Nearly one-half of homeowners who refinanced their mortgages late last year did so by paying down part of their mortgage balance at the same time.
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Half of Mortgage Refis are Cash-In
A California bank saw an opportunity to hire several dozen employees, including top producing loan originators, who work for MetLife Home Loans.
Last month, MetLife Inc. said it would shut down its mortgage banking operations nationwide.
So Provident Financial Holdings, which added 40 mortgage employees last year, has stepped in to hire a group that operates from the San Francisco area.
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Multifamily Business Strengthens at Freddie
Demand for mortgage refinancing eased slightly last week, after the Federal Reserve indicated it would seek to keep interest rates low for the next three years.
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HARP Refis 10 Percent of Total
U.S. home prices edged downward in November, dropping 1.7 percent from October’s level, according to the latest Standard & Poor’s/Case-Shiller Home Price Indices, released today.
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Bad Sign for Home Prices?
Owners of rental properties and homeowners burdened by secondary expenses are now eligible for mortgage relief under a new expansion of the Home Affordable Modification Program (HAMP).
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HAMP Expanded to Rentals, 2nd Liens
Investments made by Freddie Mac would appear to give the mega-lender an incentive not to refinance high-interest mortgages for borrowers, according to a new report.
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Did Freddie Bet Against Refinancing?
New home sales had their worst year on record in 2011, with the estimate of 302,000 single-family homes the lowest reported annual total since the Census Bureau started tracking the data in 1963.
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2011 Record Low for New Home Sales
The latest rendition of a proposed settlement between servicers and state attorneys general just doesn’t cut it, according to California’s attorney general.
Terms of the possible $25 billion deal would include average principal modifications of $20,000 and payments of $1,800 to other harmed borrowers.
But California’s office of attorney general, which previously backed out of the multi-state settlement because the proposal gave too much immunity to lenders and didn’t provide enough relief for borrowers, says the new “deal does not suffice for California.”
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Proposed Servicer Settlement Not Good Enough for California
Mortgage rates headed upward this week, ending a three-week stretch of all-time lows for 30-year fixed-rate loans.
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Mortgage Rates Show Modest Rise
A settlement that could produce up to $25 billion in mortgage relief for homeowners is in doubt after it was rejected by the California attorney general, who said the proposed deal doesn’t go far enough.
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Calif. AG Rejects Mortgage Settlement