Sunday, 08 December, 2019

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Tag: Mortgage News


Applications for mortgages dipped week over week as refinances plummeted this week, according to the Mortgage Bankers Association. MBA’s Market Composite Index fell 9.2% on a seasonally adjusted basis from a week ago, including the Thanksgiving holiday. On an unadjusted basis, mortgage applications plunged 38% from last week. “US Treasury rates stayed flat last week, as uncertainty surrounding the UK Read more…


So you want to buy a fixer-upper Buying a home that needs some TLC can be a good choice. Imperfect homes come with less competition from other buyers, and you can build tens of thousands of dollars in additional equity in a short time by making relatively minor improvements. But there’s a reason not as many people want to buy Read more…


HARP replacement program FMERR is done. Here are your options now (updated December, 2019) The Federal Housing Finance Agency (FHFA) ended its Home Affordable Refinance Program (HARP) on December 31, 2018. HARP was launched in 2009 as a way for homeowners who are current on the existing mortgage loan but have little or no equity, to take advantage of low mortgage rates. As Read more…


Carrington Mortgage Services (CMS) has announced the launch of Prime Advantage, a new non-agency product. Prime Advantage is the latest addition to CMS’s line of non-agency products offered through its loan origination channels, including wholesale, retail and correspondent lending. “Since the day I joined Carrington, our primary objective has always been to lead non-agency lending back into the marketplace,” said Read more…


If you see a “stated income loan” today, that’s likely not the full story Stated income loans don’t exist like they used to. No-doc mortgages went away post-2008 in favor of strict income verification rules. But not everyone has the tax forms required for a “conventional” mortgage. Some people need an alternative way to show they can afford a home Read more…


Housing inventory will likely hit historic lows next year, driving a continued slowdown in the housing market, according to a forecast released today by Realtor.com. Despite some relief from new construction, moderating home prices and low interest rates, affordability will continue to be a struggle for first-time buyers and sellers will contend with slowing activity and flattening price growth, Realtor.com Read more…


Wells Fargo has announced the appointment of Scott Powell as chief operating officer, effective Dec. 9. In his new role, Powell will oversee regulatory execution and relations, enterprise shared services, and a range of operational functions across Wells Fargo. He will also serve on the company’s operating committee and report to Charlie Scharf, president and CEO of Wells Fargo. “I Read more…


How to make an offer the seller can’t refuse It’s a home shopper’s worst fear: being outmaneuvered by a rival buyer. Few things are more frustrating than making an offer on your dream home, only to have a savvier buyer snatch it out from under you. But there are strategies you can use to improve your odds in a bidding Read more…


Forecast plus what’s driving mortgage rates today Average mortgage rates fell appreciably yesterday, as we predicted. In one day, they went from being the highest in two weeks to close to the lowest in nearly two months. But no, we’re not down to September’s ultralow range. Yet. In spite of disappointing economic data this morning, markets seem to be shrugging Read more…


Wells Fargo’s years-old scandals are still causing it trouble, with Raymond James downgrading the lending giant’s stock. The investment bank has downgraded its rating on Wells Fargo’s stock from “market perform” to “underperform”, according to a report by The Motley Fool. Raymond James said that the bank’s numerous scandals were the reason for the downgrade. In 2016, it was revealed Read more…


The founder and CEO of non-QM lender PCMA has been named an executive member of the Non-Prime Lending Council. John R. Lynch will join other senior executives from alternative lending institutions on the Five Star Institute’s Non-Prime Lending Council (NLC), which was performed to provide a platform for industry leaders to address challenges, promote growth, and encourage responsible lending practices Read more…


Higher limits for FHA 203k loans are first-come, first-served You can get a great deal on a “fixer-upper” house — even if you don’t have tons of cash on hand to do repairs This is possible with an FHA 203k loan. 203k loans typically let home buyers borrow up to $35,000 above and beyond the home price, and use the Read more…


The risk and frequency of loan application defects, fraudulence, and misinterpretations in mortgage applications has continued to slide. The First American Loan Application Defect Index was 1.4% lower in October than in September. The index also plunged 13.9% year over year. First American Chief Economist Mark Fleming said that low mortgages rates might have caused the pressure on fraud risk Read more…


Should I buy a foreclosed home? For the right buyer, getting a foreclosed home can be an amazing deal. You can likely purchase a foreclosed house at a major discount, fix it up, and then live in it or sell it for a tidy profit. But new research suggests it’s getting harder to find foreclosure bargains. There just aren’t as Read more…


Forecast plus what’s driving mortgage rates today Average mortgage rates held steady on Friday, as we predicted. That was no surprise for a mid-holiday, half-day trading period. And it leaves those rates in a good place: not close to setting record lows, but seriously attractive compared with all but the most exceptional times in history. Markets were being pulled in Read more…