twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.

BofA Suspends Cashouts

Elevated refinance volume prompts decision

Jan. 19, 2012

By staff

Refinance activity is so busy that Bank of American Home Loans has made the decision to turn off the spigot for cashout refinancing. It's the second time in four months that such a move has been made.

From the end of 2011 until last week, inquiries for refinance loans climbed 107 percent, according to the U.S. Mortgage Market Index report for the week ended Jan. 13 from Mortech Inc. and

BofA has seen a similar surge in refinance business.

In addition, spokesman Terry H. Francisco explained in a telephone interview that the company has become fully operational with the latest version of the Home Affordable Refinance Program.

"I suspect we're one of the first lenders to be fully operational on HARP 2," he stated.

"So that's caused an enormous amount of volume to come in at the same time, and so we want to be responsible in making sure that we can help as many customers as we can," Francisco said.

The Calabasas, Calif.-based company has therefore made a decision to put the brakes on cashout transactions until the elevated refinance activity recedes.

Cashout transactions already in process aren't impacted by the decision.

The lender's sales force was advised of the decision late Wednesday.

Francisco said the cashout suspension will remain in place until it is clear that overall processing for non-cashout transactions won't be negatively impacted from the resumption of cashout lending.

In October, BofA suspended cashout transactions on loan insured by the Federal Housing Administration. Elevated refinance volume was also cited for that decision.

next story

back to current headlines

Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders