The Federal Housing Administration has broadened the parameters for its COVID-19 loss mitigation options while suspending others, and is also adding incentive payments for servicers. The relief previously only available to people with pandemic hardships has been opened up to all borrowers with imminent defaults, including non-occupants. Due to this expansion, the administration and Department … [Read more…]
In December, the forbearance rate for home loans remained at 0.7% for the third month in row, suggesting that it has hit a floor, according to the Mortgage Bankers Association. “New forbearance requests and re-entries continue to trickle in at about the same pace as forbearance exits,” said Marina Walsh, MBA’s vice president of industry … [Read more…]
Sagent has announced that a former government-sponsored enterprise executive who has served on its board has been appointed to the chief operating officer role at the company. Marianne Sullivan, who was senior vice president of single-family business operations at Fannie Mae between 2014 and 2017, is now charged with overseeing the start of the second … [Read more…]
The lawsuit was filed against loanDepot by about 40 former loanDepot employees over a number of alleged labor violations.
In an effort to undo some of the damage the Federal Housing Finance Agency (FHFA) basically caused itself, itâs throwing a bone to so-called low-income families to save on their mortgage. It all spurs from the adverse market fee the very same agency implemented back in August 2020 to contend with heightened losses related to [&hellip
The post New Fannie/Freddie Refinance Option Drops Adverse Market Fee, Offers 0 Appraisal Credit first appeared on The Truth About Mortgage.
San Francisco-based bank and mortgage lender Wells Fargo reportedly hired 5,000 employees to handle its ever-increasing mortgage workload, according to Bloomberg. Wells Fargo CFO Howard Atkins said in an interview that the bank increased staff over the past couple of months to process its record haul of mortgage applications, which made it the top mortgage [&hellip
The post Wells Fargo Hired 5,000 Employees to Handle Mortgage Workload first appeared on The Truth About Mortgage.
Those looking for a mortgage refinance may get a surprise if they bank with Chase. The NYC-based bank and mortgage lender is currently advertising mortgage rates well above the national average. The WSJ first reported on the âissue,â speculating that Chase is trying to pump the brakes on new loan origination because theyâre âflooded with [&hellip
The post Chase Mortgage Refinance Rates Intentionally Inflated? first appeared on The Truth About Mortgage.
Well, file this one under âwas bound to happen,â or, âwas only a matter of time.â A clever guy by the name of Marcus J. from Clementon, New Jersey has created an online petition to eliminate the securitization cut-off date for HARP eligibility. At the moment, this ever-important cut-off date is May 31, 2009, meaning [&hellip
The post New Petition Urges Mortgage Re-HARPing first appeared on The Truth About Mortgage.
The effects of the coronavirus pandemic have been especially burdensome on auto loans borrowers. Unlike student loans and mortgages, there are no government-backed relief programs to cover a monthly auto payment. The result is most devastating for subprime borrowers â those with credit scores under 600. Serious delinquency levels within that group rose about 22% [â¦]
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