FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

December 8, 2008

With rates falling to all time lows, people are starting to ask a lot of questions about FHA streamline refinances. Usually they begin with, “Does FHA have a stated income refinance program?” to which I promptly respond “No”. They do however have a streamline refinance program that is designed to refinance borrowers who already have an FHA insured mortgage, into a lower interest rate. The program, designed to simply put the borrower into a better financial position, does not verify Read Full Article

November 25, 2008

$200B Treasury ABS Effort Could Fund Subprime, Commercial A new effort by the Treasury Department to revive the market for asset-backed securities could include "non-agency" mortgages, the government said today. Initial MBS Euphoria Wears Off a Bit The Federal Reserve's plan to purchase up to $500 billion of housing-related government-sponsored enterprises' mortgage-backed securities as well as up to $100 billion of their debt could mean a refinancing boom if the initial positive Read Full Article

November 25, 2008

I had a great question come in yesterday that I thought would make a great topic for this week’s article. An originator asked- “How does HUD define a homeowner association’s “right of first refusal” regarding condominium project review for approval or for spot loan review for approval? What does that term mean?” The reason this question is an important one regarding FHA financing is because it is a HUD requirement that the subject condominium association not maintain a right of Read Full Article

November 24, 2008

Decline in real estate is expected to get worse WASHINGTON - Nationwide sales of existing homes fell more than expected last month, as economic fears made buyers leery even though prices plunged to the lowest level in more than four years. And the decline is expected to get worse because October's results reflect sales contracts signed before Wall Street's nosedive. The National Association of Realtors said Monday that sales of existing homes fell 3.1 percent to a seasonally adjusted Read Full Article

November 20, 2008

WASHINGTON, D.C. (November 19, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 14, 2008.  The Market Composite Index, a measure of mortgage loan application volume, was 398.6, a decrease of 6.2 percent on a seasonally adjusted basis from 425.0 one week earlier.  On an unadjusted basis, the Index decreased 7.2 percent compared with the previous week and was down 41.3 percent compared with the same week one Read Full Article

November 20, 2008

In an announcement to Wholesale and Correspondent brokers today, HSBC Mortgage Corp. said it would cease conducting business through those channels effective immediately: "We wish to advise you that unprecedented market conditions have made it necessary for HSBC Mortgage Corporation (USA) to cease Wholesale/Correspondent origination operations effective immediately. HSBC Mortgage Corporation (USA) will continue to process any loans that are registered as of November 18, 2008. Floating Read Full Article