The Pulse

MBA: App volume decreases 4.5 pecent from previous week
The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending Nov. 20, 2009. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.5 percent on a... Read more
Max loan limits for Fannie and Freddie to remain unchanged for 2010
The Federal Housing Finance Agency (FHFA) has announced that the maximum conforming loan limits for mortgages originated in 2010 will remain unchanged from the maximum levels for 2009 originations. Pursuant to a Congressional Continuing... Read more
FHFA reports: Fannie and Freddie loan mods continue to grow
Fannie Mae and Freddie Mac completed nearly 32,000 home retention actions in August 2009, a 32 percent increase from July. Separately, trial mortgage loan modifications under the Obama Administration’s Home Affordable Modification Program... Read more
FDIC-insured institutions earned $2.8 billion in Q3 of '09
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $2.8 billion in the third quarter of 2009, but loan balances declined by the largest percentage since... Read more
Community Mortgage Lenders of America warns: Congress will “pull the plug” on Main Street lenders
The Community Mortgage Lenders of America (CML America) has released a letter (see attached) to congressional leaders warning that proposals under consideration by Congress will have a devastating effect on mortgage lending and increase... Read more
NAR reports: Huge gains for existing home sales
Driven by the first-time buyer tax credit, existing home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of... Read more
Virginian sentenced to 57 months for mortgage fraud
Godwin Asifo of Woodbridge, Va., was sentenced today to 57 months in prison, followed by three years of supervised release, for running a mortgage fraud scheme that resulted in the foreclosure of at least three homes in northern Virginia.... Read more
MBA reports: Multifamily lending 40 percent lower in 2008 than 2007
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... Read more
Thirteen defendants charged in $19 million bank fraud in Oregon
A federal grand jury sitting in Eugene, Ore., has returned indictments against 13 individuals on a variety of mortgage and loan fraud charges arising out of the collapse of Desert Sun Development (DSD), a company previously headquartered... Read more
First American CoreLogic study: Prices continue decline but rate of decline improves
National home prices, including distressed sales, declined by -9.8 percent in September 2009 compared to September 2008, according to First American CoreLogic and its LoanPerformance Home Price Index (HPI). This was an improvement over... Read more