The Truth About Mortgage Blog


Welcome to a warm, friendly, and most importantly unbiased place to learn about mortgages, ideally before you make contact with a real estate agent or lender. The more you know, the better you’ll feel, and hopefully all that hard work will help you snag a lower mortgage rate too! View all mortgage help topics to get started or check out the latest mortgage tips and news below.

Latest Posts

Lack of Jumbo Financing Hurts Bay Area Home Sales

October 18, 2007 No Comments »

As jumbo loan financing continues to be increasingly difficult, many potential homeowners in expensive regions of the country are finding it next to impossible to secure financing on their homes. These days, most mortgage lenders are sticking to loan products ... Read More »

WaMu Profit Hit by Mortgage Mess

October 17, 2007 No Comments »

Seattle-based Washington Mutual reported third quarter profit of $210 million, or 23 cents a share, compared with profit of $748 million, or 77 cents a share a year earlier, its smallest profit since 1998. The quarter included $967 million set ... Read More »

Thornburg Mortgage Reports Billion Dollar Loss

October 17, 2007 No Comments »

Sante Fe-based Thornburg Mortgage reported a net loss of $1.084 billion, or $8.83 per share in the third quarter, compared to net income of $75.3 million, or 64 cents a share a year ago. Analysts polled by Thomson Financial expected ... Read More »

Mortgage Originations to Slide in 2008

October 17, 2007 No Comments »

According to a forecast released today by the Mortgage Bankers Association, mortgage originations will fall to their lowest levels since 2000 next year as tighter underwriting standards and increased foreclosures take their toll on the market. “We have not yet ... Read More »

GMAC Expected to Cut 25 Percent of Mortgage Workforce

October 16, 2007 No Comments »

GMAC’s finance arm Residential Capital LLC is expected to announce a 25 percent reduction in its workforce tomorrow, according to a report by The Wall Street Journal. ResCap currently employs about 12,000, so roughly 3,000 are expected to be laid ... Read More »

Countrywide Restructuring Charge Up to $150 Million

October 16, 2007 No Comments »

Countrywide said Tuesday that pretax restructuring costs associated with a slowdown in business and the resulting massive layoffs that occurred could be as high as $150 million. In a U.S. Securities and Exchange Commission filing, Countrywide said the cost of ... Read More »

Wells Fargo Takes $490 Million Mortgage Charge

October 16, 2007 No Comments »

Wells Fargo, the second-largest U.S. mortgage lender, took a $490 million charge in the third quarter related to the write down of its mortgage assets, while nearly doubling loan loss provisions. “The housing market inevitably goes through cycles and we ... Read More »

New Credit Scoring Model Filters Authorized Users Accounts

October 16, 2007 No Comments »

CreditXpert Inc. has released a new credit scoring system that has the ability to filter out authorized user accounts, allowing banks and mortgage lenders to see the difference in scoring when such accounts are removed. The filter could drop many ... Read More »

Summit Mortgage Co. to Close Its Doors

October 12, 2007 No Comments »

Boston-based Summit Mortgage Co. will wind down by the end of the month, with CEO Richard Fedele saying his firm “essentially faced a lack of liquidity in the mortgage-backed-securities market.” Per the Summit Mortgage website, “The Company has been bombarded ... Read More »

Survey Says Few Lenders Making Loan Modifications

October 11, 2007 No Comments »

According to a survey released by the California Reinvestment Coalition on Wednesday, very few mortgage lenders are willing to execute loan modifications for borrowers at risk of foreclosure. The San Francisco based coalition surveyed 33 of California’s 80 mortgage counseling ... Read More »