By Ryan Jackson A drop in mortgage rates did little to slow another decline in mortgage applications for the second straight week, according to the Mortgage Bankers Association. Home loan applications fell as interest borrowing rates on the 30-year fixed rate mortgage decreased to an average of 3.80% on fully executed mortgages. The drop in… Continue reading Mortgages Slow Despite Rate Drop
Category: Loans
Trio Pays $5.3-Million in Refinancing Scam
By Ryan Jackson A mortgage broker and two owners of three nursing homes have agreed to pay $5.325-million to resolve allegations in a mortgage refinancing scam to the federal government. In exchange for the financial penalty, federal prosecutors will not pursue criminal charges against the trio. The settlement is part of the federal government’s crackdown… Continue reading Trio Pays $5.3-Million in Refinancing Scam
Mortgages Drop as Loan Interest Ebbs
By Mike Colpitts Mortgage activity dropped for the second week in a row as mortgage rates rose driven by a strong hike in U.S. Treasury yields. Bond rates have been rising for one straight week, pushing mortgage rates higher. The Mortgage Bankers Association market composite index on loan applications fell 4.5% on a seasonally adjusted… Continue reading Mortgages Drop as Loan Interest Ebbs
Fannie Mae, Freddie Mac to Unload Distressed Mortgages
By Mike Colpitts Mortgage giants Fannie Mae and Freddie Mac are expected to start unloading hundreds of thousands of distressed mortgages following a Treasury Department announcement ordering the reduction of troubled mortgages. Despite a political bottleneck in Congress over how to handle the two lenders, the action “will help expedite the wind down of Fannie… Continue reading Fannie Mae, Freddie Mac to Unload Distressed Mortgages
Underwater Refinancing Program to Expand
By Ryan Jackson A larger number of underwater homeowners with mortgages hoping to take advantage of all-time record low mortgage rates may be able to refinance under a program that is scheduled to be expanded by the U.S. government. An estimated 1.3 million homeowners have already refinanced through the government’s Relief Refinance Mortgage Program, which… Continue reading Underwater Refinancing Program to Expand
Mortgage Rates Claim Another Record
By Mike Colpitts Driven by record low mortgage rates, the U.S. housing market is beginning to show signs of improvement as consumers search for discount priced homes. The 30-year fixed rate loan, 15-year fixed mortgage and the 5-year ARM all hit new all-time record lows this week to push hesitant buyers off the fence. The… Continue reading Mortgage Rates Claim Another Record
Mortgage Delinquencies Improve 20%
By Mike Colpitts Mortgage delinquencies have improved more than 20% since the height of the U.S. housing market downturn almost two years ago, according to data obtained from Lender Processing Services. Loan delinquencies declined to 7.14% in July, a drop from a record 9.37% of mortgages in October 2009 at the height of the collapse.… Continue reading Mortgage Delinquencies Improve 20%
Effort to Increase Mortgage Lending Launched
By Mike Colpitts A new product designed to increase mortgage lending and aid bankers in their risk taking decisions is being launched by real estate research firm CoreLogic in conjunction with FICO. The credit scoring product evaluates traditional credit data from consumer credit files and adds a new series of dimensions to more accurately reflect… Continue reading Effort to Increase Mortgage Lending Launched
Home Loans Fall, Despite Record Low Rates
Mortgage applications fell for the third consecutive week, but loans for home purchases increased, indicating pent up demand is starting to show as borrowers sign-up for record low mortgage rates in the midst of the busy summer home buying season. Mortgages for home purchases rose 3%, according to the Mortgage Bankers Association survey. Refinances, however,… Continue reading Home Loans Fall, Despite Record Low Rates
Victim or Not Homeowners Pay for Crisis
By Ryan Jackson For nearly the past six years Housing Predictor has been forecasting the worst foreclosure crisis since the Great Depression and keeping you up to date on the numbers. Ever since the housing crisis started and foreclosures became mainstream news the numbers have been fogged by the deluge of daily reports on the… Continue reading Victim or Not Homeowners Pay for Crisis