Wells Fargo & Company has announced that it has signed the second lien modification component of the Obama Administration's Home Affordable Modification Program (HAMP). The program will be offered to qualified Wells Fargo and Wachovia second lien mortgage customers who have completed their HAMP modifications on their first mortgage.Read more

In 2008, 2,877 different multifamily lenders provided a total of more than $88 billion in new financing for apartment buildings with five or more units, according to an annual report from the Mortgage Bankers Association (MBA). The 2008 dollar volume represents a 40 percent decline from 2007 levels. In terms of total dollar volume, the top five multifamily lenders in 2008 were PNC Real Estate, Wachovia, Wells Fargo Bank NA, Capmark Financial Group Inc., and Deutsche Bank Commercial Real Estate.Read more

The average time required to approve and close a loan has increased in 2009 compared with 2008, fueling a decline in overall customer satisfaction with primary mortgage lenders, according to the recently released J.D. Power and Associates 2009 Primary Mortgage Origination Satisfaction Study. The 2009 Primary Mortgage Origination Satisfaction Study is based on responses from more than 3,400 consumers who originated new mortgages within the previous 12 months. The study was fielded between July and August 2009.Read more

DartAppraisal.com, the Troy, Mich.-based provider of nationwide residential real estate valuations, has announced their integration to mortgage technology company FNC Inc., a pioneer in real estate collateral information technology. FNC's clients are among the largest mortgage industry lenders, including MetLife Bank, Union Bank, and Wachovia (a Wells Fargo company). Most recently, mortgage lenders turned to FNC platforms for help in complying with the Home Valuation Code of Conduct (HVCC).Read more

Nearly two dozen sub-prime firms are set to receive billions in taxpayer dollars through a federal government program designed to stem foreclosures. According to a new Center for Public Integrity analysis of public records, of the top 25 participants in the Home Affordable Modification Program (HAMP), at least 21 were heavily involved in the sub-prime lending industry. The majority specialized in servicing sub-prime loans, but several firms both serviced and originated the loans.Read more