ModularHomeCoach reports the United States Department of Agriculture (USDA) has instituted a program through its Rural Development Housing division to lower interest rates and monthly payments for thousands of borrowers who have loans made or backed by the USDA. The pilot program, designed to improve the housing market, is being …
Writing in NationalMortgageNews, Paul Muolo says some industry officials are suggesting the Consumer Financial Protection Bureau (CFPB) exclude Fannie Mae, Freddie, Mac and Federal Housing Authority (FHA) loans from its loan origination compensation proposals. MHProNews.com has learned the National Association of Independent Housing Professionals says: “As an alternative to the …
A line-up of former regulators, lawmakers, and other financial policy makers headed by one-time Federal Deposit Insurance Corp. (FDIC) chairman Sheila Bair will form the Systemic Risk Council to keep tabs on the enforcement of the new regulations under Dodd-Frank. As NationalMortgageNews tells MHProNews.com, the group was organized by the …
According to a Mortgage Bankers Association (MBA) survey, the average 30-year fixed-rate mortgage dropped to 3.87%, the lowest rate since MBA started the survey, while the 30-year fixed-rate jumbo loan (greater than $417,500) fell to 4.13%, also the lowest in the survey’s history. Meanwhile, says NationalMortgageNews, applications to refinance loans …
Benzinga tells us the mortgage rate has found another hole that it has fallen through to a record low, as the 30-yr. fixed rate has hit 3.78% and the 15-yr. Fixed rate plunged to 3.08%, according to Bankrate. Still, the reticence of would-be buyers due to job insecurity, tight credit, …
Writing in OriginationNews, Paul Muolo says changes made to the Home Affordable Refinance Program (HARP) have sparked an increase in mortgages beyond what the industry anticipated. Fannie Mae and Freddie Mac’s overhauling their automated underwriting (AU) systems has also added to competition. Noting this may be the most successful mortgage …
InForum says organizers of the Bakken Housing Summit in Williston, North Dakota are calling for 5,000 homes in western ND in the next 24 months to meet the demand for housing in this oil rich region. Real estate developer Michael Milner of Salt Lake City says, “Without federal interference, this …
NationalMortgageNews reports RealtyTrac says foreclosure filings fell to their lowest level since July 2007, dropping five percent from March 2012 and 14% from a year ago. The 188,780 notices of default also include scheduled auctions and bank repossessions. Following three months of increases, foreclosure filings were down four percent April …
NationalMortgageNews tells MHProNews.com $462 billion in residential mortgages were funded in Q1 2012, the highest volume since the fourth quarter of 2010. The numbers are based on secondary market loan purchases reported by Fannie Mae, Freddie Mac, and Ginnie Mae. For 2010 the industry funded $1.67 trillion in home loans, …
The U.S. Department of Housing and Urban Development (HUD) and the Department of the Treasury, in their April 2012 housing scorecard, report mortgage delinquencies are significantly below levels of a year ago, having declined four straight months; and sales of existing homes in the first quarter were 5.3 percent better …
In Freddie Mac’s weekly primary market survey, the average rate for a 30-year fixed rate mortgage (FRM) fell to 3.84% from 3.88% a week earlier, marking a new low, according to OriginationNews. The previous low was 3.87% for the week ending Feb. 9. The 15-year FRM also fell to a …
Discount merchandiser Costco is entering the mortgage and student loan business, OriginationNews tells MHProNews.com. Already into financial services with marine and recreational loans, credit cards, health and auto insurance, and investing services, Costco has partnered with New Jersey-based First Choice Bank and ten other lenders to offer full-service home loans. …
According to NationalMortgageNews, Lender Processing Services (LPS) reports the national delinquency rate fell six percent from the previous month to 7.09 percent as of March 31, 2012. For the 40 million mortgages analyzed by LPS, March is the third consecutive month the rate has fallen, reaching a new low last …
Writing in the NationalMortgageNews, Paul Muolo says Mitt Romney has pledged to get rid of the Department of Housing and Urban Development (HUD), which likely would also dismantle the Federal Housing Administration (FHA). “It’s election season….and cutting big government is a red meat move,” writes Muolo. It would have to …
HousingWire says average weekly mortgage rates barely changed from last week, the Freddie Mac survey showing the average 30-year fixed rate mortgage (FRM) moving little, from 3.88 percent to 3.9 percent this week. MHProNews.com has learned last year the 30-year FRM averaged 4.87 percent. The 15-year FRM also moved little …
According to Housing and Urban Development (HUD) Secretary Shaun Donovan, 400,000 HARP (Home Affordable Refinance Program) 2.0 applications have been picked up by five of the largest loan servicers. HARP 2.0 is targeted to underwater borrowers with Fannie Mae and Freddie Mac loans. NationalMortgageNews tells MHProNews.com President Obama has proposed …
Noting that current underwriting standards are too restrictive and may be holding back a housing recovery, a combination of 33 private firms and non-profit organizations have signed a letter to Richard Cordray, head of the Consumer Financial Protection Bureau (CFPB), advocating for a broadly defined Qualified Mortgage (QM) policy, termed …
The House Financial Services Committee has developed the Dodd-Frank Burden Tracker, a method to keep tabs on the implementation of the Dodd-Frank Act. Government regulators have written 185 of the over 400 new rules and regulations required to comply with the act signed by President Obama in July 2010. According …
The National Association of Home Builders (NAHB) states if certain legislators have their way, this could be the last year for the mortgage interest deduction (MID). Calling it “the most important tax deduction for tens of millions of middle-class families”, NAHB says “more than 33 million families benefited from the …
InsuranceNewsNet has issued a report from Housing and Urban Development (HUD) saying the mortgage insurance premiums (MIPs) for certain FHA multifamily housing and health care facilities will increase 15 basis points FY 2013. The market-rate for new construction/substantial rehabilitation loans will rise 20 basis points (except 223(a)(7) will increase five …
