Category Archives: Mortgage Loan

Fannie Mae and the Federal Housing Finance Administration are being too secretive with a pilot bulk-sales program that sets out to unload its REO inventory, the California Association of REALTORS® said recently in a public statement. CAR argues that the government entities are continuing to move forward on the pilot program, despite an outcry among many in the housing market that it will have a negative impact on the economy and end up costing the taxpayers. CAR is demanding more information about the properties included in the program, and the […]

Mortgage rates fell across the board this week, after having inched higher the last few weeks from all-time lows, Freddie Mac reports in its weekly mortgage market survey. Here’s a closer look at rates for the week ending Aug. 30. 30-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.6 point, dropping from last week’s 3.66 percent average. A year ago at this time, 30-year rates averaged 4.22 percent. 15-year fixed-rate mortgages: averaged 2.86 percent, with an average 0.6 point, also down from last week’s 2.89 percent average. Last year […]

Fannie Mae, one of the nation’s mortgage giants, announced new lending restrictions that might make it even more difficult for some home buyers to qualify for a loan. New applicants and home owners looking to refinance may find they have to meet more stringent standards, such as in meeting new loan-to-value ratios in qualifying for a mortgage. For example, Fannie announced that the maximum loan-to-value ratios permitted will now be 90 percent, down from 97 percent. Also, the GSE says that some loans will now require higher credit scores. For […]

Fixed-rate mortgages rose for the fourth week in a row along with other long-term yields after hitting a historic low amid continued positive housing data. The Freddie Mac survey showed the 30-year FRM averaged 3.66% for the week ending Thursday, up from last week’s rise to 3.62%. Last year at this time, the 30-year FRM averaged 4.22%. The 15-year FRM, a popular refinancing choice, averaged 2.89%, ticking up from last week’s 2.88%. A year ago, the average rate for a 15-year FRM was 3.44%. Five-year, Treasury-indexed, hybrid adjustable-rate mortgages averaged […]

Investors increasingly are eyeing college towns to snag properties at discounts and turn them into rental properties that could potentially offer steady cash flow with student tenants. But which college towns offer some of the best returns? Realtor.com recently released its second annual list of the best college towns for investors, factoring in average monthly rental prices and comparing it to estimated mortgage payments of a median priced home. The following are the top eight college towns for investors, according to this year’s report. 1. Boston Median list price: $334,900 […]

Four more of the largest mortgage servicers progressed to the top of the Fannie Mae scorecard in the first half of 2012. Nationstar Mortgage ($25.85 0%), PHH Mortgage ($17.79 0%) Seterus and Green Tree Servicing were the latest to earn higher grades compared to other firms in the group of 11 largest servicers. Seterus is formerly Wilshire Credit Corp. that was rebranded by IBM ($197.77 0%) when the technology giant acquired it in the middle of last year. They join Citigroup ($29.83 0%), JPMorgan Chase [stock][JPM][/stock], Wells Fargo ($34.04 0%), […]

Following several positive reports this week of a housing market gaining momentum this week, fixed-rate mortgages inched higher, Freddie Mac reports in its weekly mortgage market survey. This is the fourth consecutive week that mortgage rates have inched higher after reaching all-time lows just a month ago. Here’s a closer look at rates for the week ending Aug. 23: 30-year fixed-rate mortgages: averaged 3.66 percent, with an average 0.7 point, rising from last week’s 3.62 percent average. A year ago, 30-year rates averaged 4.22 percent. 15-year fixed-rate mortgages: averaged 2.89 […]

While college-educated workers usually pull down higher incomes than those who do not obtain a post-secondary degree, a new report indicates that many new college graduates will be unable to obtain a mortgage because their student loans will push their debt-to-income ratio too high. Student loan debt soared to $1 trillion this year. The report from Young Invincibles, “Denied? The Impact of Student Debt on the Ability to Buy a Home,” found that today’s college graduates are actually worse off than previous generations, financially speaking. The authors estimate the average […]

Several local governments across the country are considering using the power of eminent domain to seize underwater mortgages — a controversial move that has been drawing widespread criticism in recent weeks. While the governments are considering various ways how to use eminent domain, the basic approach seems to be that the local government would seek court approval to pay a “fair market” value to a lender or investor holding the home owner’s underwater mortgage water treatment. If the local government is granted approval to take control over the mortgage, it […]

Six federal regulatory agencies have proposed new appraisal standards for high-risk mortgages that aim to give borrowers more information about their loans. The Federal Reserve, along with five other federal agencies, have recommended adopting rules that would require lenders to use certified or licensed appraisers who prepare written reports that must be based on a physical inspection of the home. The proposal, if approved, also would require creditors to disclose to the borrower the purpose of the appraisal and supply them with free copies of the appraisal reports afterwards. If […]