Mortgage

Most mortgage companies don’t realize this yet, but the Fair Access to Credit Score Disclosures are coming to a loan file near you! We know the Dodd-Frank Wall Street Reform Act is massive—and covers all types of financial entities. Tucked away in the bill is a section called “Fair Access to Credit Scores” which contains

One of the nation’s biggest mortgage lenders overcharged thousands of military members in apparent violation of a law designed to protect service members against foreclosure. JP Morgan Chase is currently cutting refund checks totaling some $2 million to about 4,000 service members nationwide.

So effective April 1st, FHA is requiring that all lenders must enter the “NMLS Identifier” number when ordering a case number.

There are bubbling concerns that USDA loans, of all places, could be the next mortgage product to collapse. An audit released recently revealed that thousands of these low-cost rural home loans might be headed for default, compromised by poor oversight and the same type of lending practices that triggered the subprime mortgage meltdown

After opening the year with mixed news about employment, the second week of January brought even more insight into the health of the nascent economic recovery. For several months, traders have worried about the potential rise in inflation that could be caused by the Federal Reserve’s Quantitative Easing program.

The first week of any month is typically a very active week, from an economic data perspective, and January 3rd to January 7th 2010 was no exception. Mortgage pricing continued its recent volatility last week, as conflicting employment data exerted their forces on Mortgage-Backed Security prices.

Consumer confidence will not rebound strongly until consumers are confident of when home prices will stop falling. At present, there are between 9-11 months of housing inventory on the market, and housing experts suggest there are many more months worth of inventory that have yet to be placed on the market. Will 2011 be the year that housing markets hit bottom

Last week, the markets for mortgage-backed securities were absolutely dominated by irregular economic events. Monday morning, mortgage rates looked like they might start to stabilize, as Federal Reserve Chairman Ben Bernanke’s interview on 60 Minutes assured traders that neither inflation nor long-term rates would be allowed to rise too rapidly. By the end of the day, though, sufficient doubts had arisen to bring that position into question.

The issue today is NMLS is requiring you to pull your score from Trans Union and it will be a Vantage Score.

Stasis is the story when it comes to conventional loan limits in 2011. The county loan limits for VA loans established in late 2008 will remain in place through Sept.

After 3 straight weeks of weakness in the market for Mortgage-Backed Securities, traders were looking for solid economic news to guide them.