Here’s another PR nightmare… Wells Fargo reportedly offered a struggling homeowner a loan modification that resulted in just $2 off his monthly mortgage payment, according… Read More »Wells Fargo Offers Homeowner $2 Loan Modification Discount
New research from Ohio State University suggests that homeowners who obtain home loans from local mortgage lenders are less likely to default than those who… Read More »Homeowners Less Likely to Default on Mortgages from Local Lenders
Here’s a shocker. Only about 40 percent of borrowers obtain more than one mortgage quote, according to a survey conducted by Harris Interactive and mortgage… Read More »Most Consumers Only Obtain One Mortgage Quote
Both Wells Fargo and Bank of America, the top two residential mortgage lenders in the nation, have raised minimum credit score requirements on FHA loans,… Read More »Mortgage Lenders Raise Credit Score Requirements on FHA Loans
Borrowers thinking about walking away from their homes voluntarily don’t necessarily give up because the mortgage balance exceeds the value of their homes, according to… Read More »Strategic Default Driven by Future Home Prices, Default Costs
Former Countrywide CEO Angelo Mozilo will pay a record $22.5 million penalty to settle SEC charges that claim he and two other executives misled investors… Read More »Former Countrywide Boss to Pay Largest SEC Fine Ever
Since the mortgage crisis has taken hold, I’ve tried to think of all the reasons why everything went so horribly wrong. By now, we know… Read More »‘How to Be a Mortgage Broker’ Most Popular Course in Prison
The Federal Reserve issued a final rule today that effectively bans yield spread premiums paid to mortgage brokers, along with loan officers employed by depository… Read More »Yield Spread Premiums Banned
The USDA’s zero down loan program is slated to make a comeback, thanks to legislation making its way to President Obama’s desk. The measure was… Read More »USDA Zero Down Loan Program to Return
The U.S. Department of Housing and Urban Development plans to launch multiple investigations to determine if certain mortgage lenders are denying loans to expectant mothers,… Read More »HUD to Investigate Mortgage Lenders Who Discriminate Against Expectant Mothers
