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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

Consumers to be Notified When Credit Score Affects Mortgage Rate

Posted on December 23, 2009
Beginning in 2011 (no, not 2010), consumers will be notified if they receive less favorable terms on their mortgages because of credit imperfections, according to a notice from the Federal Reserve and FTC. Consumers with less-than-stellar credit will receive ?risk-based pricing? notices when applying for mortgages and other types of loans, assuming their credit scores adversely [...

Mortgage Demand Falls 10 Percent

Posted on December 23, 2009
Home loan demand slipped 10.7 percent on a seasonally adjusted basis for the week ending December 18, according to the Mortgage Bankers Association. On an unadjusted basis, lending volume decreased 10.9 percent compared with the previous week, and the year-over-year is unknown because the MBA pulled that data a few months back (I wonder why?)...

Mortgage Lates Hit New High

Posted on December 22, 2009
Mortgages at least 30 days delinquent hit a record high 7.91 percent last month, up from 7.76 percent in October and 7.65 percent a month earlier, according to credit bureau Equifax. The record delinquency rate compares to 5.83 percent a year ago and 3...

Home Retention Acts Up, But Re-Default Rate Awful

Posted on December 21, 2009
A look at loss mitigation and re-default rates via the OCC and OTS Mortgage Metrics Report for the Third Quarter 2009: So-called ?home retention acts? (loan modifications, trial period plans and payment plans) totaled 680,153 in the third quarter, up 68...

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87.2 Percent of Mortgages Current

Posted on December 21, 2009
Some interesting tidbits from the OCC and OTS Mortgage Metrics Report for the Third Quarter 2009: The percentage of current and performing mortgages fell to 87.2 percent of the servicing portfolio as of September 30, down from 88.6 percent a quarter earlier and 91...

Shadow Inventory Estimated at 1.7 Million Properties

Posted on December 18, 2009
The ?shadow inventory,? which is the pending supply of homes not included in the official numbers, increased to 1.7 million units as of September, according to a report from First American Core Logic. That’s up from 1.1 million a year ago, thanks to rising numbers of real estate owned (REO) by banks and mortgage lenders, foreclosures, [...

Mortgage Activity Cooled in Third Quarter

Posted on December 17, 2009
The mortgage bonanza that was during the second quarter ran out of steam in the third quarter, according to a survey of independent mortgage bankers from the MBA. Average production volume slipped 33 percent between the second and third quarter as refinancing slowed, cutting into profits in the process...

Citi Offers Up Foreclosure Moratorium for the Holidays

Posted on December 17, 2009
CitiMortgage and CitiFinancial North America announced today a nationwide foreclosure moratorium to allow distressed homeowners to stay put during the holiday season. The 30-day suspension begins tomorrow and ends on January 17, 2010, and is available for homeowners with first mortgages owned by the two companies...

Mortgage Rates Jump Higher

Posted on December 17, 2009
Mortgage rates climbed higher for a second straight week as the economy showed signs of improvement, mortgage financier Freddie Mac said today. The popular 30-year fixed averaged 4.94 percent during the week ending December 17, up from 4.81 percent last week, but below the 5...

15-Year Fixed Gains in Popularity

Posted on December 16, 2009
With mortgage rates at or near record lows, homeowners are ditching adjustable-rate mortgages in favor of fixed loans, including shorter-term products like the 15-year fixed. The traditionally less-popular loan type accounted for nearly 20 percent of refinance applications in October, according to data from the Mortgage Bankers Association, compiled by the WSJ...

Chase to Open 24 New Mortgage Counseling Offices

Posted on December 16, 2009
Chase plans to nearly double its number of mortgage counseling offices in the wake of the worst mortgage crisis in recent history. The New York City-based bank said today it will open 24 additional Chase Homeownership Centers in the next four months in order to provide face-to-face assistance to more homeowners facing foreclosure...

Mortgage Demand Rises Despite Uptick in Rates

Posted on December 16, 2009
Mortgage demand increased for the second straight week despite another uptick in interest rates, the Mortgage Bankers Asssociation said today. Home loan application volume was up 0.3 percent on a seasonally adjusted basis for the week ending December 11, thanks to a 0...

SoCal Home Prices End Two Year Slide

Posted on December 15, 2009
Southern California home prices last month were unchanged from a year ago, the first time there hasn’t been a year-over-year decline since September 2007, according to DataQuick. The median price paid for a home in the Southland last month was $285,000, a 1...

Mortgage Lending to Fall 16 Percent Next Year

Posted on December 15, 2009
Mortgage lending volume is expected to fall 16 percent in 2010 as the homebuyer tax credit expires and the Fed halts its mortgage buying program, according to a report from Keefe, Bruyette & Woods Inc. analysts. KBW analysts Bose George and Jade Rahmani wrote in a research note today that they estimate residential loan originations to [...

Zillow Adds Rental Listings

Posted on December 15, 2009
Another sign of the times… Zillow announced today that it will now offer rental listings to go along side the millions of homes for sale in its massive database. Homeowners can now list their properties for rent or for sale, while prospective home buyers can search both rental homes and homes for sale...

Loss of Income Cited as Leading Cause of Foreclosure

Posted on December 11, 2009
Job loss or reduced income has been cited as the number one reason why homeowners are facing foreclosure, according to a new report from NeighborWorks. The organization, which administers the National Foreclosure Mitigation Counseling (NFMC) Program, said 54 percent of homeowners who received counseling via the program reported reduced or loss income as the primary driver [...

Mortgage Broker Lending Share Hits New Low

Posted on December 11, 2009
The mortgage broker-share of home loan originations hit a new low of 12.9 percent in the third quarter, according to an exclusive survey from National Mortgage News. The publication said loan originators funded a total of $443 billion in the third quarter, with retail lenders grabbing 48...

Wells Fargo Modifies $15.7 Billion in Option Arms

Posted on December 10, 2009
Wells Fargo has reportedly modified $15.7 billion in nasty pay-option arms through the first three quarters of the year, according to Bloomberg. The negative amortization loans, which were acquired via its merger with Wachovia, have carried a serious delinquency rate triple that of standard loans, making them a high priority for the San Francisco-based bank...

Foreclosures Down for Fourth Straight Month

Posted on December 10, 2009
Foreclosure filings decreased for the fourth consecutive month in November, according to foreclosure listing service RealtyTrac. Foreclosure activity, which includes anything from a notice of default to a bank repossession, declined by eight percent compared to October, but was still 18 percent higher than November 2008...

Mortgage Rates Rise Off Record Lows

Posted on December 10, 2009
Mortgage rates climber higher this week after hitting record lows in the previous survey, according to mortgage financier Freddie Mac. ?Following an upbeat employment report, long-term bond yields rose slightly and fixed mortgage rates followed,? said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement...

Bank of America Completes Just 98 Permanent Loan Modifications

Posted on December 10, 2009
Amid all the uproar surrounding the Home Affordable Modification Program (HAMP), it was revealed today that Bank of America completed just 98 permanent loan modifications. While that figure is certain to rise thanks to the bank?s 156,864 active trial modifications currently underway, the numbers are seriously weak compared to other major loan servicers...

Mortgage Applications Rise Despite Increase in Rates

Posted on December 09, 2009
Mortgage application volume increased 8.5 percent on a seasonally adjusted basis for the week ending December 4, according to the latest survey from the Mortgage Bankers Association. On an unadjusted basis, the index was up 54 percent compared with one week earlier, though that was the holiday shortened Thanksgiving week...

Credit Card Repayment a Higher Priority Than Mortgage

Posted on December 09, 2009
Another sign of the times… U.S. consumers seem to be more interested in paying their credit cards than making their monthly mortgage payments, according to a new survey from Cardbeat/Auriemma Consulting Group (ACG). In previous years, consumers had always said the mortgage is the bill they would pay first, but now credit cards have grabbed the top [...

Chase Says Making Loan Mods Permanent a Struggle

Posted on December 08, 2009
The Home Affordable Modification Program (HAMP) came under more pressure today after Chase revealed the process has been cumbersome and less successful than its own loss mitigation efforts. Since the program launched earlier this year, Chase has offered 199,033 HAMP modifications, with just 16,131 approved for permanent mods and only 4,302 actually completed...

National Mortgage Delinquency Rate to Fall by End of 2010

Posted on December 08, 2009
The national mortgage delinquency rate is expected to eventually decline late next year after a number of unprecedented year-over-year increases, according to credit bureau TransUnion. The company believes the mortgage delinquency rate (loans 60 or more days past due) will drop to 6...

Home Affordable Trial Loan Modification Re-Default Rate Near 27 Percent

Posted on December 07, 2009
More than a quarter of trial loan modifications executed under the Making Home Affordable program are already delinquent, according to testimony from a Treasury official. Assistant Treasury Secretary Herbert Allison told a congressional oversight panel that over 73 percent of borrowers with trial loan mods are current, which after seeing other re-default numbers, seems pretty good...

Bank of America Locks Woman Out of Her Home

Posted on December 07, 2009
A New Jersey woman facing foreclosure found herself locked out of her home after returning from a Thanksgiving trip, according to a report from an ABC affiliate in Philadelphia. The 57-year old woman, Nina Morra, who had recently suffered a stroke back in January and spent subsequent months in the hospital, was also behind on her [...

Record Low Mortgage Rates

Posted on December 03, 2009
Mortgage rates hit a new record low this week, according to mortgage financier Freddie Mac. The uber-popular 30-year fixed-rate mortgage averaged 4.71 percent during the week ending December 3, down from 4.78 percent a week earlier and 5.53 percent a year ago...

FHA to Increase Minimum Down Payment, Credit Score Requirement, Insurance Premiums

Posted on December 02, 2009
As a means to boost capital and improve the quality of future loans, the FHA is expected to make a series of major underwriting changes. The FHA plans to raise the minimum Fico score for new FHA borrowers, though it’s unclear what that three-digit number will be, and if it’ll be dependent on other factors...

Will There be a Foreclosure Moratorium This Holiday Season?

Posted on December 02, 2009
I just got to thinking.� Last year, mortgage financing heavyweights Fannie Mae and Freddie Mac implemented a foreclosure moratorium during the holidays (so did ING). The agencies vowed to suspend all foreclosure sales and evictions of owner-occupied homes from November 26 until January 9, though the move was tied to the implementation of the Streamlined Modification [...

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