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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

Southern California Home Sales End 2010 With a Surge

Posted on January 18, 2011
A total of 19,528 new and resale houses and condos sold in six Southern California counties last month, according to DataQuick. The numbers were up 20.5 percent from November, but off 12.5 percent from December 2009, making it the second lowest total in a December since 1995...

Mortgage Defaults Slip Lower in December

Posted on January 18, 2011
Mortgage defaults on both first and second mortgages fell in December, according to the latest S&P/Experian Consumer Credit Default Indices report released today. The first mortgage default rate fell to 2.93 percent, down 4.34 percent from November and 38...

Adjustable-Rate Mortgages To Account for Nine Percent of Home Purchases in 2011

Posted on January 18, 2011
Despite a perceived uptick in mortgage rates, adjustable-rate mortgages are expected to grab a nine percent share of the home purchase market this year, according to Freddie Mac‘s 27th Annual ARM Survey. The ARM-share of home purchase mortgages peaked at 40 percent back in 2004, but fell to as low as three percent in early [...

Wells Fargo Calls for 30 Percent Down Payments on Mortgages

Posted on January 14, 2011
Wells Fargo wants borrowers to put down 30 percent on mortgages to avoid a new requirement that will require mortgage lenders to retain five percent of the loan if it’s securitized, according to the WSJ. This so-called ?risk retention? is related to new regulations required by the Dodd?Frank Wall Street Reform and Consumer Protection Act [...

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Judge Faces Foreclosure After Told to Stop Making Mortgage Payments

Posted on January 13, 2011
A Cleveland-area judge is facing foreclosure after he stopped making mortgage payments on his eight-bedroom, lakefront home, according to Cleveland.com. No big real, right? After all, there were nearly three million foreclosure notices sent out last year alone...

2.9 Million Properties Received Foreclosure Filing in 2010

Posted on January 13, 2011
A record 2.9 million U.S. properties received a foreclosure notice in 2010, according to a report released today by RealtyTrac. The actual number of filings, which includes default notices, scheduled auctions and bank repossessions, totaled 3,825,637 (some properties receive more than one notice)...

Two for Two: Mortgage Rates Fall for Second Straight Week of 2011

Posted on January 13, 2011
Well, 2011 is getting off to a good start, if you measure it by the direction of mortgage rates. Rates fell for the second straight week of 2011, after a long run-up in the last couple months of 2010, according to the latest weekly survey from mortgage financier Freddie Mac...

FHA Refinance Applications Plummet in November

Posted on January 12, 2011
FHA refinance loan volume fell 29.9 percent from October to November, according to a FHA Single-Family Outlook released recently by HUD. A total of 69,062 FHA loan applications were received for refinance purposes, down from 98,544 a month prior, and well below the 112,095 seen the same time last year...

Mortgage Demand Rises During First Week of New Year

Posted on January 12, 2011
Mortgage application volume increased 2.2 percent on a seasonally adjusted basis during the first of week of 2011, though its probably not a sign of things to come. It was the second successive week-to-week increase in home loan volume, led by a 4.9 percent jump in refinance demand, partially offset by a 3...

Top Wholesale Mortgage Lenders Q3 2010

Posted on January 11, 2011
Wells Fargo was the top wholesale mortgage lender in the third quarter of 2010, with $9.7 billion in volume, according to Mortgagestats.com. That total was down 11 percent from the third quarter of 2009, but nearly double the $5.9 billion seen in the second quarter of 2010...

Keep Your Home California Program Launched

Posted on January 11, 2011
The so-called ?Keep Your Home California program? launched today, aimed at keeping, you guessed it, more Californians in their homes. The program offers four types of assistance: Unemployment Mortgage Assistance Program (UMA) ? For unemployed homeowners who wish to stay in their homes, this program can provide up to six months of benefits with a [...

Fed President: Home Sales Not Likely to Rebound in 2011

Posted on January 10, 2011
Existing home sales are down roughly 50 percent from their peak five years ago, while new home sales and housing starts are off nearly 80 percent. Despite this, Dennis P. Lockhart, president of the Federal Reserve Bank of Atlanta, doesn’t see a ?sharp bounce back? in 2011...

Philadelphia Foreclosure Sales Postponed for 50 Days

Posted on January 10, 2011
Foreclosure sales have been postponed for 50 days in Philadelphia amid a shakeup within the city’s Sheriff’s Office. Acting Sheriff Barbara Deeley, who is the would-be successor to Philadelphia Sheriff John Green, removed four ?high-level staffers? and fired contractors who carried out title work amid fraud allegations...

Wells Fargo Closed Nearly Half Million Home Loans in Third Quarter

Posted on January 06, 2011
I recently noted that Wells Fargo was the top residential mortgage lender based on volume for the fourth consecutive quarter, ending in the third quarter, according to data from Mortgagestats.com. Well, as you may have suspected, the San Francisco-based bank and mortgage lender was also tops with respect to total number of loans closed...

Mortgage Rates Drop in First Week of New Year

Posted on January 06, 2011
Mortgage rates got off to a good start in 2011, according to the latest weekly survey released today by mortgage financier Freddie Mac. The popular 30-year fixed-rate mortgage slipped to 4.77 percent during the week ending January 6, down from 4.86 percent last week and 5...

Homeowners Less Likely to Default on Mortgages from Local Lenders

Posted on January 05, 2011
New research from Ohio State University suggests that homeowners who obtain home loans from local mortgage lenders are less likely to default than those who borrow from more distant banks. The researchers noted that even if two similar homeowners received the same type of mortgage with the same interest rate, the borrower who went with [...

Mortgage Applications Increase At Year End

Posted on January 05, 2011
After decreasing 3.9 percent on a seasonally adjusted basis the week before Christmas, mortgage demand picked up 2.3 percent during the week preceding New Year’s Eve, according to the Mortgage Bankers Association. The refinance index fell 7.2 percent during the week ending December 24, but partially offset that after increasing 3...

S&P: 44 Months to Clear Distressed Housing Inventory

Posted on January 04, 2011
Wondering whether 2011 is the right year to buy that new home? Well consider this; S&P warned this week that it will take 44 months to clear all the distressed homes out there, many of which aren’t actually on the market. That’s nearly four years, up from the second quarter estimate of 40 months...

Bank of America Settles Loan Repurchase Requests with Fannie, Freddie

Posted on January 03, 2011
Bank of America announced today that it reached loan repurchase agreements with both Fannie Mae and Freddie Mac concerning certain legacy Countrywide mortgages. The Charlotte-based bank and mortgage lender agreed to pay the pair roughly $1.3 billion each to settle any alleged breaches of selling representations and warranties related to the loans...

Mortgage Rates End Year at Seven Month High

Posted on January 03, 2011
It was a great year for mortgage rates in 2010, but they look to be heading higher in 2011. The popular 30-year fixed-rate mortgage dipped as low as 4.17 percent during the year, but now stands at 4.86 percent, as of last week, according to mortgage financier Freddie Mac...

Wells Fargo Top Mortgage Lender for Fourth Consecutive Quarter

Posted on December 29, 2010
Wells Fargo was the top residential mortgage lender for the fourth consecutive quarter, according to MortgageStats.com. The San Francisco-based bank and mortgage lender grabbed nearly a quarter (23.13 percent) of total market share with $102.8 billion in loan origination volume during the third quarter...

Mortgage Rates Ease Before Holidays

Posted on December 23, 2010
Mortgage rates saw mild improvement this week after running up for weeks, mortgage financier Freddie Mac reported today. The popular 30-year fixed-rate mortgage averaged 4.81 percent during the week ending December 23, down from 4.83 percent last week, and just below the 5...

Nearly 9,000 Permanent Loan Modifications Canceled in November

Posted on December 22, 2010
Last month, 29,972 permanent loan modifications were completed under the Making Home Affordable Program, up from roughly 24,000 a month earlier. However, the numbers are still below the previous six months, when participating mortgage lenders and loan servicers averaged 37,000 new permanent mods per month...

New Disclosure Rules for Adjustable Rate Mortgages

Posted on December 22, 2010
The Federal Reserve today approved an interim rule that will require mortgage lenders to disclose examples of how a mortgage loan’s interest rate and monthly payment may change. Beginning on October 1, 2011, banks and lenders must alert borrowers to the risk of payment increases before they agree to take out mortgage loans with variable [...

Is the Refinance Boom Finally Over?

Posted on December 22, 2010
Refinance demand fell for the sixth straight week, indicating an end to the boom that began in early 2009, according to the latest survey from the Mortgage Bankers Association. Overall, mortgage application volume was off 18.6 percent on a seasonally adjusted basis during the week ending December 17...

Mortgage Defaults Rise for First Time in a Year

Posted on December 21, 2010
Mortgage defaults increased for the first time since December 2009 last month, according to joint data from credit bureau Experian and S&P. The default rate for first mortgages was 3.05 percent in November, up 4.95 percent from October, but still 34...

New Jersey Foreclosures Face Possible Suspension

Posted on December 21, 2010
The New Jersey Courts system announced steps to ramp up the integrity of foreclosure proceedings in the state in light of the recent robo-signing allegations. Six mortgage lenders and service providers in connection with the foreclosure snafus have been ordered ?to show cause why the processing of uncontested residential mortgage foreclosure actions they have filed [...

California Pick-A-Payment Customers to Receive Mortgage Assistance

Posted on December 20, 2010
Wells Fargo announced today that former Wachovia Pick-A-Payment mortgage customers in California may be eligible to receive principal balance reductions for making on-time mortgage payments as part of an agreement reached with State AG Jerry Brown. From December 20, 2010 through June 30, 2013, the total amount of relief for option arm customers could reach as [...

Banks Continue to Foreclose on Those Seeking Loan Modifications

Posted on December 20, 2010
Banks still foreclosure on homeowners seeking loan modifications, according to a survey conducted by the National Association of Consumer Advocates (NACA). The group, which surveyed 96 attorneys representing over 2,500 homeowners, found that nearly every one said they had a client whose bank tried to foreclose while they were negotiating a loan modification...

Rising Mortgage Rates Motivate First Time Homebuyers

Posted on December 20, 2010
The first time homebuyer share of home purchases jumped to 37.2 percent last month from 34.4 percent in October as mortgage rates shot higher, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey released today. ?The recent surge in interest rates has made potential homebuyers nervous,? explained Thomas Popik, director of the HousingPulse survey, in [...

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