More Problems for Mortgage Lenders Network - 01/25/07 05:26 PM
State banking regulators in eight states - including Michigan, New York, Pennsylvania, and the entire New England region - have issued cease and desist orders to Mortgage Lenders Network USA, Inc. after the subprime lender left more than 1,500 customers without funds for mortgages that had been approved or even closed.Cease … (0 comments)
Mortgage Applications Decline - 01/25/07 05:17 PM
Mortgage Applications Decline for the Week Graph: MBA Applications Index over 52 WeeksMortgage demand was on the decline for the week as applications both refinances and purchases dropped noticeably. For Week Ending: January 19, 2007Seasonally AdjustedTotal Mortgage Activity: Down 8.4%MBA Market Index Now: 611.3Index One Week Earlier: 667.2Unadjusted BasisTotal Mortgage Activity: … (1 comments)
Mortgage Demand Up 16.6% As Holidays Draw to a Close - 01/11/07 01:33 PM
The new year started with a large upsurge in mortgage demand as the holiday season drew to a close. For Week Ending: January 5, 2007Seasonally AdjustedTotal Mortgage Activity: Up 16.6%MBA Market Index Now: 671.1Index One Week Earlier: 575.6Unadjusted BasisTotal Mortgage Activity: Up 33.2%One Year Ago: Up 12.0%Seasonally AdjustedRefinance Activity: Up 17.3%Index Now: … (0 comments)
FHA Loan Limits Remain, But Program Future in Question - 01/11/07 01:30 PM
The Federal Housing Administration loan ceiling has gone into effect for 2007, but the director of the Single Family Ownership Center with the Department of Housing and Urban Development (HUD) is openly questioning the future viability of the program.HUD opted to leave the maximum single-family loan amount for a FHA-backed loan … (1 comments)
Mortgage Rates Remain Flat for the Week - 01/05/07 03:32 PM
The average 30-year fixed-rate mortgage remained flat for the week, and not far from where rates were one year earlier.Week Ending January 4, 2007Average 30-year fixed-rate mortgage01/04: 6.18%12/28: 6.18%12/21: 6.13%12/14: 6.12%12/07: 6.11%11/30: 6.14%11/22: 6.18%11/16: 6.24%One Year Ago: 6.21%Average 15-year fixed-rate mortgage01/04: 5.94%12/28: 5.93%12/21: 5.89%12/14: 5.86%12/07: 5.84%11/30: 5.87%11/22: 5.91%11/16: 5.94%One Year Ago: … (0 comments)
Ownit Mortgage Files For Chapter 11 Bankruptcy - 01/03/07 10:43 AM
Subprime lender Ownit Mortgage Solutions Inc. filed for bankruptcy last week, reportedly as a response to lawsuits filed by two creditors.Last Thursday, Ownit Mortgage filed for Chapter 11 in the U.S. Bankruptcy Court of San Fernando Valley, California just weeks after announcing it would stop making new loans.According to court papers, … (0 comments)
THE SAGA CONTINUES... ANOTHER MAJOR LENDER IN FINANCIAL TROUBLE!!! - 01/03/07 10:38 AM
Subprime lender Mortgage Lenders Network USA (MLN) has announced that it will no longer fund loans or accept applications for new loans as the company explores "strategic alternatives" for its wholesale business lines.Middletown, Connecticut-based MLN also has a servicing portfolio over $17 billion and over 100,000 accounts, but there was no … (0 comments)
Interest-Only Underwriting Tightened at Fannie Mae - 01/02/07 03:21 PM
Fannie Mae has indicated that as of January 30 borrowers must qualify at "a fully-indexed rate that assumes a fully-amortizing repayment schedule" in order to be considered for a loan to be purchased by the company, just one of several underwriting changes at the government-sponsored enterprise (GSE).The company also announced it … (1 comments)
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State banking regulators in eight states - including Michigan, New York, Pennsylvania, and the entire New England region - have issued cease and desist orders to Mortgage Lenders Network USA, Inc. after the subprime lender left more than 1,500 customers without funds for mortgages that had been approved or even closed.Cease … (0 comments)
