Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

NMP News

What Happens If (and When) Rates do Rise?

Rates Climb

The humorist Arnold H. Glasow once quipped, “Nothing lasts forever—not even your troubles.” But for many mortgage professionals, it seems that historically low interest rates have been the new normal for a period that seems like forever. But will there be new troubles for the housing market should rates finally begin to significantly uptick?Click to continue

Carrington Partners With Gary Sinise Foundation on Homes for Wounded Veterans

Carrington_Sinise_Logo_08_14_14.jpg

The Gary Sinise Foundation (GSF) has announced that it has formed a partnership with The Carrington Companies to provide donations and operational support for GSF’s R.I.S.E. (Restoring Independence & Supporting Empowerment) program. As part of the program, GSF is building Smart Homes for America’s most severely wounded service members and their families.Click to continue

Tracing Stagnant Mortgage Apps to Less Affordable Housing

House_Drawn_Pic

The relative inertia in mortgage applications continued for another week. But in view of new data warning about the evaporation of affordability in the residential property market, one could easily connect the stagnation with mortgage applications and the disappearance of housing inventory that is within financial reach of many middle- and working-class Americans.Click to continue

HUD Fines Freedom Mortgage for Disability Discrimination

HUD_Logo.jpg

The U.S. Department of Housing and Urban Development (HUD) has announced that Freedom Mortgage Corporation will pay $104,000 to settle allegations that it discriminated against loan applicants with disabilities by requiring them to provide medical or other documentation regarding their disability.Click to continue

HSH.com: Rates Slip Slightly Over Last Week

House for Sale/Credit: Creatas

Rates on the most popular types of mortgages ebbed slightly lower this week according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages fell by three basis points (0.03 percent) to 4.21 percent. Conforming 5/1 Hybrid ARM rates decreased] by three basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.15 percent.Click to continue

CFPB Takes Action Against AmeriSave Mortgage Over False Advertising

CFPB_Logo_01_08_13

The Consumer Financial Protection Bureau (CFPB) took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers. The CFPB found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly upfront fees, failed to honor its advertised rates, and then illegally overcharged them for affiliated “third-party” services.Click to continue

Poll Finds Personal Finances Remain a Distraction for Consumers

Money Cut/Credit: Creatas

Close to four in five respondents (79 percent) to the National Foundation for Credit Counseling’s (NFCC) July poll admitted that their personal finances keep them awake at night. The second highest number of responses came in a distant second, with 13 percent indicating that they sleep like a baby. The remaining choices were marital concerns, job security, and problems with the children which each had single digit responses.Click to continue

Zillow Reports Fixed Rates Still Hovering Around the Four Percent Mark

House Keys/Credit: Digital Vision

The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently 4.08 percent, up five basis points from this time last week. The 30-year fixed mortgage rate hovered around 4.10 percent for the majority of the week, peaking at 4.17 percent on Thursday before easing back down to the current rate.Click to continue