Mortgage Tips

Simple mortgage tips to help you better prepare for the mortgage process and ideally save money on your mortgage.

Fannie and Freddie Caps Eased

September 19, 2007 No Comments »

The Office of Federal Housing Enterprise Oversight announced today that it will ease the current caps on Fannie Mae and Freddie Mac. The government-sponsored entities, along with certain Democratic senators, had been lobbying in recent weeks to boost the caps ... Read More »

FHA Reform Bill Passed

September 18, 2007 No Comments »

A new bill that will direct up to $300 million a year to an affordable housing fund effortlessly passed in the House today by a vote of 348 to 72. The bill is intended to tackle the impending mortgage crisis ... Read More »

Wells Fargo to Cut No Ratio and No Doc Programs

September 18, 2007 No Comments »

Later this week, Wells Fargo Home Mortgage will implement further loan program cuts to mitigate risk in the deteriorating home lending market. The massive mortgage lender plans to dump both “No Ratio” and “No Doc” loans from its shrinking portfolio, ... Read More »

Fed Cuts Interest Rates by Half Percent

September 18, 2007 No Comments »

The Fed has just lowered both the Federal Funds Rate and Discount Rate by half a percentage point. The interest rate cuts today mark the first time the Federal Funds Rate has changed since June 2006, and the first time ... Read More »

Impac Stops Alt-A Lending, Cuts Jobs

September 18, 2007 No Comments »

Impac announced this morning that it has cut nearly all lending, including Alt-A, while firing 144 workers amid continued market tumult. Along with the halt in Alt-A lending, its main line of business, the lender also announced it would quit ... Read More »

E-trade Exits Wholesale Mortgage Business

September 17, 2007 No Comments »

In a press release sent out after market close, E-Trade Financial Corp. announced it would revise 2007 guidance and exit its wholesale mortgage lending business. According to the press release, “The Company will exit its wholesale mortgage operations and will ... Read More »

First Franklin Financial Layoffs

September 17, 2007 No Comments »

Merrill Lynch said it will cut jobs at its First Franklin Financial Corp. unit, the subprime lender it acquired late last year for $1.3 billion from National City, which has seen problems ever since. “First Franklin has been successful over ... Read More »

Northern Rock Ripe for Takeover Bid

September 17, 2007 No Comments »

After Northern Rock’s share price plummeted and depositors queued up to snatch their at-risk funds, larger banks began weighing the risk to scoop up the ailing mortgage lender at a serious discount. Lloyds TSB was asked by Northern Rock to ... Read More »

Ex Pro Wrestler Enters Mortgage Business

September 14, 2007 No Comments »

If you’ve ever watched “pro” wrestling, you’ve undoubtedly heard of Ric Flair, the undisputed king of flair, and an all time great in the eyes of thousands of adoring fans. Well, the man has somehow body-slammed his way into the ... Read More »

First Franklin Said to be Firing Staff

September 12, 2007 No Comments »

The message boards are on fire today with news of even more layoffs, or, ahem, firings. According to one poster over at Brokeroutpost.com, First Franklin is looking to fire half of its staff for non-performance. Apparently the mortgage lender set ... Read More »