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Foreclosure Loan Modifications Helping or Hurting?

Thu, 31 May 2012 09:16:12 +0000

Pressure is mounting in Washington to allow loan modifications with principal balance write-downs to bail out struggling homebuyers who borrowed too much money during the housing boom.

Source:Foreclosure Loan Modifications Helping or Hurting?

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10-Year Yield Trading Below Record Low

Thu, 31 May 2012 09:16:10 +0000

The European debt crisis is taking its toll on the U.S. stock market and sovereign debt yields. But it also has the yield on the 10-year Treasury note lower than any close on record — creating more opportunity for U.S. mortgage originators.

The 10-year yield closed at 1.70 percent on May 17 — its lowest level on record based on historical data from the Federal Reserve Board dating back to 1962.

Since then, the yield has bounced around between 1.71 percent and 1.79 percent, closing at 1.74 percent on Tuesday, according to data from the Department of the Treasury.

Record Low for 10-Year Treasury Yield Thanks to the sovereign debt crisis in Europe, the yield...
10-Year Treasury Yield Closes At All-Time Low The yield on the benchmark 10-year Treasury closed at 1.98...
15-Month Low for 10-Year Yield Concerned about a slowing of the economic recovery, the Federal...

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Risk of Appraisal Fraud Diminishes

Thu, 31 May 2012 09:16:10 +0000

Helped by a big quarter-over-quarter decline in the risk of property valuation fraud, the risk of mortgage fraud fell to the lowest level in nearly three years. California’s Central Valley also contributed to the improvement. The close correlation between the risk of fraud and foreclosure rates continued into the latest period.

The risk of mortgage fraud slipped 4 percent between the final quarter of last year and the first-three months of 2012.

Compared to the first quarter of last year, the risk of mortgage fraud was off 3 percent.

Risk of Appraisal and Income Fraud Rises Fewer people are likely to lie about whether they will...
Appraisal Fraud Down as Income Fraud Surges The risk of appraisal fraud has fallen 15 percent during...
Risk of Mortgage Fraud Subsides The national fraud risk index was 145 in the Q2...

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MBA Chief Named President of SunTrust

Thu, 31 May 2012 09:16:09 +0000

David H. Stevens has had a front-row seat as the mortgage industry has gone from record-breaking production to a full-fledged meltdown.

His quarter century in the business includes 16 years at World Savings, which was acquired by Wachovia Corp. in October 2006. He started out as a loan officer and rose to the position of national sales manager over the mortgage division by the time he left.

He also worked at Freddie Mac, Long & Foster Companies and Wells Fargo & Co.

3 Chairmen Out, 3 Presidents In R. Stan Puckett will retire as chairman and chief executive...
SunTrust Demotes Mortgage Chief Sterling Edmunds Jr. has assumed the role of executive vice...
Hedge Fund Founder Named President of Citi John Havens was named president of Citigroup Inc. Havens was...

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Hotel Loans Drive CMBS Delinquency to Record High

Thu, 31 May 2012 09:16:08 +0000

Fueled by a more than 170-basis-point rise in lodging delinquency, the rate of past-due loans included in commercial mortgage-backed securities climbed to the highest level on record.

One-month delinquency on securitized commercial real estate loansincreased 24 basis points from April to May.

This month’s rate was the highest on record. It was also the first time that CMBS delinquency exceeded 10 percent.

CMBS Delinquency at Record High Delinquency during July of at least 60 days on securitized...
Hotel, Apartment Loans Pull Down CMBS Delinquency Driven by an improvement in hotel and apartment loans, monthly...
CMBS Delinquency Up Despite Hotel, Multifamily Improvement The delinquency rate on hotel loans included in commercial mortgage-backed...

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Wells Agrees to Pay Less than $8 Million to End Discrimination Suit

Thu, 31 May 2012 09:16:07 +0000

An agreement between Wells Fargo & Co., the city of Memphis, Tenn., and Shelby County, Tenn., puts an end to litigation between the parties. The deal will cost the lender less than $8 million.

A story Tuesday, citing sources with knowledge of the arrangement, indicated that the San Francisco-based company will make $400 million available to local borrowers over five years to end a lawsuit filed by Shelby County and Memphis.

But in a statement issued a statement Tuesday, Wells said it will invest $7.5 million in the city and county.

Wells Settles Discrimination Lawsuit for $400 Million Wells Fargo Bank, N.A., has reportedly agreed to settle for...
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Home Loans With Bad Credit Are Possible If You Know What To Do

Thu, 31 May 2012 09:16:06 +0000

Getting a home loan with bad credit is possible. You need to be aware of what minimum requirements to meet, however, and then go through a process to find the best loan possible.

Source:Home Loans With Bad Credit Are Possible If You Know What To Do

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Role Played by a Contract Mortgage Processor on Behalf of Lending Institutions

Thu, 31 May 2012 09:16:05 +0000

Mortgage processing is a tedious activity that involves bulky paperwork. Nowadays lenders are doing business on the internet hence they are piling more electronic documents than actual paperwork. Even though the electronic system is a big help, it attracts many loan applications that most lending institutions are not able to process quickly and accurately.

Source:Role Played by a Contract Mortgage Processor on Behalf of Lending Institutions

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Are Real Estate Investors Being Limited to One Loan Program?

Thu, 31 May 2012 09:16:03 +0000

Despite what looks like a solid real estate rebound underway mortgage financing could soon become much tougher to come by. Will this result in investors being limited to a single loan program and what strategic changes do investors need to be considering?

Source:Are Real Estate Investors Being Limited to One Loan Program?

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The Day Ahead: Calm Domestic Calendar Leaves Focus on Europe

dlathan — Wed, 30 May 2012 10:28:30 +0000

Posted To: MBS Commentary

Today’s calendar of US economic data is the lightest of the week with Pending Home Sales the only monthly report. Other items dot the calendar, such as weekly Mortgage Applications, Fed “Twist” buying, and several Fed speakers in the afternoon. But as has so often been the case recently, there looks to be more interesting considerations abroad. This was indeed the key market mover during Tuesday’s session. Well, technically Egan Jones may not be a European firm, but it was their downgrade of Spanish sovereign debt (the third within 30 days) that caused the EUR/USD to fall to fresh multi-year lows. US Bond Markets improved at their quickest pace of the day, but turned around just as soon as the Euro did. Risk rallied into the afternoon with EUR/USD climbing out of its pit, S&P’s regaining…(read more)

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