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Mortgage applications declined 2.4% for the week ending April 6 as refinancing and home purchase activity slowed, an industry trade group said. The Mortgage Bankers Association released its market composite index Wednesday, which measures weekly mortgage loan application volume. The group’s refinance index, which measures all refinancing activity, declined 3.1% from the previous week, while the seasonally adjusted purchase index fell a slight 0.5%. Refinancing activity declined overall with its share of mortgage activity dropping for the eighth straight week to 70.5% from 71.2% a week earlier. Adjustable-rate mortgage activity, […]

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The Federal Housing Administration rescinded and will delay a rule that as of April 1 prohibited borrowers with more than $1,000 in disputed collections accounts from getting a federally backed mortgage, according to a notice sent late Friday. FHA postponed the rule until July, and will take public comment from lenders, builders and others in the industry until then to clarify guidance. “There is clearly a bigger ripple effect here than the Department of Housing and Urban Development might have anticipated going into this revision,” said Lisa Jackson, senior vice […]

Mortgage servicers started modifications on 63% of eligible second liens under the Home Affordable Modification Program, according to Treasury Department data released Friday. Through February, servicers participating in 2MP started 71,133 second-lien workouts of the 113,774 eligible loans. More than 15,600 of them have been fully extinguished. More than one-third of the second-lien mods occurred in California, according to the Treasury. Of the $29.9 billion allocated for HAMP, roughly $2.7 billion is set aside for modifying second liens, according to the Special Inspector General for the Troubled Asset Relief Program. […]

A native South Carolinian, Bryan has many years of selling and marketing leadership, ready to put to work for you! With the majority of his working career with Marriott Hotels and Resorts, Bryan was responsible for all marketing and sales activities for the Renaissance Charleston Hotel-Historic District for over five years. Bryan Attended high school in Fort Lauderdale, Florida during the gay 80’s and came out then. College at University of South Carolina-Upstate. In addition, Bryan recently completed the graduate level program EFM from Sewanee, The University of the South. […]

To prevent overall home prices from any further potential drops, the Federal Reserve is urging banks to transform more of its foreclosed homes into rental properties. The Fed made the request to banks in new policy guidelines it released Thursday. “Banking organizations should make good-faith efforts to dispose of foreclosed properties,” the Fed said. The Fed has been urging banks to consider more foreclosure rentals for several months. In a policy paper earlier this year to Congress, the Fed argued that if banks turned more of their foreclosed properties into […]

Amid mixed signals on the health of the economy, average weekly mortgage rates hardly changed from the prior week. The Freddie Mac survey showed the 30-year, fixed-rate mortgage averaged 3.98% for the week ending Thursday, barely slipping from the prior week’s average of 3.99%. Last year at this time, the 30-year FRM averaged 4.87%. The 15-year FRM, a popular refinancing choice, averaged 3.21%, down from last week when it averaged 3.23%. A year ago, the average rate for a 15-year FRM was 4.1%. Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.86%, […]

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In a letter to shareholders JPMorgan ($44.34 -0.07%) Chief Executive Jamie Dimon admits that his bank contributed to the collapse of the American housing industry, but says that progress is being made to rectify the errors. “We were one of the better actors in this situation — but not good enough,” Dimon says. “We made too many mistakes.” Dimon tells shareholders that his bank participated in the disaster by originating mortgages that wouldn’t have been given a decade earlier (“and won’t be given a decade later”). When delinquencies and foreclosures […]