Mortgage Tips

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

Major Layoffs Reported at Countrywide

September 5, 2007 No Comments »

I’ve heard from multiple sources that Countrywide laid off a very large number of employees today and has closed multiple Full Spectrum Lending branches, while cutting nearly half the employees at one of their Correspondent Lending Division offices in California. ... Read More »

Federal Home Loan President Slams Mortgage Brokers

September 5, 2007 No Comments »

In a CNBC interview aired just minutes ago, Federal Home Loan Bank of New York President Alfred Dellibovi spoke about the current lending environment. He spoke of prior housing crises, while praising community banks and bashing mortgage brokers. Par for ... Read More »

FDIC See 1.5 Million Unable to Make Mortgage Payments

September 5, 2007 No Comments »

At a hearing today, FDIC Chairwoman Sheila Bair told the House Financial Services Committee that 1.5 million homeowners would be unable to make their mortgage payments when their loans reset in the coming months. Bair is referring to the many ... Read More »

Ditech Real Life Plan

September 3, 2007 No Comments »

Every once in a while I’ll see a mortgage program advertised on TV and examine the product to see if it makes any sense for homeowners. The latest I’ve seen is the Ditech “Real Life Plan”, which is a combination ... Read More »

Countrywide Hints at Demise of Wholesale

August 29, 2007 No Comments »

I’ve just been informed about an e-mail sent by Countrywide to brokers today regarding the current state of affairs in the mortgage industry. The e-mail opens by stating that the current market environment is the most difficult period in the ... Read More »

Countrywide News Dissected

August 16, 2007 No Comments »

Ever since the now infamous Merrill analyst Countrywide downgrade and the accompanying bankruptcy comment, the news media and bloggers throughout the nation have been going nuts. At this point, it’s almost impossible not to read or hear a report about ... Read More »

Countrywide Bankruptcy Fears

August 15, 2007 No Comments »

***Click here for today’s news: 1/8/08 Countrywide shares plunge on bankruptcy rumors. The inevitable happened today. Shares of Countrywide, the largest mortgage lender in the United States took a relatively large tumble after an analyst downgrade and fresh bankruptcy fears. ... Read More »

Mortgage Brokers May Need to Dust Off Resumes

August 10, 2007 No Comments »

As the mortgage crisis widens, particularly with the latest news regarding limited liquidity, it makes sense to wonder if correspondent and wholesale lending will be the next to go. We’ve already seen a large number of mortgage lenders shut down ... Read More »

Countrywide and WaMu Spread Liquidity Fears

August 10, 2007 No Comments »

Two of the largest U.S. mortgage lenders came forward today, saying difficult market conditions would likely hurt operations in the near term. Both Countrywide and Washington Mutual cited the issue of liquidity, noting that the secondary mortgage market had become ... Read More »

Stated Income Loans Going Away

August 9, 2007 No Comments »

I’ve heard from several sources that stated income loans, also known as “liar’s loans” may become a thing of the past as mortgage lenders continue to tighten underwriting guidelines. In the last five plus years, stated income documentation was the ... Read More »