A new 1 percent home loan product has quietly hit the market to help qualified, cash-strapped borrowers overcome one of the biggest obstacles to homeownership: downpayment. With significant variation in details, the 1 percent down mortgages offered by Quicken Loans and Guaranteed Rate stem from their partnerships with Freddie Mac and are structured as part of Freddie’s Home Possible Advantage program. In Quicken’s version, the borrower pays...
The New York legislature approved a bill late last week that will require servicers handling loans in the state to maintain vacant properties in certain circumstances. The requirements were strongly opposed by the Mortgage Bankers Association. In general, the new law requires servicers of residential mortgages in New York to complete an exterior inspection of properties within 90 days of a borrower’s delinquency to determine the occupancy status of the property. The law also requires ongoing inspections of properties related to severely delinquent mortgages every 25 to 35 days. If the servicer has a reasonable basis to believe that a property is vacant and abandoned, the servicer is...
Exclusive data compiled by Inside Mortgage Finance show the FHA’s share of the primary MI market was 39.9 percent in the first quarter of 2016, compared to 33.5 percent in the first quarter of last year.
Actual repurchases or replacements were substantially below the $541.8 million in buyback requests that were withdrawn by the GSEs during the first quarter…
The Congressman noted that outside of a study done in 2011, the administration has had little engagement with Congress on a path toward ending the conservatorships, which are almost eight years old...
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