Monthly Archives: December 2010
Wells Fargo Top Mortgage Lender for Fourth Consecutive Quarter
Wells Fargo was the top residential mortgage lender for the fourth consecutive quarter, according to MortgageStats.com. The San Francisco-based bank and mortgage lender grabbed nearly a quarter (23.13 percent) of total market share with $102.8 billion in loan origination volume ... Read More »
Nearly 9,000 Permanent Loan Modifications Canceled in November
Last month, 29,972 permanent loan modifications were completed under the Making Home Affordable Program, up from roughly 24,000 a month earlier. However, the numbers are still below the previous six months, when participating mortgage lenders and loan servicers averaged 37,000 ... Read More »
New Disclosure Rules for Adjustable Rate Mortgages
The Federal Reserve today approved an interim rule that will require mortgage lenders to disclose examples of how a mortgage loan’s interest rate and monthly payment may change. Beginning on October 1, 2011, banks and lenders must alert borrowers to ... Read More »
Is the Refinance Boom Finally Over?
Refinance demand fell for the sixth straight week, indicating an end to the boom that began in early 2009, according to the latest survey from the Mortgage Bankers Association. Overall, mortgage application volume was off 18.6 percent on a seasonally ... Read More »
Mortgage Defaults Rise for First Time in a Year
Mortgage defaults increased for the first time since December 2009 last month, according to joint data from credit bureau Experian and S&P. The default rate for first mortgages was 3.05 percent in November, up 4.95 percent from October, but still ... Read More »
New Jersey Foreclosures Face Possible Suspension
The New Jersey Courts system announced steps to ramp up the integrity of foreclosure proceedings in the state in light of the recent robo-signing allegations. Six mortgage lenders and service providers in connection with the foreclosure snafus have been ordered ... Read More »
California Pick-A-Payment Customers to Receive Mortgage Assistance
Wells Fargo announced today that former Wachovia Pick-A-Payment mortgage customers in California may be eligible to receive principal balance reductions for making on-time mortgage payments as part of an agreement reached with State AG Jerry Brown. From December 20, 2010 ... Read More »
Banks Continue to Foreclose on Those Seeking Loan Modifications
Banks still foreclosure on homeowners seeking loan modifications, according to a survey conducted by the National Association of Consumer Advocates (NACA). The group, which surveyed 96 attorneys representing over 2,500 homeowners, found that nearly every one said they had a ... Read More »
Rising Mortgage Rates Motivate First Time Homebuyers
The first time homebuyer share of home purchases jumped to 37.2 percent last month from 34.4 percent in October as mortgage rates shot higher, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey released today. “The recent surge in ... Read More »
Mortgage Brokers Grab More Market Share in Third Quarter
During the third quarter, the wholesale/mortgage broker channel accounted for 11.6 percent of loan origination volume, according to figures compiled by National Mortgage News. That was up from a record low 10.5 percent in the second quarter, but nowhere near ... Read More »
