Congress has indicated that all the write-offs homeowners enjoyed in the past are set to expire at the end of the year and see no further relief any time soon. Last year, Congress decided at the last minute to extend assistance for mortgage debt and deductions for mortgage insurance payments. Currently, The House and Senate […]
A recent article from Bankrate noted that the “housing market bust correlated strongly with a sharp decline in reverse mortgage origination.” However, with federally insured programs due to make some changes, the product could experience a resurgence. Data from the Federal Housing Administration (FHA) indicated a significant volume increase during the height of the housing […]
The U.S. Mortgage Market Index from Loan Sifter and Mortgage Daily reported an increase in inquiries for rates on refinance transactions as interest rates fell. As compared to the week ending on September 13, the average pricing inquiries were up 17%. The week ending on September 20th saw the biggest gains in the refinance sector, […]
Seniors have used reverse mortgages as a lifeline to deal with urgent financial needs, causing them to fall into a financial crisis. The National Council on Aging says one-third of its counseling clients have mortgage debt that exceeds 50% of the value of their home. When using a reverse mortgage to pay off existing mortgages […]
Adjustments are in store regarding reverse mortgages, however, efforts to keep the products that are currently available are in motion under the Federal Housing Administration’s Home Equity Conversion Mortgage program. Rather than eliminating any option available to borrowers, FHA officials stated they are trying to keep the standard and Saver programs. The New York Times […]
For the third consecutive month, loans that originated for purchasing homes have increased. According to Ellie Mae’s Organization Insight Report for April, these loans made up for 42% of total loan originations, compared to 38% in March and 27% in January. Of these loan originations, 68% were conventional loans and 22% were Federal Housing Association […]
President Barack Obama recently announced that the Federal Housing Administration may need a bailout to the tune of $943 million in taxpayer money to keep the agency afloat. If this were to happen, it would the first time in FHA’s 80-year history that the government-based mortgage insurer would need a bailout. The FHA is taking […]
The Mortgage Bankers Association announced that overall mortgage application activity fell 4% the week ending March 29 to the lowest level since March 15. The number of applications for home purchases — a leading indicator of home sales — rose 1.4% but those gains were negated by the seasonally adjusted index of refinancing applications, which […]
The Mortgage Bankers Association reported recently that mortgage applications fell 7.1% for the week ending March 15. This marked the second consecutive week of declines. The refinance index dropped 8%, making it 10 straight weeks of declines. In addition, refinancing fell to 75% of all mortgage activity — its lowest level since May 2012. The […]
Reverse Mortgage Daily recently reported that, last week, the House of Representatives passed a continuing resolution that the number of reverse mortgages allowed outstanding under Federal Housing Administration insurance would be suspended once again, this time through September 30, which is when the next fiscal year begins. The cap is currently set at 275,000 loans […]