Hard Money Loan Programs, Investor Money Programs

Record Mortgage Rates Poised for Another New Low

HardMoney — Fri, 18 May 2012 19:55:21 +0000

The good news is that fixed mortgage rates fell to the lowest levels on record and are already on their way to setting another new low — with a sub-3 percent rate in site for the 15-year mortgage. The bad news is that the stock market is on its way to the lowest point this

Quantum Leap for Nationstar

HardMoney — Mon, 14 May 2012 17:56:27 +0000

With the planned acquisition of assets from bankrupt Residential Capital LLC, Nationstar Mortgage Holdings Inc. expects to become one of the industry’s biggest non-bank mortgage firms. ResCap and 27 affiliates disclosed Monday that voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code were filed Monday. Lewisville, Texas-based Nationstar announced separately that it

Judicial States Bloat U.S. Shadow Inventory

HardMoney — Thu, 10 May 2012 23:04:30 +0000

While the nation’s pool of distressed loans remains historically high, there have been some positive signs with the shadow inventory. Hurting the numbers are states that require judicial foreclosures, where it takes two-and-a-half times as long to clear out non-performing mortgages as it does in non-judicial states. The problem is much worse in the Big

Loan Inquiries Inch Up as Low Rates Could Dip More

HardMoney — Sun, 06 May 2012 21:04:28 +0000

BA few more people were out shopping for a home loan this past week, with home purchase financing inquiries putting in the strongest week-over-week performance. Already-low rates are poised to fall a little further. A 2 percent rise from last week left the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the

Correspondent Retreat Hurts PHH Production

HardMoney — Wed, 02 May 2012 18:55:17 +0000

A quarterly decline in mortgage originations at PHH Corp. was primarily the result of an earlier decision to reduce its reliance on the correspondent lending channel. The company’s pipeline of locked applications ready to close point to an even slower second quarter. But with widening profit margins and a “robust” retail pipeline, PHH’s chief was

Office Loans Drive Up CMBS Defaults

HardMoney — Sat, 28 Apr 2012 17:00:47 +0000

With commercial real estate loans on office properties leading the way, quarterly defaults on securitized commercial mortgages increased during the first-three months of 2012. But the good news is that performance for all of this year is expected to be in line with 2011. Cumulative defaults on commercial mortgage-backed securities were 12.96 percent during the

Realtors Oppose REO-to-Rental Program

HardMoney — Tue, 24 Apr 2012 22:09:45 +0000

The Federal Housing Finance Agency recently began qualifying investors to purchase pools of real-estate-owned assets in some of the nation’s worst housing markets from Fannie Mae and Freddie and convert them to rental properties. But the strategy is opposed by some local California Realtors who stand to lose commissions on such bulk sales. The FHFA,

GSE Multifamily Business Growing

HardMoney — Sat, 21 Apr 2012 02:56:21 +0000

The volume of new financing for apartment properties has grown at both the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. First-quarter multifamily issuance at Fannie Mae was .1 billion. The secondary lender’s volume was 44 percent more than securitizations during the first-quarter 201 View full post on Mortgage Stories Business Loans

Citi Originations Sink

HardMoney — Mon, 16 Apr 2012 17:54:46 +0000

Citigroup Inc., which disclosed plans to stop taking business from mortgage brokers, saw quarterly loan fundings tumble by nearly a third. But delinquency improved from the final quarter of last year. North American mortgage originations decreased 32 percent between the fourth-quarter 2011 and the first-quarter 2012, the New York-based financial services provider reported in its

SIGTARP Report Finds Hardest Hit Funds Barely Utilized

HardMoney — Thu, 12 Apr 2012 23:01:25 +0000

The Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets was established in February 2010 through the Dodd-Frank Wall Street Reform and Consumer Protection Act . The program was to be funded with .6 billion intended to reduce mortgage principal on negative-equity properties, provide assistance for unemployed or under-employed borrowers and help eliminate