Mortgage News
The latest industry news, digested.A Look at the New Monthly Mortgage Statement Form
Over the past few years, regulators have been working to right the wrongs that occurred during the mortgage boom and subsequent bust to ensure history doesn’t repeat itself. One focus has been on improving mortgage disclosures so homeowners can actually ... Read More »
Do I Qualify for the National Mortgage Settlement?
In case you haven’t heard by now, the so-called “National Mortgage Settlement” was finalized today. It’s the largest multi-state settlement since the Tobacco Settlement back in 1998, related to robosigning allegations that took place over the past several years. Essentially, ... Read More »
Bank of America Has a Waiting List to Refinance
If you’re interested in refinancing your mortgage with Bank of America, you may be in for a big surprise. Per Bloomberg, the mega bank has been unable to keep up with demand, thanks in part to HARP Phase II, which ... Read More »
Obama’s Broad Based Refinancing Plan
It took a few weeks, but we’ve finally got concrete details regarding the Obama Administration’s so-called “Broad Based Refinancing Plan.” First off, homeowners with Fannie Mae and Freddie Mac-backed mortgages who are unable to refinance to take advantage of the ... Read More »
2011 Mortgage Lending Volume Lowest In Over a Decade
You may have thought that mortgage lenders were raking it in, what with the record low mortgage rates currently on offer. But 2011 was actually the slowest 365 days in mortgage lending since the year 2000, according to figures released ... Read More »
Obama’s State of the Union Reveals Little About Mortgage Plan
So amid all the endless clapping and standing ovations, Obama did manage to get a few words out about the prospective mass mortgage refinancing plan during his State of the Union address last night. While it wasn’t a lot, it ... Read More »
Here’s What the Foreclosure Settlement May Look Like
So it’s looks as if they’re finally getting around to finalizing that huge compensation deal related to all those unlawful foreclosures. Five of the nation’s biggest banks, including Ally Financial, Bank of America, Chase, Citi, and Wells Fargo, want to ... Read More »
Why Principal Reductions on Loan Mods Aren’t the Move
Unless you live under a rock, you’ve likely heard stirrings of a mega super duper fantastic solve-all trillion-dollar refinance program in the works to save America once and for all. You know, the one President Obama plans to unveil just ... Read More »
Freddie Mac Expands Unemployed Mortgage Forbearance
Mortgage financier Freddie Mac announced late last week that it was expanding its forbearance program for unemployed borrowers. Beginning on February 1, mortgage loan servicers will be able to offer forbearance to unemployed borrowers for up to six months without ... Read More »
Mass Mortgage Refinancing Plan: Obama’s Ace In the Hole
We’ve heard talk of mass refinancing plans for years now, but nothing has quite delivered. Sure, the Home Affordable Refinance Program (HARP) was recently expanded to allow just about any homeowner to refinance, regardless of negative equity issues. But since ... Read More »
