Wells Fargo & Company is reporting that as of Feb. 28, the company had 505,832 active trial and completed modifications through its own modification programs and the federal Home Affordable Modification Program (HAMP). More than 365,000 of those were non-HAMP active trials in place as of the end of February 2010 and modifications completed since the beginning of 2009. Wells Fargo had 139,065 HAMP active trial and completed modifications in place as of Feb. 28, including 24,975 permanent modifications and 7,533 permanent modifications pending completion.Read more

The U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development (HUD) have released February data for the Administration's Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month, a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance.

Highlights of the report include:Read more

The Federal Deposit Insurance Corporation (FDIC) has closed on a sale of notes backed by residential mortgage-backed securities (RMBS) from seven failed bank receiverships. The sale was conducted through a private placement priced and allocated on March 5th. The transaction was met with robust investor demand, with over 70 investors participating across fixed and floating rate series. The investors included banks, investment funds, insurance funds and pension funds. All investors were qualified institutional buyers.Read more

Bank of America has announced that it has completed nearly 21,000 mortgage modifications under the federal government's Home Affordable Modification Program (HAMP), according to the bank's latest monthly progress report to the U.S. Department of Treasury.Read more

On average, an appraiser working with major appraisal management companies (AMC) has more than 15 years of experience appraising residential properties, according to a new survey conducted by the Title/Appraisal Vendor Management Association (TAVMA). In addition, the survey showed that the vast majority of appraisers used by TAVMA members are "certified" appraisers, a designation that requires more experience and an additional level of testing above the state-licensed level.Read more

RealtyTrac, an online marketplace for foreclosure properties, has released its February 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 308,524 U.S. properties during the month, a decrease of two percent from the previous month but still six percent above the level reported in February 2009. The report also shows one in every 418 U.S. housing units received a foreclosure filing in February.Read more

Today, March 11, 2010, Mike Anderson, CRMS, vice chairman of the Government Affairs Committee for the National Association of Mortgage Brokers (NAMB) will testify before the House Financial Services Subcommittee on Housing and Community Development at a hearing entitled, “The FHA Reform Act of 2010.” The hearing, which will start at 2:00 p.m. EST and be held at the 2128 Rayburn House Office Building, consisting of two panels: Panel I will include Federal Housing Administration (FHA) Commissioner David H.Read more

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.7 point for the week ending March 11, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.03 percent. The 15-year FRM this week averaged 4.32 percent with an average 0.7 point, down from last week when it averaged 4.33 percent.Read more

Delinquency rates continued to increase in the fourth quarter for most commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report. Between the third and fourth quarters, the 30-plus day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 1.63 percentage points to 5.69 percent. The 60-plus day delinquency rate on loans held in life company portfolios decreased 0.04 percentage points to 0.19 percent.Read more

The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending March 5, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.2 percent compared with the previous week.Read more