Mortgage Loans News

house graph chart increasing
Oct, 31, 2012
Veteran’s loans, which are government insured mortgages, rose by 50 percent in the 2012 fiscal year that ended on Sept 30. Tighter credit standards on conventional home loans resulted in more military members opting to borrow veteran’s loans. Nearly 540,000 veteran’s mortgages were lent in the 2012 fiscal year. This is a record high since 1994. The volume of borrowed loans has risen 300 percent compared to five years ago. A massive 338,000 of these veteran’s loans were for refinancing in order to take advantage of current low interest rates.
Military Father and Son Approaching House
Oct, 26, 2012
Today the US Department of Veterans Affairs announced its 20 millionth home loan guarantee. The 20 millionth VA loan was awarded to Elizabeth Carpenter, a widow of an Iraq War veteran who passed away in 2010 from cancer. Carpenter and her 3-year-old son Joey purchased a home in Woodbridge, VA with the loan. Carpenter told reporters at the ceremony how influential the loan is for her livelihood. “Without this program and all of the benefits we have received from the VA, we would not be here,” she said.
Approve vs Reject
Oct, 26, 2012
New reports released yesterday state that Freddie Mac deterred mortgage refinance loans which could have saved borrowers nearly $75 billion to date. The taxpayer-owned mortgage company resisted the company-wide refinance policy due to a fear of hurting the company’s bottom line and an unconfirmed partisan support.
Apartment for Rent Sign
Oct, 24, 2012
A new scheme is threatening the already unsteady housing market. Scammers are luring potential renters with foreclosed properties and stealing their money and financial information. For-sale properties are still struggling to compete in the housing market in comparison to rental properties. After years of unpaid home loans, thousands of properties across the country are headed into foreclosure. The homes are usually left vacant during this time, while their owners, flooded with home loan bills, move to a different area.
house behind a gavel
Oct, 18, 2012
Despite being arguably the strongest of the big banks, Wells Fargo is once again in regulators’ sights. A civil suit accuses Wells Fargo of over 10 years of misconduct in regards to the Federal Housing Administration (FHA) mortgage loan program. The bank is accused of making fraudulent insurance claims, reckless origination and underwriting of the FHA loans, deliberate concealment of loans that were rife with serious violations and having nonexistent internal controls. These mistakes have allegedly cost taxpayers hundreds of millions of dollars.
Oregon state flag on map
Oct, 16, 2012
Home loan servicing banks have been avoiding non-judicial foreclosures in Oregon due to the passing of a recent foreclosure mediation law. An Oregon Court of Appeals ruled against lenders that used an electronic database to record mortgage transfers which has made banks a little gun shy to pursue non-judicial foreclosures. The ruling concluded that electronic registries are not lawful beneficiaries and thus have no power to send out disclosure notices.
loan officer offering handshake
Oct, 9, 2012
One of the largest mortgage bankers in the country, Fairway Independent Mortgage Corporation, has undertaken a “boot camp” training program for its loan officers. The program, which began in late September, instructed loan officers in how to serve military clients by becoming Military Mortgage Specialists. Because many active duty military members are young, financially inexperienced and transient, they are a “targeted population” for lenders.
scammer getting paperwork
Oct, 8, 2012
David Han from Tujunga, California was sentenced on the morning of Oct. 2 to 37 months in federal prison for participating in a fraudulent home loan scheme that resulted in losses of over $1 million. At sentencing, United States District Judge Manuel L. Real ordered Han to pay $1,065,000 in restitution.
jumping with house
Oct, 1, 2012
Private lenders in the US have increased mortgage loan modifications in the second quarter of this year following a $25 billion settlement regarding wrongful foreclosure investigations, according to a report by the US Department of the Treasury.
Falling plummet into the ground
Sep, 21, 2012
Freddie Mac’s Primary Mortgage Market Survey revealed that interest rates hovered around all-time record lows. This, of course, allows prospective homebuyers to enjoy market affordability. The average 30-year fixed mortgage loan interest rate matched its record low at 3.49 percent while the average 15-year fixed mortgage loan interest rate plummeted to a new all-time low of 2.77 percent. The 5-year Treasury-indexed hybrid mortgage rate rose from 2.72 as of last week to 2.75 percent this week. Compared to one year ago, 5-year adjustable-rate-mortgages averaged 3.02 percent.