Category Archives: Mortgage Loan

Lenders are showing signs of easing up on underwriting for mortgages, according to the latest report from Ellie Mae Inc., a mortgage origination software company. But some critics say they aren’t seeing it in their markets yet, as their customers continue to struggle to qualify for a mortgage, posing one of the biggest obstacles to the housing recovery. Ellie Mae’s latest findings may provide some encouraging signs for those buyers who have been shut out: Credit scores and down payments for approved mortgages are moving lower. FICO scores for approved […]

Average fixed-rate mortgages moved lower this week amid data showing weaker consumer spending, Freddie Mac reports in its weekly mortgage survey. It marked the third-consecutive week that mortgage rates went down. Freddie Mac reports the following national averages in rates for the week ending April 18: 30-year fixed-rate mortgages: averaged 3.41 percent, with an average 0.7 point, dropping from last week’s 3.43 percent average. A year ago at this time, 30-year rates averaged 3.90 percent. 15-year fixed-rate mortgages: averaged 2.64 percent, with an average 0.7 point, dropping from last week’s […]

The Home Affordable Refinance Program — a government refinancing program for underwater home owners — will be expanded for another two years, the Federal Housing Finance Agency announces. HARP was originally set to expire Dec. 31, 2013, but will now be extended to the end of 2015. “More than 2 million home owners have refinanced through HARP, proving it a useful tool for reducing risk,” says FHFA acting director Edward DeMarco. Home owners eligible to apply for refinancing under HARP must have a Fannie Mae- or Freddie Mac-backed mortgage that […]

Between 2004 and 2012, student loan balances nearly tripled, according to a new survey from the Federal Reserve Bank of New York. What’s more, one-third of student loan borrowers are delinquent on their debt, according to the Federal Reserve report. This will impact their credit rating and possibly keep them out of the mortgage market much longer if they don’t look into lien searches. “Short term, you see a decrease in the number of first-time home buyers,” Brian Coester of Coester Valuation Management told CNBC. “You’re going to see somebody […]

The Obama administration is making a push for home loans to be more available to those with weaker credit, adding that the housing recovery is leaving too many potential home buyers behind — particularly young professionals — who can’t qualify for financing. The administration says easing up mortgage standards would also help provide a boost to the economic recovery. However, critics say it could prompt the return of risky lending that was blamed for igniting the housing crash. The administration says it is working to get banks to lend to […]

Wells Fargo & Co. is the largest U.S. mortgage lender, taking an unprecedented 28.8 percent share of all home loans nationwide last year, The Wall Street Journal reports. That’s up from 11.2 percent in 2007. “They are dominating the retail space because they are huge, and because there is so little competition from other big banks that have pulled back,” Alan Rosenbaum, chief executive of GuardHill Financial Corp., a New York-based mortgage bank, told The Wall Street Journal. Wells Fargo’s home loan production topped $524 billion last year — a […]

Mortgage giant Fannie Mae reported $17.2 billion for net income in 2012, its largest annual profit ever, The Wall Street Journal reports. The housing market’s recovery is leading to fewer loans going bad, which is in turn helping Fannie see rising profits. Timothy Mayopoulos, Fannie’s chief executive, said he expects Fannie to “remain profitable for the foreseeable future.” In the fourth quarter of 2012, Fannie posted a $7.6 billion profit. That’s compared to one year earlier, in which the mortgage giant posted a net loss of $2.4 billion. Fannie officials […]

Starting Monday, borrowers will be charged higher mortgage insurance premiums on new Federal Housing Administration loans. The annual fee on the majority of FHA loans will rise by 0.1 percent on April 1. This marks the third time the FHA has increased its mortgage insurance premiums in two years. And since 2008, the fee has nearly tripled. Some borrowers are rushing to beat the April 1 deadline. The FHA premium hikes are part of an effort by the agency to increase its insurance fund. In early June, the FHA will […]

Mortgage rates moved slightly higher this week, but still remain low by historical standards and are providing support to the ongoing housing recovery, Freddie Mac reports in its weekly mortgage market survey. “Low and relatively steady mortgage rates are invigorating the housing market,” says Frank Nothaft, Freddie Mac’s chief economist. Freddie Mac reports the following national averages for mortgage rates for the week ending March 28: 30-year fixed-rate mortgages: averaged 3.57 percent, with an average 0.8 point, rising from last week’s 3.54 percent average. A year ago at this time, […]

Mortgage rates moved lower this week, just in time for the spring home buying season, Freddie Mac reports in its weekly mortgage market survey. After rising last week, the 30-year fixed-rate mortgage reversed course and inched back down. The 30-year fixed-rate mortgage — the most popular among home buyers — has remained below 4 percent for a year. “Low and stable inflation is placing downward pressure on fixed mortgage rates,” says Frank Nothaft, Freddie Mac’s chief economist. Here’s a closer look at mortgage rate averages for the week ending March […]