on June 03, 2010
Mortgage rates were a mixed bag this week, though there wasn’t much movement in either direction, mortgage financier Freddie Mac said today. The benchmark 30-year fixed-rate mortgage climbed to 4.79 percent during the week ending June 3, up from 4...

Citi to Close 376 CitiFinancial Branches, Cut Hundreds of Jobs

Posted on June 02, 2010
Citigroup plans to shutter 376 CitiFinancial branches and let hundreds of employees go as part of a wider reorganization plan. Of the CitiFinancial branches expected to be closed, 330 are located in the United States and 46 are located in Canada – jobs losses are estimated to total 500-600 in the U...

BB&T Exiting Wholesale Mortgage Lending

Posted on June 02, 2010
It feels like 2007 all over again, what with Citi shutting hundreds of consumer lending branches and now BB&T exiting the wholesale mortgage channel. Liberty Mortgage Corp., a subsidiary of BB&T, appears to be shutting its doors, according to a memo obtained by National Mortgage News...

The Fonz is New Spokesperson for Reverse Mortgage Company

Posted on June 02, 2010
The ?Fonz,? better known for being cool than pitching mortgage products to old people, is the new face of a growing reverse mortgage company. One Reverse Mortgage of Livonia, Michigan announced today that award-winning actor and author (really?) Henry Winkler will be the company’s new spokesperson going forward...

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Refinances Up, Purchases Down, Again

Posted on June 02, 2010
For the fourth straight week, refinance applications increased while purchase activity slowed, according to the latest survey from the Mortgage Bankers Association. Overall, mortgage loan application volume increased 0.9 percent on a seasonally adjusted basis during the week ending May 28...

UK Lenders Launch Complex Prime

Posted on June 01, 2010
Prime, subprime, Optimus Prime, and now, ?complex prime.? During the past couple months, smaller UK lenders have launched new home loan products to fill the gap left by the extinction of subprime lending. While it may seem like a new way of offering home loans in the United Kingdom, it’s probably just the same old game with [...

76 Percent Believe Renting Better Option Than Homeownership

Posted on May 27, 2010
Despite mortgage rates hovering near record lows and home prices well off recent highs (but still expensive), many Americans still seem to be unconvinced. A new survey conducted by the National Apartment Association and Harris Interactive found that 76 of consumers deem renting more favorable than owning a home in the current market...

Mortgage Rates Fall as Economic Uncertainty Lingers

Posted on May 27, 2010
The ongoing uncertainty in Europe pushed mortgage rates even lower this week, according to mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage fell to 4.78 percent during the week ending May 27, down from 4.84 percent a week ago and 4...

Homeowner?s Mortgage Declined Because of Weed in Garden

Posted on May 26, 2010
Okay, perhaps the title of this post is a little misleading. There wasn’t ?weed? in the garden, but rather the presence of a weed that wreaks havoc on building foundations. The suspect weed is Japanese Knotweed, which was found in a British homeowner’s flower beds, according to a report from the Telegraph...

Refi and Purchase Activity Continues to Diverge

Posted on May 26, 2010
For the third straight week, refinance activity increased while applications to purchase a home fell, the Mortgage Bankers Association said today. The result is the highest reading of the refinance index since October, and the lowest purchase index reading since April 1997...

Mortgage Interest Deduction by State

Posted on May 25, 2010
If you’re wondering how much mortgage holders save from deducting mortgage interest, wonder no longer. New data released by the IRS revealed that more than a quarter of the nation’s 143 million tax returns claimed the mortgage interest deduction in 2008...

Australia Looks to Repeat Our Mortgage Crisis

Posted on May 25, 2010
You’d think other countries around the globe would learn from our mortgage mistakes (China seems to be), but that doesn’t look to be the case, at least in Australia. Down in Oz, Dutch bank ING Direct is touting interest-only loans as a great way to get in on the housing boom...

59 Percent of Homeowners Wouldn?t Walk Away

Posted on May 20, 2010
A new survey from Trulia and RealtyTrac revealed that 59 percent of homeowners wouldn’t walk away from their mortgages no matter how deeply underwater they were. That seems somewhat hard to believe, considering the direct correlation between negative equity and strategic default, but taking a survey and actually going through it all are two very different [...

Mortgage Rates at Lowest Level This Year

Posted on May 20, 2010
Mortgage rates fell to the lowest point so far in 2010 as ongoing economic worries pushed bond yields lower (how mortgage rates are determined). The popular 30-year fixed-rate mortgage averaged 4.84 percent this week, down from 4.93 percent a week ago, but slightly above the 4...

Stated Income Bad for Loan Modifications Too

Posted on May 19, 2010
Just prior to the mortgage crisis, stated income loans ran rampant, and once home prices took a turn for the worse, many of these loans defaulted at a fast clip. Over time, it became clear that stated income was not the best way to measure a borrower’s ability to repay their obligations, especially when guaranteed home [...

Home Purchase Applications Lowest Since 1997

Posted on May 19, 2010
Home loan applications fell 1.5 percent on a seasonally adjusted basis for the week ending May 14, the Mortgage Bankers Association said today. The refinance index actually jumped 14.5 percent from one week earlier thanks to the low interest rates on offer, but home purchase applications plummeted 27...

Nearly 40 Percent of California Foreclosures Were Rentals

Posted on May 18, 2010
Of the estimated 211,154 residential units foreclosed on in California during 2009, roughly 77,145 were rental units, according to a new report focused on tenant rights. The foreclosures resulted in the displacement of an estimated 208,795 tenants who were living in single-family homes, condos, and multi-family apartments, despite likely making on-time payments every month...

For California Mortgage Delinquencies, Location Matters

Posted on May 12, 2010
In sunny California, mortgage delinquencies vary widely by county, as evidenced by a Fitch Ratings study. Fitch took a look at all securitized, non-agency mortgage loans in the state and discovered that ?delinquencies are highly correlated with the level of negative equity...

Senate Bill Bans Mortgage Kickbacks, Liar Loans

Posted on May 12, 2010
An amendment introduced by Oregon Senator Jeff Merkley and Minnesota Senator Amy Klobuchar aimed at protecting homeowners from deceptive lending practices passed the Senate by a vote of 63-36 today. As a result, mortgage lenders and loan originators will be banned from accepting payments based on the interest rate and other terms of the loan, which [...

Refis Jump as Rates Slide, Purchases Slow as Tax Credit Ends

Posted on May 12, 2010
Refinance demand surged last week as mortgage rates benefited from economic uncertainty, but purchase activity cooled following the expiration of the homebuyer tax credit, according to data from the Mortgage Bankers Association. ?The recent plunge in rates on US Treasury securities, due to a flight to quality as investors worldwide sought shelter from the Greek debt [...

Black Eyed Pea Takes Foreclosure Crisis into Own Hands

Posted on May 11, 2010
Black Eyed Peas frontman will.i.am has taken on the foreclosure crisis, creating the i.am home fund to help those in jeopardy of losing their homes as a result of the economic downturn. Yesterday, he unveiled the program on Oprah, surprising two struggling families facing foreclosure by paying off their mortgages...

Mortgage Rates vs Stock Market

Posted on May 10, 2010
With all the recent stock market volatility, you may be wondering what effect such events have on mortgage rates. Well, when economic fears rise, as they did last week, investors flee the stock market and head toward safer U.S. Treasury bonds, like the benchmark 10-year bond...

Foreclosure Protest Ends with Seven Arrests

Posted on May 07, 2010
A man who holed up inside his home to avoid a foreclosure-driven eviction was removed today after a week-long protest. The homeowner, Keith Sadler, along with several protesters from the ?Toledo Foreclosure Defense League,? had bound themselves together using chains...

Five Year ARM Hits All Time Low

Posted on May 06, 2010
Mortgage rates continued to inch back toward historic lows this week, according to mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage fell to 5.00 percent from 5.06 percent, but remains slightly above the 4.84 percent average seen a year ago...

Wells Fargo Top Mortgage Lender in First Quarter 2010

Posted on May 05, 2010
Wells Fargo retained the title of ?top mortgage lender? in the first quarter of 2010, according to mortgage publication MortgageDaily.com. The San-Francisco-based bank and mortgage lender reported $76 billion in first quarter loan fundings. Wells was the top mortgage lender in both 2008 and 2009, though it briefly relinquished its title to Bank of America in the [...

New Credit During Mortgage Application Process a No-No

Posted on May 05, 2010
In an effort to improve the underwriting quality of home loans delivered to mortgage financier Fannie Mae, lenders will be required to take a closer look at your debt obligations beginning next month. Come June 1, lenders will be directed to ?review and evaluate the ?inquiries? section of the borrower?s credit report to determine if the [...

Home Purchase Applications Rise to 7-Month High

Posted on May 05, 2010
For the second week in a row, purchase applications increased and refinance demand cooled, according to the Mortgage Bankers Association. Combined, home loan application volume was up four percent on a seasonally adjusted basis last week compared to one week earlier...

China: Fake Divorce to Get Around Mortgage Rules

Posted on May 03, 2010
Married couples in China have reportedly been divorcing each other to circumvent strict mortgage lending rules, according to Radio Free Asia. New regulations require first-time homebuyers to come up with a 30 percent down payment, while those looking to buy a second home need to come in with at least 50 percent of the purchase price...

Strategic Default Accounted for 31 Percent of Foreclosures in First Quarter

Posted on May 03, 2010
Strategic default accounted for 31 percent of foreclosures during the first quarter of 2010, according to the Chicago Booth/Kellogg School Financial Trust Index. That’s up from 22 percent a year ago, and significantly higher than the 12 percent figure Morgan Stanley attributed to strategic default in February...

Fannie Makes it More Difficult to Qualify for Interest Only Loans, ARMs

Posted on May 03, 2010
Mortgage financier Fannie Mae announced several changes last week that will make it more difficult for borrowers to take out interest-only loans and adjustable-rate mortgages. Beginning in July, the qualifying rate on adjustable-rate mortgages with an initial fixed-rate period of five years of less will be the greater of the note rate plus 2%, or the [...

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