AG Mortgage Beat
Mortgage application volume rebounds slightly
Applications rise a bit Mortgage application volume ended the final week of 2011 with a thud, dropping 4.1 percent overall, with refinance applications falling 2.5 percent and purchase loan requests dipping 9.6 percent on a seasonally adjusted basis, despite historically low interest rates. For the first week of the year, the market has seen a slight increase, rising 4.5 percent, ...
Experimental pilot program aims to stop foreclosures
Could it work? There are two distinct problems that plague the housing sector – unemployment and bureaucracy. High unemployment and massive underemployment has crippled housing by depleting the buyer pool and flooding the market with foreclosures, many due to job loss. Confidence has been shaken and homeownership is looking like a dream to many rather than a reality. Housing agencies ...
Unemployed homeowners may get a full year of forbearance
Freddie Mac to expand forbearance period Freddie Mac has announced that it is allowing mortgage servicers to offer six months of forbearance to unemployed borrowers without Freddie Mac approval and up to an additional six months with Freddie Mac approval, so unemployed borrowers may now be eligible for up to a year of forbearance. This move was mandated by the ...
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Mortgage app volume falls despite low interest rates
Loan application demand falls In the last week of 2011, despite mortgage rates falling again, demand for refinance mortgages and purchase applications fell, according to the Mortgage Bankers Association. Applications for mortgages fell 4.1 percent overall, with refinance applications falling 2.5 percent and purchase loan requests dipping 9.6 percent on a seasonally adjusted basis. “Mortgage application activity declined over the ...
Zillow Mortgage Marketplace expands AOL partnership
Zillow Mortgages on AOL Real estate and DailyFinance Today, the Zillow Mortgage Marketplace (ZMM) has announced they will now power mortgage search and comparison on AOL Real Estate and DailyFinance, expanding their existing partnership with AOL, having announced in October that ZMM would power all mortgage research on AOL which was expected to launch in 2012. ZMM will be featured ...
Mortgage rates below historic four point mark again – will this last?
Record lows this week Just as we saw over Thanksgiving, mortgage rates have dropped below the historic four point mark again, according to Freddie Mac’s weekly mortgage rate survey which cites the average rate on a 30-year fixed rate mortgage currently at 3.94 percent. The survey notes that the 15 year fixed rate mortgage rate hit a new record low ...
Percentage of home buyers using mortgage financing is on the decline
Mortgage habits of home buyers The 2011 National Association of Realtors® Profile of Home Buyers and Sellers surveyed 5,708 home buyers and sellers and revealed that the number of buyers that financed their home purchase dropped to 87 percent, down four percent from 2010 and down even more from a consistent 92 to 93 percent from 2003 to 2009. The report indicates ...
Class action lawsuit filed against Wells Fargo for illegal HAMP denial
Borrowers allegedly misled, defrauded A new class action lawsuit against Wells Fargo claims that the bank illegally refused to grant permanent loan modifications promised to homeowners who successfully completed a trial mortgage modification under the Home Affordable Modification Program (HAMP). It was discovered that the $75 billion government funded program failed to grant permanent modifications nearly half of the time, ...
Mortgage rates up, foreclosure activity drops 40% from 2010
Mortgage rates on the rise After mortgage rates dropped below four percent for the first time, they are back on the rise, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) which shows the average fixed mortgage rates are up sharply from the previous (and historic) week, and although they remain hear their sixty year lows, with Freddie Mac pointing ...
Uncle Sam’s newest plan – one million refinanced mortgages
Uncle Sam wants YOU (to refinance… if you can) If there is one thing that our government officials are not, it is quitters. After a disastrous failed effort to help struggling homeowners modify their mortgages in the form of HAMP and the catch-all emergency loan effort to help the homeowners that fell through the HAMP cracks, Uncle Sam is taking ...
Mortgage applications drop despite lowest interest rates since WWII ended
Low rates aren’t enough According to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, mortgage applications dropped 4.3 percent from the week prior and is 12.1 percent lower than the same week in 2010. Last week, the conventional 30-year fixed rate mortgage averaged 4.01 percent, down nearly an entire percent from the week prior, but buyers weren’t swayed by the ...
20 charged in mortgage fraud scheme, many are Realtors
$40 million mortgage fraud scheme Twenty residents of Florida have been charged by U.S. Attorney Wifredo A. Ferrer for their alleged participation in a complex $40 million mortgage fraud scheme run between 2006 and 2008, according to court documents. The scheme involved real estate professionals at every stage of the process from Realtors to mortgage brokers, a bank manager, a ...
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