Walnut Creek, California-based PMI Mortgage Insurance Co. announced on Thursday that it has expanded the company’s Refinance-to-Modification (RTM) program. The program can now be used with all PMI-insured loans, not just those loans owned or guaranteed by Fannie Mae and Freddie Mac that are eligible for the federal government’s Home Affordable Refinance Program (HARP).
Read More »NBA All-Stars Take on Miami Foreclosures
Miami Heat basketball star Dwyane Wade and retired Heat center Alonzo Mourning harnessed their celebrity influence Thursday to raise awareness of the foreclosure crisis in Miami and the affordable, certified resources available to struggling homeowners.
Read More »GSEs' Loan Mods Up 57 Percent
Fannie Mae and Freddie Mac modified nearly 37,000 home loans during the first quarter of 2009, according to the GSEs’ regulator, the Federal Housing Finance Agency (FHFA). The Q1 figure represents a 57 percent increase over the fourth quarter of 2008 and more than double the number of modifications made in the first quarter of last year.
Read More »Texas Bank Sees Mortgage Lending Boom
Colonial Savings F.A., headquartered in Fort Worth, Texas, says government initiatives to lower interest rates and provide incentives to first-time buyers have led to a lending boom for the bank’s mortgage divisions.
Read More »Default Mitigation Management Announces New Release of Loss Mit Portal
Newport, Kentucky-based Default Mitigation Management LLC (DMM) has released an update to its Debtor’s Counsel Loss Mitigation Web Portal. The company explained that the new release is another step forward in creating more effective channels of communication between attorneys, servicers, and now the trustees, and streamlining the loss mitigation process – in and out of bankruptcy.
Read More »LendingTree Helps Lenders Retain Homeowners Shopping for Refinances
LendingTree, an online lending exchange headquartered in Charlotte, North Carolina, introduced a new offering this week that the company says will help banks and mortgage companies retain borrowers who are seeking refinancing options with other lenders.
Read More »Slow Start for Federal Mortgage Programs
The Treasury Department said this week that Making Home Affordable servicers have extended 150,000 loan modification offers to distressed homeowners, and about 55,000 borrowers are already enrolled in the three-month modification trial.
Read More »Concerns Raised Over NJ Foreclosure Law
New Jersey’s Mortgage Stabilization and Relief Act (MSRA), also know as S1599, became effective April 1, 2009. The legislation imposes additional requirements on lenders trying to foreclose, and it allocates $40 million to fund two state mortgage relief programs.
Read More »Mortgage Apps Fall to Seven-Month Low
The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey on Wednesday, which showed that home loan applications dropped to their lowest level since last November, as rising mortgage interest rates have led to an increase in borrowing costs.
Read More »Washington State Advocates Foreclosure Counseling
Washington state’s PROOF program, which stands for Prevent or Reduce Owner-Occupied Foreclosure, matches homeowners who are behind on their mortgage with certified housing counselors. Lawmakers have authorized $250,000 for the statewide initiative to help distressed homeowners negotiate loan modifications or other workouts with their lenders.
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