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Inside Mortgage Finance

November 25, 2009

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Third-Quarter Slump in Refinance Activity Hits All Mortgage Product Types Hard

A substantial decline in refinance activity during the third quarter of 2009 hit the conventional-conforming market especially hard, but a government-insured sector that had been growing at a rapid rate also saw a slowdown during the period. A new market analysis and ranking by Inside Mortgage Finance shows that conventional-conforming originations... [Includes three charts] Read More

Mortgage Delinquency Rates Continue Climbing In 3Q09; Biggest Gains in Most Severe Cases

Mortgage delinquency rates continued to worsen during the third quarter as the sputtering U.S. economy failed to create enough new jobs and a severe housing slump affected much of the country. Overall, 12.34 percent of home mortgages were in some state of default, including those in foreclosure and the rising number of loans in the limbo of trial... [Includes two charts and one graph] Read More

Treasury Guidelines for Notices to Borrowers Denied of HAMP Loan Modifications Lack Transparency, Critics Say

Treasury Department guidelines requiring notices to borrowers who have been rejected for the Home Affordable Modification Program still fail to provide transparency to HAMP reviews, according to housing advocates. Issued Nov. 3, the guidelines respond to concerns that many homeowners are being wrongfully denied modification under HAMP with no clear explanation for the rejection... Read More

Home-Purchase Mortgage Market Sees Big Surge In FHA Financing Thanks to First-Time Homebuyers

A rush by first-time homebuyers to take advantage of the $8,000 tax credit resulted in a big jump in the use of FHA financing in the home-purchase mortgage market in October, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. But even though the popular tax credit has been extended through early 2010... [Includes one graph] Read More

Fed Issues Interim Rule on Mortgage Purchases; GSEs Have Taken on Responsibility Directly

The Federal Reserve Board last week issued an interim rule designed to help the mortgage industry comply with new disclosure requirements that have been in effect for several months, although all of the burden falls on the secondary market. The Helping Families Save Their Homes Act, which became law on May 20, 2009, included an amendment to the Truth in Lending Act that... Read More

Financial Regulatory Reform Legislation Stalls as Dodd Regroups, Frank Delays Vote

The leadership of both committees in Congress that are considering legislation to overhaul the regulation of financial services have plenty of work yet to do, after some dissension in the ranks forced one chairman to pull back and adjust his tactics while the other had to delay a final vote. In the Senate Banking, Housing and Urban Affairs Committee, Chairman Chris Dodd, D-CT, was forced to... Read More

FHA Eases On Tighter Condo Rules, Ends ‘Two-Appraisal’ Rule for Jumbo Loans

The FHA is gradually moving toward tougher rules on insurance loans backed by condominium units, but an interim rule in effect for next year is designed as a transition that takes into account tougher standards that many lenders have been implementing on their own. Separately, the agency is easing up a bit on appraisal requirements for conforming jumbo FHA loans. The temporary condo rules... Read More

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