Are you stuck with increasing monthly payments and looking for favorable rate and terms on your loan? Or, do you want to consolidate your debts and pay off faster? All these and more can be done by Refinancing through American wide loans site. Read the rest of this entry »
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The Federal Deposit Insurance Corporation announced the sale of notes backed by $3.8 billion in residential mortgage-backed securities. Read the rest of this entry »
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The commissioner of the Federal Housing Administration gave testimony before the House Financial Services Subcommittee on Housing and Community Opportunity.
The commissioner highlighted suggestions by some to raise the minimum downpayment on all FHA loans to 5 percent.
"Such a policy change would reduce the volume of loans endorsed by FHA by more than 40 percent," he said.
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Rates look to go up to 5.5% by the end of June 2010. After that, the increases will slow down a bit, but still approach 6% toward the end of the year. The market believes they’ll cap at around 5.75% and are not likely to fall back to the 5% level again for a long time to come. Read the rest of this entry »
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Hall Financial announced that it launched this month.
David Hall is the founder and managing partner of the Michigan-based company. Read the rest of this entry »
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Fifth Third announced plans to expand in Tennessee.
The company said Geoff Hill was tapped to oversee the expansion as head of a new Tennessee mortgage division. Read the rest of this entry »
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Navy Federal Credit Union reported that originations last year were up 9 percent over 2008.
The credit union also announced that it now provides 100 percent financing. Read the rest of this entry »
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Last week, four federally insured banks and thrifts failed.
Each institution was handed over to the Federal Deposit Insurance Corporation as receiver.
No buyer could be found for Waterfield Bank, which was closed by the Office of Thrift Supervision.
In addition, no buyer was found for Centennial Bank, which was closed by the Utah Department of Financial Institutions.
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During the quarter, 134 mortgage-related lawsuits were tracked in the Fourth Quarter Mortgage Litigation Index announced by MortgageDaily.com and prepared in conjunction with Patton Boggs LLP.
Case activity increased from 76 cases documented in the third quarter.
It was the highest quarter on record since tracking began in 2007.
Loan modification cases were the driving force behind the increase, more Read the rest of this entry »
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Well Fargo Bank, N.A., was the biggest retail lender during the fourth quarter, according to data provided by the Federal Deposit Insurance Corporation to MortgageDaily.com.
The data were collected for first-mortgage activity at FDIC-insured banks and thrifts with at least $1 billion in assets or $10 million in quarterly originations.
Wells Fargo also grabbed the top wholesaler spot.
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