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Home >> News >> Origination

Bank Releases New Zero Percent Down Mortgage Program

Bank Releases New Zero Percent Down Mortgage Program

Fannie Mae and Freddie Mac released a mortgage program allowing borrowers to put a down payment of a little as three percent, in December of last year. The program was set to target individuals with good credit, but low cash flow. This program has drawn much controversy, with some saying this kind of risky lending is what caused the financial crisis.

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Bad Credit, Excessive Debt, Low Income Cited as Top Reasons for FHA Loan Rejection

Bad Credit, Excessive Debt, Low Income Cited as Top Reasons for FHA Loan Rejection

Before the recession about 15 percent of Americans had a FICO score less than 600, while after the recession about 25 percent of Americans had the same low score, according to a study released in 2010 by Deutsche Bank. More recently, the Urban Institute and Encore Capital Group's Consumer Credit Research Institute found that one-third of consumers with credit files had debt in collection. That report, which examined TransUnion credit data from 2013, found 77 million Americans have debt 180 days past due, with the average person having about $5,178 in credit card, utility bill, or medical bill debt.

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Google May Bring Mortgage Comparison Tool to U.S.

Google May Bring Mortgage Comparison Tool to U.S.

Because Compare is an ad product, Google makes money every time a consumer makes a decision based on information from one of its recommendations. The more money at stake, the more money Google makes in the end. Entering the mortgage industry could mean big profit for Google based on Google trends. Trends show people are searching for information on mortgage loans more than car insurance and almost as much as credit cards.

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Construction Spending Dips Slightly in January

Construction Spending Dips Slightly in January

Privately funded construction dropped 0.5 percent from a seasonally adjusted annual rate of $697.6 billion in January from $700.9 billion in December. The monthly total, however, was 0.5 percent above the estimated $694.1 billion of construction put in place in January 2014.

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Wells Fargo Continues to Battle FHA Suit

Wells Fargo Continues to Battle FHA Suit

Wells Fargo is alleged to have received insurance money from the U.S. Department of Housing and Urban Development even after some loans had defaulted. The bank allegedly submitted over 100,000 FHA loans said to be under HUD compliance and eligible for insurance, knowing that the loans were too risky and did not qualify.

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USMI President Testifies Before Congress, Stresses Need for Balance

USMI President Testifies Before Congress, Stresses Need for Balance

President and CEO of Genworth Mortgage Insurance and Chair of U.S. Mortgage Insurers Rohit Gupta testified on behalf of the Mortgage Insurance Industry (MI) at the House Financial Services Committee Housing and Insurance Subcommittee today stressing the need for balance between the roles of the Federal Housing Administration and MI when to comes to taxpayers.

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Origination Risk Grows in January

Origination Risk Grows in January

The American Enterprise Institute's (AEI) International Center on Housing Risk reported another rise in mortgage origination risk in January, marking five straight months of increasingly risky lending. Researchers at the center say the rise in risk is due to a shift in market share from large banks to non-banks, whose practices are "substantially riskier than the large bank business."

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Mortgage Balances Rise in 2014

Mortgage Balances Rise in 2014

According to a report released Wednesday by credit reporting firm TransUnion, the average mortgage balance per consumer increased to $187,139 by the end of last year's fourth quarter, up from $185,496 in Q4 2013. The greatest increase in mortgage balances came in the super prime risk category.

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