Mortgage News

The latest industry news, digested.

You Can Buy a Nice House in Houston for $1

You Can Buy a Nice House in Houston for $1
May 20, 2015 No Comments »

A family living in Sunset Heights, close to the center of Houston, Texas, is parting with their home for just $1. But in order to get your hands on the 1,056 square foot, 2-bedroom, 1-bath property, you need to write ... Read More »

HARP and HAMP Receive Final Annual Extension, Probably

HARP and HAMP Receive Final Annual Extension, Probably
May 11, 2015 No Comments »

Since being introduced back in 2009, both and the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) have helped millions either avoid foreclosure and/or save money on monthly mortgage payments. Both programs have been deemed pretty ... Read More »

Underwater Borrowers Account for 77% of Active Foreclosures

Underwater Borrowers Account for 77% of Active Foreclosures
May 6, 2015 No Comments »

While foreclosures might sound like old news, there are still a ton of borrowers either behind on mortgage payments or in the process of foreclosure. And it doesn’t appear as if the type of loan they took out was the ... Read More »

Realtors: Home Prices Are at Unhealthy Levels

Realtors: Home Prices Are at Unhealthy Levels
April 29, 2015 No Comments »

If you’re thinking about buying a home, but concerned home prices have risen just a little too much lately, take heed of this warning. In the latest pending home sales release from the National Association of Realtors, chief economist Lawrence ... Read More »

Department of Justice Sues Quicken Loans for Faulty FHA Underwriting

Department of Justice Sues Quicken Loans for Faulty FHA Underwriting
April 24, 2015 No Comments »

The United States Department of Justice has filed a lawsuit against Quicken Loans for improperly originating and underwriting mortgages insured by the Federal Housing Administration (FHA). The DOJ filed the suit, United States v. Quicken Loans, Inc., under the False ... Read More »

Nearly 70% of Home Listings Are Stale, but Maybe Not for Long

Nearly 70% of Home Listings Are Stale, but Maybe Not for Long
April 23, 2015 No Comments »

Even though we’re deep into April, the typical spring home buying season doesn’t seem to be in full swing. It usually picks up in March, but has yet to really take off nationwide, though some cities like Baltimore, Minneapolis-St. Paul, ... Read More »

Mortgage Lenders In Europe Now Owe Their Borrowers Interest

Mortgage Lenders In Europe Now Owe Their Borrowers Interest
April 22, 2015 No Comments »

A very odd thing is happening over in Europe. Thanks to rock bottom interest rates, some homeowners are actually due interest from their mortgage lenders. Now this doesn’t apply to fixed mortgages because as the name suggests, they’re fixed and ... Read More »

Green Tree to Pay Borrowers $48 Million for Loan Servicing Abuses

Green Tree to Pay Borrowers $48 Million for Loan Servicing Abuses
April 21, 2015 No Comments »

If Green Tree serviced your mortgage from 2010 to 2014, you might be due some compensation for alleged wrongdoings. Today, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) ordered Green Tree Servicing to pay $48 million ... Read More »

Detroit Home Buyers Offered Zero Down Mortgages Up to 150% LTV

Detroit Home Buyers Offered Zero Down Mortgages Up to 150% LTV
April 16, 2015 No Comments »

While this might sound like another exotic mortgage gone wrong, it’s actually a new program geared toward making the city of Detroit better, not worse. And somewhat ironically, it is a ridiculously high LTV mortgage with few underwriting requirements that ... Read More »

Fannie Mae Is Offering 3% Toward Closing Costs If You Educate Yourself

Fannie Mae Is Offering 3% Toward Closing Costs If You Educate Yourself
April 14, 2015 No Comments »

Today, Fannie Mae tweaked their HomePath program a bit more by offering three percent in closing cost assistance if eventual home buyers complete an online homeownership course. The credit can be used to pay for standard home buyer closing costs, ... Read More »