Mortgage News

The latest industry news, digested.

Millennials Clueless About Closing Costs

Millennials Clueless About Closing Costs
March 26, 2015 No Comments »

We already knew Millennials were selfish and bad savers, so it probably comes as no surprise that they don’t know the first thing about closing costs. They just seem to know that they want to buy a home, regardless of ... Read More »

Home Buyers Put an Average of $32,141 Down Last Year

Home Buyers Put an Average of $32,141 Down Last Year
March 19, 2015 No Comments »

In 2014, the average home buyer put down $32,141 when purchasing a property, according to a new analysis of county-level data by RealtyTrac. The company said the average down payment was 14% of the purchase price across 386 counties, though ... Read More »

Consumer Reports Bashes Mortgage Brokers, Receives Backlash

Consumer Reports Bashes Mortgage Brokers, Receives Backlash
March 18, 2015 3 Comments »

The latest issue of Consumer Reports magazine recommends that consumers avoid mortgage brokers when seeking home loan financing. As a result, the publication, which prides itself on neutrality and fairness, just angered a very large group of mortgage industry workers. ... Read More »

An Open House Got Shut Down by the Cops

An Open House Got Shut Down by the Cops
March 16, 2015 No Comments »

The real estate market is starting to get really, really weird. Recently, an open house was actually shut down by the police after more than 100 people showed up in just 45 minutes, according to a recent article by CNBC. ... Read More »

Mortgage Lender Launches Six-Year ARM

Mortgage Lender Launches Six-Year ARM
March 9, 2015 No Comments »

File this one under PR department. Or perhaps publicity stunt. Last week, First Savings Mortgage Corporation based out of McLean, Virginia launched a 6/1 adjustable-rate mortgage. While this might not sound very special, it is somewhat unique in the mortgage ... Read More »

Surprise: 2015 Might Be a Stellar Year for Housing

Surprise: 2015 Might Be a Stellar Year for Housing
March 6, 2015 1 Comment »

There’s been a lot of doom and gloom lately, with some housing pundits claiming we’re on the brink of another crisis and others fretting over collapsing home prices. Of course, many of these forecasts are self-serving. And while this type ... Read More »

Chase to Pay Out More Than $50 Million in Robosigning Settlement

Chase to Pay Out More Than $50 Million in Robosigning Settlement
March 6, 2015 No Comments »

If you are one of the more than 25,000 homeowners who is/was going through bankruptcy and have/had a mortgage with Chase, you might be owed some compensation. Earlier this week, the megabank reached a deal with the Department of Justice’s ... Read More »

Discover May Exit the Mortgage Biz

Discover May Exit the Mortgage Biz
February 17, 2015 No Comments »

After only about three years, Discover might be looking to get out of the mortgage business, per a new interview with Discover Financial CEO David Nelms. The credit card company officially launched Discover Home Loans in June of 2012 after ... Read More »

Trulia: The Home Price Rebound Is Over, Jobs Are Now Key

Trulia: The Home Price Rebound Is Over, Jobs Are Now Key
February 11, 2015 No Comments »

A new analysis from Trulia, soon to be taken over by Zillow (maybe), claims the home price rebound is over. In other words, home price gains resulting from the prior crisis are kind of baked in at this point. And ... Read More »

Appraisers and Homeowners Finally Agree on Home Values Again

Appraisers and Homeowners Finally Agree on Home Values Again
February 11, 2015 No Comments »

Maybe home prices are finally where they should be. A new study from Quicken Loans revealed that the gap between appraisers’ opinions of home values and those of homeowners narrowed significantly in January. In fact, appraisers only valued homes 0.18% ... Read More »