Foreclosures | Mortgages | Financing
A new program has been launched that requires just 1 percent down. In addition, the product enables higher debt-to-income ratios.
The program utilizes a conventional loan with a 97 percent loan-to-value ratio. Borrowers are given a 2 percent grant, leaving just a 1 percent down payment.
Making the loan product even more appealing is an expanded DTI ratio — which can be as high as 50 percent — and expanded sources of income.
From:: Financing
A significant improvement in the forecast for refinance production has been made by Freddie Mac thanks to falling rates. Even expected purchase lending increased.
During the second quarter of this year, overall mortgage originations — including refinancing and purchase financing — are expected to total $512 billion.
Home-lending activity is then expected to decline to $469 billion three months later and $377 billion during the final-three months of this year.
From:: Financing
Secondary lending volume slipped last month at the Federal Home Loan Mortgage Corp. as delinquency remained at a nearly decade low.
Last month ended with a $2.0301 trillion total mortgage portfolio, Freddie Mac reported in its Monthly Volume Summary: April 2017.
The McLean, Virginia-based organization’s book of business continued to expand, ascending from $2.0292 trillion as of March 31, 2017.
From:: Financing
Although the pace of new home sales turned lower last month, the supply of homes available for sale was the greatest in nearly eight years.
There were 54,000 new U.S. single-family residences that were sold during April, fewer than an upwardly revised 61,000 the preceding month.
But despite the month-over-month decline, activity held up compared to the same month last year, when a downwardly revised 55,000 units sold.
From:: Financing
As banks have been under heavy regulatory scrutiny since the financial crisis, smaller non-banks have gained market share through technological improvements to the loan process.
In July 2009, before the Dodd-Frank Wall Street Reform and Consumer Protection Act, Bank of America Corp. was the biggest home lender in Cumberland County, Maine.
But in July 2016, well after the landmark financial legislation became law, BofA barely ranked among the top 10 lenders. The county’s top lender was Residential Mortgage Services.
From:: Financing
A new report suggests that the Consumer Financial Protection Bureau has been treating Ocwen Financial Corp. too harshly.
Last month, the CFPB announced a federal lawsuit filed against the West Palm Beach, Florida-based mortgage banking firm.
The regulator alleged years of widespread errors, shortcuts and runarounds at Ocwen that have cost some borrowers money and others their homes.
From:: Financing
Bids are being taken for mortgage servicing rights on more than $2 billion in loans with a Golden State concentration that are backed or owned by the government-sponsored enterprises.
MSRs on 7,821 Fannie Mae and Freddie Mac residential loans with an aggregate unpaid principal balance of $2.146 billion are available for acquisition.
Loans secured by properties that are located in California account for 35 percent of the total offering. All other states have less than a 10 percent concentration.
From:: Financing
Digital loans, mortgage litigation and regulation, and non-performing notes are among several topics being covered at upcoming mortgage-related events.
Financial Industry Computer Systems Inc. said that nearly 300 lenders, servicers and other industry partners attended its 31st Annual Users’ Conference last month in Dallas.
FICS, a mortgage technology provider that is based in Dallas, said that next year’s user conference will take place from April 4 to April 6 also in Dallas.
From:: Financing
A Maryland woman will serve time for fraudulently using personal information of employees at the Federal Home Loan Mortgage Corp. and Department of Veterans Affairs.
The Department of Justice claims that Allise Jones gained access to personally identifiable information of Freddie Mac and VA employees back in October 2012.
With the information in hand, Jones, 29, along with co-conspirators, allegedly created identification documents and credit accounts. The alleged crimes continued until April 2014.
From:: Financing
The Department of Veterans Affairs has clarified its appraisal requirements on loans secured by properties located in rural areas.
In its lender handbook, VA says that comparable sales used in appraisal reports should be located as close to the subject property as possible.
But this has left some VA lenders confused when it comes to properties where comparable sales might not be ideally located near the subject.
From:: Financing