Fannie Mae Pricing Adjustments Increase Mortgage Costs

September 30, 2009

Fannie Mae has announced an increase in loan level pricing adjustments (LLPA’s) effective with mortgage loans approved after December 11, 2009. LLPA’s are used to reduce potential risk on a loan level basis, with fees passed on to borrowers according to the perceived risk level. A variety of situations can trigger LLPA’s including:

Credit scores: Fannie Mae [...]

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Rise in Home Prices Signals End of Bargain Basement Deals?

September 22, 2009

The Federal Housing Finance Agency (FHFA) reports that a home price index rose from .10 in June to .30 in July. This suggests that homebuyers may be running out of time for getting their best best buying power due to combined low home prices and mortgage rates. Although no one can accurately predict long term [...]

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Low Mortgage Rates May Boost Buying Power

September 17, 2009

Mortgage rates fell to their lowest since May of  2009, Bloomberg Press reported today. Average rates for a 30 year fixed rate mortgage  (FRMs) declined from 5.07 percent to 5.04 percent, while the rate for 15 year FRMs fell from 4. 50 percent to 4.47 percent.  Falling rates, along with the federal tax credit for first [...]

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Home Loan Modifications Increasing

September 11, 2009

The Obama administration reports that U.S. mortgage lenders and servicers are expected to complete approximately 500,000 trial mortgage modifications by November 1. Although the number of trial modifications is increasing, it’s not putting a dent in home foreclosure rates. RealtyTrac reports that August 2009 foreclosures are down a negligible amount from July 2009 — and [...]

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Technology May Assist with Distressed Mortgage Loans

September 2, 2009

A major mortgage industry technology firm has announced an update to its loan servicing programs designed to facilitate processing of loss mitigation and refinance transactions. This should come as good news to stressed out homeowners who have been waiting weeks and sometimes months for approval of their requests for loan modifications or refinance mortgages under the [...]

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