Mortgage Industry News
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Mortgage problems damage credit scores in different ways
5/2/2011 - Homeowners who are falling behind on a mortgage often worry just how much they might be damaging their credit score. How much will a score be dinged if a payment is late a month or more? Or worse, what happens if the homeowner must resort to a short sale or winds up in foreclosure?
http://www.baltimoresun.com/business/real-estate/bs-bz-ambrose-fico-scores-foreclosure20110502,0,1824554.story
Mortgage Rates Decline
4/28/2011 - Mortgage rates declined in the latest week, with the average rate on 30-year fixed-rate mortgages edging lower, according to Freddie Mac's weekly survey of mortgage rates. "Mortgage rates followed Treasury bond yields lower this week amid weak local economic data reports on business conditions and house prices," said Freddie Chief Economist Frank Nothaft. Mortgage rates generally track Treasury yields, which move inversely to Treasury prices.
http://online.wsj.com/article/SB10001424052748704463804576291310602601624.html?mod=googlenews_wsj
Mortgage applications fell last week as FHA insurance premiums rise
4/25/2011 - Mortgage applications fell last week as demand waned because of higher insurance premiums for government-backed loans, according to a leading trade association. The Mortgage Bankers Association said its market composite index declined 5.6% on a seasonally adjusted basis for the week ended April 22. The MBA made no adjustment to account for Good Friday, when markets were closed.
http://www.housingwire.com/2011/04/27/mortgage-applications-fell-last-week-as-fha-insurance-premiums-rise
FHA mortgage-insurance premium rises next week
4/14/2011 - Planning to get an FHA mortgage? Keep in mind that the annual mortgage-insurance premium for new loans is set to increase April 18 -- next Monday. The extra charge comes to about $42 a month -- $500 a year -- for a $200,000 mortgage with a 30-year term.
http://weblogs.baltimoresun.com/business/realestate/blog/2011/04/fha_mortgageinsurance_premium_rises_next_week.html
New loan comp rules may result in higher rates & costs
4/13/2011 - Last week, after an initial win by the mortgage industry, a federal appeals court cleared the way for the immediate implementation of controversial new Federal Reserve loan officer compensation rules. In summary, loan officers must be compensated based on the loan amount, not on other factors of the loan. The new rules were also intended to prevent the practice of “steering” where a loan officer improperly steered the consumer into higher interest rate loans which provided more commissions.
http://www.boston.com/realestate/news/blogs/renow/2011/04/new_loan_comp_r.html
Home lenders shed workers as mortgage rates climb
4/7/2011 - A rebound in mortgage rates from last year's near-record low has reduced consumer demand for home loans and refinancings, leading Wells Fargo & Co. to join other industry stalwarts in laying off loan processors and related workers..
http://articles.latimes.com/2011/apr/08/business/la-fi-wells-fargo-20110408
Twenty Percent Downpayment Rule Would Disrupt First-time Home Buyer Market
3/30/2011 - A plan unveiled today by the Federal Deposit Insurance Corp. that would require a minimum 20 percent down payment for "qualified residential mortgages" would disrupt the housing market and jeopardize the economic recovery, according to the National Association of Home Builders (NAHB).
www.nahb.org/news_details.aspx?sectionID=148&newsID=12402
U.S. New-Home Sales Unexpectedly Fall to Lowest on Record
3/23/2011 - Purchases of new U.S. homes unexpectedly declined in February to the slowest pace on record and prices dropped to the lowest level since December 2003, adding to evidence the industry is floundering.
www.bloomberg.com/news/2011-03-23/u-s-new-home-sales-fell-in-february-to-record-low-250-000-rate.html
Geithner: mortgage costs to rise with reform
3/3/2011 - Treasury Secretary Timothy Geithner said on Tuesday that future mortgage costs likely will be "modestly higher" after reforms are completed to the national housing finance system.
www.reuters.com/article/2011/03/01/us-usa-housing-geithner-reform-idUSTRE7204FB20110301?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+reuters/businessNews+(News+/+US+/+Business+News)
Pending Home Sales Basically Flat in January. Rent or Own?
2/28/2011 - The National Association of Realtors today released the Pending Home Sales Index for January. The Pending Home Sales index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops.
www.mortgagenewsdaily.com/02282011_january_pending_home_sales.asp
Poor Credit Tops List of Homeownership Barriers. Rents Seen Rising
2/28/2011 - Fannie Mae's latest National Housing Survey shows that Americans have markedly changed their perception of homeownership. The most recent survey, conducted between October and December 2010, revealed that 64 percent of respondents felt buying a home was a safe investment. This is 6 points below the responses given in a January 2010 survey and 19 points below the answers to an initial survey conducted in 2003.
www.mortgagenewsdaily.com/02282011_housing_attitudes.asp
Pending Sales of U.S. Existing Homes Decline by 2.8%, More Than Forecast
2/28/2011 - The number of Americans signing contracts to buy previously owned homes fell in January, a sign the industry that triggered the recession was struggling at the start of 2011.
www.bloomberg.com/news/2011-02-28/pending-sales-of-u-s-existing-homes-decline-by-2-8-more-than-forecast.html
White House's unwritten mortgage memo: Act now
2/11/2011 - The Obama Administration's newly unveiled housing finance plan may have clouded the picture for policymakers, lenders and bond buyers, but it made the future for borrowers starkly clear: It's going to cost more to get a home loan.
www.reuters.com/article/2011/02/11/us-usa-housing-consumer-idUSTRE71A65P20110211
Regulators Seek New Rules for Mortgage Servicers
1/18/2011 - U.S. housing regulators said they will seek to implement a new fee system and standards for mortgage-servicing companies by the summer of 2012.
www.bloomberg.com/news/2011-01-18/u-s-housing-regulators-plan-to-restructure-fees-for-mortgage-servicing.html
Foreclosure Filings Hit Record Number of Properties in 2010
1/13/2011 - One in every 45 U.S. housing units was the subject of a foreclosure filing in 2010, a year in which a total of 3,825,637 such filings were recorded.
www.mortgagenewsdaily.com
Fair Isaac CEO Reveals 3 Key Ways to Improve Your Credit Score
1/11/2011 - "The FICO score is a measure of a consumer's financial health and creditworthiness," Greene says. It's simply a number, ranging from 300 to 850 -- the higher the better. The average FICO score in the U.S. is about 700, and pretty much every bank in the country uses a FICO score when making lending decisions. But while the scores are important, they're not the be all and end all.
http://finance.yahoo.com/tech-ticker/fico-questions-answered-fair-isaac-ceo-reveals-3-key-ways-to-improve-your-score-535800.html
National Survey: Only 28% of Americans Believe They got the Best Deal on Their Mortgage
12/15/2010 - A recent survey of 1,317 Americans by Harris Interactive shows many Americans aren't shopping for their mortgage. Although 91% understand rates and closing costs vary between lenders the complexity and length of the process deters them. As a result, less than 28% of borrowers believe they got the best deal possible...
http://rismedia.com/lowes/8355/11643
Mortgage Rates Surge to Five Month High
12/10/2010 - Mortgage rates surged to a five-month high this week, tracking a jump in bond yields after President Obama and congressional Republicans agreed to a plan that, if approved, would extend tax cuts for two years...
http://www.washingtonpost.com/wp-dyn/content/article/2010/12/10/AR2010121002115.html
US Home Values Down by $1.7 Trillion in 2010: Zillow
12/9/2010 - Homes in the United States were expected to lose more than $1.7 trillion in value during 2010, exceeding their $1.05 trillion loss in 2009, as foreclosures accelerated, real estate data firm Zillow said on Thursday...
www.cnbc.com/id/40590488
Mortgage rates rise: Is Federal Reserve policy backfiring?
12/10/2010 - Mortgage rates are evidence that the Federal Reserve 'quantitative easing' plan is failing, say critics. The Fed bought $600 billion in Treasury bonds to exert downward pressure on interest rates and help spur the economy...
www.csmonitor.com/Business/2010/1209/Mortgage-rates-rise-Is-Federal-Reserve-policy-backfiring
Mortgage tax break in the crosshairs
12/02/2010 - NEW YORK (CNNMoney.com) -- Don't even think of touching the mortgage interest tax deduction in the midst of a fragile housing market...
money.cnn.com/2010/12/02/news/economy/mortgage_interest_deduction/
F.H.A. Rule Changes for Mortgage Borrowers
11/24/2010 - HOME buyers with sketchy credit who are unable to qualify for conventional mortgages may now find it more costly and difficult to obtain loans insured by the Federal Housing Administration...
www.nytimes.com
