Hard Money Loans

Starting on Oct. 1, the federal government is reducing the size of mortgages it guarantees in high-priced markets. The maximum loan amount that Fannie Mae and Freddie Mac will back in high-priced areas is scheduled to drop to $465,750 from $729,750. HSH Associates estimates that buyers seeking jumbo mortgages will see about a 1/2 percent [...]

Overall new mortgage inquiries rose 3 percent this week based on the latest U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com . Lifting this week’s activity were refinances. The Refinance MMI climbed to 116 from 106 seven days prior. View full post on Mortgage Stories

Freddie Mac reported the average 30-year fixed-rate mortgage improved 8 basis points from the prior week. The 30-year reached the lowest point since the week ended Dec. 9, 2010. But next week, Freddie’s report is likely to be at least 10 BPS worse than today’s given movement in the 10-year Treasury yield. View full post [...]

A federal judge has denied a motion by Quicken Loans Inc. to dismiss a lawsuit by a former company secretary. The plaintiff claims that Quicken required her to only show 40 hours on her timesheet even though she worked overtime. Quicken had requested the dismissal on the basis the plaintiff had filed bankruptcy but didn’t [...]

Wells Fargo & Co. has disclosed that its reserves for mortgage litigation have been increased by $500 million. The company cited potential fines and penalties related to its mortgage practices. Wells Fargo said civil penalties could result from a pending probe. View full post on Mortgage Stories

In March, mortgage employment was down 2,800 jobs, according to data released Friday by the Bureau of Labor Statistics. Headcount in the sector was down 19,100 jobs from a year earlier. The decline in mortgage employment came as the 30-year fixed-rate mortgage rose more than 70 basis points between November and April. View full post [...]

Five major banks engaged in “a collusive scheme” for more than a year, according to a complaint filed in a federal bankruptcy court by the trustee of bankrupt Thornburg Mortgage. The company is now known as TMST Inc. According to the complaint, the bank fraudulently bled Thornburg Mortgage of almost $2 billion until the firm [...]

Coester Appraisal Group announced that it is providing a guarantee that its reports will stand up to repurchase demands. “The guarantee is applicable for any appraisal-based repurchase request as long as the loan is in good current standing and not in any stage of delinquency,” the appraisal management company stated. Appraisals completed after June 1 [...]

The Cost of Funds Index was 2 basis points lower in March than in February, the Federal Home Loan Bank of San Francsico reported. COFI has been lower each month since June 2010. A year ago, the index was 41 BPS higher. View full post on Mortgage Stories

March’s new business acquisitions at Fannie Mae inched up nominally from February. But business was down 30 percent from March 2010. Fannie said February residential delinquency of at least 90 days came in a basis point better than in January. View full post on Mortgage Stories