It was the third week in a row that inquiries for refinances were higher as mortgage rates continued to descend to depths not seen before. All signs point to even lower mortgage rates in next week's report. But at least one category that did not participate in the rally was purchase financing.
Continued here:
Refis Strengthen Again as Rates Plummet
A lawsuit has been filed against the Federal Home Loan Mortgage Corp. Continue reading
Credit and debt-to-income ratio requirements have been eased in the country's most struggling real estate markets by Mortgage Guaranty Insurance Corp. The move is a result of market improvement. Current guidelines require a minimum credit score of 720 in markets where restricted underwriting guidelines are in place. Continue reading
The good news is that fixed mortgage rates fell to the lowest levels on record and are already on their way to setting another new low -- with a sub-3 percent rate in site for the 15-year mortgage. The bad news is that the stock market is on its way to the lowest point this year. Continue reading
Thanks to the sovereign debt crisis in Europe, the yield on the benchmark 10-year Treasury note fell to the lowest level on record. The 10-year yield closed at 1.70 percent Thursday, according to data from the Department of the Treasury Continue reading
The various programs and proposals to reduce the principal loan balance on mortgages to deeply underwater borrowers would improve the equity position of some homeowners while leaving other seemingly similar borrowers with negative equity. Continue reading
A growing wholesale mortgage lender has launched a new program for mortgage brokers that, it claims, has the lowest conventional pricing in the industry. But the offering is limited to larger loans and high-quality borrowers. Continue reading
The forecast for 2012 residential loan originations by all U.S. Continue reading
The number of new foreclosure filings fell below 200,000 for only the second time in more than four years. California was responsible for more than half of the latest improvement. Meanwhile, Boston saw a major increase in new filings. Continue reading
After testing a program that pays delinquent borrowers to help unload their properties through a short sale, Bank of America Corp. is now expanding the program. Continue reading
Past-due payments on home loans have fallen for three consecutive quarters, though performance on mortgages to veterans deteriorated. But the rate of foreclosures was higher despite an improvement in subprime foreclosures. Residential delinquency of at least 30 days was 11.79 percent as of the first quarter. Continue reading
New business at a small Texas-based wholesale lender that operates in more than two dozen states has exploded since it began accepting applications for mortgages processed under the Home Affordable Refinance Program . Originations are so strong that the company is recruiting more employees to help it keep up with demand. Continue reading
Compared to the final three months of last year, quarterly commercial mortgage originations fell an estimated $6 billion -- though the decline was seasonal. Health care properties, industrial properties and agency originations saw the biggest declines. Volume was better, however, than a year earlier -- with banks, retail properties and health care properties leading the way Continue reading
A company that provides loan origination system technology to mid-tier lenders is acquiring the same company that it was once owned by. LOS-provider Mortgage Builder announced Tuesday an agreement to acquire GCC Servicing Systems Continue reading
Staffing at a mortgage center opened last year in Arizona was originally expected to reach a hundred. But that goal turned out to be too low for the bank that opened the center. BBVA Compass announced in November 2011 plans to open a mortgage operations center in the Phoenix-suburb of Tempe, Ariz Continue reading
First-mortgage delinquency improved for the fourth month in a row and stands at its lowest level since before the financial crisis. It's a similar story for second liens Continue reading
A relatively new division of Quicken Loans Inc. that provides production services to financial institutions is reporting "explosive growth." The unit is in heavy recruitment mode Continue reading
Borrowers who are in adjustable-rate mortgages are flocking to 15-year fixed-rate mortgages at rapid clip, while borrowers in balloon-payment loans are migrating towards longer-term loans. During the first quarter, 60 percent of one-year ARM borrowers who refinanced moved into a 15-year fixed-rate mortgage. Continue reading
U.S. credit unions originated more first mortgages in the first-three months of 2012 than they did during any other first quarter on record. Continue reading
A mortgage insurance company operating from North Carolina is being spun off and consolidated with its sister companies. Republic Mortgage Insurance Co. was suspended as an approved mortgage insurer of Fannie Mae in July 2011 Continue reading