All Posts Tagged With: "lenders"
Regulators Offer “Reputation Risk” Advice To Reverse Mortgage Lenders
A gaggle of federal regulators are advising reverse mortgage lenders to avoid “reputation risk” by focusing “on the need to provide adequate information to consumers about reverse mortgage products; to provide qualified independent counseling to consumers considering these products; and to avoid potential conflicts of interest.”
Big deal. After all, reverse mortgage borrowers are already required [...]
Responsibility: But Didn’t The Borrower Sign The Mortgage?
It hardly seems unfair. Aren’t borrowers responsible for the loans they take out? It’s not like someone is held at gunpoint and forced to accept the worst loan lenders can concoct.
That’s the thinking of a considerable segment of the population, a segment represented in some of the email I receive as well as in the [...]
Stock Prices At Heart Of Mortgage Crash
A new and revealing study by the Mortgage Bankers Association argues that the introduction of risky loan products during the past few years was caused in large measure by efforts to pump up lender stock prices.
Written by Clifford V. Rossi, a business professor at the University of Maryland, Anatomy of Risk Management Practices in [...]
Who Pays Foreclosure Fees?
The foreclosure process is a big business, a reality which is not good news for those who face the loss of their home. However, who pays various foreclosure fees and costs depends on who winds up with the home.
Missed Payments
If an owner has missed one or more payments the lender will threaten to foreclose, If [...]
Mortgage Originations Tumble In 2010 First Quarter
Mortgage originations continue to decline, falling 28% in the first quarter of 2010 when compared with a year earlier, according to MortgageDaily.com.
Among the biggest lenders, the site reported that “MetLife Inc’s 41% decline was the biggest of the lenders analyzed, moving it out of the top-10 club. Also losing its top-10 title was Flagstar Bank, [...]
Foreclosure Taxes
We usually think of foreclosures as the end product of not paying a mortgage. But in a somewhat weird way it’s also possible to be foreclosed for other reasons.
For instance, in many communities the water company is actually a governmental agency. Don’t pay your water bill and there can be a lien against the property, [...]
What are foreclosure brokers?
It used to be that foreclosures were rare events. About .5 percent of all home loans were foreclosed in a year, a figure which reached 4.58 percent in the fourth quarter of 2009 according to the Mortgage Bankers Association.
The huge foreclosure surge has not happened everywhere — some areas have seen vastly more foreclosures than [...]
What Is Mortgage Flipping?
If you have a mortgage you have a debt, but what about the lender? To lenders that very same mortgage note is an asset, a security which can be bought, held or sold.
So — in the most innocent of circumstances — an investor might buy a mortgage note in the morning and selling it in [...]
FHA To Borrowers: Gimme More!
The FHA has announced higher mortgage insurance premiums,stiffer downpayment standards for those with weak credit and more oversight for FHA-approved lenders.
What’s going on here? A few things:
First, FHA reserves are falling. The insurance program needs more money. What happens when insurance programs need cash? They raise premiums. In the case of the FHA they want [...]
How To Read The HUD-1
Starting January 1st, 2010, all real estate transactions will be settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction.
The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — or, [...]
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