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HARP 2.0 Webinar Training webinar hosted by AllRegs will look at all of changes to the Home Affordable Refinance Program and how they will impact those borrowers who were locked out of refinancing to a lower rate based on previous LTV restrictions. read more

LATEST U.S. MORTGAGE NEWS
Last Updated Friday, May 18, 2012 08:46 AM Central

Record Mortgage Rates Poised for Another New Low

May 17
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 year. There were no records set, however, for adjustable-rate products.

At 3.79 percent, the fixed-rate 30-year mortgage averaged less than at any other time since Freddie Mac started tracking rates in 1971.

The 30 year was 3.83 percent in Freddie's Primary Mortgage Market Survey for the week ended May 10 and 4.61 percent a year earlier.

Record Low for 10-Year Treasury Yield

May 17
Thanks to the sovereign debt crisis in Europe, the yield on the benchmark 10-year Treasury note fell to the lowest level on record.

Opposing Views on Principal Reduction

May 17
The various programs and proposals to reduce the principal loan balance on mortgages to deeply underwater borrowers would improve the equity position of some homeowners while leaving other seemingly similar borrowers with negative equity.

Program Promises Lowest Wholesale Rates in Industry

May 17
A growing wholesale mortgage lender has launched a new program for mortgage brokers that, it claims, has the lowest conventional pricing in the industry. But the offering is limited to larger loans and high-quality borrowers.

Origination Outlook Improved Considerably from Last Year

May 17
The forecast for 2012 residential loan originations by all U.S. lenders has been raised each month since October, and this month was no exception. This year's mortgage outlook now stands nearly $350 billion higher than it did seven months ago, and if the trend continues -- annual activity could exceed last year's production.

Foreclosures Fall to Lowest Level in Over 4 Years

May 17, 2012
The number of new foreclosure filings fell below 200,000 for only the second time in more than four years. California was responsible for more than half of the latest improvement. Meanwhile, Boston saw a major increase in new filings.

188,780 properties faced filing in April

BofA Goes National With Short Sale Payouts

May 16
After testing a program that pays delinquent borrowers to help unload their properties through a short sale, Bank of America Corp. is now expanding the program.

Subprime Foreclosures Improve Despite Rise in Overall Rate

May 16
Past-due payments on home loans have fallen for three consecutive quarters, though performance on mortgages to veterans deteriorated. But the rate of foreclosures was higher despite an improvement in subprime foreclosures.

Residential Issuance Drives Up Ginnie Activity

May 16
Thanks to strong residential activity, securitizations at the Government National Mortgage Association soared by a quarter last month. Even multifamily issuance was stronger. But reverse mortgage volume was lower.

Small Wholesaler Seeing Big Results from HARP 2.0

May 16
New business at a small Texas-based wholesale lender that operates in more than two dozen states has exploded since it began accepting applications for mortgages processed under the Home Affordable Refinance Program. Originations are so strong that the company is recruiting more employees to help it keep up with demand.

Another Correspondent Lender Emerges
April 25, 2012
Several new players have recently entered the correspondent lending space, and now a Texas firm has thrown its hat into the ring.

Gateway Mortgage Group announced last month that it was opening a correspondent lending division. Prior to that, American Home Mortgage Servicing Inc. disclosed the October launch of correspondent and warehouse lending operations. Impac Mortgage Holdings Inc. said in February that it created a new correspondent lending division.
<read full story>

Tragic Week for Banks
April 28, 2012
It's been a while since this many banks were closed down in a single week. Federal losses forecasted for the latest round of failures exceed $270 million.

The first bank to go down was Bank of the Eastern Shore, which was closed by the Maryland Commissioner of Financial Regulation. The bank had entered a formal agreement in August 2010 with the state regulator and the Federal Reserve Bank of Richmond.
<read full story>

Freddie Releasing HARP 3.0 AU
April 16, 2012
Freddie Mac has fined tuned its automated underwriting process for the Home Affordable Refinance Program in a move that is expected to generate approvals for borrowers who were previously denied for the program.
<read full story>

HARP 2.0 Holdups
April 30, 2012
Loan officers at U.S. financial institutions were surveyed about obstacles to originating home loans. While some banks are participating in the government's refinance program for negative-equity borrowers, many see too many impediments to utilize the program.
<read full story>

GMAC Servicer Rating Hurt By ResCap Standing
May 2, 2012
The possibility of bankruptcy at its parent has GMAC Mortgage's servicing ratings on watch for a possible downgrade. Prime and nonprime ratings are affected.
<read full story>

MORTGAGE VIDEO NEWS

Brokers Call for Support on QRM Legislation
The head of the trade group that represents mortgage brokers is calling on the sector to support legislation that would leave more income available for loan originators.
<watch video>

Video of Shaun Donovan interviewing with reporters

HUD Chief Grilled on Housing Market
The head of the Housing and Urban Development talked with reporters about a range of issues including additional funding for the Federal Housing Administration, investors complaints about the mortgage servicer settlement and writing down principal on loans owned or guaranteed by Fannie Mae and Freddie Mac.
<watch video>

Television interview with Warren Buffett

Billionaire Says Now is Time for Residential Investments
The Oracle of Omaha says that now is the time to invest in residential real estate.
<watch video>

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