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Tag Archives: Refinance

Record-Low Rates Do Little to Increase Mortgage Demand

Mortgage interest rates have been hovering at their lowest levels in decades, but that's done little to sway consumers to buy a home or refinance their mortgage to take advantage of the interest savings. The economists at Freddie Mac point to several reasons for the ""missing"" originations, which they trace back to deteriorating home values. Many borrowers' home equity is so badly eroded that they don't qualify for a refinance, and potential buyers remain nervous about investing in a home absent big incentives.

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FHA Rolls Out Principal Reducing Refis for Underwater Borrowers

Nearly a quarter of U.S. homeowners with a mortgage owe more on the loan than their home is worth, and home prices are threatening to fall further. The Federal Housing Administration (FHA), though, is throwing out a lifeline. Starting September 7, the federal agency will offer new FHA-insured mortgages to certain underwater, non-FHA borrowers who are current on their mortgage payments and whose lenders agree to write off at least 10 percent of the unpaid principal balance.

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As Housing Programs Falter, Administration Weighs New Refinance Plan

Rumors of a new government-led mortgage refinancing program have begun to surface. DS News has received word from sources inside the administration and from high-ranking executives at some of the largest banks, confirming that the White House is indeed considering a refi push that would allow homeowners to lower their monthly mortgage obligations by locking in today's rock-bottom interest rates. Some industry insiders are viewing the move as a concession by the federal government that its existing housing programs aren't doing enough.

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More Borrowers Are Paying Down Their Mortgages: Freddie Mac

Even with record-low mortgage rates, many refinancing borrowers are choosing to pay down their loan balances rather than borrow more money. According to a recent report by Freddie Mac, cash-in borrowers - those who reduced their principal balance by paying in additional money at the closing table - represented 22 percent of all borrowers who refinanced during the second quarter, up from 19 percent the previous quarter. This, Freddie said, tied the record for the third highest cash-in share since the GSE began keeping records on refinancing patterns in 1985.

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Wolters Kluwer Consultants Earn CRCM Designation

Minneapolis-based Wolters Kluwer Financial Services recently announced that two members of its compliance management services team have earned the prestigious Certified Regulatory Compliance Manager (CRCM) designation from the American Bankers Association’s (ABA’s) Institute of Certified Bankers (ICB).

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