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LATEST U.S. MORTGAGE NEWS
Last Updated Friday, February 03, 2012 07:31 PM Central |
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Feb. 3, 2012
Falling mortgage rates motivated an increasing number of borrowers this week to inquire about a refinance, though inquiries for purchases were also higher. Rates, however, are poised to deteriorate. Refinance activity more than doubled compared to a year ago. Despite a widening spread over conforming rates, more jumbo borrowers were out shopping for a loan.
The number of prospective borrowers who inquired about a mortgage rose 4 percent from last week, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the seven days ended Feb. 3 at 270.
The index was 48 percent higher than the week ended Feb. 2, 2011.
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Feb. 3, 2012
Borrowers in more than a dozen foreclosure actions in 10 states have recently received favorable rulings from the courts. Several of the cases either involve the Federal National Mortgage Association or the Mortgage Electronic Registration Systems Inc. Foreclosure processing services were named as defendants in lawsuits filed by the states of Illinois and Nevada.
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Feb. 3, 2012
New York's attorney general has filed a lawsuit against the three biggest lenders and the Mortgage Electronic Registration System Inc. alleging that the registry is a sham designed to deceive borrowers and the public and avoid recording fees. The state wants the system declared illegal and all resulting title defects cured.
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Feb. 3, 2012
An increase in the number of mortgage brokers was offset by a decline in non-broker mortgage jobs. However, the government revised the prior month's mortgage industry headcount up by more than 28,000 jobs. But the bigger news was an improvement in the U.S. employment situation last month. The latest data are a sign of an improving economy -- though it might also signal the end of record-low interest rates.
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Feb. 2, 2012
Most mortgage rates fell to the lowest levels ever recorded, and it looks like they could hang near those lows through next week. The one exception is the one-year adjustable-rate mortgage.
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Feb. 2, 2012
A majority of people in the legal community believe that a borrower should be able "strip off" a junior-lien mortgage in a bankruptcy payment plan even if the bankruptcy is not discharged.
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Feb. 2, 2012
The cost of servicing residential mortgages has gotten so out of hand that it is starting to make sense for some firms to get out of the business.
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Feb. 2, 2012
In the final three months of 2011, Fairway Independent Mortgage Corp. originated more loans than in any other quarter in its history. The company increased its staffing and plans to continue recruiting this year.
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Feb. 2, 2012
A California bank saw an opportunity to hire several dozen employees, including top producing loan originators, who work for MetLife Home Loans.
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Feb. 2, 2012
Apartment lending took off last year at the Federal Home Loan Mortgage Corp., with the volume of multifamily activity leaping by nearly a third. Delinquency also improved.
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Best Mortgage Employers
Jan. 22, 2012
Only a few mortgage-related firms were among the highest-ranking employers in an annual review of the best places to work in America.
At the top of FORTUNE's 2012 100 Best Companies to Work For was Google.
<read full story>
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LOs Recruited at Brisk Pace
Jan. 18, 2012
Loan originators are often approached about joining another organization, some as often as every month, according to a survey of mortgage salespeople. Regulation and legislation are seen as challenges for 2012.
A majority of mortgage loan originators see an increase in oversight and legislation as the biggest challenge they will face this year.
<read full story>
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Over 1000 Chase Hirings in Calif Include LOss
Jan. 24, 2012
JPMorgan Chase & Co. is investing more in California, and some of that investment is in mortgage production.
The New York-based firm made its foray into the Golden State with its September 2008 acquisition of Washington Mutual Bank after the Office of Thrift Supervision threw the former West Coast giant into receivership.
<read full story>
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