Regulators on Friday shuttered banks in Florida, Illinois, Maryland and Utah, boosting to 26 the number of bank failures in the U.S. so far this year following the 140 brought down in 2009 by mounting loan defaults and the recession.
The Federal Deposit Insurance Corp. took over Sun American Bank, based in Boca Raton, Fla., with [...]
Archive for the ‘brokers’ Category
Banks shuttered in Fla., Ill., Md., Utah
March 6th, 2010 by Mortgage Writer
Tags: american bank, banks, federal deposit, Florida, illinois, maryland, utah
more...Economists React: Bernanke Has ‘No Interest in Surprising Markets’
February 25th, 2010 by Mortgage Writer
* Bernanke’s prepared testimony reaffirmed that an expected backdrop of low rates of resource utilization, subdued inflation, and stable inflation expectations is consistent with a low for long stance on policy interest rates. –David Hensley, J.P. Morgan Chase
* This is Bernanke reinforcing that rates are not moving in the near term, the Fed will need [...]
Tags: bernanke, congressional testimony, economists, federal reserve, jp morgan chase, surprising markets
Current Mortgage Rates at 4.92%
December 16th, 2009 by Mortgage Writer
30-year mortgage rates increased slightly in this week’s Mortgage Applications Survey released by the Mortgage Bankers Association (MBA). The average contract interest rate for 30 year mortgages rose to 4.92 percent, up from last week’s average 30 year mortgage rate of 4.88 percent. Average mortgage discount points were down to 1.08 points from 1.17 points.
Looking [...]
Tags: home equity, loan, mortgage, Mortgage Bankers Association, mortgage loan, mortgage rates
FHA Developing Method to Mathematically Determine Reverse Mortgage Eligibility
December 8th, 2009 by Mortgage Writer
The Federal Housing Administration will issue preliminary regulations that would be the first step in developing a method to mathematically determine a borrower’s eligibility for a reverse mortgage said Meg Burns, the director of the FHA’s office of single-family program development in a New York Times article.
The administration recently implemented a new set of standards [...]
Tags: borrowers, mortgage, NY times, The Federal Housing Administration, wells fargo
Mortgage switch no help in punishing banks
December 4th, 2009 by Mortgage Writer
AS THE Treasurer, Wayne Swan, called on mortgage holders to punish the ANZ, Commonwealth and Westpac banks for increasing interest rates above the official rate rise, inquiries by the Herald reveal that one year after his much hyped mortgage switch measures, changing banks remains difficult.
The ANZ yesterday lifted its variable mortgage rates 0.35 percentage points, [...]
Tags: bank customers, financial products, interest rates, loans, mortgage, mortgage holders, mortgage rates, National Australia Bank
Home Mortgage Loan Modification Success
December 3rd, 2009 by Mortgage Writer
The home mortgage loan modification process has been very difficult for both lenders and borrowers. One company that has seen relative success is GMAC mortgage. From the data that has been received, GMAC mortgage has 35% of the qualifying home loans in a trial modification period. The issue at hand is the [...]
Tags: bank of america, borrowers, GMAC, home mortgage, lenders, loan modification, mortgage, mortgage lenders, mortgage payment
Community Banks Taking Mortgage Market Share
November 4th, 2009 by Mortgage Writer
How much money are mortgage bankers, including management, making? According to the MBAA, average profit per loan is up nicely versus the first quarter moving to over $1,300 on each loan originated in the second quarter. In addition, production volumes were up and average pull through went from 67% up to 73%! READ MORE
Although the [...]
Tags: foreclosures, loan, Mortgage Bankers, mortgage brokers, mortgage business, mortgage rates, mortgage securities, tax credit, treasury
Lots of Prison case doable over 41 keyed up salt away prime Deeds
October 29th, 2009 by Mortgage Writer
Due to the recent mortgage fraud takedown known as “Operation Bad Deeds,” a joint federal, state and local operation targeting mortgage fraud spearheaded by the U.S. attorney’s office for the Southern District of New York, 41 people face more than 3,600 years in prison if they are convicted.
Operation Bad Deeds resulted in the arrest of [...]
Tags: foreclosure, homeowners, lenders, loan officers, mortgage brokers, mortgage crisis, mortgage fraud, mortgage loans, real estate
Tougher attending over native loans
October 28th, 2009 by Mortgage Writer
Borrowers face a mortgage affordability test from lenders amid plans by the Financial Services Authority (FSA) to step up the regulation of home loans.
Self-certification mortgages will be banned under the proposals with lenders required to verify borrowers’ incomes.
FSA chief executive Hector Sants said that some people who were able to get home loans in the [...]
Tags: borrowers, brokers, home loans, lenders, loans, mortgage, mortgage lending, news
VA loan meliorate; Primer on 100% USDA program
September 30th, 2009 by Mortgage Writer
Is positive the carry forward date of September prompt?Wasn’t incarnate fit sepulchre clock?
Things are getting a cinch beggarly here around the Chrisman familiar. Yesterday my baby came to me again told me that “management” knew that I had sold a stapler from my homely opening. “From since on”, he continued, “If you racket on lifelong [...]
Tags: borrower, brokers, business, financial, mortgage, mortgage lenders, mortgage rates, news