Hard Money Loans

Zillow announced the release of the Zillow Mortgage Marketplace iPhone App. Users are promised an “innovative loan shopping experience.” Prospective borrowers can access pricing engines, mortgage calculators and competing lenders through the application. View full post on Mortgage Stories

Inquiries for refinances rose 4 percent this week, according to the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com for the week ended June 3. Refinance share, meanwhile, expanded to 53 percent from 49 percent. The improvement in refinance activity came on the heels of Memorial Day. View full post on Mortgage Stories

Mortgage jobs were down by more than 5,000 positions in April. The U.S. unemployment rate increased to 9.1 percent last month from April’s 9.0 percent. But the disappointing data already has the 10-year Treasury yield lower, putting mortgage rates closer to the record-low reached in November 2010. View full post on Mortgage Stories

Kinecta Federal Credit Union announced the opening of a new mortgage center in Orange County, Calif. Members who use four Orange County branches of the credit union will be serviced by the new center. The new location “will be staffed by upwards of 30 experienced mortgage loan professionals.” View full post on Mortgage Stories

First Heritage Bank was closed Friday by the Washington Department of Financial Institutions. Sidus Financial LLC said that it was halting new lock requests from mortgage brokers and correspondent customers. Including banks and credit unions, the failure or closing of 65 mortgage-related operations have been tracked by MortgageDaily.com during 2011. View full post on Mortgage [...]

A settlement in a class-action lawsuit will cost Fairway Independent Mortgage Corp. more than $1 million. At issue are alleged undisclosed yield spread premiums and claims of mortgage fraud by a Missouri originator. The lead plaintiffs claim that Fairway, as a mortgage broker, had a fiduciary duty to provide them with the least expensive loan [...]

Freddie Mac reported that the average 30-year fixed-rate mortgage was lower for the sixth consecutive week. During last year’s refinance wave, the 30-year bottomed out around 40 BPS below today’s rate. Odds are, the 30-year will continue lower in next week’s reports based on an analysis of 10-year Treasury yield movement. View full post on [...]

In February, Kinecta Federal Credit Union announced a new wholesale lending operation. The unit did business in 17 states at the time. This week, the credit union said the number of states it does business in has risen to 25. View full post on Mortgage Stories

A settlement with U.S. Bank was announced by the Department of Housing and Urban Development. The bank allegedly did not meet underwriting standards on more than two dozen Federal Housing Administration mortgages. The agreement calls for a payment of more than $1 million. View full post on Mortgage Stories

Two proposed disclosure forms have been released by the Consumer Financial Protection Agency. The regulator is asking lender to identify which of the two forms would better inform a prospective borrower about loan terms. The two forms include identical information for a 30-year adjustable-rate mortgage to be used for a home purchase. View full post [...]