Category — Mortgage News

The Federal Housing Authority (FHA) released its figures for the number of mortgage applications it received during March of 2010 and the numbers are up. In fact, the FHA experienced a pretty drastic increase in mortgage applications, going from 165,239 applications in February of 2010 to 246,406 applications in March, which is a 68 percent increase from one month to the next.  

The Mortgage Bankers Association (MBA) reported that the week ending March 26, 2010 experienced an increase in the volume of mortgage application submitted. Mortgage applications increased by 1.3 percent week-over-week. The uptick is expected to be temporary as the two weeks that follow are expected to see a decline in prospective mortgage application borrower submissions.  

The Mortgage Bankers Association (MBA) reported that the week ending March 26, 2010 experienced an increase in the volume of mortgage application submitted. Mortgage applications increased by 1.3 percent week-over-week. The uptick is expected to be temporary as the two weeks that follow are expected to see a decline in prospective mortgage application borrower submissions.  

According to the February U.S. Foreclosure Market Report released on March 11, 2010, the number of filings for foreclosures has dropped. The data compiled for the report analysis includes default notices, scheduled auctions and bank repossessions – all of which declined by two percent from January to February. One in every 409 homes in the United States has received one of these types of notices, which is a total of 308,524 homes. From month to month, this is a ten percent improvement, but year over year the 2010 February results are still six percent higher than February of 2009.  

Last week, the Federal Reserve Board gave a first-time signal on its feelings on bank bailouts and monetary policy when it increased the rate charged to banks for taking loans from the Fed (discount rate). For the first time since June of 2006, the discount rate increased by a quarter of a point to 0.75 percent.  

When the Mortgage Bankers Association (MBA) released the survey results for the Weekly Mortgage Applications Survey for the week ending February 26, 2010, survey readers may have been somewhat taken back by the results.  

Freddie Mac and Bankrate.com released interest rate survey results for the first couple of weeks of the New Year. Both surveys indicate an overall drop in interest rates kicked off 2010. Freddie Mac listed the average rate for a 30-year fixed rate mortgage at 5.07%, which is down slightly from 5.14% the week prior. Bankrate.com listed the average rate for a 30-year fixed rate mortgage at 5.26%  

A recent report released by Wells Fargo reveals that more home purchase transactions handled by the mortgage segment of Wells saw the sales price of the homes re-negotiated and increased between the buyer and seller after the appraisal was done on the property. Wells Fargo eluded that the report findings show that the homebuyers want to buy the properties with less money out-of-pocket, so it is possible that money is passing from the buyer to the seller that is not showing on the HUD-1 statement, which explains the re-negotiated sales price agreements.  

The House of Representatives have set into motion a plan that changes the way that mortgage lenders can conduct business with consumers.HR 4173, or better known as The Wall Street Reform and Consumer Protection Act, removes the right to create consumer protection laws from the hands of the Federal Reserve. The act created a new and independent agency, the Consumer Financial Protection Agency (CFPA), now responsible for creating laws to protect consumers against predatory financial practices.  

The Credit Card Accountability Responsibility and Disclosure (Credit CARD) Act of 2009 transitioned the Truth in Lending Act (TILA) requirement that there be 21 days between when a bill is sent and when the payment is due for credit card accounts. Now, instead of a 21-period between the bill and payment due date, the act requires card credit companies to allow 21-day grace period to consumers.