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Home | Tag Archives: Refinance

Tag Archives: Refinance

HUD Settles Discrimination Claim

HUD Settles Discrimination Claim

GFS Capital Holdings, formerly Greenlight Financial Services, settled a claim with HUD regarding discrimination of women on maternity leave. The company agreed to pay a total of $48,000 to individuals against which it allegedly discriminated. HUD investigated Greenlight after a family complained the company denied their refinance loan application because the wife was on maternity leave at the time.

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Freddie Mac’s Portfolio Shrinks 2.1% in May

Freddie Mac’s Portfolio Shrinks 2.1% in May

Freddie Mac released its monthly volume summary for May 2014, tracking information on the company's mortgage-related portfolio, securities issuance, risk management, delinquencies, debt activities, and other investments. The summary found that overall, Freddie Mac's total mortgage portfolio decreased at an annualized rate of 2.1 percent in May.

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FHFA Announces HARP Milestone

FHFA Announces HARP Milestone

In a report released Monday, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have reached the milestone of 3 million refinances under the Home Affordable Refinance Program (HARP)."Three million HARP refinances is an important accomplishment and represents real help to families and communities still struggling as a result of the mortgage crisis," said FHFA Director Mel Watt.

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FHA Updates Underwriting Guidelines for Evaluating Borrower Risk

The Federal Housing Administration (FHA) issued new guidelines for manually underwritten loan applications that should improve a lender's ability to evaluate borrowers' risk and reduce credit requirement ""overlays"" that exceed FHA's lending standards. The agency says the move will help restore its depleted Mutual Mortgage Insurance Fund from which it pays claims without forcing lenders to over-tighten credit standards.

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As Borrowers Emerge from Underwater, Cloud of Problem HELOCs Rises

The percentage of homeowners who owe more on their mortgages than their homes are worth has declined to less than 12 percent as of the third quarter of this year, according to Lender Processing Services' (LPS) Mortgage Monitor report. While the increasing number of homeowners rising above water is good news for the market, LPS detects some tumultuous seas ahead as a cloud of problem home equity loans forms on the horizon.

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Mortgage Rates See Sharp Increases

Mortgage Rates See Sharp Increases

Fixed mortgage rates increased sharply this week while reports on adjustable-rate mortgages were mixed. Freddie Mac puts the average 30-year fixed-rate mortgage at 4.46 percent for the week ending December 5, up from 4.29 percent last week. Bankrate's weekly national survey showed a rise of 11 basis points for the 30-year fixed-rate mortgage to 4.55 percent. Economists pinned the increases on encouraging growth in new home sales and private jobs.

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Servicing Fees Counter Declines in New Mortgage Activity

Servicing Fees Counter Declines in New Mortgage Activity

Independent mortgage bankers are a growing segment and they're poised to take over even more market share as larger institutions trim their mortgage businesses. The five biggest banks were responsible for 53.2 percent of new mortgage activity in the United States in 2012, down from nearly two-thirds in 2010. According to a recent FBR Capital Markets forecast, that share could shrink to 40 percent by 2014.

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Eminent Domain Takes Root in Areas with High Unemployment, Poverty

To address widespread negative equity, at least 15 cities and counties are considering using eminent domain to seize underwater homes and lower borrowers' mortgage principal balances, according to the Urban Institute. The institute conducted a study to see what commonalities these communities share and found that all 15 suffer from high levels of poverty and unemployment, stagnant incomes, and low housing prices.

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New Head of FHFA Expected

Analysts expect to see a new face at the helm of the Federal Housing Finance Agency (FHFA) now that Senate Democrats have changed the rules so that a filibuster can't be used to block presidential appointments. Now only needing a simple majority for confirmation, Mel Watt's 56 votes in the Senate's first decision on his nomination mean he has enough support to become director of the FHFA--a change analysts say raises policy risk but also credit availability.

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