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Loss mitigation

FHA expands availability of pandemic loss-mitigation options

January 31, 2023 by Brett Tams

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…]

Posted in: Refinance, Renting Tagged: affordable, All, building, Consumer Financial Protection Bureau, covid, COVID-19, deed, Department of Housing and Urban Development, expenses, FHA, Financial Wize, FinancialWize, foreclosure, home, Housing, Loss mitigation, LOWER, Make, Mortgage, News, pandemic, payments, Politics and policy, pre-foreclosure, programs, protection, quality, Servicing, time, title, Urban Institute, will

Mortgage forbearance establishes a floor

January 25, 2023 by Brett Tams

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…]

Posted in: Refinance, Renting Tagged: 2022, 2023, Consumer Financial Protection Bureau, COVID-19, data, Distressed, environment, Fannie Mae, Fannie Mae and Freddie Mac, FHA, FHA loans, Financial Wize, FinancialWize, First-time Homebuyers, floor, Forbearance, forbearance rate, Forecasts, Freddie Mac, home, home loans, Homebuyers, homeowners, Housing, industry, loan, Loans, Loss mitigation, LOWER, Main, market, MBA, More, Mortgage, Mortgage Bankers Association, mortgage forbearance, Mortgages, new, Other, pandemic, payments, points, president, proactive, protection, rate, resume, second, Servicing, survey, Unemployment, VA, va mortgages, veterans, veterans affairs, will

Sagent names former Fannie Mae executive as COO

January 16, 2023 by Brett Tams

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…]

Posted in: Refinance, Renting Tagged: 2023, before, build, business, Career, Career moves, company, data, equity, experience, Fannie Mae, Finance, Financial Wize, FinancialWize, front, great, Housing, housing finance, industry, Industry News, interview, investment, learned, loan, Loans, Loss mitigation, More, Mortgage, Mortgage servicer, mortgage technology, new, Operations, Origination, Originations, Other, patterns, PennyMac, plan, points, president, priorities, project, quality, Recession, risk, second, Servicing, single-family, Software, Staging, Technology, trust, Underwriting, updates, will, working

loanDepot targeted by lawsuit alleging poor work conditions 

January 9, 2023 by Brett Tams

The lawsuit was filed against loanDepot by about 40 former loanDepot employees over a number of alleged labor violations.

Posted in: Mortgage, Refinance Tagged: 2021, 2022, 401k, All, bonuses, california, CEO, company, cost, estate, expenses, Financial Wize, FinancialWize, foreclosure, Frank Martell, labor costs, lawsuit, Legal, loan, loanDepot, Loans, Loss mitigation, market, More, Mortgage, mortgage layoffs, mortgage market, Origination, Politics & Money, Real Estate, salaries, SEC, shortages, states, target, wages, work, working

New Fannie/Freddie Refinance Option Drops Adverse Market Fee, Offers $500 Appraisal Credit

April 29, 2021 by Brett Tams

In an effort to undo some of the damage the Federal Housing Finance Agency (FHFA) basically caused itself, it’s 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.

Posted in: Mortgage News, Refinance, Renting Tagged: 4%, All, balance, closing, closing costs, Consumers, COVID-19, Credit, DTI, Fannie Mae, Fannie Mae and Freddie Mac, Federal Housing Finance Agency, FHFA, fico, fico score, Finance, Financial Wize, FinancialWize, Forbearance, Freddie Mac, homeowners, Housing, housing finance, Income, interest, loan, Loss mitigation, low, low rates, low-income, Mark Calabria, market, missed payments, More, Mortgage, Mortgage News, mortgage payment, mortgage payments, Mortgage Rates, Mortgages, new, News, offers, property, rate, Rates, Refinance, refinancing, save, savings, single-family, summer, Transaction, waiver, will, work

Wells Fargo Hired 5,000 Employees to Handle Mortgage Workload

April 27, 2021 by Brett Tams

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.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: About Mortgages, All, Bank, Blog, Credit, credits, Employment, equity, Financial Wize, FinancialWize, home, home equity, Income, interview, Loans, Loss mitigation, low, More, Mortgage, mortgage applications, Mortgage News, Mortgage Rates, Mortgages, Moving, new, Origination, Rates, Refinance, trading, wells fargo, will, work

Chase Mortgage Refinance Rates Intentionally Inflated?

April 20, 2021 by Brett Tams

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 “issue,” speculating that Chase is trying to pump the brakes on new loan origination because they’re “flooded with [&hellip

The post Chase Mortgage Refinance Rates Intentionally Inflated? first appeared on The Truth About Mortgage.

Posted in: Mortgage News, Mortgage Rates, Refinance, Renting, Starting A Business Tagged: 15-year, 30-year, About Mortgages, All, ARM, ask, Bank, Blog, Broker, business, Buying, Buying a Home, chase, Checking Account, Credit, credit card, equity, existing, Financial Wize, FinancialWize, foreclosure, home, home equity, homeowners, Housing, housing demand, interest, interest rates, loan, Loans, Loss mitigation, Make, market, More, Mortgage, Mortgage News, mortgage payment, Mortgage Rates, mortgage refinance, Mortgages, Move, new, Origination, Purchase, Raise, rate, Rates, Refinance, savings, Savings Account, versus, wells fargo, will

New Petition Urges Mortgage Re-HARPing

April 15, 2021 by Brett Tams

Well, file this one under “was bound to happen,” or, “was only a matter of time.” 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.

Posted in: Mortgage News, Refinance, Renting, Starting A Business Tagged: About Mortgages, Blog, data, Distressed, Fall, Fannie Mae, FHFA, Financial Wize, FinancialWize, Freddie Mac, homeowners, homes, loan, Loss mitigation, More, Mortgage, Mortgage News, mortgage payments, Mortgage Rates, Mortgages, new, New Jersey, Rates, Refinance, Review, risk, Saving, second, timing, under, walking, will

Car Repossession: What to Do Before, During and After

April 8, 2021 by Brett Tams

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 — those with credit scores under 600. Serious delinquency levels within that group rose about 22% […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Posted in: Credit 101, Debt Tagged: All, Auto, auto insurance, Auto Loans, balance, Bank, bankruptcy, big, Budget, Buy, car, car loan, Collections, coronavirus, Credit, credit history, Credit Report, credit score, credit scores, credit union, Debt, Employment, evergreen, Family, Fees, finances, Financial Wize, FinancialWize, Forbearance, foreclosure, Freebies, front, grace period, guide, Hiring, home, impact, Insurance, interest, interest rate, items, job, Law, leasing, lenders, lending, Live, loan, Loans, Loss mitigation, Make, money, More, Mortgages, new, Original, pandemic, party, Personal, president, programs, property, questions, rate, refinancing, repub, save, Save Money, Sell, serious delinquency, smart, Spending, storage, student, Student Loans, tools, TransUnion, under, wages, washington, will, work

Fannie Mae Launches 19th Sale of Reperforming Loans

March 15, 2021 by Brett Tams

Fannie Mae has announced the start of its 19th sale of reperforming loans, which are loans that were once delinquent but have reperformed for a time period.
Posted in: Market News, Roommate Tips Tagged: balance, buyer, closing, Fannie Mae, Financial Wize, FinancialWize, loan, Loans, Loss mitigation, principal, sustainable
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