By Mike Colpitts The nation’s giant mortgage lenders will force banks and mortgage servicers to enforce new guidelines to speed up short sales. Freddie Mac and Fannie Mae will require lenders to respond to requests for short sales from mortgage borrowers within 60 days under a new mandate ordered by the Federal Housing Finance Agency.… Continue reading Short Sales Finally Speed Up
Category: Credit
Secret Code Separates Mortgage Approval
By Riekie Karstens A loan officer submits a mortgage application for approval from the automated underwriting system, which is used in the mortgage industry to quickly separate the wheat from the chaff to determine whether applicants qualify for a mortgage. A secret code separates the wheat from the chaff in the loan approval process. Creditors… Continue reading Secret Code Separates Mortgage Approval
Mortgage Pace Slows Before Boom
By Mike Colpitts Despite the second lowest mortgage rates on record, refinances slowed to the slowest pace in weeks as consumers waited for new guidelines for home refinancing to be announced. Applications for refinancing slipped, driving home loan originations 10% lower, according to the Mortgage Bankers Association but are projected to boom this week. The… Continue reading Mortgage Pace Slows Before Boom
US Offers Foreign Residency for Real Estate
By Jeanne Roberts It’s an interesting offer – As a foreigner, buy a home in the United States for $500,000 or more and get a visa that lets you also live in the country. Buyers could also qualify for the visa by purchasing a $250,000 home and spending an equivalent amount on residential real estate… Continue reading US Offers Foreign Residency for Real Estate
Title Officers Charged in Robo-Signing Felonies
By Mike Colpitts Two title officers associated with Lender Processing Services have been indicted by a Nevada county grand jury on charges related to illegal robo-signings, according to the Office of the Nevada Attorney General. The two LPS employees, Gary Trafford and Gerri Sheppard, were indicted on 606 counts. The charges relate to allegations of… Continue reading Title Officers Charged in Robo-Signing Felonies
Americans Unload Homes, Debt at Unprecedented Level
By Kevin Chiu Americans are unloading debt levels at unprecedented rates as they reduce mortgage rates through refinancing, pay down credit cards, loans on cars and in millions of cases let homes go back to banks and mortgage companies at unprecedented levels. The inventory of homes in the foreclosure pipeline not yet formally counted as… Continue reading Americans Unload Homes, Debt at Unprecedented Level
Buying a Home Again After Foreclosure
By Scott J. Clifford Real Estate Attorney Losing a house to foreclosure can create a feeling of home buying despondency, rooted in a belief that banks will easily say no to someone who has failed to successfully pay their mortgage payments. Yet if this were truly the case, the housing market would be even worse… Continue reading Buying a Home Again After Foreclosure
New Mortgage Credit Risk Analysis In Development
By Mike Colpitts Two of the nation’s largest financial firms have teamed up to produce a new credit risk analysis scoring product to determine whether mortgage applicants qualify for home loans. A division of CoreLogic, Credco and FICO – the leading provider of analytics and decision management technology for the financial industry signed an agreement… Continue reading New Mortgage Credit Risk Analysis In Development
Housing Growth Would Aid Economic Recovery
By Mike Colpitts The inventory of new homes for sale is at record low levels in the U.S. constrained by tight credit market conditions preventing new home builders from starting projects, according to the National Association of Homebuilders. Rigid mortgage qualifying standards create anemic lending levels to boost the housing market. The residential real estate… Continue reading Housing Growth Would Aid Economic Recovery
Trouble Qualifing for Low Mortgage Rates
By Jeanne Roberts Home prices are way, way down from their peak just a few years ago. So are interest rates. It’s easy to find 15-year mortgage rates below 3.5% and 30-year fixed rate mortgages just above 4%. Which leaves some would-be refinancers (and buyers) wondering why they can’t get the loan or house of… Continue reading Trouble Qualifing for Low Mortgage Rates