Refinance

Wells Fargo Hired 5,000 Employees to Handle Mortgage Workload

San Francisco-based bank and mortgage lender Wells Fargo reportedly hired 5,000 employees to handle its ever-increasing mortgage workload, according to Bloomberg. Wells Fargo CFO Howard Atkins said in an interview that the bank increased staff over the past couple of months to process its record haul of mortgage applications, which made it the top mortgage [&hellip

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Medical Collections Killing Refinance Frenzy?

Everyone knows mortgage rates have plummeted in recent weeks, but what does that actually mean for those looking to refinance? With tough guidelines in place and flagging property values, it could equate to a lot of spinning wheels and paperwork. And one mortgage banker is arguing that erroneous medical collections showing up on potential borrowers’ [&hellip

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Senator McCain Unveils Mortgage Refinance Plan

U.S. Senator and presidential hopeful John McCain delivered a speech today at a small business roundtable in Brooklyn, unveiling his so-called “HOME” plan to tackle the ongoing housing crisis. McCain applauded recent bipartisan efforts aimed at easing the mortgage crisis, but offered up his own solution that seems to be an amalgam of suggestions conjured [&hellip

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MBA Ups 2009 Mortgage Forecast by $800 Billion

More good news…for loan originators.  The Mortgage Bankers Association increased its 2009 mortgage lending forecast by $800 billion to $2.78 trillion thanks to the expected refinance bonanza. The group now expects refinancing to total $1.96 trillion in 2009 and purchase originations to ring in at $821 billion. The refinance figure is up from an estimated [&hellip

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Bank of America Refinancing Under Making Home Affordable Program

Bank of America said today it has begun processing refinance applications under the Treasury’s “Making Home Affordable” program, with nearly 200,000 customers contacting the company to determine eligibility. “Combined with historically low interest rates, this program has generated significant interest from borrowers seeking the benefit of lower mortgage payments,” said Barbara Desoer, president of Bank [&hellip

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Obama Urges Americans to Refinance Mortgages

During a Housing Refinance Roundtable today, President Obama urged homeowners to take advantage of the record low mortgage rates currently on offer. He made the remarks while sitting with a number of families who were able to refinance their mortgages after struggling with unaffordable mortgage payments (what about all those who are too far underwater [&hellip

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Rate and Term Refis Reduce Mortgage Payments by Billions

Cash out refinancing hit its lowest point since late 2003 last quarter, but that’s not necessarily bad news. During the second quarter, just 38 percent of refinances resulted in loan sizes five percent or higher than the previous balance, while 16 percent resulted in a lower loan amount, according to Freddie Mac. That compares to [&hellip

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Home Affordable Refinance Program Extended

Despite ongoing criticism and a number of recent bills aimed at ending several government mortgage assistance programs, the Home Affordable Refinance Program (HARP) has been extended by one year, per the Federal Housing Finance Agency. The FHFA announced Friday that HARP’s original expiration date of June 30 of this year would be pushed back to [&hellip

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Is the Refinance Boom Finally Over?

Refinance demand fell for the sixth straight week, indicating an end to the boom that began in early 2009, according to the latest survey from the Mortgage Bankers Association. Overall, mortgage application volume was off 18.6 percent on a seasonally adjusted basis during the week ending December 17. On an unadjusted basis, it was 20.0 [&hellip

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FHA Refinance Applications Plummet in November

FHA refinance loan volume fell 29.9 percent from October to November, according to a FHA Single-Family Outlook released recently by HUD. A total of 69,062 FHA loan applications were received for refinance purposes, down from 98,544 a month prior, and well below the 112,095 seen the same time last year. It looks to be another [&hellip

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