MortgageDaily.com - Mortgage News Headlines http://www.mortgagedaily.com?spcode=rss Mortgage Industry News for the Mortgage Industry Wed., 16 May 2012 22:22 GMT en-us <![CDATA[BofA Goes National With Short Sale Payouts]]> http://www.mortgagedaily.com/MctBoaShortSale051612LP.asp?spcode=blogger http://www.mortgagedaily.com/MctBoaShortSale051612LP.asp?spcode=blogger Wed., 16 May 2012 22:22 GMT
The pilot program tested last year by BofA in Florida offered borrowers up to $20,000 to sell their home in a short sale. Nearly 11,000 borrowers took the bank up on its offer, and several hundred have closed so far.

Now BofA is taking the program national, though sand states are expected to see the most participation. Maximum payouts have been increased.

]]> <![CDATA[Subprime Foreclosures Improve Despite Rise in Overall Rate]]> http://www.mortgagedaily.com/Delinquency051612LP.asp?spcode=rss http://www.mortgagedaily.com/Delinquency051612LP.asp?spcode=rss Wed., 16 May 2012 20:18 GMT
Residential delinquency of at least 30 days was 11.79 percent as of the first quarter.

The rate fell from 11.96 percent in the fourth quarter. Delinquency has been lower each quarter since the second-quarter 2011, when the rate was 12.87 percent.

]]> <![CDATA[Residential Issuance Drives Up Ginnie Activity]]> http://www.mortgagedaily.com/GinnieVolume051612LP.asp?spcode=rss http://www.mortgagedaily.com/GinnieVolume051612LP.asp?spcode=rss Wed., 16 May 2012 16:17 GMT
Mortgage-backed securities guaranteed by Ginnie Mae during April leapt 25 percent from March, according to monthly data.

Securitizations were 38 percent stronger than in April 2011 at the Washington, D.C.-based company.

]]> <![CDATA[Small Wholesaler Seeing Big Results from HARP 2.0]]> http://www.mortgagedaily.com/HarpWholesaler051612LP.asp?spcode=blogger http://www.mortgagedaily.com/HarpWholesaler051612LP.asp?spcode=blogger Wed., 16 May 2012 15:14 GMT Home Affordable Refinance Program. Originations are so strong that the company is recruiting more employees to help it keep up with demand.

The program was originally launched in March 2009, though participation was far lower than originally projected.

So HARP guidelines were eased in October 2011 with the elimination of requirements for loan-to-value limits, mandatory appraisals and representations and warranties.

]]> <![CDATA[Lenders Take More Risk on New Originations]]> http://www.mortgagedaily.com/OriginationInsight051612LP.asp?spcode=rss http://www.mortgagedaily.com/OriginationInsight051612LP.asp?spcode=rss Wed., 16 May 2012 14:54 GMT
It took 45 days to close a residential loan during April, longer than the 42-day turnaround during the previous month. Refinances took 47 days, and purchase transactions took 43 days.

Of all loan applications started within the prior 90 days, 48 percent closed last month. The closing rate inched up from 47 percent in March.

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