Mortgage News

The latest industry news, digested.

Why Aren’t You Shopping Around for Your Mortgage?

Why Aren’t You Shopping Around for Your Mortgage?
January 13, 2015 No Comments »

I’ve got a bone to pick…it seems you aren’t bothering to shop around for your mortgage? Instead, you’re just going with the first lender you come across, for better or worse. This is according to a new survey from the ... Read More »

FHA to Cut Annual Mortgage Insurance Premiums by 50 Basis Points

FHA to Cut Annual Mortgage Insurance Premiums by 50 Basis Points
January 7, 2015 1 Comment »

Well that didn’t take very long. Just a week into 2015 and HUD is planning to lower mortgage insurance premiums on FHA loans. In case you missed it, this was one of my 10 predictions for mortgage and real estate ... Read More »

Refinance Share of Mortgages Rises for Fourth Straight Month

Refinance Share of Mortgages Rises for Fourth Straight Month
December 18, 2014 No Comments »

In a surprising turn of events, refinancing is finishing the year unexpectedly strong, per the latest Origination Insight Report from Ellie Mae. The company revealed that refinances accounted for 45% of mortgage lenders’ loan volume in November, up from 40% ... Read More »

Newly Forming Housing Bubble Markets Identified by Three Early Warning Signs

Newly Forming Housing Bubble Markets Identified by Three Early Warning Signs
December 10, 2014 No Comments »

RealtyTrac has released a new report that identifies potential bubble markets based upon three early warning signs. There has been increased fear of another housing bubble for a while now, with some markets already identified as bubbles and others supposedly ... Read More »

Fannie and Freddie Now Allow Purchases and Refis up to 97% LTV

Fannie and Freddie Now Allow Purchases and Refis up to 97% LTV
December 9, 2014 No Comments »

In an effort to make homeownership more accessible, seeing that down payment is often the biggest hurdle, Fannie Mae and Freddie Mac have announced that they will now allow loan-to-value ratios as high as 97%. In other words, prospective home ... Read More »

HAMP Participants Are Now Eligible for an Additional $5,000 in Principal Balance Reduction

HAMP Participants Are Now Eligible for an Additional $5,000 in Principal Balance Reduction
December 4, 2014 No Comments »

It sounds like Christmas came early this year…borrowers who already received loan modifications via the Home Affordable Modification Program (HAMP) are now eligible for expanded benefits. As it stands, borrowers taking part in HAMP who stay good on monthly payments ... Read More »

Half of Non-Agency Mortgages Will See Payment Increases Over the Next Five Years

Half of Non-Agency Mortgages Will See Payment Increases Over the Next Five Years
December 2, 2014 No Comments »

Roughly half of all performing first mortgages will experience a monthly payment increases over the next five years, according to a new report from Fitch Ratings. The mortgages in question back private-label residential mortgage-backed securities (RMBS), meaning they aren’t guaranteed ... Read More »

Foreclosed Borrowers Are Now Able to Buy Their Old Homes Back at Fair Market Value

Foreclosed Borrowers Are Now Able to Buy Their Old Homes Back at Fair Market Value
November 25, 2014 No Comments »

It might sound a little bittersweet, but former homeowners are now authorized to purchase the properties they lost to foreclosure at fair market value, instead of having to pay back the entire amount owed on the old mortgage. This new ... Read More »

Fannie Mae Reduces Max LTV on Cash-Out Refinances to 80%

Fannie Mae Reduces Max LTV on Cash-Out Refinances to 80%
November 11, 2014 No Comments »

Though it may soon become easier to purchase a home with less money down, assuming 3% mortgages return as Mel Watt has promised, extracting existing home equity could become more difficult. Yesterday, mortgage financier Fannie Mae released new guidelines related ... Read More »

Are Low Credit Scores More Dangerous Than Low Down Payments?

Are Low Credit Scores More Dangerous Than Low Down Payments?
November 5, 2014 No Comments »

Ever since Mel Watt hinted at the return of 3% down mortgages, there’s been a lot of worry that we could be headed down another dark path. After all, it was a lack of skin in the game that caused ... Read More »