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refinances

Carrington Launches New 15-Day Closing Program Via Wholesale Division

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The Wholesale Lending Division of Carrington Mortgage Services LLC has announced that it has expanded its successful Purchase Promise Program to offer 15-day loan closings to borrowers looking to purchase or refinance properties.Click to continue

HSH.com Launches Two Consumer-Oriented Mortgage Calculators

Calculators and money

HSH.com, a publisher of mortgage and consumer loan information, has launched two unique calculators for homeowners who are unable to refinance at today’s low interest rates, but who want to achieve a similar savings. By calculating an appropriate additional payment to their monthly mortgage, these two calculators, LowerRate and PreFi, will help borrowers achieve savings as if they had refinanced to today’s rates.Click to continue

Americans Expect Home Prices and Mortgage Rates to Increase

House and Money Scale

Consumer attitudes toward the economy and housing continue to diverge this winter, according to Fannie Mae’s February 2013 National Housing Survey results. On the one hand, consumers continue to express strong positive attitudes toward housing. On the other hand, sentiment about the economy and household finances is stalled. Average 12-month home price expectations and the share of consumers who believe home prices will go up over the next year both rose to record highs, and the percentage of Americans who say mortgage rates will rise reached its highest level since August 2011.Click to continue

Median Interest Rate Reduction on Refis Hits Highest Point in 27 Years

House Atop Money/Credit: Creatas

Freddie Mac has released the results of its Q4 refinance analysis showing homeowners who refinance continue to strengthen their fiscal house, as 84 percent of homeowners who refinanced their first-lien home mortgage either maintained about the same loan amount or lowered their principal balance by paying-in additional money at the closing table; just shy of the record 85 percent during the fourth quarter of 2011. Of these borrowers, 46 percent maintained about the same loan amount, and 39 percent of refinancing homeowners reduced their principal balance.Click to continue

Nevada AG Targets Loan Mod Scammer

Black Gavel Pic/Credit: Brand X Pictures

Nevada Attorney General Catherine Cortez Masto announced a preliminary hearing has been set for Xochitl Cervantes of Las Vegas, for her involvement in a mortgage lending fraud case involving several victims operating under the name of CSR Services. “I encourage victims or anyone with more information regarding this case or any mortgage lending fraud to come forward,” said Masto.Click to continue

Carrington Adds Streamline FHA 203K Loans to Its Offerings

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Carrington Mortgage Services LLC has announced that it will offer the Streamline FHA 203K loan program, which allows for up to $35,000 in property repairs to be financed into the loan, through its retail and wholesale businesses. Carrington’s retail lending division will now control the complete operation cycle and related servicing for all of its 203K loans, which were previously offered as a brokered product. Carrington’s wholesale lending division will also add the 203K loan program to its portfolio of government-insured products as of April 1.Click to continue

Mortgage Apps Decline 21.6 Percent as 2012 Comes to an End

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The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Application Survey for the two weeks ending Dec. 21, 2012 and Dec. 28, 2012. Mortgage applications for the week ending Dec. 28, 2012 decreased 21.6 percent from the week ending Dec. 14, 2012 (two weeks prior), according to data from the MBA’s Weekly Mortgage Applications Survey. The results include an adjustment to account for the Christmas holiday last Tuesday.Click to continue

GSEs Refi 1.8 Million-Plus Loans Through HARP Since 2009

House Atop Money/Credit: Creatas

The Federal Housing Finance Agency (FHFA) released its October Refinance Report, which shows that Fannie Mae and Freddie Mac have refinanced more than 1.8 million loans through the Home Affordable Refinance Program (HARP) since the program began in 2009. In October, more than 81,000 homeowners refinanced their mortgage through HARP and 790,619 loans have been refinanced through HARP between January and October. The continued high volume of HARP refinances is attributed to record-low mortgage rates and program enhancements announced last year.Click to continue

Refis Experience 14 Percent Weekly Dip

Home Money/Credit: Comstock

Mortgage applications decreased 12.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Dec. 14, 2012. The Market Composite Index, a measure of mortgage loan application volume, decreased 12.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13 percent compared with the previous week. The Refinance Index decreased 14 percent from the previous week to the lowest level since week ending Nov. 2, 2012.Click to continue

Mortgage Banker Profits Increase to Nearly $2,500 Per Loan in Q3

House Money in Hands

Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $2,465 on each loan they originated in the third quarter of 2012, up from $2,152 per loan in the second quarter, as reported by the Mortgage Bankers Association (MBA). Seventy percent of the 311 companies that reported production data for the third quarter report were independent mortgage companies.Click to continue