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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 Up and Down This Week

Posted on June 25, 2009
After getting some much needed relief in the previous survey, mortgage rates saw little movement this week, according to mortgage financier Freddie Mac. “Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week,” said Freddie Mac Chief Economist Frank Nothaft, in a statement...

Loan Modifications Up at Fannie, Freddie, But So Are Late Payments

Posted on June 24, 2009
Loan modifications at Fannie Mae and Freddie Mac were up 57 percent in the first quarter compared to the fourth quarter, and more than double the numbers seen a year ago, according to the FHFA. During the first quarter of 2009, nearly 37,000 loans were modified, results which reflect the Streamlined Modification Program, but not the Home [...

Citi Correspondent Lending Halted on Missing Data

Posted on June 24, 2009
Citi?s correspondent lending division stopped accepting new mortgage applications as of 5pm yesterday after a review found some loans were missing appraisals and income-verification documents, Bloomberg reported. The division, which produced m ore than half of Citigroup $115 billion in mortgages last year, is on hold until July 6, when applications will resume, though perhaps not [...

Mortgage Applications Up on Purchase, Refi Gains

Posted on June 24, 2009
After sliding 25 percent a week earlier, refinance activity made up some losses, according to the MBA. Overall, mortgage application volume was up 6.6 percent on a seasonally adjusted basis (6.0 percent unadjusted) for the week ending June 19, and up 17...

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Builders Want Guidelines for Appraising Distressed Properties

Posted on June 23, 2009
Home values are being pushed lower thanks to an increased number of previously foreclosed and distressed comparable sales showing up on appraisals, according to the National Association of Home Builders. The group argues that many appraisals aren?t taking into account differences in condition between well maintained homes and those that are distressed; one reason being appraisers [...

United Guaranty Layoffs Top 100

Posted on June 23, 2009
Private mortgage insurer United Guaranty is cutting 160 employees, mainly at its Greensboro, North Carolina headquarters, according to a statement from the company. The struggling unit, which is a part of the AIG disaster, had roughly 500 employees in the area; the layoffs account for less than 15 percent of United Guaranty?s total worldwide workforce...

2009 Mortgage Origination Forecast Slashed by $800 Billion

Posted on June 23, 2009
It didn?t take long for the mortgage refinance bonanza to fall flat on its face, and now the MBA is slashing origination estimates for 2009. The bankers group now expects mortgage originations in 2009 to ring in at just $2.03 trillion, down from earlier estimates over $2...

Making Home Affordable Program May Help More Underwater Homeowners

Posted on June 19, 2009
The Making Home Affordable program may be further expanded to help more underwater homeowners refinance their mortgages. Though mortgage rates have crept up in recent weeks, current interest rates are more favorable than they have been in the past few years...

FHA Warns It May Need Assistance to Operate

Posted on June 19, 2009
The FHA continues to be overwhelmed by surging loan volume, as evidenced by remarks from Kenneth M. Donohue, Inspector General of HUD. Donohue told the Financial Services Committee this week that FHA lending volume tripled during fiscal year 2008, increasing to $180 billion from $59 billion a year earlier...

Report: Originate to Distribute Mortgages Default More

Posted on June 18, 2009
Mortgages sold on the secondary market quickly after being originated were underwritten more poorly than loans kept on bank?s books, according to a report from the University of Michigan Ross School of Business. The so-called originate-to-distribute (OTD) model, where mortgages are sold in bulk to investors shortly after being originated, allowed banks and lenders to loosen [...

Los Angeles Launches Mortgage Fraud Reporting Service

Posted on June 18, 2009
Los Angeles City Attorney Rocky Delgadillo this week launched a new website, FightingMortgageFraud.org, aimed at combating bogus foreclosure avoidance companies. ?This economic crisis has led to a spike in fraud that preys on homeowners? rapidly dwindling dollars as they desperately search for a way to keep their homes,? Delgadillo said...

Southland Median Home Price Rises for First Time Since 2007

Posted on June 18, 2009
The median home price paid for all new and resale homes and condos in the six-county Southland was $249,000 last month, up 0.8 percent from April, but still 32.7 percent below the $370,000 median seen a year ago, according to DataQuick. It was the first time the median home price increased since July 2007, when it [...

Mortgage Rates Improve, Finally

Posted on June 18, 2009
Mortgage rates retreated after hitting a seven month high last week, according to the latest survey from mortgage financier Freddie Mac. The popular 30-year fixed averaged 5.38 percent during the week ending June 18, down from 5.59 percent a week ago, but still a half-point higher than its all-time low of 4...

Alt-A, Interest Only Loans Fade Away

Posted on June 17, 2009
Despite residential lending holding up pretty well during the first quarter (thanks to the record low rates), Alt-A and interest-only lending dropped off a cliff, according to data compiled by National Mortgage News. Total residential home loan production was off just 12 percent in the first quarter of 2009 compared to a year earlier, but the [...

Lenders Voluntarily Delaying Majority of Scheduled Foreclosures

Posted on June 17, 2009
Foreclosure sales jumped 31.9 percent last month in the Golden State, following a 35 percent increase a month earlier, but many potential sales are being held back, according to ForeclosureRadar data. Notices of Default, which are the first step in the foreclosure process, fell 4...

Consumer Financial Protection Agency to Change Mortgage Game

Posted on June 17, 2009
The Obama Administration launched sweeping financial regulatory reform late Tuesday, while launching a so-called ?Consumer Financial Protection Agency? to protect consumers in credit, savings, and payment markets. There?s a lot to it, so I?ll just focus on the mortgage-related stuff, some of it rather significant, assuming it’s actually enforced...

Refinance Applications Off Nearly 25 Percent in One Week

Posted on June 17, 2009
Mortgage application volume fell for the fourth consecutive week, fueled by a drop off in demand for refinancing, according to the MBA. The group?s market index slid 15.8 percent on a seasonally adjusted basis (-15.8 percent unadjusted) for the week ending June 12 compared to one week earlier, and was up just 0...

Four Percent Mortgage Proposed to Solve Crisis

Posted on June 16, 2009
As expected, the recent spike in mortgage rates has led to wild new proposals to solve the ongoing mortgage crisis. The latest proposal comes from Arizona businessman Kenneth Wm. Parker, owner of Parker Properties/Parker Development, who has introduced the so-called ?4/40 for Freedom Loan...

$15,000 Homebuyer Tax Credit in the Works

Posted on June 16, 2009
Georgia Senator Johnny Isakson has reintroduced legislation aimed at boosting the homebuyer tax credit from $8,000 to $15,000 for not only first-time homebuyers, but for all homebuyers. A similar proposal failed to gain inclusion in the stimulus package that became law earlier this year, but increasing desperation in the flagging housing market could see such a [...

Mortgage Lending Slips Among TARP Recipients

Posted on June 16, 2009
Mortgage lending decreased from March to April among the 21 largest recipients of government investment via the Capital Purchase Program (TARP funds), according to the Treasury. The median percentage change in mortgage refinancing was a decrease of eight percent, while new home purchase lending dropped a median five percent...

California Tax Credit for New Home Purchase Running Out

Posted on June 16, 2009
A tax credit intended to spark sales of brand new homes in the Golden State looks to be running out, according to the California Franchise Tax Board. Earlier this year, the state set aside $100 million for qualified homebuyers who purchased a property between March 1, 2009 and March 1, 2010, assuming the home was never [...

California Foreclosure Moratorium Takes Effect

Posted on June 15, 2009
A bill signed into law by Governor Schwarzenegger back in February has launched a supposed “California foreclosure moratorium” in the state today. Going forward, banks and mortgage lenders will either need to renegotiate a loan or provide 90 days notice before foreclosing on a property...

Equifax Says Mortgage Delinquencies May Have Peaked

Posted on June 15, 2009
The rate of mortgage delinquency may have peaked, according to data provided by an Equifax executive to Reuters on Thursday. Of homeowners with mortgages, 7.01 percent were at least 30 days late on their loans last month, up a staggering 58.4 percent from a year ago, but just 1...

One Million Option Arms to Reset in Next Four Years

Posted on June 11, 2009
An estimated one million option arms are expected to reset higher over the next four years, according to a Bloomberg report. About three quarters of these loans will adjust next year and in 2011, with resets peaking in August 2011 when 54,000 loans are set to lose their negative amortization feature...

HUD Bars Three Lenders from Originating FHA Mortgages

Posted on June 11, 2009
HUD?s Mortgagee Review Board has suspended three mortgage lenders accused of serious violations under the agency?s regulations. Golden First Mortgage of Great Neck, NY, Great Country Mortgage Bankers, Inc., of Coral Gables, FL, and Beneficial Mortgage Corporation of San Juan, PR have all been barred from originating new FHA-insured mortgages...

Borrowers in Need of Loan Mods Charged Hundreds for Copies of Loan Documents

Posted on June 11, 2009
MFI-Miami, LLC, which recently published a list of the worst loan modification companies, is now calling on state and federal agencies to investigate closing agents and attorneys. The company claims title agencies and attorneys have been charging homeowners hundreds of dollars for copies of loan documents that should have been supplied at closing...

Foreclosure Activity Slows, But Repossessions Rise

Posted on June 11, 2009
Foreclosure activity slipped six percent in May from a month earlier, but was still up 18 percent from May 2008, according to RealtyTrac. A foreclosure filing was reported on 321,480 U.S. properties during the month, or one in every 398 households nationwide...

Mortgage Rates Hit Seven Month High

Posted on June 11, 2009
So much for the low rates; the popular 30-year fixed averaged 5.59 percent this week, up from 5.29 percent a week ago, but still better than the 6.32 percent seen a year ago, Freddie Mac reported today. The last time it was higher was the week of Thanksgiving, when it averaged 5...

Are Subsidized Mortgage Rates Coming?

Posted on June 10, 2009
With mortgage rates returning to levels seen before the Fed pledged to buy up billions in mortgage securities, it might be time to turn to a costly Plan B, subsidizing mortgage rates. Rising interest rates have already extinguished a short-lived refinance boom, with applications dropping precipitously over the past three weeks...

Some SoCal Home Prices Fall Below 1989 Levels

Posted on June 10, 2009
Some hard-hit neighborhoods in Southern California have seen home prices fall below 1989 levels, according to an article in the LA Times. In 14 Southland Zip Codes, mostly desert communities on the outskirts of Los Angeles, median prices have fallen below levels recorded in April 1989, according to statistics from DataQuick...

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