Category Archives: Mortgage Loan

WL Ross & Co.-owned mortgage servicer American Home Mortgage Servicing Inc. is changing its name to Homeward Residential to reflect the company’s entrance into the correspondent and warehouse lending market. The servicing shop opened its correspondent and warehouse lending operations in October of 2011 and has expanded its business to assist clients with loan closing services, REO management, home valuation, special servicing, sub-servicing and asset management consulting. The Coppell-based servicer said the new name better reflects the company’s jump into residential lending and real estate finance. The firm’s branding transition […]

A community banker and a local real estate developer in Hammond, La., were charged with conspiracy to commit bank fraud by hiding delinquent mortgages. Reginald Harper, the former First Community Bank of Hammond CEO, and Troy Fouquet, an area real estate developer, allegedly began the conspiracy in 2005. After the crisis struck in 2007, First Community applied for and was approved for $3.3 million in Troubled Asset Relief Program bailouts, but the bank withdrew its application after the approval, according to the TARP Special Inspector General. In 2005, the two […]

Mortgage applications declined 1% in the past week on fewer home purchases, the Mortgage Bankers Association said Wednesday. The trade group’s market composite index shows the loan application volume falling for the week ended Feb. 10 as the seasonally adjusted purchase index declined 8.4% from the previous week. The refinance index rose 0.8% and refinancings represented 81.1% of all home loan applications. The average loan size rose to $226,000 from $225,000 in December and $207,000 in January 2011. Mortgages for properties in Washington, D.C., had the highest average loan size […]

The Consumer Financial Protection Bureau seeks industry feedback on a prototype monthly mortgage statement that aims to provide borrowers with more detailed information about their home loans. Under the sweeping reforms of the Dodd-Frank Act, mortgage statements must contain information about the creditor, loan assignee and mortgage servicer. In addition, the new law stipulates mortgage statements should provide borrowers with information on the principal loan amount, current interest rate, the date of interest rate resets and a description of any late payment or penalty fees. The statement should also provide […]

The loss-severity rate on 1998 vintage commercial mortgage-backed securities loans outpaced other vintage classes of CMBS, with the 1998 class recording $289 million in realized losses on an initial loan balance of $474 million, Treppsaid Friday. The CMBS analytics firm released its January loss-liquidation report for fixed-rate, U.S. conduit loans Friday. The report puts the vintage 1998 CMBS class at a loss-severity rate of 60.94%, making it the segment with the highest distressed loan level. It is followed by the 2008 vintage class of 46 loans, which have a loan […]

Changes made to the Home Affordable Refinance Program could open the initiative up to almost twice the number of borrowers eligible under previous criteria, according to a DataQuick study. Researchers found that 6.7 million more households may qualify under HARP 2.0, which has been tweaked to now include borrowers with an 80 percent or more loan-to-value ratio on their homes.   The author of this article is: realtormag.realtor.org  See the original post at: http://realtormag.realtor.org/daily-news/2012/02/07/harp-20-could-help-67-m-more-borrowers At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate […]

Changes made to the Home Affordable Refinance Program could open the platform up to nearly double the number of homeowners eligible per previous requirements. A study from San Diego-based DataQuick found an additional 6.7 million households may qualify under HARP 2.0, according to new loan-to-value ratio requirements. Those changes remove a 125% LTV upper limit, altering it to include borrowers with 80% or more LTV on their homes. In total, DataQuick said 13.8 million mortgages meet HARP requirements based on LTV ratios, with the 6.7 million accounting for loans with […]

The Treasury Department said it expects mortgage servicers to begin evaluating borrowers under an expanded Home Affordable Modification Program in May. The latest program is being referred to as HAMP 2.5. In January, the Treasury extended the application deadline to the end of 2013, eased debt-to-income requirements, allowed investors with rental homes into the program, and announced it would pay investors triple for principal reductions. While the administration wouldn’t estimate how many borrowers could be allowed into the program as a result of the changes, bank analysts said it could net roughly 500,000 extra modifications. Roughly […]

Multifamily loans backing commercial mortgage-backed securities are performing better than expected, but remain weighed down by the influence of rent-stabilized properties in New York, a Fitch Ratings report said Friday. “Multifamily loans, along with hotels, have rebounded by the most strides over the past two years,” said Huxley Somerville, managing director of Fitch Ratings. Somerville claims in a research note that multifamily loans in New York are driving total late-payment rates higher in the segment. In 2006 and 2007, issuers underwrote fixed-rate multifamily loans with stabilization plans, whereby rent stabilized […]

“Cash-out” refinances hit a 26-year low in the fourth quarter at Freddie Mac, as more homeowners looked to maintain or lower their mortgage balance. The mortgage giant said Thursday 85% of borrowers refinanced with the same or lower loan balance, a bump up from 82% in the third quarter. That breaks down to 37% who maintained their balance and 49% who lowered it by paying additional money at closing. Cash-out refinances, or balances increased by at least 5%, made up just 15% in the fourth quarter, a sharp drop from […]