Category Archives: Mortgage Loan

U.S. attorneys are increasing their scrutiny of FHA lenders, having recouped $1 billion in losses for the agency from Bank of America, Deutsche Bank, Citigroup, and Flagstar, and issued subpoenas for information from others. The probes indicate that Washington does not want taxpayers to cover FHA losses and could prompt lenders to use more caution when making FHA-insured loans.   The author of this article is: realtormag.realtor.org  See the original post at: http://realtormag.realtor.org/daily-news/2012/06/07/probe-widens-mortgage-lenders At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and […]

Retirees’ decreased monthly incomes may make it more difficult for them to meet the stricter underwriting standards that lenders have in place in order to qualify for a mortgage, according to an article in The Washington Post. Whether refinancing their current mortgage or applying for a new loan to purchase a home for the golden years, more retirees are saying they are increasingly facing roadblocks when it comes to applying for a mortgage. One 68-year-old home owner, with a net worth in the seven-figure range and an 826 credit score, said […]

New York Mortgage Trust ($6.65 0%) is offering four million shares of common stock as part of its investment strategy to acquire agency residential mortgage-backed securities. Motley Fool Rule Breakers reviews state that NYMT began targeting investments in multi-family commercial mortgage-backed securities and RMBS in 2011 backed by pools of mortgage loans guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. The loans include interest only and inverse interest only securities and agency RMBS backed by adjustable-rate or hybrid adjustable-rate mortgage loans. The New York-based REIT expects to grant the […]

Senate Republicans are considering some Democrat proposals to expand refinancing to even more Fannie Mae and Freddie Mac borrowers. The Federal Housing Finance Agency expanded HARP last fall to reduce upfront fees, eliminate a cap on negative equity and reduce some repurchase risk for servicers of the original home loan to allow for more refinancings. Major banks finished installing the program in March, but a major refinancing surge remains elusive. The Senate Banking Committee held a hearing Thursday on a bill from Sens. Robert Menendez, D-N.J. and Barbara Boxer, D-Calif., […]

Mortgage applications soared 9.2 percent last week, as more Americans sought to take advantage of record low mortgage rates, according to the Mortgage Bankers Association’s weekly report. The surge in mortgage applications last week was attributed to a jump in refinance applications, which rose 13 percent for the week. Refinance applications make up nearly 75 percent of all mortgage applications. Meanwhile, mortgage applications for home purchases dropped 2.4 percent last week. “Low rates have convinced many home owners to refinance their mortgages, though tougher lending requirements still keep many prospective […]

Fixed-rate mortgages hit new all-time lows for the third-straight week as the 30-year FRM submerged below 3.80% following declining long-term Treasury bond yields. The Freddie Mac survey showed the 30-year FRM averaged 3.79% for the week ending Thursday — the lowest rate ever recorded — inching down from the prior week’s record average of 3.83%. Last year at this time, the 30-year FRM averaged 4.61%. The 15-year FRM, a popular refinancing choice, averaged 3.04%, slightly falling from last week‘s record that averaged 3.05%. A year ago, the average rate for […]

Gateway Mortgage Group, which operates 50 mortgage retail branches across the country, acquired its largest branch in Omaha, the company’s first location in the city. The new location in Omaha was once part of the MetLife ($30.91 0.7%) retail loan network. MetLife announced earlier in the year that it would be exiting the mortgage origination business. That decision led to the lay off of hundreds of MetLife employees. Gateway Mortgage officially entered the Omaha market after acquiring the old MetLife location at 12020 Shamrock Plaza in Omaha. Kent Geschwender, who […]

Three bills intended to increase homeowner refinancing were introduced this week by Democratic senators — bills that HUD Secretary Shaun Donovan said are “a win, win, win and something that we think can gain real bipartisan support very quickly and get passed.” The bills, if passed, would complete President Barack Obama’s plan for refinancing, which he outlined in the State of the Union Address. In 2009, the Administration announced the Home Affordable Refinance Program to assist responsible homeowners refinance their mortgages. In its first two years it helped nearly 1 […]

Fannie Mae, which backs the most loans in the country, announced that it would not need taxpayer aid to cover losses for the first time since the federal government took control over the mortgage giant in 2008. Fannie posted a profit in the first quarter of the year, reporting a net income of $2.7 billion compared to a $6.5 billion loss they reported in the first quarter of 2011. “We expect our financial results for 2012 to be significantly better than 2011,” says Susan McFarland, Fannie Mae’s chief financial officer. […]

Home buyers and refinancers are looking at cashing in on record-low interest rates, sending mortgage applications higher for the week. Mortgage applications for purchasing a home increased again last week, rising 3.4 percent for the week ending May 4, the Mortgage Bankers Association reports in its weekly survey. Overall, mortgage applications rose 1.7 percent this week compared to the prior week. Applications for refinancing, which make up the biggest bulk of mortgage applications, increased 1.3 percent. Home owners refinancing at today’s lower rates are seeing savings, according to a refinance […]