Mortgage News

The latest industry news, digested.

More and More Homes Are Falling Out of Escrow

More and More Homes Are Falling Out of Escrow
January 11, 2017 3 Comments »

A new report from Trulia reveals that homes are falling out of escrow at a much higher rate than normal, a sign that the real estate market might be showing signs of cracking. I warned in my 2017 prediction post ... Read More »

FHA Lowers Annual MIP by 25 Basis Points

FHA Lowers Annual MIP by 25 Basis Points
January 9, 2017 No Comments »

Well, here’s some good news to offset those higher mortgage rates. The Department of Housing and Urban Development (HUD) wasted no time in announcing another FHA insurance premium cut for 2017. This morning, departing HUD Secretary Julián Castro said the ... Read More »

The U.S. Real Estate Market Is Now Worth $30 Trillion

The U.S. Real Estate Market Is Now Worth $30 Trillion
January 5, 2017 No Comments »

What a difference five years make…a new report from Zillow revealed that the national housing market ended 2016 worth a whopping $29.6 trillion. It’s now January 5th, and based on how things are going, it’s probably safe to say we’ve ... Read More »

Home Prices Rise at Fastest Pace Since 2006

Home Prices Rise at Fastest Pace Since 2006
December 21, 2016 No Comments »

Just when you thought things were cooling off, home prices surprised us with yet another killer year. Tomorrow, Zillow will release the November edition of their Real Estate Market Reports, which will show that home prices increased 6.5% in November ... Read More »

Median Mortgage Down Payment Rises to $500k in Manhattan

Median Mortgage Down Payment Rises to $500k in Manhattan
December 20, 2016 No Comments »

While everyone frets about rising mortgage rates, down payments continue to be the biggest hurdle to homeownership. This couldn’t be more true in Manhattan, where the median down payment increased to a staggering $500,000 this year, according to a new ... Read More »

Fannie and Freddie Launch Flex Modification Program: No Paperwork Required in Some Cases

Fannie and Freddie Launch Flex Modification Program: No Paperwork Required in Some Cases
December 15, 2016 No Comments »

Fannie Mae and Freddie Mac have launched a new loan modification program for troubled mortgages known as “Flex Modification.” In a nutshell, the new flexible loss mitigation tool is a combination of HAMP, the Standard Modification, and the Streamlined Modification, ... Read More »

Sales Volume, Not Home Prices the Concern in a Rising Mortgage Rate Environment

Sales Volume, Not Home Prices the Concern in a Rising Mortgage Rate Environment
December 13, 2016 No Comments »

A lot of homeowners are understandably worried that rising mortgage rates will dampen their home’s value, or make it more difficult to fetch a high asking price, but that theory has been debunked several times. I recently wrote about how ... Read More »

Fairway Mortgage App: Close Your Mortgage with Your Phone

Fairway Mortgage App: Close Your Mortgage with Your Phone
December 13, 2016 No Comments »

Fairway Independent Mortgage Corp. plans to launch a new smartphone app designed to make the home loan process a lot faster (and easier). The company will release its FairwayNOW mobile application in January, though some version of it already appears ... Read More »

Ally Home: Bank Now Offers Retail Mortgages to Its Customers

Ally Home: Bank Now Offers Retail Mortgages to Its Customers
December 12, 2016 No Comments »

You may remember GMAC Bank, which was taken down by its fateful mortgage arm Residential Capital (ResCap) before eventually requiring a government bailout. It wasn’t an uncommon story at the time; many other mega mortgage companies took a fall too, ... Read More »

Caliber Home Loans Unveils Ultimate Homebuying Experience: Close Your Mortgage in 10 Days

Caliber Home Loans Unveils Ultimate Homebuying Experience: Close Your Mortgage in 10 Days
December 9, 2016 No Comments »

Caliber Home Loans out of Irving, Texas wants to close your mortgage faster than anyone else, and thinks it can accomplish the feat in less than 10 days. Yes, you heard that right. Less than 10 days. So just how ... Read More »