Lend America announced that it is launching an FHA correspondent channel. The unit will operate from an offsite loan funding platform that is still in the beta testing process. Small- to mid-sized direct endorsed lenders are being targeted.Read more…
Residential originations will reach $585 billion during the third quarter, Freddie Mac projected in its October 2009 Economic and Housing Market Outlook. The latest projection was higher than the $575 billion projected last month. In the fourth quarter, production is predicted to fall to $514 billion.Read more…
Hey Readers! I’ve been comin across some crazy stuff the past few days from a few different blogs around the web which I just had to share with you. Check em out below…
Buckeye pays to settle mortgage broker's lawsuit
At the time, Lund, head of Lund Mortgage in Peoria, was president of the Arizona Association of [...]
The Federal Housing Administration reported that it issued nearly 500 fewer endorsements for home-equity conversion mortgages during August than during July. Volume was down similiarly from August 2008. But over at Guardian First Funding Group, the company’s chief executive officer predicts the company will "quadruple its loan officer base."Read more…
The Mortgage Bankers Association’s 96th Annual Convention & Expo started Sunday at the San Diego Convention Center and runs through Wednesday. The event’s theme is "Navigating the Right Course, Discovering New Opportunities." MBA said featured speakers include top executives from Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development. Other featured [...]
How about these right… I think you’ll find the following nuggets of wisdom particularly insightful. Leave your comments below. Check out the second one in particular…
Zillow Says Current Mortgage Rates Decline | HULIQ
Today Zillow released its survey results about the current mortgage rates, which are based on the polls that were conducted last [...]
Freddie Mac announced a pilot program to support warehouse lending. The program is designed to help its approved seller-servicers obtain warehouse lines-of-credit from participating warehouse lenders. Freddie said it will provide standby commitments to participating warehouse lenders on qualifying loans if the seller-servicer is unable to meet its contractual obligations or fails.Read more…
A lawsuit was filed by the Federal Trade Commission against Nations Housing Modification Center and its principals. The company allegedly touted a 90 percent success rate and promised to obtain modified payments for a $1,500 up-front fee and a $1,500 fee due two weeks later. New York’s attorney general filed a lawsuit against American Modification [...]
With the recent upsurge in residential foreclosures nationally, homeowners are finding themselves in a very unusual predicament. Over the last 7, borrowers with less than perfect credit fell into a category called :sub prime borrowers”. This class of borrower was able to obtain a mortgage with little or no documentation.
The lenders were all too anxious [...]
Rep. Scott Garrett announced today the introduction of the FHA Taxpayer Protection Act of 2009. The New Jersey Republican proposes to raise FHA downpayments to 5 percent. In addition, his bill would eliminate the financing of closing costs.Read more…
