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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

Mortgages Owned by Lenders Up to a Third More Likely to be Modified

Posted on February 09, 2011
Home loans owned by banks and mortgage lenders are up to a third more likely to be renegotiated compared to similar mortgages sold and turned into securities, according to a new study from Ohio State University?s Fisher College of Business. Researchers found that such mortgages were 26 to 36 percent more likely to receive some [...

Negative Equity Rises to 27 Percent

Posted on February 09, 2011
More than one in four homeowners was in a negative equity position in the fourth quarter, according to a new report released by Zillow today. The Q4 2010 Zillow® Real Estate Market Reports revealed that 27 percent of homeowners owed more on their mortgages than their homes were worth, up from 23...

Rate Jump Pushes Mortgage Demand Lower

Posted on February 09, 2011
Mortgage rates jumped last week, driving mortgage demand lower, according to the latest survey from the Mortgage Bankers Association. Home loan application volume fell 5.5 percent on a seasonally adjusted basis during the week ending February 4, and was down 3...

Most Borrowers Default on Revolving Accounts Before Mortgage

Posted on February 08, 2011
A new study from credit bureau Equifax claims most borrowers default on a revolving account, such as a credit card or HELOC, before defaulting on their mortgage. The company analyzed consumer credit trends using a new metric called ?default distance,? which is the number of months between the revolving debt default and the first occurrence [...

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20 Percent of Homebuyers More Worried About Mortgage Approval Than Getting Hired

Posted on February 08, 2011
More than one in five recent homebuyers (20.9%) said waiting to hear if they were approved for a mortgage was more stressful than waiting to hear if they got the job, according to a survey conducted by MortgageMatch.com. Of course, you can’t make a mortgage payment without a job, but I digress...

2.1 Million Mortgages 90+ Days Late But Not in Foreclosure

Posted on February 08, 2011
It’s quite evident that the foreclosure backlog is growing, as 2.1 million mortgages are at least 90 days late, but not yet in foreclosure, according to the December Mortgage Monitor report from Lending Processing Services. The company noted that while loans in this category have declined, the number of loans moving to seriously delinquent status [...

Slowdown in Loan Mods Means Foreclosures Unavoidable

Posted on February 07, 2011
A slowdown in loan modifications means loan servicers will actually have to begin foreclosing on the many borrowers unable to keep up with their mortgage payments, instead of kicking the can down the road, according to a new report released today by Fitch Ratings...

Bank of America Quits Reverse Mortgage Lending, Creates Foreclosure Unit

Posted on February 07, 2011
Bank of America said last week that it will no longer originate reverse mortgages, according to a company release. The bank and mortgage lender got into the reverse mortgage business back in 2006, and expanded its presence in subsequent years with the acquisitions of Reverse Mortgage of America and Countrywide...

Top Rated Mortgage Lender Slammed in Report

Posted on February 04, 2011
Quicken Loans, which was ranked number one in customer satisfaction in 2010, has been accused of fraud and high-pressure selling in a new report from The Center of Public Integrity. Lawsuits from both borrowers and ex-employees claim Detroit-based Quicken used high-pressure sales tactics to target the elderly and other vulnerable homeowners...

Investment Group Urges BofA to End Home Loss Payouts for Top Execs

Posted on February 03, 2011
CtW Investment Group has called on Bank of America to end the ?discredited practice? of providing assistance to senior executives who face potential losses when selling their homes. It’s one of the many frills execs enjoy, along with company Blackberrys, laptops, and gym memberships...

State of California Settles Second Lawsuit with Countrywide, Mozilo

Posted on February 03, 2011
The state of California settled a second lawsuit involving former leading mortgage lender Countrywide and some of its top executives, including Angelo Mozilo and David Sambol. Attorney General Kamala D. Harris announced a $6.5 million settlement for the predatory lending case against the company, which will go toward a California foreclosure relief fund...

Mortgage Rates Going Nowhere Fast

Posted on February 03, 2011
Mortgage rates were largely unchanged, though mixed this week, according to the latest survey from mortgage financier Freddie Mac. The ultra-popular 30-year fixed mortgage averaged 4.81 percent during the week ending February 3, up from 4.80 percent last week, but below the 5...

Hope Now Loan Modifications More Than Double HAMP in 2010

Posted on February 02, 2011
Hope Now, a private sector alliance of mortgage servicers, investors, non-profits, and mortgage lenders, completed roughly 1.24 loan modifications in 2010. These proprietary loan modifications more than doubled the 512,712 carried out by the Treasury’s Making Home Affordable program (HAMP) during the same time period...

Mortgage Demand Up After Holiday Week

Posted on February 02, 2011
Mortgage demand increased 11.3 percent on a seasonally adjusted basis during the week ending January 28, the Mortgage Bankers Association reported today. It was led by an 11.7 percent surge in refinance applications and a 9.5 percent increase in seasonally adjusted purchase mortgage applications...

Federal Registry for Mortgage Loan Originators Begins

Posted on February 01, 2011
The Conference of State Bank Supervisors (CSBS) today announced the commencement of the federal registration of mortgage loan originators via the Nationwide Mortgage Licensing System and Registry (NMLS). The system was developed and launched by state regulators to provide uniform mortgage licensing for loan originators nationwide whose regulations vary significantly by state...

20 Percent Re-Default Rate Seen on HAMP Modifications

Posted on February 01, 2011
The Treasury included performance of permanent loan modifications in its latest Home Affordable Modification Program (HAMP), revealing that 20.4 percent of year-old mods were already 60+ days delinquent. Additionally, 15.3 percent of permanent loan modifications were three or more mortgage payments behind (severely delinquent) as of the December report...

46 Percent of Fourth Quarter Refinance Volume Cash-In

Posted on January 31, 2011
So much for using your home as an ATM machine… A whopping 46 percent of refinance volume in the fourth quarter was cash-in, according to a report released today by mortgage financier Freddie Mac. Cash-in refinances refer to those in which the principal mortgage balance is lowered as a result of homeowners paying-in additional money [...

Wells Fargo and Bank of America Control Nearly Half of Mortgage Market

Posted on January 31, 2011
The two largest mortgage lenders in the nation control nearly half of the residential mortgage market, according to Inside Mortgage Finance. During the first three quarters of 2010, San Francisco-based Wells Fargo and Charlotte-based Bank of America accounted for 46 percent of the market...

More Empty Homes Seen as Homeownership Falls

Posted on January 31, 2011
More homes throughout the United States stood vacant as the homeownership rate continued its downward march, according to statistics released today by the Census Bureau. The homeowner vacancy rate increased to 2.7 percent in the fourth quarter, up from 2...

Phoenix Had Most Bank Repossessions in 2010

Posted on January 27, 2011
The Phoenix-Mesa-Scottsdale metro reported a total of 55,372 bank repossessions (REOs) in 2010, according to a report released today by RealtyTrac. The hard-hit region led the nation in homes actually lost to foreclosure, and saw the numbers rise 17 percent from 2009...

Good News Pushes Mortgage Rates Higher

Posted on January 27, 2011
Good economic news pushed mortgage rates higher this week, according to the latest weekly survey from government mortgage financier Freddie Mac. The wildly popular 30-year fixed mortgage climbed to 4.80 percent from 4.74 percent during the week ending January 27, but is still slightly below the 4...

FHA Short Refinance Program Has Resulted in Only 15 Refis

Posted on January 26, 2011
The FHA Short Refinance program, made available to loan servicers in June but formally launched in October, has resulted in just 15 refinances as of December 31, according to Congressional testimony from the Special Inspector General, Neil M. Barofsky...

Refinance Demand Hits One Year Low

Posted on January 26, 2011
Mortgage application volume fell 12.9 percent on a seasonally adjusted basis last week, according to the latest weekly survey released today by the Mortgage Bankers Association. The refinance index plummeted 15.3 percent from one week earlier to reach its lowest point since January 2010...

Countrywide Sued by TIAA-CREF, New York Life Over Mortgage Fraud

Posted on January 25, 2011
Former mortgage lender Countrywide Financial was sued by roughly a dozen insurance companies in New York state Supreme Court yesterday. The infamous company, now owned by Bank of America, was accused of ?massive fraud? by plaintiffs such as TIAA-CREF, Dexia Holdings, and New York Life Insurance, which invested in Countrywide mortgage-backed securities (MBS) between 2005 [...

Nearly One in Four Nevada Foreclosures Strategic

Posted on January 25, 2011
Nearly a quarter of Nevada foreclosures were ?strategic,? according to a study conducted by the Nevada Association of Realtors. The analysis of the Nevada foreclosure crisis, titled, ?The Face of Foreclosure,? found that 23 percent of those surveyed stopped making mortgage payments, even though they could...

Cheaper to Buy Than Rent in 72 Percent of Major U.S. Cities

Posted on January 24, 2011
It’s cheaper to buy than rent in 72 percent of major U.S. cities, according to a study released today by Trulia. The real estate search site found that it’s more affordable to buy a two-bedroom home than rent one, but many have decided to rent rather than buy due to economic uncertainties...

Nearly Half of December Home Sales Distressed

Posted on January 24, 2011
The distressed share of home sales surged to 47.2 percent in December, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey released today. It was up from 44.5 percent in November, and nearly matched the all-time peak of 47.5 percent seen back in September, before the robosigning scandal put things on ice...

Existing Home Sales Jump, but Foreclosure Inventory Rising

Posted on January 20, 2011
Existing home sales jumped 12.3 percent last month to a seasonally adjusted annual pace of 5.28 million units, the National Association of Realtors reported today. However, sales were still off 2.9 percent compared to one year earlier. NAR chief economist Lawrence Yun noted that home sales were on the ?uptrend,? and said the pattern over [...

Mortgage Rates Mixed in Third Week of New Year

Posted on January 20, 2011
Mortgage rates were mixed after two straight weeks of declines, according to mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage inched up to 4.74 percent from 4.71 percent during the week ending January 20, and is now just narrowly beating the 4...

Refinance Demand Up for Third Straight Week

Posted on January 19, 2011
Mortgage loan application volume increased 5.0 percent on a seasonally adjusted basis during the week ending January 14, the Mortgage Bankers Association reported today. The refinance index jumped 7.7 percent from one week earlier, its third consecutive increase and the highest level since early December...

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