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An article in the Salt Lake Tribune today discusses when it is advisable to refinance a mortgage. Refinancing activity has been high recently with around 66 percent of mortgage applications being refinanced in October. The recent changes in the housing market and mortgage rates have made it confusing for borrowers to ascertain what may be a … Continue reading When Should You Refinance? In a report released by the Mortgage Bankers Association (MBA), mortgage applications in the U.S. declined over the last week, even as the National Association of Realtors reported strong sales of existing homes during November, in a report released yesterday. The MBA’s survey, which covers about 50% of all U.S. retail residential mortgage applications, found that … Continue reading Mortgage Applications Declined Over Last Week Even As Housing Market Showed Improvement During November The Mortgage Bankers Association recently released its Quarterly Mortgage Bankers Performance Report. The report, which measures the performance of independent mortgage bankers and subsidiaries of banks, thrifts and hedge funds, found that profit margins for independent mortgage bankers and subsidiaries have declined. According to the report, independent mortgage bankers and subsidiaries made an average profit of … Continue reading Recent Reports Point To Dismal Performance Of Mortgage Market In Third Quarter And Declining Profit Margins Of Independent Mortgage Bankers Mortgage giant Fannie Mae released its December Housing Forecast yesterday. Despite the lackluster performance of the housing market and economy this year, the forecast predicts double-digit gains for the real estate industry in 2010. According to the forecast, existing home sales may rise by 10% next year, compared to the estimated gain of 3.1% during 2009. … Continue reading Fannie Mae’s December Housing Forecast Expects Real Estate Market to Rebound But Predicts Disappointing Performance For Mortgage Lenders in 2010 According to the latest figures released by the Mortgage Bankers Association (MBA), applications for mortgages rose slightly last week by a seasonally adjusted rate of 0.3% over last week. The MBA survey covers nearly 50% of all U.S. residential mortgage applications and gives an overview of the mortgage lending activity among mortgage bankers, commercial banks and … Continue reading Mortgage Applications Rise Slightly Over Previous Week According to a latest news report by Bloomberg News, mortgage giants Fannie Mae and Freddie Mac may seek further aid from the U.S. Treasury Department. So far, the two companies have used up $112 billion of the $400 billion in federal aid committed by the Treasury and Federal Housing Finance Agency that took over both … Continue reading More Aid For Fannie Mae and Freddie Mac? On December 11, the U.S. House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009 by a narrow margin of 223-202. The passage of the Act was a much expected fallout of one of the worst financial crises to plague our economy since the Great Depression. Among other measures, the Act will … Continue reading House Passes New Financial Reform and Defeats Mortgage “Cramdown” Amendment
In May 2009, the Obama administration announced its $75 billion Home Affordable Modification Program (HAMP), set up to aid nearly 4 million homeowners. The program provides financial incentives to mortgage companies and investors to modify home loans and prevent foreclosures. Under the program, borrowers are first put into trial modifications for three months to … Continue reading Is the Home Affordable Modification Program (HAMP) Really Working? As banks continue to seize more and more properties from defaulting borrowers, the number of vacant properties in the U.S. has now gone up to 18.8 million. Despite the low prices and availability of large number of homes in the market, buying a foreclosed property can often be difficult for buyers as the home may … Continue reading A Homebuyer’s Guide to The 203(k) Loan Program Brian Leibowitz, CEO of Affordable Financial Services, answers a few questions on current trends in the mortgage industry. What do you think is the reason for the recent rise in mortgage applications? Low interest rates have been the major catalyst in motivating homeowners to attempt to refinance. But due to recent cutbacks in major lending institutions, loan … Continue reading Quick Q&A with Brian Leibowitz, CEO, Affordable Financial Services |
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