By Mike Colpitts The mortgage settlement reached by 49 state attorneys general and the U.S. government requires banks and mortgage servicers to implement changes servicing mortgages, handling foreclosures and attempts to insure the accuracy of information provided to federal bankruptcy courts in an unprecedented manner. The $25-billion agreement requires new bank servicing standards in an… Continue reading States Mortgage Settlement to Aid Wrongly Foreclosed
Category: Loans
Refinancing Picks Up Speed on Lower Rates
By Mike Colpitts Refinancing picked-up speed as homeowners applied for lower mortgage rates in greater numbers to obtain lower mortgage payments even as home purchase financing slowed, according to the Mortgage Bankers Association. Almost half or 43% of those refinancing home mortgages chose shorter 15 or 20 year loans during the fourth quarter of 2011,… Continue reading Refinancing Picks Up Speed on Lower Rates
FHA Cracks Down on Mortgage Lenders
By Kevin Chiu The Federal Housing Administration (FHA) will toughen its standards to approve mortgage lenders doing business with the government, and force more banks and mortgage companies to buy back defaulted mortgages in a major move to crack down on mortgage lenders. The federal government’s changes are part of an effort to improve mortgage… Continue reading FHA Cracks Down on Mortgage Lenders
Mortgage Rates Set New Record Low
By Kevin Chiu Troubled by high long term unemployment worries, financial markets set the stage for another drop in mortgage rates this week, sending rates to a new historic record low. The average 30-year fixed rate home mortgage dropped to 3.89%, down from 3.91% last week, according to Freddie Mac. Mortgage interest rates are at… Continue reading Mortgage Rates Set New Record Low
Mortgage Rates Equal Record Lows
By Mike Colpitts Mortgage rates are celebrating the New Year at their all-time record lows. The 30-year fixed rate averaged 3.91% to match its record low as Treasury bond yields remain near their lows with growing signs of improvement in U.S. manufacturing. It’s the fifth straight week that average rates have remained under 4.00% on… Continue reading Mortgage Rates Equal Record Lows
Foreclosure Activity Drops 34% in 2011
By Mike Colpitts Court ordered moratoriums halting foreclosures produced a 34% drop in the number of homes entering the foreclosure process in 2011, according to foreclosure tracker RealtyTrac. The slowdown in activity came as lenders reviewed foreclosures in the pipeline after bank servicing employees admitted to making illegal forgeries on what is likely to be… Continue reading Foreclosure Activity Drops 34% in 2011
Lowest Mortgage Rates of Year Arrive
By Kevin Chiu The lowest mortgage rates of the year arrived in time for New Year’s, according to the Mortgage Bankers Association survey. However, despite the drop, mortgage refinances and mortgages for home purchases slipped for the week. The drop in applications was attributed to the traditional holiday slowdown caused by Christmas and New Years,… Continue reading Lowest Mortgage Rates of Year Arrive
Jumbo Loan Limits Increased
By Kevin Chiu Jumbo loan limits, eliminated just two months ago have been increased by the Federal Housing Administration. The move raised loan limits to 125% of local median home prices to a maximum of $729,750. The FHA jumbo loan increase was approved by Congress, and is expected to be signed by President Barack Obama.… Continue reading Jumbo Loan Limits Increased
Mortgage Rates Remain Near Record Lows
By Kevin Chiu Mortgage rates remained near record low levels for the third week in a row as consumer concerns over the U.S. economy gave into positive news about the improving state of the economy, despite unemployment levels that have been at the highest levels in the nation’s history since the Great Depression. The 30-year… Continue reading Mortgage Rates Remain Near Record Lows
Mortgage Rates Drop as Adjustables Hit New Lows
By Kevin Chiu Mortgage rates dropped on popular fixed rate loans and hit a new low on adjustable rate mortgages, according to Freddie Mac. The drop in rates sent the 30-year fixed rate average at or below 4% for the fourth straight week. The loan averaged 3.98%, slipping two basis points from last week, according… Continue reading Mortgage Rates Drop as Adjustables Hit New Lows