The refinance share of mortgage applications broke with several weeks of activity by falling below 80 percent last week, even while more borrowers took advantage of the expanded Home Affordable Refinance Program. See original article: HARP Shows Pull Even While Refi Applications Dip: MBA … [Read more...]
REMN Adds Lisa Marra as Area Renovation Sales Manager
February 29, 2012 by
Real Estate Mortgage Network Inc. (REMN) has welcomed Lisa Marra to their growing Columbia, Md View original post here: REMN Adds Lisa Marra as Area Renovation Sales Manager … [Read more...]
FHA Raises Insurance Premiums to Shore Up Mortgage Fund
February 28, 2012 by
The Federal Housing Administration said Monday that it would lift premiums for lenders of single-family mortgages in line with a stipulation under the payroll tax cut extension last year. Acting FHA Commissioner Carol Galante said the agency would raise the annual mortgage insurance premium by 0.10 … [Read more...]
Feds Sue B of A For Homebuyer Discrimination
February 28, 2012 by
The federal government leveled charges against Bank of America Monday that the mortgage company wrongfully discriminated against three borrowers with disabilities. HUD filed suit under the False Claims Act, alleging that Bank of America requested proof of disability from borrowers and Social … [Read more...]
Pending-Home Sales Eclipse 2011 Figures by 8%: NAR
February 27, 2012 by
Pending-home sales shot up by 8 percent year-over-year in January, according to the National Association of Realtors. The trade group found that pending-home sales – contract signings for homes that have not yet closed – rose from 89.8 in January last year, which it indexes on a … [Read more...]
B of A Ceases Mortgage Sales to Fannie Mae
February 24, 2012 by
Bank of America announced Thursday that it will cease making new refinance mortgage sales to Fannie Mae as the mortgage heavyweights tangle over sensitive buyback claims from the financial crisis. The bank will stop selling first-lien refinance loans to the GSE for securitization purposes this … [Read more...]
Mortgage Rates Lift on Greek Bailout, Housing
February 23, 2012 by
Interest rates for mortgage loans climbed close to 4 percent this week as a second Greek bailout sowed more confidence in the investor crowd and signs emerged that housing may see an upswing. Finance Web site Bankrate.com and mortgage company Freddie Mac each released separate surveys, with analysts … [Read more...]
New United Guaranty Product Aims to Reduce MI Rescissions and Prevent Buybacks
February 23, 2012 by
United Guaranty Corporation has announced that it has received notice from Freddie Mac that mortgage loans originated and closed using CoverEdge—the mortgage insurer’s underwriting process designed to significantly curtail mortgage insurance (MI) rescissions—are eligible for sale to Freddie … [Read more...]