Record Production at Credit Unions

Posted By : at 09.16 am

U.S. credit unions originated more first mortgages in the first-three months of 2012 than they did during any other first quarter on record. In addition, credit union assets reached a new milestone.

Credit union loan originations, including mortgage and non-mortgage loans, were down from the fourth-quarter. Still, it was still the best first quarter on record for the sector.

But home-loan production leapt by 25 percent from the first-quarter 2011. The jump contrasts the 11 percent year-over-year decline at all mortgage originators based on data maintained by Mortgage Daily.

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ARM Borrowers Flock to 15-Year Fixed-Rate Mortgages

Posted By : at 09.16 am

Borrowers who are in adjustable-rate mortgages are flocking to 15-year fixed-rate mortgages at rapid clip, while borrowers in balloon-payment loans are migrating towards longer-term loans.

During the first quarter, 60 percent of one-year ARM borrowers who refinanced moved into a 15-year fixed-rate mortgage.

The proportion soared from the fourth-quarter 2011, when just 26 percent of ARM borrowers landed in the more conservative product. The transition rate was also 26 percent a year earlier.

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A Mini Mortgage Library To Help You Understand Mortgage Terms

Posted By : at 09.16 am

Everyone who’s looking to buy a home needs to be able to access a mortgage library. Educating yourself on the do’s and don’ts of buying a home is important. Everyone is trying to get the best deal possible and some of the terms can be confusing.

Source:A Mini Mortgage Library To Help You Understand Mortgage Terms

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Lackluster NAHB Home Builder Outlook, Despite Record Rates

Posted By : at 09.54 pm

Posted To: Voice of Housing

Don’t expect much — or any positive — movement. Despite record low rates and the lowest historical affordability rates on record, the fundamental issues plaguing new home sales persist . The National Association of Home Builders (NAHB)/Wells Fargo will release its Housing Market Index (HMI) on Tuesday, May 15. The index measures builders’ outlooks for the economy and the housing market over the next six months. Although several metrics, including the HMI, have shown general growth over the past year, first quarter growth has been considerably minimal. Moreover, the HMI actually decreased to 25 in April for the first time in several months, falling to 2007 levels. This decrease is especially noticeable considering that it is now the spring buying period. The HMI may be positively…(read more)

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Categories : 2nd mortgage, Foreclosure, home mortgage, Mortgage Refinance, Pre Foreclosure, Uncategorized

Lackluster NAHB Home Builder Outlook, Despite Record Rates

Posted By : at 09.54 pm

Posted To: Voice of Housing

Don’t expect much — or any positive — movement. Despite record low rates and the lowest historical affordability rates on record, the fundamental issues plaguing new home sales persist . The National Association of Home Builders (NAHB)/Wells Fargo will release its Housing Market Index (HMI) on Tuesday, May 15. The index measures builders’ outlooks for the economy and the housing market over the next six months. Although several metrics, including the HMI, have shown general growth over the past year, first quarter growth has been considerably minimal. Moreover, the HMI actually decreased to 25 in April for the first time in several months, falling to 2007 levels. This decrease is especially noticeable considering that it is now the spring buying period. The HMI may be positively…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Categories : 2nd mortgage, Foreclosure, home mortgage, Mortgage Refinance, Pre Foreclosure, Uncategorized

Lackluster NAHB Home Builder Outlook, Despite Record Rates

Posted By : at 09.54 pm

Posted To: Voice of Housing

Don’t expect much — or any positive — movement. Despite record low rates and the lowest historical affordability rates on record, the fundamental issues plaguing new home sales persist . The National Association of Home Builders (NAHB)/Wells Fargo will release its Housing Market Index (HMI) on Tuesday, May 15. The index measures builders’ outlooks for the economy and the housing market over the next six months. Although several metrics, including the HMI, have shown general growth over the past year, first quarter growth has been considerably minimal. Moreover, the HMI actually decreased to 25 in April for the first time in several months, falling to 2007 levels. This decrease is especially noticeable considering that it is now the spring buying period. The HMI may be positively…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Categories : 2nd mortgage, Foreclosure, home mortgage, Mortgage Refinance, Pre Foreclosure, Uncategorized

Lackluster NAHB Home Builder Outlook, Despite Record Rates

Posted By : at 09.54 pm

Posted To: Voice of Housing

Don’t expect much — or any positive — movement. Despite record low rates and the lowest historical affordability rates on record, the fundamental issues plaguing new home sales persist . The National Association of Home Builders (NAHB)/Wells Fargo will release its Housing Market Index (HMI) on Tuesday, May 15. The index measures builders’ outlooks for the economy and the housing market over the next six months. Although several metrics, including the HMI, have shown general growth over the past year, first quarter growth has been considerably minimal. Moreover, the HMI actually decreased to 25 in April for the first time in several months, falling to 2007 levels. This decrease is especially noticeable considering that it is now the spring buying period. The HMI may be positively…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Categories : 2nd mortgage, Foreclosure, home mortgage, Mortgage Refinance, Pre Foreclosure, Uncategorized

REO Properties Devoured by Investors

Posted By : at 09.16 am

Investors have been snapping up REO properties.

Source:REO Properties Devoured by Investors

Categories : Uncategorized

Business Closings Drive Mortgage Layoffs

Posted By : at 09.16 am

Many of the recent layoffs in the mortgage industry have been driven by decisions to close down mortgage-related businesses. Hundreds of other recent layoffs are the result of expense cutting, mergers and outsourcing.

MetLife Inc. announced in January a decision to close down MetLife Home Loans and said last month that it would shutter its reverse mortgage business which is run out of MetLife Bank.

A spokesman for the life insurer said that the maximum number of layoffs tied to the closing of the home lending business would be 4,300, while the reverse mortgage layoffs are expected to reach 500.

Categories : Uncategorized

Reverse Mortgage Advantages and Disadvantages

Posted By : at 09.16 am

A reverse mortgage is a loan that uses your home’s equity as collateral. Instead of borrowing money from a bank to purchase a home, you borrow money against the value of the home you already own. There are some advantages to using this type of loan, but there are also disadvantages that you should consider before deciding to borrow money in this fashion.

Source:Reverse Mortgage Advantages and Disadvantages

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