Archives for October 2010

Mortgage Company Wins Award Going Green

By Mike Colpitts As hundreds of banks and mortgage companies go out of business due to the troubled economy and rough mortgage lending market a Houston, Texas based mortgage company is winning awards, but not for doing a record volume of loans. The company won the Green Originator Award from Mortgage Technology magazine for its paperless loan origination process. Envoy Mortgage saved more than 10 million sheets of paper, carbon emission … [Read more...]

Mortgage Rates Climb Modestly

Mortgage rates rose modestly this week on a 30-year fixed rate loan to 4.23% from 4.21% last week, according to Freddie Mac. The average rate on a 15-year fixed rate loan also climbed by a similar margin. Rates had fallen to the lowest they had been since 1951 earlier this month. The average rate on a 15-year mortgage rose to 3.66%, but still remains one of the lowest on record for the little sought after mortgage product. Rates on adjustable … [Read more...]

Sunshine States Carry Foreclosure Slide

By Mike Colpitts Major sunshine state metropolitan areas accounted for the top 19 of 20 foreclosure rates in the U.S. during the third quarter of the year, according to the quarterly report compiled by RealtyTrac. California, Florida, Nevada and Arizona cities had the highest number of repossessed residential properties. Among all the metro areas tracked 133 or 65% posted year-over-year increases in foreclosure activity with 11 of the … [Read more...]

Mortgage Applications Show Promise with Low Rates

Applications for new mortgages rose for the second consecutive week as applications for new home purchases and refinances moved higher on near record low rates, according to the Mortgage Bankers Association. Purchase applications grew by 3.9% for the week ending Oct. 22, while refinancing rose a more modest 3% over the previous week. The improvement in both categories indicates home purchases and refinances are growing as a result of lower … [Read more...]

Loan Modifications Top 3.7 Million Homes

By Kevin Chiu Mortgage servicers have modified nearly 3.7-million home mortgages since the housing crisis started in 2007, according to a private group of mortgage servicers, investors, mortgage insurers and non-profit counselors. The organization, Hope Now estimates the industry completed almost 150,000 permanent loan modifications during August, the last month for which figures are available. A massive 91% of all proprietary loan … [Read more...]

Home Auctions Boom despite Sales Moratorium

By Kevin Chiu In Las Vegas, gamblers are refraining from putting down payments on homes in neighborhoods to find some of the best real estate deals at auctions. In Los Angeles want-a-be homeowners are checking home listings online to check prices, and then turning out to bid on auctions in search of bargains. And in Maryland at Towson based auctions that were cancelled last week as a result of possible paperwork flaws on foreclosures, home … [Read more...]

First Home Price Decline in Year

Core Logic, a heavily viewed monitor of U.S. home prices said its home price index dropped for the first time in 2010 in August, sending prices just 1.5% lower for the year. However, the index also showed positive appreciation in more than a handful of states. The Core Logic index has had an unusually low rate of housing price deflation since it began monitoring more than 2,000 markets following the company’s separation from Fidelity Title … [Read more...]

Refinance Mortgages at Lowest Rates in Decades

Mortgage rates are near their lowest levels in decades, although they have risen slightly since hitting all time lows in mid-October. The rate on a 30-year fixed rate mortgage hit 4.19%, the lowest since 1951, according to the Federal Housing Administration. A small rise in rates has produced an increase in home refinances, which represents the largest share of the current mortgage market. The Home Affordable Refinance Program is a key … [Read more...]

Whistleblowers Explode Foreclosure Crisis

By Kevin Chiu Working at a feverish pace to keep up with a record volume of foreclosures, bankers, attorneys and bank servicing companies have allegedly broken laws to foreclose on at least tens of thousands of homeowners. But only over the last six months have the sorted details of the four people that have made the foreclosure scandal front page news come to light. As it is clearly turning out, these four are the whistleblowers in America’s … [Read more...]

Poll Shows Housing Rebound Delayed

A rebound in the housing market is certain to be delayed a number of years as a result of mortgage lenders implementing foreclosure moratoriums, according to a new Housing Predictor poll. But more than two-thirds of all respondents feel that the delay will be four years or less. In fact, the largest percentage or 42% say the delay should last less than two years for markets to overcome their downturns. Some 28% say moratoriums put in place by … [Read more...]