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Chase Invests $338 Billion in Low and Moderate-Income Families, Communities and Small Businesses

RISMEDIA, May 16, 2008-Supporting low- and moderate-income families, communities and small businesses, Chase announced that it has invested more than $338 billion in the first four years of its 10-year, $800 billion commitment.
“Helping families buy a home they can afford over the long term remains a crucial part of our commitment to communities,” said Charlie […]

4 Must-Know Mortgage Guideline Changes

RISMEDIA, May 13, 2008-Fannie Mae recently announced four key initiatives that will have a huge positive impact for home owners and buyers. “When Fannie Mae changes their policies and procedures, it has a wide-spread impact on homeowners,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “This is […]

Mortgage Applications Increase in Latest MBA Weekly Survey

RISMEDIA, May 8, 2008-This week, in its Weekly Mortgage Applications Survey for the week ending May 2, 2008, the Mortgage Bankers Association (MBA) released that the Market Composite Index, a measure of mortgage loan application volume, was 655.4, an increase of 15.6% on a seasonally adjusted basis from 567.0 one week earlier. On an unadjusted […]

Housing Bubble Popped by Spike in Fuel Costs, New Analysis Shows

RISMEDIA, May 6, 2008-While predatory lending and sub-prime mortgages have taken the blame for the dramatic decrease in housing prices and the glut of foreclosures nationwide, a new analysis shows that rising fuel costs played a significant role in the collapse of America’s housing bubble.
That’s according to a new report released by CEOs for Cities […]

Bankrate: Mortgage Rates Nudge Higher

RISMEDIA, May 2, 2008-Fixed mortgage rates inched upward for the third week in a row, with the average conforming 30-year fixed mortgage rate rising to 6.16%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.36 discount and origination points.
The average 15-year fixed rate mortgage popular […]

Mortgage Applications Decrease in Latest MBA Weekly Survey

RISMEDIA, May 1, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending April 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 567.0, a decrease of 11.1% on a seasonally adjusted basis from 637.6 one week earlier. On an unadjusted basis, the Index decreased […]

FTC Testifies on Efforts to Protect Consumers in Subprime Mortgage Market

RISMEDIA, April 30, 2008-The Federal Trade Commission testified before the U.S. Senate Committee on Commerce, Science, and Transportation’s Subcommittee on Interstate Commerce, Trade, and Tourism, about the Commission’s continuing efforts to protect subprime mortgage borrowers.
The testimony described the agency’s priorities, including deceptive mortgage advertising, deceptive or unfair servicing practices, discrimination in lending, and foreclosure rescue […]

Bankrate: Mortgage Rates Rise for Second Straight Week

RISMEDIA, April 25, 2008-Fixed mortgage rates moved slightly higher for the second week in a row, with the average conforming 30-year fixed mortgage rate rising to 6.11%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.43 discount and origination points.
The average 15-year fixed rate mortgage […]

Mortgage Applications Decrease in Latest MBA Weekly Survey

RISMEDIA, April 24, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending April 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2% on a seasonally adjusted basis from 743.4 one week earlier. On an unadjusted basis, the Index decreased […]

Bank of America Announces Home Lending Guidelines

RISMEDIA, April 23, 2008-This week, Bank of America said it expects to implement new lending guidelines in its consumer mortgage business as soon as is practical after it combines operations with Countrywide Financial Corporation.
Following the purchase, which is expected to close in the third quarter, Bank of America will continue to offer a broad range […]

Homeowners Call on Congress to Simplify and Reduce Taxes

RISMEDIA, April 15, 2008-As the nation’s homeowners struggle to complete their taxes by April 15, the American Homeowners Grassroots Alliance (AHGA) on April 10 urged Congress to simplify and improve the tax code. In testimony to the House Small Business Committee, AHGA suggested a number of reforms that will help between 34.3 million and 36.6 […]

Housing Bills Will Help Homeowners and Economy

RISMEDIA, April 14, 2008-The National Association of Home Builders (NAHB) applauded House and Senate legislation to address the housing crisis and economic slowdown.
“The bills passed this morning by the full Senate and yesterday by the House Ways and Means Committee are an important step in the process of enacting comprehensive housing legislation that will shore […]

Mortgage Applications Increase in Latest MBA Weekly Survey

RISMEDIA, April 10, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending April 4, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 725.6, an increase of 5.4% on a seasonally adjusted basis from 688.3 one week earlier. On an unadjusted basis, the Index increased […]

Fed’s Dangerous Mortgage Rules Harmful to Consumers

RISMEDIA, April 10, 2008-The 90-day public comment period ended on Tuesday, April 8, for the Federal Reserve Board’s proposed rules to amend regulation Z, which implements the Truth in Lending Act and the Home Ownership and Protection Act.
“Some of these proposed rules will affect only subprime loans, but some of these rules will affect all […]

What Research? Americans Research a Car Purchase More than Their Home Loan

RISMEDIA, April 7, 2008- Despite the fact a home is one of the largest and most expensive purchases most Americans will ever make, those adults who have obtained or refinanced a home loan in the past 5 years typically spent only 5 hours researching a home loan, according to a recent survey(1) of 2,897 adults […]

Survey - Homeowners Using Reverse Mortgages to Pay For Everyday Expenses, Essential

RISMEDIA, April 7, 2008-A survey of 213 homeowners who have received reverse mortgage loans found that the number one reason for the loan is to pay for daily living expenses. Only 3% say they used the funds from a reverse mortgage loan to take a vacation.
The survey was conducted in January by Consumer Credit Counseling […]

Sweeping Reforms: What They Mean for the Mortgage Industry

RISMEDIA, April 7, 2008-The US Treasury Department released its Blueprint for reforming the way that financial institutions are regulated in the United States. “This is the most sweeping proposal for restructuring the financial regulatory environment since the Great Depression,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. […]

3 Ways to Plan Now for a More Rewarding Retirement

By Marshall Loeb
RISMEDIA, March 31, 2008-(MCT)-When you quit working, every day becomes a vacation day. How will you find fulfillment then?

5 Tips on Wise Use of Tax Refunds and Rebates

RISMEDIA, March 27, 2008-In most years, more than 75% of American taxpayers receive a federal tax refund, the average of which is $2,500. These refunds, added together with rebates due from the federal income stimulus package, mean that this spring some taxpayers might enjoy a significant windfall.

Mortgage Meltdown: Privatizing Profits, Socializing Losses

Commentary by Ralph R. Roberts
RISMEDIA, March 27, 2008-What if our government afforded the same privileges to gamblers as it awards to banks? You place a bet. If you win, you get to keep the money. If you lose, the bank covers your bet. In the United States, the pillar of capitalism, this is exactly how […]

Mortgage Applications Spike; Refis Up 82%

RISMEDIA, March 27, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending March 21, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 965.9, an increase of 48.1% on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index increased […]

Fed Rate Cuts Give Limited Credit Relief

RISMEDIA, March 26, 2008-(MCT)-The Federal Reserve cut interest rates by three-quarters of a point last week to combat the credit crunch. Wall Street rallied immediately after the rate cut, and the Dow Jones Industrial Average ended the week at 12,361.32, 3.5% higher than the previous week’s close.
OK, so when will the credit crunch end?
Sorry to […]

Fannie Mae Pilot Program Uses Law Firms to Avert Foreclosures

RISMEDIA, March 26, 2008-(MCT)–A Center City law firm that handles mortgage foreclosures for Fannie Mae gets hundreds of calls a day from homeowners facing the loss of their houses.
In the past, all Phelan, Hallinan & Schmieg L.L.P. could do for delinquent borrowers who wanted to work out a catch-up plan was refer them to the […]

Tougher Home Purchase Standards May Result in Big Down Payment

RISMEDIA, March 25, 2008-(MCT)-Would-be homeowners with middling credit scores are finding mortgages difficult to come by as wary lenders clamp down on credit. Credit score guidelines for conforming loans-loans eligible for purchase by mortgage giants Fannie Mae and Freddie Mac-tightened in late February, said Brian Goode, president of Badgerland Mortgage Group Inc. in Racine, Wis.
Customers […]

One Dollar at a Time - Tackling the Debt March

RISMEDIA, March 21, 2008-(MCT)-Most of us think it’s irresponsible to carry heavy loads of debt. But new research commissioned by St. Paul, Minn.-based Securian Financial Services found that no matter which generation you belong to, chances are you are in debt.
Four out of five Americans have non-mortgage debt on their personal balance sheets.
“We’ve met the […]

Mortgage Applications Decrease Slightly in Latest MBA Weekly Survey

RISMEDIA, March 20, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending March 14, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 652.0, a decrease of 2.9% on a seasonally adjusted basis from 671.7 one week earlier. On an unadjusted basis, the Index decreased […]

Initiative Announced to Increase Mortgage Market Liquidity

RISMEDIA, March 20, 2008-OFHEO, Fannie Mae and Freddie Mac announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market.
OFHEO estimates that Fannie Mae’s and Freddie Mac’s existing capabilities, combined with this new initiative […]

Fed Cuts Key Rate Another .75 percent

RISMEDIA, March 19, 2008-(MCT)-All eyes were on the Federal Reserve Tuesday as its policy-making committee tries to spark the sick U.S. economy back to health, slashing short-term interest rates by three-fourths of a percentage point. The cut brings the federal funds rate to 2.25 percent.
As recently as Friday, investors were signaling that they expected the […]

Mortgage Rates Rise as Treasury Yields Fall - Bankrate

RISMEDIA, March 17, 2008-Fixed mortgage rates posted a modest increase in the past week, with the average conforming 30-year fixed mortgage rate now 6.39%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.4 discount and origination points.
The average 15-year fixed rate mortgage popular for refinancing […]

Mortgage Bankers Announce What’s Up, What’s Down in Latest Survey

RISMEDIA, March 13, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending March 7, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 671.7, a decrease of 1.9% on a seasonally adjusted basis from 684.9 one week earlier. On an unadjusted basis, the Index decreased […]

More Homeowners Are Just Walking Away

RISMEDIA, March 12, 2008-(MCT)-Owing more on properties than they’re worth, some local homeowners are voluntarily walking away from their house notes.
“They don’t need to be foreclosed on. They’re just turning in the keys,” said Martha Lucey, president and chief executive officer of Fresno-based nonprofit credit counselors, By Design Financial Solutions. “The problem we’re seeing is […]

What Are Consumers Addicted To?

RISMEDIA, March 11, 2008-(MCT)–Most consumers claim that Americans are “addicted” to debt and many say they can’t do much about it because their savings are too low and they live paycheck to paycheck.
The results of the most recent American Pulse, a survey conducted by BIGresearch, underscore how Americans increasingly are feeling like they’re stuck between […]

Real Estate Delinquencies and Foreclosures Increase in Latest Survey

RISMEDIA, March 10, 2008-The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.82% of all loans outstanding in the fourth quarter of 2007 on a seasonally adjusted (SA) basis, up 23 basis points from the third quarter of 2007, and up 87 basis points from one year ago, according to MBA’s National […]

Mortgage Applications Increase

RISMEDIA, March 6, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 29, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 684.9, an increase of 3.0% on a seasonally adjusted basis from 665.1 one week earlier. On an unadjusted basis, the Index increased […]

Consumers Give up Lattes, Travel as Economy Sours

RISMEDIA, March 6, 2008-(MCT)-With the economy in a nosedive, Americans are shedding unnecessary expenses, saving their cash and voting “no” to discretionary spending.
That means later for lattes, farewell to fashion and goodbye to family vacations at Disney World.
The new restraint reflects a time-tested truth about economic downturns: When the economy gets shaky, non-essential spending is […]

New York Real Estate - Proposal Aims to Protect Subprime

RISMEDIA, March 5, 2008-(MCT)-New York Gov. Eliot Spitzer plans to introduce a bill this week intended to help subprime borrowers statewide who are at risk of losing their homes. The bill would also establish further protection in the law to prevent a similar crisis in the future, according to a description of the bill provided […]

California Real Estate - Success Claimed for Schwarzenegger Mortgage Rescue Plan

RISMEDIA, March 5, 2008-(MCT)-State officials said Monday that a plan touted by Gov. Arnold Schwarzenegger to aid troubled homeowners helped more than 17,000 struggling borrowers in December and January.
But it’s unclear how significant Schwarzenegger’s plan, announced November 20, has been.
Throughout last year, many lenders already were attempting to work out deals with troubled borrowers, and […]

Eager for Stimulus Rebate? Check out These Myths and Facts

RISMEDIA, March 4, 2008-(MCT)-The Internal Revenue Service has gone into myth-busting mode. Just weeks after Congress passed an economic stimulus package that includes so-called “rebate” payments for about 130 million taxpayers, rumors and misconceptions abound over who is eligible and how to get the money.
The IRS has been busy releasing notices to clarify what’s going […]

Old Republic National Title Insurance Company Acquires American-First Abstract Company

RISMEDIA, March 4, 2008-Mark Bilbrey, SVP & COO of the Central Title Group of Old Republic National Title Insurance Company, announced the acquisition of American-First Abstract Company effective this week. American-First has been owned and operated by the Harold Cox family since 1969. American-First, is located in Norman, Oklahoma and serves Cleveland County. The company […]

Top 10 Foreclosure Avoidance Tips

RISMEDIA, March 4, 2008-Here are 10 suggestions to avoid foreclosure, both now and in the future.
1. Don’t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your home. If you are behind on your mortgage payments or have received […]

Fannie and Freddie Fan the Flames

By Jason Kotar
RISMEDIA, March 3, 2008–This is our third article reviewing the changes to loan policies being initiated by Fannie Mae and Freddie Mac. It is obvious that these organizations have progressively expanded their use of risk based pricing to mitigate their exposure to further losses. Initially, Fannie Mae required lenders to strengthen their guidelines […]

As Inflation Rises, What Does It Mean for the Housing Market?

RISMEDIA, Feb. 28, 2008-(MCT)-A sharp jump in wholesale inflation and $100-a-barrel oil prices combined Tuesday to heighten fears that inflationary pressures will drive up mortgage rates and deepen problems in a housing sector that’s dragging down the economy.
Wholesale inflation as measured by the producer price index jumped 1% in January, according to the Labor Department. […]

Survey Says - Refi Drop Drives Decline in Mortgage Apps, Purchase Applications Unchanged

RISMEDIA, Feb. 28, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2% on a seasonally adjusted basis from 822.8 one week earlier. On an unadjusted basis, the Index decreased […]

Rebates: Spend or Save?

RISMEDIA, Feb. 27, 2008-(MCT)-The success of the 2008 Economic Stimulus Act hinges on what people do with their rebate checks, Paducah tax preparer Ray McLennan says.
“About half my clients tell me they’re going to spend the money, and the other half are going to put it in the bank,” he said. “I guess it’s going […]

Credit Card Rates Stay Up

RISMEDIA, Feb. 27, 2008-(MCT)-Where’s my rate cut? That’s the question asked by many consumers expecting an immediate break on their credit cards in light of the Federal Reserve’s short-term interest rate cuts.
In fact, some consumers complain that their interest rates are increasing. What’s going on?
Experts say card holders with variable rates — which takes in […]

Online Tax Software Benefits, Downfalls

RISMEDIA, Feb. 26, 2008-(MCT)-Few Americans relish the annual chore of preparing their tax returns. Two out of three taxpayers, including me, simply hand the job to a pro. But that still leaves more than 50 million do-it-yourself die-hards.
If you count yourself among them, you face a growing set of taxing decisions before you even pick […]

Help Your Homeowners Get out from under Mortgages

RISMEDIA, Feb. 26, 2008-(MCT)-Maybe you’ve heard the pitches about how rates are falling and you need to act now to take advantage of them. Or maybe you’re dreading that pending jump in the rate on your adjustable-rate mortgage. Or maybe you feel you’re sinking and aren’t sure there’s a way out. Whichever way, here’s what […]

Real Estate Mortgage Applications Decrease in Latest MBA Weekly Survey

RISMEDIA, Feb. 21, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 15, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 822.8, a decrease of 22.6% on a seasonally adjusted basis from 1063.5 one week earlier. On an unadjusted basis, the Index decreased […]

Real Estate Mortgage Crisis Puts Pinch on Student Loans

RISMEDIA, Feb. 19, 2008-(MCT)-If you want to borrow a lot of money for college, you are not going to like what the mortgage mess is doing to you. The credit crunch, which started with a panic over people missing home loan payments several months ago, has spread like a disease, infecting a broad range of […]

Mortgage Crisis Relief Bill in California Would Ease ‘Short Sale’ Tax Hit

RISMEDIA, Feb. 19, 2008-(MCT)-Homeowners forced to sell their property for less than they paid for it would escape a tax hit under legislation sponsored by state Sen. Michael Machado, D-Linden.
Machado’s bill passed the Senate Revenue and Taxation Committee on Wednesday, the first of several tests for the legislation that if passed could help an estimated […]

Fed Chief Sees Rebound for Economy by Midyear

RISMEDIA, Feb. 18, 2008-(MCT)-The combination of a fiscal stimulus package and successive interest-rate cuts should spark an economic rebound by the middle of the year, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson testified Thursday.
Addressing an often-testy Senate Banking Committee, both men also rejected criticism that they were slow to respond to an […]

5 Ways to Take Advantage of the New Freeze on Real Estate Foreclosures

RISMEDIA, Feb. 15, 2008-Robert Shemin says one of the most important secrets to becoming wealthy is getting out of debt. And the only way to get out of debt is to take action.
“The new freeze on foreclosures is the perfect opportunity for everyone who has too much real estate debt or is facing foreclosure or […]

Real Estate Mortgage Applications Decrease in Latest MBA Survey

RISMEDIA, Feb. 15, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 8, 2008. The Market Composite Index, a measure of real estate mortgage loan application volume, was 1063.5, a decrease of 2.1% on a seasonally adjusted basis from 1086.6 one week earlier. On an unadjusted basis, the […]

Real Estate Agents, Offer These 6 Financial Tips to Couples

RISMEDIA, Feb. 13, 2008-(MCT)-Valentine’s Day is a time for roses, chocolate and sparkly dinners. But if you want to ensure your relationship with your partner endures through less-romantic times, be sure to talk about finances. Being on the same page about all of your financial data is a long-lasting way to show each other your […]

Subprime Crisis Hits Latino, Black Home Buyers and Sellers Hardest

RISMEDIA, Feb. 12, 2008-(MCT)-As we spend this month celebrating the achievements of black people, I’m saddened by a report that concludes that the subprime mortgage crisis has caused the largest loss of wealth in modern U.S. history for black and Latino homeowners.
The erosion of wealth is staggering.
Subprime borrowers of color will lose between $164 billion […]

Mortgage Opportunities - New Take on Lending Opens Field to Many

RISMEDIA, Feb. 12, 2008-(MCT)-Andrew Meade needed to borrow $15,000 for 60 days to close a real estate deal, but he didn’t want to go through the hassle of getting the loan from a bank.
He turned instead to person-to-person lending and had the money in a matter of days. He repaid the loan in full within […]

Need Help Understanding Home Loans? Buyers and Sellers Should Take Time to Read the Fine Print

RISMEDIA, Feb. 12, 2008-(MCT)-The foreclosure crisis is focusing new attention on the need for consumers to understand what they are signing when they take out a loan to buy a home.Clearly, some salesmen misled some consumers. But there’s reason to believe other consumers didn’t carefully read what was put in front of them.
Buying a house […]

Homeowner Refinancing Surges Following Lower Interest Rates

RISMEDIA, Feb. 12, 2008-(MCT)-Thousands of Midlands homeowners are joining the nationwide refinance scramble to lower their monthly payments or pay off their loans more quickly.
“I’m just trying to stay on top of the phone calls and the requests we’re getting,” said Jana Siemonsma, a mortgage loan officer for Omaha State Bank.
Wells Fargo Bank has hired […]

What Bush’s Stimulus Package Could Do for the Economy

RISMEDIA, Feb. 11, 2008-(MCT)-Congress passed an economic stimulus bill Thursday that will give $600 to most individual taxpayers, $1,200 to couples and $300 to more than 20 million low-income seniors and disabled veterans.
President Bush said he’d sign the bill.
“This bill will help to stimulate consumer spending and accelerate needed business investment,” Bush said. “This economic […]

What You Need to Know for Attending Upcoming MBA Conference

RISMEDIA, Feb. 11, 2008-Registration opened this week for the Mortgage Bankers Association’s (MBA) 2008 National Mortgage Servicing Conference & Expo– ‘Building Together for Tomorrow.’ The conference will take place February 26-29, at the Hilton New Orleans Riverside, New Orleans, LA.
As current market conditions dictate changes to the way companies do business, now is the time […]

Survey: Purchase Applications Increase

RISMEDIA, Feb. 7, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 1, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1086.6, an increase of 3.0% on a seasonally adjusted basis from 1054.9 one week earlier. On an unadjusted basis, the Index increased […]

Mortgage Bankers’ Defense Remains Unconvincing: Voluntary Foreclosure Prevention Is Not Working

RISMEDIA, Feb. 5, 2008–Recently the Center for Responsible Lending (CRL) released an analysis showing that during the third quarter of 2007, mortgage lenders initiated foreclosures seven times more frequently than they modified mortgages, and 13 times more frequently than they modified problematic adjustable-rate subprime loans. In addition, CRL estimated that under the Treasury Department’s voluntary […]

NAMB Supports Stimulus Package, Urges Congress to Go Further to Help Homeowners

RISMEDIA, Feb. 1, 2008-The National Association of Mortgage Brokers (NAMB) released the following statement from President George Hanzimanolis regarding the economic stimulus package approved yesterday by the United States House of Representatives.
“The National Association of Mortgage Brokers supports the bipartisan stimulus package proposed by the White House and leaders of the House of Representatives and […]

Mortgage Spam Jumps in Response to Fed Rate Cut

RISMEDIA, Feb. 1, 2008-Spam about mortgage refinancing jumped to 10% of all spam in the past week in conjunction with the recent interest rate cuts by the US Federal Reserve, according to research by Commtouch. Further changes expected to be announced today may spur even more finance-related spam - always a favorite subject among spammers […]

Survey: Refis Increase to 73% of Mortgage Activity

RISMEDIA, Jan. 31, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending January 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1054.9, an increase of 7.5% on a seasonally adjusted basis from 981.5 one week earlier. On an unadjusted basis, the Index increased […]

More Than 2.2 Million Foreclosure Filings on Nearly 1.3 Million Properties Reported

RISMEDIA, Jan. 30, 2008–RealtyTrac®, an online marketplace for foreclosure properties, released year-end data from its 2007 U.S. Foreclosure Market Report, which shows a total of 2,203,295 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 1,285,873 properties nationwide during the year, up 75% from 2006. The report also shows […]

Payment Index: Low Down-Payment Buyers Still Have Safe, Secure Options

RISMEDIA, Jan. 30, 2008-As the mortgage lending market continues to tighten, first time home buyers with low down payments still have choices, according to Dr. Susan M. Wachter, professor of Real Estate and Finance at the University of Pennsylvania’s Wharton School. With support from Genworth Financial, Dr. Wachter released her fourth quarter 2007 U.S. Mortgage […]

Regional Spotlight: Who’s Afraid of the R-word?

RISMEDIA, Jan. 30, 2008-(MCT)-The economy may be slowing, but there has been enough sustained growth in areas such as employment and office use that the nation and lower Fairfield County, Connecticut should be able to avoid a recession, a regional real estate expert said yesterday.
Despite a number of large banks such as Citigroup Inc. and […]

The Best of the Rest: Which Mortgage Lenders Stay on Top of Business?

RISMEDIA, Jan. 29, 2008-Among the five biggest U.S. mortgage lenders last year, three saw their originations fall from the previous year, according to a preliminary analysis of earnings data by http://www.MortgageDaily.com.
Countrywide Financial Corp. maintained its standing as the No. 1 residential lender, with a reported $408.2 billion in residential production during 2007. But the mortgage […]

Nehemiah Corporation Reaches $1 Billion Milestone in Private Downpayment Assistance

RISMEDIA, Jan. 29, 2008-Nehemiah Corporation of America, a provider of private downpayment assistance in the United States, announced that the non-profit has provided more than $1 billion in mortgage downpayment assistance through The Nehemiah Program®.
According to the company, initiated in 1997, The Nehemiah Program has helped over 250,000 minority and low to moderate income families […]

How to Handle Mortgage Crisis: Survey Says, ‘Don’t Help ‘Em’

RISMEDIA, Jan. 25, 2008-A new Wall Street Journal Online/Harris Interactive Personal Finance Poll finds that a plurality of U.S. adults say the government should not provide financial assistance to borrowers who can no longer afford to pay their mortgages to keep them out of foreclosure. Only one-quarter agree that the government should provide financial help […]

Refinancing Drives Increase in Mortgage Applications

RISMEDIA, Jan. 24, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending January 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 981.5, an increase of 8.3% on a seasonally adjusted basis from 906.4 one week earlier. On an unadjusted basis, the Index increased […]

Fed Makes Emergency 0.75% Rate Cut

RISMEDIA, Jan. 23, 2008-(NYTimes.com)-The Federal Reserve, responding to an international stock sell-off and fears about a possible United States recession, cut its benchmark interest rate by three-quarters of a percentage point on Tuesday.
The Federal Open Market Committee lowered its target for the federal funds rate on overnight loans between banks to 3.5%, from 4.25%. The […]

It’s Time to Decide: Is Professional Tax Help Warranted?

RISMEDIA, Jan. 23, 2008-(MCT)-Soon, W2 tax forms will hit your mailboxes. Banks will mail your interest earnings statements. Churches and charities might send you records of your donations this past year.
Who are you going to count on to make sure you pay the government what you owe — but only what you owe?
With tax season […]

Your Money: Should I Tap My 401(k) to Pay Off Debts?

RISMEDIA, Jan. 21, 2008-(MCT)- Q: My wages haven’t really kept up to increases in my expenses in the last year. I’ve racked up a large amount of credit card debt and I’m thinking about taking a loan against my 401(k) to pay off my debts. Will I regret this later?
A: Most employer-sponsored 401(k) plans allow […]

Want Early Tax Refund? Take a Number

RISMEDIA, Jan. 21, 2008-(MCT)-Income tax season won’t start on time this year. If you’re not looking forward to facing the Tax Man, that’s not a problem. But if you want that refund right away, it could be.
How big of a problem is not clear. Many who file early are doing so to get money back. […]

ARM’s Lose Their Luster

RISMEDIA, Jan. 18, 2008-Is the hey-day of adjustable-rate mortgages a thing of the past? Freddie Mac released the results of its 24th Annual Adjustable-Rate Mortgage (ARM) Survey of prime loans, which found:
- A decline in ARM share of overall lending, as the interest-rate savings relative to fixed-rate loans has shrunk;
- Smaller lender discounts for introductory […]

Ugliest Mortgage Number in 20 Years Reported

RISMEDIA, Jan. 18, 2008-Evidence of a weaker economy pushed mortgage rates to the lowest point since July 2005, with the average conforming 30-year fixed mortgage rate now 5.75%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.36 discount and origination points.
The average 15-year fixed rate […]

Eight Measures to Boost the Economy

(MCT)-Any successful stimulus package must replace the lost income of displaced workers and boost demand for goods and services offered by businesses. Here’s a look at some ideas under consideration.
- Extending unemployment insurance: The 2001-2002 stimulus extended unemployment benefits by an extra 13 weeks. Temporary extensions give immediate income to workers who’ve lost jobs while […]

Homeowners Continue to Refi: Leads Jump This Week

RISMEDIA, Jan. 17, 2008-Looks like refinancing continues to be a popular option for homeowners. Refinance loans topped mortgage application news this week with The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 11, 2008. Let’s look at the numbers:
The Market Composite Index, a measure of mortgage loan application volume, was […]

The Fight for Good Credit

RISMEDIA, Jan. 17, 2008-(MCT)-Remember trying to refinance during the real estate boom? You were lucky if your broker or lender returned your calls within two weeks.
How has that changed since the bust of the subprime market last year?
Traditional borrowers — meaning those with good credit, not too much debt and enough equity in the home […]

MBA: Slow Economic Growth + Lower Levels of Mortgage Originations = 2008

RISMEDIA, Jan. 16, 2008-The Mortgage Bankers Association (MBA) projects that economic growth will continue to slow through the first half of 2008, but expects economic activity will begin to pick up in the second half of 2008 and resume trend-like growth toward the end of 2009. Total mortgage production will be down 16% to $1.96 […]

Chase Promotes Terry Lindsey for Fast-Growing Correspondent Business

RISMEDIA, Jan. 16, 2008-Chase announced the promotion of Terry Lindsey to national sales manager of Correspondent Sales among key appointments that reflect the business’s continuing growth.
According to the company, during the third quarter of 2007, Chase became the third-largest originator in Correspondent lending.
“The expansion of our sales organization will enable us to give our customers […]

30-Year Fixed-Rate Mortgage Plummets

RISMEDIA, Jan. 11, 2008-Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.87% with an average 0.4 point for the week ending January 10, 2008, down from last week when it averaged 6.07% as well. Last year at this time, the 30-year FRM averaged […]

Fannie Mae to Reimburse for Referrals to HOPE Hotline

RISMEDIA, Jan. 9, 2008-As part of its ongoing commitment to support borrowers facing potential foreclosure, Fannie Mae will reimburse its servicing partners when they refer homeowners who are behind in their mortgage payments to the HOPE Hotline for counseling.
“We have to do everything we can, and early intervention and delinquency counseling are key to helping […]

Chase Expands Mortgage Office in Coral Gables

RISMEDIA, Jan. 8, 2008-Chase has announced the hiring of new area and sales managers for the expansion of its Coral Gables mortgage office. The office, which opened five years ago at 225 Alhambra Circle, is expanding to meet the growing needs of the area.
“We want to provide additional mortgage expertise for home buyers and real […]

New Name, Same Mission to Put Consumer First

RISMEDIA, Jan. 7, 2008-To give consumers a better idea of its purpose and mission, the Better Mortgage Bureau has decided to change its name to Consumer Mortgage Bureau. By adding consumer to their name, the organization hopes to eliminate any confusion in the public’s mind that they are anything but consumer driven.
The Consumer Mortgage Bureau […]

Mortgage Applications Decrease in Latest MBA Weekly Survey

RISMEDIA, Jan. 4, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the Christmas holiday shortened week ending December 28, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 533.9, a decrease of 11.6% on a seasonally adjusted basis from 603.8 one week earlier. On an unadjusted basis, […]

Inflation’s Return: Is It Here to Stay?

RISMEDIA, Jan. 1, 2008-(MCT)-Has a generation of steady or falling prices come to an end? The government recently reported that for October, the consumer price index rose over the past 12 months at a pace of 3.5%, reaching a 14-month high. A year ago, the comparable inflation barometer read 1.3%.
Some economists believe the tide has […]

Turnaround Pros See Housing Crisis Lasting Through 2008

RISMEDIA, Jan. 1, 2008-Still unfurling, the housing “crisis” of 2007 is the source of the top three picks by turnaround professionals predicting the most distressed industries in 2008.
Sixty-two percent of respondents to the Turnaround Management Association’s annual Trend Watch Poll said that homebuilders will face the “greatest financial and/or operational difficulties” next year. With fewer […]

Tips for Giving Wisely This Holiday Season

RISMEDIA, Jan. 1, 2008-The holiday season is a time for giving - especially to those in need - and many charities are hard at work this time of year. The Federal Trade Commission offers the following tips to help you make the most of your charitable donations this season:
Donate to recognized charities with a history. […]

Wells Fargo Economists: Economy Continues to Slow, Recession Unlikely in ‘08

RISMEDIA, Dec. 31, 2007–The fallout from the housing slump and the so-called “credit crunch” will prove less severe than many fear, said Wells Fargo’s senior economists during the company’s annual economic forecast teleconference earlier this week.
“Healthy export growth and continued business spending will help the economy steer clear of an outright recession, but I believe […]

Mortgage Applications Decrease in Latest MBA Weekly Survey

RISMEDIA, Dec. 21, 2007-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending December 14, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 653.8, a decrease of 19.5% on a seasonally adjusted basis from 811.8 one week earlier. On an unadjusted basis, the Index decreased […]

A Different Solution to Mortgage Crisis? Economist Says Yes

RISMEDIA, Dec. 21, 2007-The five-year freeze on mortgage interest rates recently announced by the federal government may be intended to help responsible homeowners avoid foreclosure, but a noted economist with the Real Estate Center at Texas A&M University says there may be a better solution to the mortgage crisis.
“The federal government has to be very […]

NeighborWorks Expects to Train More Than 1,600 Foreclosure Counselors in 2008

RISMEDIA, Dec. 20, 2007-NeighborWorks® America announced that it trained more than 200 homeownership counselors in foreclosure intervention counseling during its recent NeighborWorks® Training Institute - the most counselors ever trained in foreclosure at an institute.
NeighborWorks America has trained over 3,300 foreclosure counselors in the last four years. In 2008, NeighborWorks® expects to award 2,800 professional […]

There Will Be a Recession According to Report on Business Cycles

RISMEDIA, Dec. 18, 2007-NetGainRealEstate.com has completed an analysis of peak to peak market cycles going back to 1900. There are currently three viewpoints on the recession question. One says there will be no recession. Another says there will be a recession and it will be mild. The third says there will be a recession and […]

Mortgage Applications Increase In Latest MBA Weekly Survey

RISMEDIA, Dec. 13, 2007-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending December 7, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 811.8, an increase of 2.5% on a seasonally adjusted basis from 791.8 one week earlier. On an unadjusted basis, the Index increased […]

Survey Says: Delinquencies and Foreclosures Increase

RISMEDIA, Dec. 10, 2007-The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.59% of all loans outstanding in the third quarter of 2007 on a seasonally adjusted (SA) basis, up 47 basis points from the second quarter of 2007, and up 92 basis points from one year ago, according to MBA’s National […]

Paul Wylie to Step Down as Metrocities Mortgage CEO

RISMEDIA, Dec. 10, 2007-Metrocities Mortgage, LLC, a national leader in the residential mortgage lending market, announced that CEO and founder Paul Wylie has decided to step down.
Dick Loeffler, COO of Prospect Mortgage Company, will serve as interim CEO upon Wylie’s departure. Executives Lynette Hale-Lee, Virginia Martinez, Anna Ruotolo and Harry Tomlinson will collectively manage the […]

Mortgage Applications Surge

RISMEDIA, Dec. 7, 2007-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending November 30, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 791.8, an increase of 22.5% on a seasonally adjusted basis from 646.3 one week earlier. On an unadjusted basis, the Index increased […]