[News] Mortgage Applications Drop Sharply

Author:  //  Category: Mortgage

Mortgage applications dropped sharply last week, declining almost 19 percent from the week before despite a third consecutive week of falling interest rates, the Mortgage Bankers Association (MBA) has reported.

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[News] Mortgage Applications Drop Sharply

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Mortgage Jobs Open in Several States

Author:  //  Category: Mortgage

A press release indicated that Shore Mortgage has 100 immediate openings in Michigan. Everbank Financial Corp. recently reported to MortgageDaily.com that it seeks to fill 60 open mortgage positions, including 38 in the Jacksonville area. A report from Spherion Corp. indicated that the mortgage and real estate sectors are among industries that are seeing employment activity in Texas.

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Mortgage Jobs Open in Several States

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Chase Hires 1,000s as Mod Activity Leaps

Author:  //  Category: Mortgage

JPMorgan Chase & Co.’s banking unit has increased its counseling staff stands to 3,500, a news release said. In addition, hundreds of additions are planned during the coming weeks. From April 6 through June 30, the New York-based institution approved 138,000 trial mortgage modifications.

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Chase Hires 1,000s as Mod Activity Leaps

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Residential Delinquency Mixed at Banks

Author:  //  Category: Mortgage

First-quarter delinquency of between 30 and 59 days improved 70 basis points from the fourth quarter, according to the OCC and OTS Mortgage Metrics Report, First Quarter 2009. But serious delinquency of at least 60 days, excluding foreclosures, increased 40 BPS from the fourth quarter. Serious delinquency was 230 BPS worse than a year earlier.

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Residential Delinquency Mixed at Banks

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U.S. Modification Analysis

Author:  //  Category: Mortgage

Modifications were completed on 185,156 loans during the first quarter, according to the OCC and OTS Mortgage Metrics Report, First Quarter 2009. The number of modifications jumped from the previous quarter and nearly tripled the number completed in the first-quarter 2008. More than half of first-quarter modifications resulted in a lower payment.

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U.S. Modification Analysis

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M.I. Defaults Rise, New Business Declines

Author:  //  Category: Mortgage

The number of mortgage insurance policies written in May declined 73 percent from April, the Mortgage Insurance Companies of America reported. Compared to a year earlier, volume tumbled 53 percent. Meanwhile, primary insurance defaults increased 8 percent from April.

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M.I. Defaults Rise, New Business Declines

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Study Finds Misleading HECM Marketing

Author:  //  Category: Mortgage

The General Accountability Office conducted a study on the costs, risks and benefits of home-equity conversion mortgages. The review was prompted by concerns over consumer protections. The agency analyzed consumer complaint data and examined misleading HECM marketing and ads. It found that some claims by originators were potentially misleading because of inaccurate or incomplete claims.

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Study Finds Misleading HECM Marketing

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Serious Delinquency Soars at Fannie

Author:  //  Category: Mortgage

Residential delinquency of at lest 90 days at Fannie Mae had already reached a record in March. But the company’s latest report indicated delinquency shot up 27 basis points in April, according to a monthly operational summary. Compared to April 2008, delinquency was 220 BPS higher.

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Serious Delinquency Soars at Fannie

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[News] Decline in Home Prices Slows

Author:  //  Category: Mortgage

The decline in home prices slowed for the third straight month in April, according to a leading market surveys, suggesting that while the housing market has not turned around, it may finally be firming up.

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[News] Decline in Home Prices Slows

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Forms 1003, 1008 Revised

Author:  //  Category: Mortgage

The Uniform Residential Loan Application, known as Form 1003, was revised by Fannie Mae, according to a seller-servicer announcement. The revised form will be required on applications taken on or after Jan. 1, 2010. Changes were also made to the Uniform Underwriting and Transmittal Summary — also known as Form 1008.

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Forms 1003, 1008 Revised

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