The answer appears to be yes, and recently two federal agencies — the Federal Trade Commission and the Consumer Financial Protection Bureau — were asked to investigate why. The reality is this: The credit reporting system now in place does not have a separate code that distinguishes a short sale from a foreclosure. Yet there [...]
READ MORE »How to Get Qualify for FHA Streamline Mortgage Refinance Program
Pittsfield, MA — (SBWIRE) — 05/17/2013 — Real-estate-yogi.com is here to share its wisdom on the ins and outs of this process, such as:
- Qualifications for FHA Streamline Refinance
- The FHA Streamline Refinance Program
- No Verification Necessary
- “Purpose” for Refinance
Eligibility Requirements
Oddly enough, the FHA Streamline mortgage refinance program is one of the [...]
READ MORE »Consumer Mortgage Choice Act Under Fire From CRL
The Center for Responsible Lending (CRL)
has released a brief issues paper voicing objections to HR 1077, The Consumer
Mortgage Choice Act. The bill currently
sits in the House Financial Services Committee of which its sponsor
Representative Bill Huizenga (R-MI) is a member.
The bill amends the Truth in Lending Act (TILA) with respect to disclosures
of points and fees for [...]
When short sales leave sellers short
WASHINGTON — Are large numbers of homeowners who have negotiated short sales with lenders at risk because of a startling omission in the American credit system? Do their credit reports and scores indicate that they were foreclosed upon, rather than having negotiated a mutually agreeable resolution with their lender?
The answer appears to be yes, and [...]
HUD: Single-Family Building Permits Up 27% in 1Q13
Through the first quarter, foreclosure starts fell 27% year-over-year while single-family building permits were up by 27%, according to data obtained by RealtyTrac from the Department of Housing and Urban Development.
Article source: Broker Universe REO
Loans offer hope to underwater homeowners – Walla Walla Union
Underwater on your mortgage? You may not be stuck. There are special loan programs for virtually every type of loan, whether it is backed or insured by Fannie Mae, Freddie Mac, the Federal Housing Administration or the Department of Veterans’ Affairs.
Since the government Home Affordability Refinance Program was created in 2009, it has undergone [...]
MBS MID-DAY: Bounce Back/Rally Gains Traction
- Housing Starts -16.5 pct vs +5.4 previously
- Unit rate of 853k vs 973k Consensus
- Permits 1.017 mln vs 945k consensus
- Single Fam starts -2.1 pct, Multi -38.9 pct
Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,017,000. This is
14.3 percent (±1.0%) above the revised March rate [...]
Short Sales Comprise Nine Percent of All Transactions in Q1
Both Fannie Mae and Freddie Mac have implemented policies to expedite the short sales process, including new resources to help determine property values, according to panelists at a property valuation forum during the Realtors Midyear Legislative Meetings Trade Expo. Short sales continue to represent a significant portion of the real [...]
READ MORE »Many Illinois Homeowners Can Take Advantage of Low Refinance Rates and …
Hoffman Estates, IL — (SBWIRE) — 05/08/2013 — Illinois mortgage originator, Allan Freitag educates his potential clients on the basics of the HARP 2.0 program at his Online HARP Refinance Information Center.
More people than ever with homes in distress are able to refinance under the HARP 2.0 program. This bodes well for homeowners looking [...]
READ MORE »Detecting Mortgage Fraud Issues Before It’s Too Late
Mortgage fraud is a problem that servicers and lenders have dealt with for a long time and it does not seem to be going away anytime soon as fraudsters always seem to be one step ahead in knowing how to take advantage of companies as well as distressed borrowers.
According to the FBI, more than 20% [...]
